0000950170-24-026876 | 10-K | XBRL Viewer

Consolidated Statements of Series A Preferred Shares and Shareholders' Equity - USD ($) $ in Thousands	Total	At-The-Market Equity Program [Member]	GSK Collaboration Agreement [Member]	Series A Preferred Shares [Member]	Ordinary Shares [Member]	Ordinary Shares [Member] At-The-Market Equity Program [Member]	Ordinary Shares [Member] GSK Collaboration Agreement [Member]	Additional Paid-In-Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ 32,498				$ 749,851			$ 87,980	$ 181	$ (805,514)
Beginning balance, shares at Dec. 31, 2021					59,841,116
Temporary equity, Beginning balance at Dec. 31, 2021				$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2021				3,901,348
Issuance of ordinary shares	51,220	$ 1,167			$ 51,220	$ 1,167
Issuance of ordinary shares, shares		458,092			25,464,483	458,092
Issuance of pre-funded warrants, net of offering costs	14,268							14,268
Share-based compensation	17,194							17,194
Vesting of RSUs, shares					904,891
Option exercises	223				$ 223
Option exercises, shares					90,000
Issuance of ordinary shares under the ESPP	372				$ 372
Issuance of ordinary shares under ESPP, shares					166,061
Other comprehensive loss	(210)								(210)
Net Income (Loss)	(161,823)									(161,823)
Ending balance at Dec. 31, 2022	(45,091)				$ 802,833			119,442	(29)	(967,337)
Ending balance, shares at Dec. 31, 2022					86,924,643
Temporary equity, Ending balance at Dec. 31, 2022	$ 7,874			$ 7,874
Temporary equity, Ending balance, shares at Dec. 31, 2022	3,901,348			3,901,348
Issuance of ordinary shares	$ 93,574	$ 3,080	$ 34,623		$ 93,574	$ 3,080	$ 34,623
Issuance of ordinary shares, shares		751,688			20,000,000	751,688	10,683,761
Share-based compensation	9,795							9,795
Vesting of RSUs, shares					415,658
Option exercises	$ 509				$ 509
Option exercises, shares	160,571				160,571
Issuance of ordinary shares under the ESPP	$ 748				$ 748
Issuance of ordinary shares under ESPP, shares					225,913
Other comprehensive loss	(95)								(95)
Net Income (Loss)	(57,513)									(57,513)
Ending balance at Dec. 31, 2023	39,630				$ 935,367			$ 129,237	$ (124)	$ (1,024,850)
Ending balance, shares at Dec. 31, 2023					119,162,234
Temporary equity, Ending balance at Dec. 31, 2023	$ 7,874			$ 7,874
Temporary equity, Ending balance, shares at Dec. 31, 2023	3,901,348			3,901,348

Share Capital	12 Months Ended
Dec. 31, 2023
Equity [Abstract]
Share Capital	6. SHARE CAPITAL The following represents the Company’s financing transactions during the years ended December 31, 2023 and 2022: • The Company entered into an open market sales agreement with Jefferies LLC in May 2019, as amended in March 2020 and March 2022, for its at-the-market equity program. During the year ended December 31, 2022, the Company sold 458,092 ordinary shares under its at-the-market equity program for aggregate net proceeds of $1.2 million after deducting commissions and offering expenses. During the year ended December 31, 2023, the Company sold 751,688 ordinary shares under its at-the-market equity program for aggregate net proceeds of $3.1 million after deducting commissions and offering expenses. • On June 16, 2022, the Company closed an underwritten offering (the “June 2022 Offering”) in which the Company issued and sold 25,464,483 of the Company’s ordinary shares at a price of $2.15 per share and pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 7,093,656 of the Company’s ordinary shares at an offering price of $2.1499 per Pre-Funded Warrant, which represents the per share offering price for the ordinary shares less the $0.0001 per share exercise price for each Pre-Funded Warrant. These Pre-Funded Warrants were recorded as a component of shareholders’ equity within additional paid-in capital. The gross proceeds to the Company from the June 2022 Offering were $70.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds to the Company from the June 2022 Offering were approximately $65.5 million after deducting underwriting commissions and offering expenses. The Pre-Funded Warrants are exercisable at any time after their original issuance and on or prior to the five-year anniversary of the original issuance date. A holder of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 19.99% of the number of the Company’s ordinary shares outstanding or more than 19.99% of the combined voting power of the Company’s securities outstanding immediately after giving effect to such exercise, unless and until shareholder approval is obtained. • On December 7, 2023, the Company entered into an underwriting agreement relating to the issuance and sale in an underwritten offering of the Company’s ordinary shares. On December 11, 2023, the Company closed an underwritten public offering (the “December 2023 Offering”) in which the Company issued and sold 20,000,000 of the Company's ordinary shares at a price of $5.00 per share. The gross proceeds to the Company from the December 2023 Offering were $100.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds to the Company from the December 2023 Offering during the year ended December 31, 2023 were approximately $93.6 million after deducting underwriting discounts and offering expenses. On January 4, 2024, the Company closed on the sale of an additional 3,000,000 ordinary shares at a price of $5.00 per share after the underwriters exercised their option to purchase the additional shares in full, which increased the aggregate number of ordinary shares sold in the December 2023 Offering to 23,000,000. The Company’s aggregate gross proceeds from the December 2023 Offering were $115.0 million, before deducting underwriting discounts and commissions and offering expenses; $15.0 million of which relates to the exercise of the underwriters’ option in January 2024. Subsequent to December 31, 2023, the Company received $14.0 million in net proceeds after deducting the underwriting discounts and commissions and offering expenses related to the December 2023 Offering. Features of the Series A Preferred Shares and Ordinary Shares The Series A preferred shares and ordinary shares have no par value and there is no concept of authorized share capital under Singapore law. The Series A preferred shares are not redeemable and have no entitlement to dividends. Voting The holders of Series A preferred shares are not entitled to vote on any of the matters proposed to shareholders, other than as specified in the Company's Constitution. The holders of ordinary shares are entitled to one vote for each ordinary share held at all meetings of shareholders and written actions in lieu of meetings. Dividends All dividends, if any, shall be declared and paid pro rata according to the number of ordinary shares held by each member entitled to receive dividends. The Company’s board of directors may deduct from any dividend all sums of money presently payable by the member to the Company on account of calls. Liquidation In the event of a liquidation, dissolution or winding up of, or a return of capital by the Company, the ordinary shares will rank equally with the Series A preferred shares after the payment of the liquidation preference of an aggregate of approximately $10 thousand for Series A preferred shares.

Share Capital

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Share Capital

6. SHARE CAPITAL

The following represents the Company’s financing transactions during the years ended December 31, 2023 and 2022:

•

The Company entered into an open market sales agreement with Jefferies LLC in May 2019, as amended in March 2020 and March 2022, for its at-the-market equity program. During the year ended December 31, 2022, the Company sold 458,092 ordinary shares under its at-the-market equity program for aggregate net proceeds of $1.2 million after deducting commissions and offering expenses. During the year ended December 31, 2023, the Company sold 751,688 ordinary shares under its at-the-market equity program for aggregate net proceeds of $3.1 million after deducting commissions and offering expenses.

•

On June 16, 2022, the Company closed an underwritten offering (the “June 2022 Offering”) in which the Company issued and sold 25,464,483 of the Company’s ordinary shares at a price of $2.15 per share and pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 7,093,656 of the Company’s ordinary shares at an offering price of $2.1499 per Pre-Funded Warrant, which represents the per share offering price for the ordinary shares less the $0.0001 per share exercise price for each Pre-Funded Warrant. These Pre-Funded Warrants were recorded as a component of shareholders’ equity within additional paid-in capital. The gross proceeds to the Company from the June 2022 Offering were $70.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds to the Company from the June 2022 Offering were approximately $65.5 million after deducting underwriting commissions and offering expenses. The Pre-Funded Warrants are exercisable at any time after their original issuance and on or prior to the five-year anniversary of the original issuance date. A holder of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 19.99% of the number of the Company’s ordinary shares outstanding or more than 19.99% of the combined voting power of the Company’s securities outstanding immediately after giving effect to such exercise, unless and until shareholder approval is obtained.

•

On December 7, 2023, the Company entered into an underwriting agreement relating to the issuance and sale in an underwritten offering of the Company’s ordinary shares. On December 11, 2023, the Company closed an underwritten public offering (the “December 2023 Offering”) in which the Company issued and sold 20,000,000 of the Company's ordinary shares at a price of $5.00 per share. The gross proceeds to the Company from the December 2023 Offering were $100.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds to the Company from the December 2023 Offering during the year ended December 31, 2023 were approximately $93.6 million after deducting underwriting discounts and offering expenses. On January 4, 2024, the Company closed on the sale of an additional 3,000,000 ordinary shares at a price of $5.00 per share after the underwriters exercised their option to purchase the additional shares in full, which increased the aggregate number of ordinary shares sold in the December 2023 Offering to 23,000,000. The Company’s aggregate gross proceeds from the December 2023 Offering were $115.0 million, before deducting underwriting discounts and commissions and offering expenses; $15.0 million of which relates to the exercise of the underwriters’ option in January 2024. Subsequent to December 31, 2023, the Company received $14.0 million in net proceeds after deducting the underwriting discounts and commissions and offering expenses related to the December 2023 Offering.

Features of the Series A Preferred Shares and Ordinary Shares

The Series A preferred shares and ordinary shares have no par value and there is no concept of authorized share capital under Singapore law. The Series A preferred shares are not redeemable and have no entitlement to dividends.

Voting

The holders of Series A preferred shares are not entitled to vote on any of the matters proposed to shareholders, other than as specified in the Company's Constitution. The holders of ordinary shares are entitled to one vote for each ordinary share held at all meetings of shareholders and written actions in lieu of meetings.

Dividends

All dividends, if any, shall be declared and paid pro rata according to the number of ordinary shares held by each member entitled to receive dividends. The Company’s board of directors may deduct from any dividend all sums of money presently payable by the member to the Company on account of calls.

Liquidation

In the event of a liquidation, dissolution or winding up of, or a return of capital by the Company, the ordinary shares will rank equally with the Series A preferred shares after the payment of the liquidation preference of an aggregate of approximately $10 thousand for Series A preferred shares.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 13, 2022	Dec. 31, 2021 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segment \| Segment	1
Cash, cash equivalents and restricted cash	$ 204,050,000	$ 92,157,000		$ 154,215,000
Restricted cash	$ 3,699,000	3,660,000
Revenue, practical expedient, incremental costs of obtaining contract	true
Expected dividend rate	0.00%
Investment, Type [Extensible Enumeration]			G S K Equity Investment [Member]
Term deposits purchased and reached maturity		75,000,000
Description of Income tax benefit, likelihood of realized upon ultimate settlement	The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement.
Level 2
Significant Accounting Policies [Line Items]
Short-term investments	$ 0	$ 0
Investment, Type [Extensible Enumeration]	Short-Term Investments [Member]	Short-Term Investments [Member]
Minimum [Member]
Significant Accounting Policies [Line Items]
Income tax examination, likelihood of settlement, percentage	50.00%
Cambridge MA [Member]
Significant Accounting Policies [Line Items]
Restricted cash	$ 1,000,000	$ 1,000,000
Lexington Facility [Member]
Significant Accounting Policies [Line Items]
Restricted cash	$ 2,700,000	$ 2,700,000

Income Taxes - Summary of Activity in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit at the beginning of the year	$ 13,945	$ 19,864
Tax positions related to prior years	114	(7,320)
Tax positions related to the current year	1,731	1,401
Unrecognized tax benefit at the end of the year	$ 15,790	$ 13,945

Share-Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Outstanding, Number of Shares, Beginning Balance \| shares	934,342
Granted, Number of Shares \| shares	208,875
Vested, Number of Shares \| shares	(415,658)
Forfeited, Number of Shares \| shares	(90,002)
Outstanding, Number of Shares, Ending Balance \| shares	637,557
Outstanding, Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 10.94
Granted, Average Grant Date Fair Value \| $ / shares	5
Vested, Average Grant Date Fair Value \| $ / shares	14.6
Forfeited, Average Grant Date Fair Value \| $ / shares	7.61
Outstanding, Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 7.08

Net Loss Per Ordinary Share - Additional Information (Details) - Pre Funded Warrants [Member] - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Pre-funded warrant outstanding	7,093,656	7,093,656
Warrant Exercise Price Per Share	$ 0.0001	$ 0.0001

Income Taxes - Reconciliation of Statutory Income Tax Rate (Detail) - Singapore [Member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Singapore statutory income tax rate	17.00%	17.00%
Federal and state tax credits	11.50%	3.30%
Permanent differences		0.10%
Changes in reserves for uncertain tax positions	(2.80%)	0.40%
Foreign rate differential	7.40%	8.80%
Tax rate change	0.40%
Return to provision	4.40%	(0.90%)
Other	0.10%	(0.10%)
Change in deferred tax asset valuation allowance	(36.10%)	7.30%
Deferred tax adjustments	(0.70%)	(36.30%)
Effective income tax rate	1.20%	(0.40%)

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 14,065	$ 12,287
Accrued expenses related to CROs and CMOs	1,768	3,516
Accrued expenses and other current liabilities	995	1,749
Total accrued expenses and other current liabilities	$ 16,828	$ 17,552

Related Parties - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Apr. 30, 2023	Oct. 31, 2022	Dec. 31, 2023
Scientific Advisor [Member] \| Consulting Agreement [Member]
Related Party Transaction [Line Items]
Consulting agreement termination notice period			14 days
Consulting service expenses			$ 13
Scientific Advisor [Member] \| Consulting Agreement [Member] \| Service Period of October 1, 2022 Through December 31, 2024 [Member]
Related Party Transaction [Line Items]
Non-qualified share option granted for service		163,467
Shin Nippon Biomedical Laboratories Ltd [Member]
Related Party Transaction [Line Items]
Contract research services	$ 2,800
Payments related to contract research services.			$ 1,400

Income Taxes - Summary of Valuation Allowance (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets, Net of Valuation Allowance [Abstract]
Balance at beginning of year	$ 226,273	$ 238,170
Increase in valuation allowance	20,969	3,134
Decrease in valuation allowance		(14,934)
Effect of foreign currency translation	(49)	(97)
Balance at end of year	$ 247,193	$ 226,273

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
Income Taxes [Line Items]
Income tax benefit (provision)	$ 677,000	$ (681,000)
Net operating loss carryforwards	54,700,000
Net operating loss carryovers	172,547,000	158,413,000
Capitalized research and development deferred tax assets	41,239,000	36,643,000
Increase in valuation allowance	20,900,000
Gross unrecognized tax benefit	15,790,000	13,945,000	$ 19,864,000
Unrecognized tax benefit that could affect annual effective tax rate if recognized	0
Subsidiaries Outside of Singapore [Member]
Income Taxes [Line Items]
Cash held by subsidiaries	23,900,000	44,100,000
Japan [Member]
Income Taxes [Line Items]
Net operating loss carryovers	$ 1,400,000	2,300,000
Operating loss carryforwards expiration year	2024
Tax years open to examination	2018
Singapore [Member]
Income Taxes [Line Items]
Net operating loss carryovers	$ 122,000,000	111,200,000
Tax years open to examination	2019
UK [Member]
Income Taxes [Line Items]
Net operating loss carryovers	$ 335,700,000	314,500,000
Tax years open to examination	2022
United States [Member]
Income Taxes [Line Items]
Tax years open to examination	2020
Federal [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	$ 302,200,000
Net operating loss carryforwards available to offset future income tax liabilities indefinitely	$ 301,400,000
Net operating loss carryforwards available to offset future income tax liabilities				$ 800,000
Operating Loss Carry forward expiration year	2037
Federal [Member] \| Research and development
Income Taxes [Line Items]
Tax credit carryforward	$ 6,100,000
Research and development tax credit carryforward expiration year	2042
Federal [Member] \| Orphan Drug Credits [Member]
Income Taxes [Line Items]
Tax credit carryforward	$ 0
State [Member]
Income Taxes [Line Items]
Operating Loss Carry forward expiration year	2038
State [Member] \| Research and development
Income Taxes [Line Items]
Tax credit carryforward	$ 2,600,000	200,000
Research and development tax credit carryforward expiration year	2037
U.S. Tax Guidance relating to Capitalization of Research and Development Expenditures [Member]
Income Taxes [Line Items]
Income tax benefit (provision)	$ 700,000	$ (700,000)

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

7. SHARE-BASED COMPENSATION

The Wave Life Sciences Ltd. 2021 Equity Incentive Plan was approved by the Company’s shareholders and went into effect on August 10, 2021 and was amended effective as of August 9, 2022 and August 1, 2023 (as amended, the “2021 Plan”). The 2021 Plan serves as the successor to the Wave Life Sciences Ltd. 2014 Equity Incentive Plan, as amended (the “2014 Plan”), such that outstanding awards granted under the 2014 Plan continue to be governed by the terms of the 2014 Plan, but no awards may be made

under the 2014 Plan after August 10, 2021. The aggregate number of ordinary shares authorized for issuance of awards under the 2021 Plan was originally 5,450,000 ordinary shares, and was subsequently increased to 11,450,000 and 17,950,000 in August 2022 and August 2023, respectively, plus the number of ordinary shares underlying any awards under the 2014 Plan that are forfeited, cancelled or otherwise terminated (other than by exercise or withheld by the Company to satisfy any tax withholding obligation) on or after August 10, 2021.

The 2021 Plan authorizes (and the 2014 Plan previously authorized) the board of directors or a committee of the board of directors to, among other things, grant non-qualified share options, restricted awards, which include restricted shares and restricted share units (“RSUs”), and performance awards to eligible employees and directors of the Company. The Company accounts for grants to its board of directors as grants to employees.

As of December 31, 2023, 8,101,005 ordinary shares remained available for future grant under the 2021 Plan. In accordance with Nasdaq Listing Rule 5635(c)(4), the board of directors or a committee of the board may also issue inducement grants outside of the 2021 Plan, as an inducement material to an individual's entering into employment with the Company.

Options and RSUs

Share option activity is summarized as follows:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)(1)
Outstanding as of January 1, 2023		9,682,054		$	7.73
Granted		5,769,100			4.74
Exercised		(160,571	)		3.17
Forfeited or cancelled		(1,182,873	)		7.51
Outstanding as of December 31, 2023		14,107,710		$	6.58		6.98	$	34,682
Options exercisable as of December 31, 2023		6,560,153		$	9.17		5.18	$	14,418

(1)

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the share options and the fair value of the Company’s ordinary shares for those share options that had exercise prices lower than the fair value of the ordinary shares as of the end of the period.

Options generally vest over periods of one to four years, and options that are forfeited or cancelled are available to be granted again. The contractual life of options is generally five or ten years from the grant date.

The assumptions used in the Black-Scholes option pricing model to determine the fair value of share options granted to employees during the period were as follows:


	For the Year Ended December 31,
	2023	2022
Risk-free interest rate	3.46% –4.71%	1.35% – 4.23%
Expected term (in years)	3.0 – 6.1	3.0 – 6.1
Expected volatility	87% – 93%	63% – 96%
Expected dividend yield	0%	0%

In October 2022, the compensation committee of the Company’s board of directors granted Dr. Verdine, one of the Company’s founders and a member of the Company’s board of directors, a non-qualified share option for 163,467 ordinary shares (“Verdine Scientific Advisory Grant”) as form of payment under Dr. Verdine’s consulting agreement for scientific advisory services (as

described in Note 13) for the service period of October 1, 2022 through December 31, 2024, the vesting of which is subject to Dr. Verdine’s continued service under the consulting agreement.

The Verdine Scientific Advisory Grant was the only non-employee grant made during the year ended December 31, 2022, and there were no equity grants made to non-employees during the year ended December 31, 2023. The assumptions used in the Black-Scholes option pricing model to determine the fair value of the Verdine Scientific Advisory Grant were as follows:


		Year Ended December 31, 2022
Risk-free interest rate		4.29%
Expected term (in years)		2.5
Expected volatility		99%
Expected dividend yield		0%

RSU activity for the year ended December 31, 2023 is summarized as follows:


	RSUs			Average Grant Date Fair Value (in dollars per share)
Outstanding as of January 1, 2023		934,342		$	10.94
Granted		208,875			5.00
Vested		(415,658	)		14.60
Forfeited		(90,002	)		7.61
RSUs Outstanding at December 31, 2023		637,557		$	7.08

RSUs can be time-based or performance-based. Vesting of the performance-based RSUs is contingent on the occurrence of certain regulatory or commercial milestones. In March 2021, the Compensation Committee approved an amendment and restatement of the Company’s outstanding 2019 performance-based RSUs to add an additional milestone to the existing milestones. In 2021, the Company also granted performance-based RSUs with the same terms to certain employees who did not receive the 2019 performance-based RSUs. The Company did not recognize expense in 2023 related to the performance-based RSUs as the remaining milestones were not considered probable of achievement. In April 2022, the Company determined that a performance-based RSU milestone was achieved and consequently 50% of the outstanding performance-based RSUs vested, which resulted in the issuance of 384,646 ordinary shares. During the year ended December 31, 2022, the Company recorded share-based compensation expense of approximately $3.8 million related to the performance-based RSUs, which represents all of the expense related to the achievement of this performance-based RSU milestone. During the years ended December 31, 2023 and 2022, the Company recognized share-based compensation expense of $1.0 million and $10.3 million, respectively, related to RSUs.

RSUs that are forfeited are available to be granted again. During the year ended December 31, 2023, 208,875 time-based RSUs were granted to employees. Of the RSUs outstanding at December 31, 2023, 342,876 are time-based RSUs and 294,681 are performance-based RSUs. Time-based RSUs generally vest over periods of one to four years.

During the years ended December 31, 2023 and 2022, the Company recognized share-based compensation expense related to options of $8.5 million and $6.7 million, respectively. The total intrinsic value of options exercised was $0.3 million and $0.4 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the unrecognized compensation cost related to outstanding options was $18.8 million. The unrecognized compensation cost related to outstanding options is expected to be recognized over a weighted-average period of approximately 2.62 years. For the years ended December 31, 2023 and 2022, the weighted-average grant date fair value per granted option was $3.45 and $2.06, respectively. The aggregate fair value of options that vested during the years ended December 31, 2023 and 2022 was $8.4 million and $6.9 million, respectively.

The unrecognized compensation costs related to outstanding time-based RSUs was $1.3 million as of December 31, 2023, and is expected to be recognized over a weighted-average period of approximately 2.93 years. The total fair value of RSUs vested during the years ended December 31, 2023 and 2022 was $2.0 million and $1.3 million, respectively.

Employee Share Purchase Plan

The Wave Life Sciences Ltd. Employee Share Purchase Plan, as amended (“ESPP”), allows full-time and certain part-time employees to purchase the Company’s ordinary shares at a discount to fair market value. Eligible employees may enroll in a six-month offering period beginning every January 15th and July 15th. Shares are purchased at a price equal to 85% of the lower of the fair market value of the Company’s ordinary shares on the first business day or the last business day of an offering period. During the years ended

December 31, 2023 and 2022, 225,913 and 166,061 ordinary shares were issued under the ESPP, respectively. The aggregate number of ordinary shares authorized for issuance under the ESPP was originally 1,000,000 and was subsequently increased to 3,000,000 in August 2023. As of December 31, 2023, there were 2,490,500 ordinary shares available for issuance under the ESPP.

Share-Based Compensation Expense

Share-based compensation expense for the years ended December 31, 2023 and 2022 is classified as operating expenses in the consolidated statements of operations and comprehensive loss as follows:


	For the Year Ended December 31,
	2023		2022
	(in thousands)
Research and development expenses	$	4,617	$	7,467
General and administrative expenses		5,178		9,727
Total share-based compensation expense	$	9,795	$	17,194

Of the total share-based compensation expense recorded for the years ended December 31, 2023 and 2022, $0.2 million and less than $0.1 million, respectively, were related to non-employee option grants, specifically the Verdine Scientific Advisory Grant, and all of the related expense is included in research and development expenses on the consolidated statements of operations and comprehensive loss.

Share-Based Compensation - Summary of Fair Value of Share Options Granted to Non-employees (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend rate	0.00%
Verdine Scientific Advisory Grant [Member] \| Non Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate		4.29%
Expected term (in years)		2 years 6 months
Expected volatility		99.00%
Expected dividend rate		0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Cash and Cash Equivalents

The Company considers all highly liquid securities with maturities of three months or less from the date of purchase to be cash equivalents. The Company's cash and cash equivalents are comprised of funds held in checking and money market accounts.

Short-Term Investments

Short Term Investments

The Company’s short term investments consist of term deposits.

Principles of Consolidation

The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The Company’s consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of the Company’s financial statements and related disclosures requires the Company to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue, costs and expenses and related disclosures. Management considers many factors in selecting appropriate financial accounting policies and in developing the estimates and assumptions that are used in the preparation of the financial statements. Management must apply significant judgment in this process. The Company believes that its revenue recognition policy, particularly (a) assessing the number of performance obligations; (b) determining the transaction price; (c) allocating the transaction price to the performance obligations in the contract; and (d) determining the pattern over which performance obligations are satisfied, including estimates to complete performance obligations, and the assumptions and estimates used in the Company’s analysis of contracts with contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”) to estimate the contract expense, involve a greater degree of judgment, and therefore the Company considers them to be its critical accounting policies. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions and conditions.

Segment Data

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s focus is on developing its proprietary RNA medicines platform, PRISM, to develop and commercialize a broad pipeline RNA medicines in a variety of therapeutic areas.

Going Concern

At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if the Company concludes substantial doubt exists and it is not alleviated by the Company’s plans or when the Company’s plans alleviate substantial doubt about the Company’s ability to continue as a going concern. The Company’s evaluation entails analyzing prospective operating budgets and forecasts for expectations of the Company’s cash needs and comparing those needs to the current cash and cash equivalent balance.

Foreign Currency Translation

The functional currency is the U.S. dollar for all of the Company’s entities aside from Wave Japan, which has the Japanese Yen as its functional currency. Assets and liabilities of Wave Japan are translated at period end exchange rates while revenues and expenses of

Wave Japan are translated at average exchange rates for the period. Net unrealized gains and losses from foreign currency translation are reflected as other comprehensive income (loss) within the consolidated statements of Series A preferred shares and shareholders’ equity (deficit) and the consolidated statements of operations and comprehensive loss. Gains and losses on foreign currency transactions are included in the consolidated statements of operations and comprehensive loss within other income, net.

Fair Value of Financial Instruments

The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy is a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs:

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets.

Level 2—Quoted prices for similar assets, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to the security.

Level 3—Pricing inputs are unobservable for the asset, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset. Level 3 includes private investments that are supported by little or no market activity.

Cash, cash equivalents and restricted cash are Level 1 assets which are comprised of funds held in checking and money market accounts. Short-term investments are Level 2 assets which are comprised of term deposits. Cash, cash equivalents and restricted cash were recorded at fair value as of December 31, 2023 and 2022, totaling $204.1 million and $92.2 million, respectively. There were no short-term investments as of December 31, 2023 or 2022, as the $75.0 million of term deposits that constitute the Company’s short-term investments were all purchased and reached maturity during the twelve months ended December 31, 2022. The carrying amounts of accounts payable and accrued expenses approximate their fair values due to their short-term maturities.

Concentration of Credit Risk

Cash, cash equivalents, restricted cash and short-term investments are financial instruments that potentially subject the Company to concentration of credit risk. The Company uses several financial institutions to maintain its cash, cash equivalents, restricted cash and short-term investments, all of which are high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no financial instruments with off-balance sheet risk of loss.

Restricted Cash

Restricted cash consists primarily of cash placed in separate restricted bank accounts as required under the terms of the Company’s lease agreements for its Cambridge, Massachusetts and Lexington, Massachusetts facilities (refer to Note 8). As of December 31, 2023 and 2022, the Company had $3.7 million of restricted cash, of which $2.7 million related to the Lexington facility and $1.0 million related to the Cambridge facility.

Property and Equipment

Property and equipment, which consists primarily of equipment, furniture, software and leasehold improvements, are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives of the assets:


Equipment, Furniture and Software	3-7 years
Leasehold Improvements	Shorter of asset life or lease term

Depreciation begins at the time the asset is placed in service. Maintenance and repairs are charged to operations as incurred. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations and comprehensive loss.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment. Long-lived assets are reviewed for impairment whenever events or other changes in circumstances indicate that the carrying amount may not be recoverable. Certain factors may exist or events may occur that indicate that impairment exists including, but not limited to, the following: significant underperformance relative to historical or projected future operating results; significant changes in the manner of use of the underlying assets; and significant adverse industry or market economic trends.

When performing the impairment assessment for long-lived assets, the Company compares the carrying value of such assets to the estimated undiscounted future net cash flows expected from the use of the assets and their eventual disposition. In the event that the carrying value of the assets is determined to be unrecoverable, the Company would estimate the fair value of the assets and record an impairment charge for the excess of the carrying value over the fair value.

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five-step analysis: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step analysis to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

The Company has entered into collaboration agreements for research, development, and commercial services, under which the Company licenses certain rights to its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. Any variable consideration is allocated to a performance obligation, and the cumulative revenue associated with this consideration is not recognized until it is deemed not to be at significant risk of reversal.

In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements for which the collaboration partner is also a customer, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use significant judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; and (c) the timing of satisfaction of performance obligations as a measure of progress in step (v) above. The Company uses significant judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to the optional goods and services the Company expects to provide. The Company uses estimates to determine the timing of satisfaction of performance obligations.

Amounts received prior to being recognized as revenue are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion.

Licenses of intellectual property: In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the customer and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the customer can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes

judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Research and development services: If an arrangement is determined to contain a promise or obligation for the Company to perform research and development services, the Company must determine whether these services are distinct from other promises in the arrangement. In assessing whether the services are distinct from the other promises, the Company considers the capabilities of the customer to perform these same services. In addition, the Company considers whether the customer can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For research and development services that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Customer options: If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, that is, the option to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the standalone selling price. Amounts allocated to any material right are not recognized as revenue until the option is exercised and the performance obligation is satisfied.

Milestone payments: At the inception of each arrangement that includes milestone payments, the Company evaluates whether a significant reversal of cumulative revenue provided in conjunction with achieving the milestones is probable, and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant reversal of cumulative revenue would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. For other milestones, the Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant reversal of cumulative revenue would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

Royalties: For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

Contract costs: The Company recognizes as an asset the incremental costs of obtaining a contract with a customer if the costs are expected to be recovered. As a practical expedient, the Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that it otherwise would have recognized is one year or less. To date, the Company has not incurred any incremental costs of obtaining a contract with a customer.

Research and Development Expenses

Research and development expenses are expensed as incurred. External development costs are recognized based on an evaluation of the progress to completion of specific tasks. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the accompanying consolidated balance sheets as prepaid or accrued expenses.

License Agreements and Patent Costs

Costs associated with licenses of technology and patent costs are expensed as incurred and are generally included in research and development expense in the consolidated statements of operations and comprehensive loss.

Net Loss per Share

Basic net loss per share is computed using the weighted-average number of ordinary shares outstanding during the period. The outstanding Pre-Funded Warrants (as defined in Note 6) are included in the weighted-average number of ordinary shares outstanding used in the calculation of basic net loss per share as the exercise price is negligible and the warrants are fully vested and exercisable. Diluted net loss per share is computed using the sum of the weighted-average number of ordinary shares outstanding during the period and, if dilutive, the weighted-average number of potential ordinary shares, including the assumed exercise of share options and the assumed vesting of RSUs (as defined in Note 7).

The Company applies the two-class method to calculate its basic and diluted net loss per share attributable to ordinary shareholders, as its Series A preferred shares are participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to ordinary shareholders. However, for the periods presented, the two-class method does not impact the net loss per ordinary share as the Company was in a net loss position for each of the periods presented and holders of Series A preferred shares do not participate in losses.

The Company’s Series A preferred shares contractually entitle the holders of such shares to participate in dividends but do not contractually require the holders of such shares to participate in losses of the Company. Accordingly, for periods in which the Company reports a net loss attributable to ordinary shareholders, diluted net loss per share attributable to ordinary shareholders is the same as basic net loss per share attributable to ordinary shareholders, since dilutive ordinary shares are not assumed to have been issued if their effect is anti-dilutive.

Share-Based Compensation

The Company measures and recognizes share-based compensation expense, for both employee and director option awards, based on the grant date fair value of the awards. The Company calculates the fair value of awards based on the grant date fair value of the underlying ordinary shares. The Company determines the fair value of share-based awards granted to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Equity instruments issued to non-employees as consideration for goods or services received by the Company have been accounted for based on the fair value of the equity instruments issued. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. The Company accounts for forfeitures as they occur.

The Company classifies share-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s compensation costs are classified or in which the award recipient’s service payments are classified.

The fair value of each share option grant was determined using the methods and assumptions discussed below. These inputs are generally subjective and require significant judgment and estimation by management.

•

Fair Value of Ordinary Shares The fair value of the ordinary shares underlying the Company’s share-based awards is based on the closing price of the Company’s ordinary shares as reported by the Nasdaq Global Market on the date of grant.

•

Expected Term The expected term of share options represents the weighted-average period that the share options are expected to remain outstanding. The Company estimated the expected term using the simplified method, which is an average of the contractual term of the option and the vesting period.

•

Expected Volatility Since there was limited historical data for the Company’s ordinary shares and limited company-specific historical volatility through the third quarter of 2021, the Company determined the share price volatility for options granted based on an analysis of the volatility used by a peer group of publicly traded companies. In evaluating similarity, the Company considers factors such as industry, stage of life cycle and size. Beginning in the fourth quarter of 2021, the Company had sufficient historical volatility data for its ordinary shares and as such no longer relies on an analysis of the volatility from a peer group to calculate expected volatility.

•

Risk-free Interest Rate The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for zero-coupon U.S. Treasury notes with remaining terms similar to the expected term of the options.

•

Dividend Rate The expected dividend was assumed to be zero as the Company has never paid dividends and has no current plans to do so.

Income Taxes

The Company accounts for income taxes using an asset and liability approach, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements but have not been reflected in taxable income. A valuation allowance is established to reduce deferred tax assets to their estimated realizable value. Therefore, the Company provides a valuation allowance to the extent that it is more likely than not that all or a portion of the deferred tax assets will not be realized in the future.

The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the tax authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. The Company recognizes interest and penalties related to uncertain tax positions in the income tax provision on the consolidated statements of operations and comprehensive loss.

The Company has certain service arrangements in place between its U.S., Japan, U.K. and Singapore entities, which include transfer pricing assumptions. The determination of the appropriate level of transfer pricing requires judgment based on transfer pricing analyses of comparable companies. The Company monitors the nature of its service arrangements for changes in its operations as well as economic conditions. The Company also periodically reviews the transfer pricing analyses for changes in the composition in the pool of comparable companies as well as the related ongoing results of the comparable companies.

Leases

The Company accounts for leases in accordance with ASC Topic 842, Leases (“ASC 842”). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Most leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew the lease. The Company monitors its plans to renew its leases on a quarterly basis.

Certain lease agreements include rental payments that are adjusted periodically for inflation or other variables. In addition to rent, the leases may require the Company to pay additional amounts for taxes, insurance, maintenance, or other expenses, which are generally referred to as non-lease components. Such adjustments to rental payments and variable non-lease components are treated as variable lease payments and recognized in the period in which the obligation for these payments are incurred. Variable lease components and variable non-lease components are not measured as part of the right-of-use asset and lease liability. Only when lease components and their associated non-lease components are fixed are they accounted for as a single lease component and are recognized as part of a right-of-use asset and lease liability. Total contract consideration is allocated to the combined fixed lease and non-lease component. This policy election applies consistently to all asset classes under lease agreements.

Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (the “FASB”) finalized Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires enhanced disclosures about reportable segments and the chief operating decision maker. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact that the adoption of ASU 2023-07 may have on its consolidated financial statements.

In December 2023, the FASB finalized Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires a company's annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company’s annual reporting periods beginning after December 15, 2025. Adoption is either with a prospective method or a fully retrospective method of transition. Early adoption is permitted. The Company is currently evaluating the effect that adoption of ASU 2023-09 will have on its consolidated financial statements.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	We describe the material terms of these Rule 10b5-1 Trading Plans below. On November 21, 2023, Paul B. Bolno, M.D., MBA, our President and Chief Executive Officer, adopted a Rule 10b5-1 Trading Plan providing for the sale of up to an aggregate of 435,594 of our ordinary shares pursuant to the terms of such Rule 10b5-1 Trading Plan. Dr. Bolno's Rule 10b5-1 Trading Plan is active until June 25, 2024, or earlier, if and when all transactions under the Rule 10b5-1 Trading Plan are completed. On November 21, 2023, Christopher Francis, Ph.D., our Senior Vice President, Corporate Development, Head of Emerging Areas, adopted a Rule 10b5-1 Trading Plan providing for the sale of up to an aggregate of 244,836 of our ordinary shares pursuant to the terms of such Rule 10b5-1 Trading Plan. Dr. Francis' Rule 10b5-1 Trading Plan is active until February 28, 2025, or earlier, if and when all transactions under the Rule 10b5-1 Trading Plan are completed. On November 21, 2023, Kyle Moran, CFA, our Chief Financial Officer, adopted a Rule 10b5-1 Trading Plan providing for the sale of up to an aggregate of 32,776 of our ordinary shares pursuant to the terms of such Rule 10b5-1 Trading Plan. Mr. Moran’s Rule 10b5-1 Trading Plan is active until October 31, 2024, or earlier, if and when all transactions under the Rule 10b5-1 Trading Plan are completed. On November 16, 2023, Chandra Vargeese, Ph.D., our Chief Technology Officer, Head of Platform Discovery Sciences, adopted a Rule 10b5-1 Trading Plan providing for the sale of up to an aggregate of 46,000 of our ordinary shares pursuant to the terms of such Rule 10b5-1 Trading Plan. Dr. Vargeese's Rule 10b5-1 Trading Plan is active until August 30, 2024, or earlier, if and when all transactions under the Rule 10b5-1 Trading Plan are completed.
Paul B. Bolno [Member]
Trading Arrangements, by Individual
Name	Paul B. Bolno
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 21, 2023
Arrangement Duration	218 days
Aggregate Available	435,594
Christopher Francis [Member]
Trading Arrangements, by Individual
Name	Christopher Francis
Title	Senior Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 21, 2023
Arrangement Duration	466 days
Aggregate Available	244,836
Kyle Moran [Member]
Trading Arrangements, by Individual
Name	Kyle Moran
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 21, 2023
Arrangement Duration	346 days
Aggregate Available	32,776
Chandra Vargeese [Member]
Trading Arrangements, by Individual
Name	Chandra Vargeese
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 16, 2023
Arrangement Duration	289 days
Aggregate Available	46,000

Net Loss Per Ordinary Share - Anti-Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Ordinary Share (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Options to Purchase Ordinary Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	14,107,710	9,682,054
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	637,557	934,342
Series A Preferred Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	3,901,348	3,901,348

Significant Accounting Policies - Additional Information (Detail 1)	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Significant Accounting Policies [Line Items]
Revenue recognition performance obligation, expected time satisfaction period	12 months

The Company

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

1. THE COMPANY

Organization

Wave Life Sciences Ltd. (together with its subsidiaries, “Wave” or the “Company”) is a clinical-stage biotechnology company focused on unlocking the broad potential of RNA medicines (also known as oligonucleotides), or those targeting ribonucleic acid “RNA”), to transform human health. Wave’s RNA medicines platform, PRISM, combines multiple modalities, chemistry innovation and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and prevalent disorders. The Company’s toolkit of RNA-targeting modalities includes RNA editing, splicing, antisense silencing and RNA interference (“RNAi”), providing the Company with unique capabilities for designing and sustainably delivering candidates that optimally address disease biology. The Company’s lead programs are in rare and prevalent diseases, including alpha-1 antitrypsin deficiency (“AATD”), obesity, Duchenne muscular dystrophy (“DMD”), and Huntington’s disease (“HD”).

The Company was incorporated in Singapore on July 23, 2012 and has its principal U.S. office in Cambridge, Massachusetts. The Company was incorporated with the purpose of combining two commonly held companies, Wave Life Sciences USA, Inc. (“Wave USA”), a Delaware corporation (formerly Ontorii, Inc.), and Wave Life Sciences Japan, Inc. (“Wave Japan”), a company organized under the laws of Japan (formerly Chiralgen., Ltd.), which occurred on September 13, 2012. On May 31, 2016, Wave Life Sciences Ireland Limited (“Wave Ireland”) was formed as a wholly-owned subsidiary of Wave Life Sciences Ltd. On April 3, 2017, Wave Life Sciences UK Limited (“Wave UK”) was formed as a wholly-owned subsidiary of Wave Life Sciences Ltd.

The Company’s primary activities have been developing and evolving PRISM to design, develop and commercialize RNA medicines, advancing the Company’s differentiated portfolio, building the Company’s research, development and manufacturing capabilities, advancing programs into the clinic, furthering clinical development of such clinical-stage programs, building the Company’s intellectual property, and assuring adequate capital to support these activities.

Liquidity

Since its inception, the Company has not generated any product revenue and has incurred recurring operating losses. To date, the Company has primarily funded its operations through private placements of debt and equity securities, public and other registered offerings of its equity securities and collaborations with third parties. Until the Company can generate significant revenue from product sales, if ever, the Company expects to continue to finance operations through a combination of public or private equity or debt financings or other sources, which may include upfront and milestone payments from collaborations with third parties. Adequate additional financing may not be available to the Company on acceptable terms, or at all. The inability to raise capital as and when needed would have a negative impact on the Company’s financial condition and ability to pursue its business strategy.

As of December 31, 2023, the Company had cash and cash equivalents of $200.4 million. The Company expects that its existing cash and cash equivalents will be sufficient to fund its operations for at least the next twelve months. The Company has based this expectation on the best information available, however the Company may use its available capital resources sooner than it currently expects. In January 2024, the representatives of the underwriters in connection with the December 2023 Offering (as defined in Note 6) exercised their option to purchase an additional 3,000,000 ordinary shares as a part of the December 2023 Offering, for additional net proceeds of approximately $14.0 million. If the Company’s anticipated operating results are not achieved in future periods, planned expenditures may need to be further reduced in order to extend the time period over which the then-available resources would be able to fund the Company’s operations. In addition, the Company may elect to raise additional funds before it needs them if the conditions for raising capital are favorable due to market conditions or strategic considerations, even if the Company expects it has sufficient funds for its current or future operating plans.

Risks and Uncertainties

The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, maintaining internal manufacturing capabilities, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. The Company’s therapeutic programs will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization of any product candidates. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development efforts will be successful, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be

commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies.

Basis of Presentation

The Company has prepared the accompanying consolidated financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) and in U.S. dollars.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

3. PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consists of the following:


	December 31,
	2023			2022
	(in thousands)
Furniture and equipment	$	26,072		$	25,509
Software		902			890
Leasehold improvements		28,525			28,413
Fixed assets in progress		294			318
Total		55,793			55,130
Less accumulated depreciation		(42,709	)		(37,846	)
Property and equipment, net	$	13,084		$	17,284

Substantially all of the Company’s long-lived assets were located in the United States as of December 31, 2023 and 2022.

Depreciation expense was $5.0 million and $6.6 million for the years ended December 31, 2023 and 2022, respectively.

Collaboration Agreements (Tables)

12 Months Ended

Dec. 31, 2023

GSK Collaboration Agreement [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Summary Of Allocation of The Total Transaction Price

The following table summarizes the allocation of the total transaction price to the identified performance obligation under the GSK Collaboration Agreement, and the amount of the transaction price unsatisfied as of December 31, 2023 (in thousands):


	Transaction Price Allocated		Transaction Price Unsatisfied (1)
Performance Obligations:
AATD Collaboration	$	156,778	$	92,057
Discovery Research Collaboration		19,514		17,948
Total	$	176,292	$	110,005

(1) The Unsatisfied transaction price will be recognized over the remaining research term.

Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Detail)	Dec. 31, 2023
Equipment, Furniture and Software [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Equipment, Furniture and Software [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	7 years
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember

Share-Based Compensation - Summary of Fair Value of Share Options Granted to Employees (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Employee Stock Option
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.46%	1.35%
Risk-free interest rate, maximum	4.71%	4.23%
Expected volatility, minimum	87.00%	63.00%
Expected volatility, maximum	93.00%	96.00%
Expected dividend yield	0.00%	0.00%
Employee Stock Option \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Expected term (in years)	3 years	3 years
Employee Stock Option \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES

Unasserted Claims

In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation as the Company operates in an industry susceptible to patent and other legal claims. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and estimable. Legal costs associated with these matters are expensed when incurred. The Company is not currently a party to any material legal proceedings.

Share-Based Compensation - Summary of Share Option Activity (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement, Disclosure [Abstract]
Outstanding, Number of Shares, Beginning Balance \| shares	9,682,054
Granted, Number of Shares \| shares	5,769,100
Exercised, Number of Shares \| shares	(160,571)
Forfeited or cancelled, Number of Shares \| shares	(1,182,873)
Outstanding, Number of Shares, Ending Balance \| shares	14,107,710
Options exercisable, Number of Shares \| shares	6,560,153
Outstanding, Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 7.73
Granted, Weighted Average Exercise Price \| $ / shares	4.74
Exercised, Weighted Average Exercise Price \| $ / shares	3.17
Forfeited or cancelled, Weighted Average Exercise Price \| $ / shares	7.51
Outstanding, Weighted Average Exercise Price, Ending Balance \| $ / shares	6.58
Options exercisable, Weighted Average Exercise Price \| $ / shares	$ 9.17
Outstanding, Weighted Average Remaining Contractual Term	6 years 11 months 23 days
Options exercisable, Weighted Average Remaining Contractual Term	5 years 2 months 4 days
Outstanding, Aggregate Intrinsic Value \| $	$ 34,682
Options exercisable, Aggregate Intrinsic Value \| $	$ 14,418

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
401(k) Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Discretionary contributions to defined contribution pension plan	$ 1.4	$ 1.1

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 200,351	$ 88,497
Accounts receivable	21,086
Prepaid expenses	9,912	7,932
Other current assets	4,024	2,108
Total current assets	235,373	98,537
Long-term assets:
Property and equipment, net of accumulated depreciation of $42,709 and $37,846 as of December 31, 2023 and 2022, respectively	13,084	17,284
Operating lease right-of-use assets	22,637	26,843
Restricted cash	3,699	3,660
Other assets	156	62
Total long-term assets	39,576	47,849
Total assets	274,949	146,386
Current liabilities:
Accounts payable	12,839	16,915
Accrued expenses and other current liabilities	16,828	17,552
Current portion of deferred revenue	150,059	31,558
Current portion of operating lease liability	6,714	5,496
Total current liabilities	186,440	71,521
Long-term liabilities:
Deferred revenue, net of current portion	15,601	79,774
Operating lease liability, net of current portion	25,404	32,118
Other liabilities		190
Total long-term liabilities	41,005	112,082
Total liabilities	227,445	183,603
Series A preferred shares, no par value; 3,901,348 shares issued and outstanding at December 31, 2023 and 2022	7,874	7,874
Shareholders' equity (deficit):
Ordinary shares, no par value; 119,162,234 and 86,924,643 shares issued and outstanding at December 31, 2023 and 2022, respectively	935,367	802,833
Additional paid-in capital	129,237	119,442
Accumulated other comprehensive loss	(124)	(29)
Accumulated deficit	(1,024,850)	(967,337)
Total shareholders' equity (deficit)	39,630	(45,091)
Total liabilities, Series A preferred shares and shareholders' equity (deficit)	$ 274,949	$ 146,386

Net Loss Per Ordinary Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Ordinary Share

10. NET LOSS PER ORDINARY SHARE

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding:


	Year Ended December 31,
	2023			2022
	(in thousands except share and per share data)
Numerator:
Net loss attributable to ordinary shareholders	$	(57,513	)	$	(161,823	)
Denominator:
Weighted-average ordinary shares outstanding		106,097,268			78,855,810
Net loss per share, basic and diluted	$	(0.54	)	$	(2.05	)

As of December 31, 2023 and 2022, there were 7,093,656 vested and exercisable Pre-Funded Warrants outstanding to purchase ordinary shares at an exercise price of $0.0001 per share. The Pre-Funded Warrants are included in the weighted-average shares outstanding used in the calculation of basic net loss per share as the exercise price is negligible and the warrants are fully vested and exercisable.

The Company’s potentially dilutive shares, which include outstanding share options to purchase ordinary shares and RSUs, are considered to be ordinary share equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.

The following potential ordinary shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to ordinary shareholders for the periods indicated because including them would have had an anti-dilutive effect:


	As of December 31,
	2023		2022
Options to purchase ordinary shares		14,107,710		9,682,054
RSUs		637,557		934,342
Series A preferred shares		3,901,348		3,901,348

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2023		2022
	(in thousands)
Accrued compensation	$	14,065	$	12,287
Accrued expenses related to CROs and CMOs		1,768		3,516
Accrued expenses and other current liabilities		995		1,749
Total accrued expenses and other current liabilities	$	16,828	$	17,552

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (57,513)	$ (161,823)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of right-of-use assets	4,206	3,540
Depreciation of property and equipment	5,000	6,574
Share-based compensation expense	9,795	17,194
Loss on disposal of property and equipment		12
Changes in operating assets and liabilities:
Accounts receivable	(21,086)
Prepaid expenses	(1,980)	(1,348)
Other assets	(2,010)	3,394
Accounts payable	(3,761)	9,348
Accrued expenses and other current liabilities	(724)	2,691
Deferred revenue	54,328	(3,245)
Operating lease liabilities	(5,496)	(4,308)
Other non-current liabilities	(190)	190
Net cash used in operating activities	(19,431)	(127,781)
Cash flows from investing activities
Purchases of property and equipment	(1,115)	(1,361)
Proceeds from the sale of property and equipment		106
Purchase of short-term investments		(75,044)
Proceeds from the maturity of short-term investments		75,044
Net cash used in investing activities	(1,115)	(1,255)
Cash flows from financing activities
Proceeds from issuance of ordinary shares	93,574	51,220
Proceeds from issuance pre-funded warrants, net of offering costs		14,268
Proceeds from issuance of ordinary shares pursuant to the GSK Collaboration Agreement	34,623
Proceeds from issuance of ordinary shares pursuant to the at-the-market equity program, net	3,080	1,105
Proceeds from the exercise of share options	509	223
Proceeds from the ESPP	748	372
Net cash provided by financing activities	132,534	67,188
Effect of foreign exchange rates on cash	(95)	(210)
Net increase (decrease) in cash, cash equivalents and restricted cash	111,893	(62,058)
Cash, cash equivalents and restricted cash, beginning of period	92,157	154,215
Cash, cash equivalents and restricted cash, end of period	204,050	92,157
Supplemental disclosure of cash flow information:
Offering costs in accounts payable at period end	$ 210
Increase in operating lease right-of-use assets and lease liabilities related to new lease		$ 12,006

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 113,305	$ 3,649
Operating expenses:
Research and development	130,009	115,856
General and administrative	51,292	50,513
Total operating expenses	181,301	166,369
Loss from operations	(67,996)	(162,720)
Other income, net:
Dividend income and interest income, net	7,928	1,571
Other income (expense), net	1,878	7
Total other income, net	9,806	1,578
Loss before income taxes	(58,190)	(161,142)
Income tax benefit (provision)	677	(681)
Net loss	$ (57,513)	$ (161,823)
Net loss per share attributable to ordinary shareholders basic	$ (0.54)	$ (2.05)
Net loss per share attributable to ordinary shareholders diluted	$ (0.54)	$ (2.05)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders basic.	106,097,268	78,855,810
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders diluted	106,097,268	78,855,810
Other comprehensive loss:
Net Income (Loss)	$ (57,513)	$ (161,823)
Foreign currency translation	(95)	(210)
Comprehensive loss	$ (57,608)	$ (162,033)

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment gross	$ 55,793	$ 55,130
Less accumulated depreciation	(42,709)	(37,846)
Property and equipment, net	13,084	17,284
Furniture and Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment gross	26,072	25,509
Software [Member]
Property Plant And Equipment [Line Items]
Property and equipment gross	902	890
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment gross	28,525	28,413
Fixed Assets in Progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment gross	$ 294	$ 318

Related Parties

12 Months Ended

Dec. 31, 2023

Related Parties

13. RELATED PARTIES

The Company had the following related party transactions for the periods presented in the accompanying consolidated financial statements:

•

In 2012, the Company entered into a consulting agreement for scientific advisory services with Dr. Gregory L. Verdine, one of the Company’s founders and a member of the Company’s board of directors. The consulting agreement does not have a specific term and may be terminated by either party upon 14 days’ prior written notice. Pursuant to the consulting agreement, the Company pays Dr. Verdine approximately $13 thousand per month, plus reimbursement for certain expenses. In October 2022, the compensation committee of the Company’s board of directors granted Dr. Verdine a non-qualified share option for 163,467 ordinary shares in lieu of cash as payment under this consulting agreement for the service period of October 1, 2022 through December 31, 2024, the monthly vesting of which is subject to Dr. Verdine’s continued service under the consulting agreement.

•

In April 2023, the Company engaged Shin Nippon Biomedical Laboratories Ltd. (“SNBL”), one of the Company’s shareholders, to provide approximately $2.8 million in certain NHPs contract research services to the Company. During the year ended December 31, 2023, the Company paid SNBL $1.4 million for the aforementioned contract research services.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents

Short Term Investments

The Company’s short term investments consist of term deposits.

Principles of Consolidation

Use of Estimates

Segment Data

Going Concern

Foreign Currency Translation

Fair Value of Financial Instruments

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets.

Concentration of Credit Risk

Restricted Cash

Property and Equipment


Equipment, Furniture and Software	3-7 years
Leasehold Improvements	Shorter of asset life or lease term

Impairment of Long-Lived Assets

Revenue Recognition

Research and Development Expenses

License Agreements and Patent Costs

Net Loss per Share

Share-Based Compensation

•

Dividend Rate The expected dividend was assumed to be zero as the Company has never paid dividends and has no current plans to do so.

Income Taxes

Leases

Recently Issued Accounting Pronouncements

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

11. INCOME TAXES

The components of loss before income taxes were as follows:


	Year Ended December 31,
	2023			2022
	(in thousands)
Singapore	$	(7,441	)	$	(8,714	)
Rest of world		(50,749	)		(152,428	)
Loss before income taxes	$	(58,190	)	$	(161,142	)

During the years ended December 31, 2023 and 2022, the Company recorded an income tax benefit of $0.7 million and an income tax provision of $0.7 million, respectively. The income tax benefit for the year ended December 31, 2023 was due to a change in estimate in connection with recent U.S. tax guidance relating to the capitalization of research and development expenditures. The income tax provision for the year ended December 31, 2022 was primarily due to the requirement under the Tax Cuts and Jobs Act of 2017 for taxpayers to capitalize and amortize research and development expenditures over five or fifteen years pursuant to Section 174 of the Internal Revenue Code of 1986, as amended (the “Code”).

The components of the benefit (provision) for income taxes were as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Current benefit (provision) for income taxes:
Singapore	$	—	$	—
Rest of world		677		(681	)
Total current benefit (provision) for income taxes	$	677	$	(681	)
Deferred benefit for income taxes:
Singapore	$	—	$	—
Rest of world		—		—
Total deferred benefit (provision) for income taxes	$	—	$	—
Total benefit (provision) for income taxes	$	677	$	(681	)

A reconciliation of the Singapore statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023			2022
Singapore statutory income tax rate		17.0	%		17.0	%
Federal and state tax credits		11.5			3.3
Permanent differences		—			0.1
Changes in reserves for uncertain tax positions		(2.8	)		0.4
Foreign rate differential		7.4			8.8
Tax rate change		0.4			—
Return to provision		4.4			(0.9	)
Other		0.1			(0.1	)
Change in deferred tax asset valuation allowance		(36.1	)		7.3
Deferred tax adjustments		(0.7	)		(36.3	)
Effective income tax rate		1.2	%		(0.4	)%

The components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows:


	December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	172,547		$	158,413
Federal and state tax credits		8,155			368
Share-based compensation		7,512			7,265
Accumulated amortization		694			782
Operating lease liabilities		8,775			10,276
Deferred revenue		10,716			16,786
Capitalized research and development		41,239			36,643
Accumulated depreciation		3,508			2,807
Other		237			357
Total deferred tax assets		253,383			233,697
Valuation allowance		(247,193	)		(226,273	)
Net deferred tax assets		6,190			7,424
Deferred tax liabilities:
Operating lease right-of-use assets		(6,185	)		(7,333	)
Accumulated depreciation		—			(86	)
Other		(5	)		(5	)
Total deferred tax liabilities		(6,190	)		(7,424	)
Net deferred tax assets (liabilities)	$	—		$	—

A roll-forward of the valuation allowance for the years ended December 31, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023			2022
	(in thousands)
Balance at beginning of year	$	226,273		$	238,170
Increase in valuation allowance		20,969			3,134
Decrease in valuation allowance		—			(14,934	)
Effect of foreign currency translation		(49	)		(97	)
Balance at end of year	$	247,193		$	226,273

As of December 31, 2023, the Company had federal net operating loss carryforwards in the United States of $302.2 million, of which $301.4 million may be available to offset future income tax liabilities indefinitely, while $0.8 million of carryforwards that were in existence as of December 31, 2017 may offset future income tax liabilities up through 2037. As of December 31, 2023, the Company had state net operating loss carryforwards of $54.7 million that will begin to expire in 2038. As of December 31, 2023 and 2022, the Company had U.S. federal research and development tax credit carryforwards of approximately $6.1 million and $0.2 million, respectively, available to offset future U.S. federal income taxes and will begin to expire in 2042. As of December 31, 2023 and 2022, the Company had state research and development tax credit carryforwards of approximately $2.6 million and $0.2 million,

respectively, available to offset future state income taxes and will begin to expire in 2037, and no longer had state investment tax credit carryforwards.

As of December 31, 2023 and 2022, the Company had net operating loss carryforwards in Japan of $1.4 million and $2.3 million, respectively, which may be available to offset future income tax liabilities and begin to expire in 2024.

As of December 31, 2023 and 2022, the Company had net operating loss carryforwards in Singapore of $122.0 million and $111.2 million, respectively, which may be available to offset future income tax liabilities and can be carried forward indefinitely.

As of December 31, 2023 and 2022, the Company had net operating loss carryforwards in the United Kingdom of $335.7 million and $314.5 million, respectively, which may be available to offset future income tax liabilities and can be carried forward indefinitely.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets. As of December 31, 2023, management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets in all jurisdictions. Accordingly, a full valuation allowance has been established against those deferred tax assets as of December 31, 2023.

The valuation allowance increased by $20.9 million in 2023. The increase in the valuation allowance for 2023 was primarily a result of operating losses generated with no corresponding financial statement benefit. The Company may release this valuation allowance when management determines that it is more-likely-than-not that the deferred tax assets will be realized. Any release of valuation allowance will be recorded as a tax benefit either increasing net income or decreasing net loss.

The Company’s reserves related to taxes and its accounting for uncertain tax positions are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more-likely-than-not to be realized following resolution of any potential contingencies present related to the tax benefit.

A summary of activity in the Company’s unrecognized tax benefits is as follows:


	2023		2022
	(in thousands)
Unrecognized tax benefit at the beginning of the year	$	13,945	$	19,864
Tax positions related to prior years		114		(7,320	)
Tax positions related to the current year		1,731		1,401
Unrecognized tax benefit at the end of the year	$	15,790	$	13,945

As of December 31, 2023 and 2022, the total amount of gross unrecognized tax benefits, which excludes interest and penalties, was $15.8 million and $13.9 million, respectively. At December 31, 2023, none of the net unrecognized tax benefits would affect the Company’s annual effective tax rate if recognized.

The Company files income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by various tax authorities in the United States, Japan, Singapore and the United Kingdom. Tax years from 2020 to the present are still open to examination in the United States, from 2018 to the present in Japan, from 2019 to the present in Singapore and from 2022 to the present in the United Kingdom. To the extent that the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the tax authorities to the extent utilized in a future period.

As of December 31, 2023 and 2022, $23.9 million and $44.1 million, respectively, of cash and cash equivalents were held by the subsidiaries outside of Singapore. The Company does not provide for Singapore income tax or foreign withholding taxes on foreign unrepatriated earnings, as the Company intends to permanently reinvest undistributed earnings in its foreign subsidiaries. If the Company decides to change this assertion in the future to repatriate any additional foreign earnings, the Company may be required to accrue and pay taxes. Because of the complexity of Singapore and foreign tax rules applicable to the distribution of earnings from foreign subsidiaries to Singapore, the determination of the unrecognized deferred tax liability on these earnings is not practicable.

Utilization of the net operating loss carryforwards and research and development tax credit carryforwards in the United States may be subject to a substantial annual limitation under Section 382 of the Code, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the shares of a corporation by more than 50% over a three-year period. In 2018, 2020 and 2022, the Company completed studies to assess whether an ownership change had occurred or whether there have been multiple ownership changes since its formation. The results of the 2018 and 2020 studies indicated that the Company experienced ownership

changes as defined by Section 382 of the Code. Based on the results of the 2018 and 2020 studies, management had determined that the limitations will not have a material impact on the Company’s ability to utilize its net operating losses and research and development credit carryforwards to offset future tax liabilities. The results of the 2022 study indicated that the Company experienced an ownership change and will be limited in its ability to utilize net operating losses and its research and development credit carryforwards in the 2022 tax year and going forward. Should one or more ownership changes occur in the future, the Company’s ability to utilize its net operating losses and research and development credit carryforwards may be further limited.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consists of the following:


	December 31,
	2023			2022
	(in thousands)
Furniture and equipment	$	26,072		$	25,509
Software		902			890
Leasehold improvements		28,525			28,413
Fixed assets in progress		294			318
Total		55,793			55,130
Less accumulated depreciation		(42,709	)		(37,846	)
Property and equipment, net	$	13,084		$	17,284

Share-Based Compensation - Summary of Share-based Compensation Expense Classified in Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 9,795	$ 17,194
Research and Development Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	4,617	7,467
General and Administrative Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 5,178	$ 9,727

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

8. LEASES

Lease Arrangements

The Company enters into lease arrangements for its facilities. A summary of the arrangements is as follows:

Operating Leases

Lexington

On September 26, 2016, and as amended on December 31, 2016, the Company entered into a 10 year and 9-month lease, which includes two successive five-year renewal options, for its facility in Lexington, Massachusetts, which the Company uses primarily for its current good manufacturing practices (“cGMP”) manufacturing, as well as for additional laboratory and office space. As there is not reasonable certainty that the renewal options will be exercised, the lease liabilities and the right-of-use assets pertaining to the Lexington Lease do not account for the two successive five-year renewal options. Throughout the term of the lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities. As required under the terms of the lease agreement, the Company has placed restricted cash of approximately $2.7 million in a separate bank account as of December 31, 2023 and 2022.

Cambridge

In April 2015, the Company entered into a lease agreement for an office and laboratory facility in Cambridge, Massachusetts (the “Cambridge Lease”), which commenced in October 2015 with a term of 7.5 years with a five-year renewal option to extend the lease. Throughout the term of the lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities. As required under the terms of the lease agreement, the Company has placed restricted cash of $1.0 million in a separate bank account as of December 31, 2023 and 2022.

In December 2020, the Company exercised its option under the Cambridge Lease to lease the additional office and laboratory space at the existing facility. The combined space constitutes the entire building. The lease for the additional space commenced on October 1, 2021, with a term of five years and is considered a separate lease from the Cambridge Lease. On the commencement date, the Company utilized the operating lease classification and recorded a right-of-use asset and corresponding operating lease liability of $4.5 million and began recognizing straight-line rent expense under ASC 842. Throughout the term of the lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities.

In June 2022, the Company exercised the five-year renewal option under the Cambridge Lease to extend the lease term through March 2028 (the “Cambridge Lease Extension”). Therefore, as required by ASC 842, the Company calculated an incremental borrowing rate of 10.53% and remeasured the right-of-use asset and the lease liabilities related to the Cambridge Lease Extension. As a result, an

additional $12.0 million of operating right-of-use asset and corresponding operating lease liabilities were recorded relating to the Cambridge Lease Extension.

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the years ended December 31, 2023 and 2022:


	For the Year Ended December 31,
	2023			2022
	(in thousands)
Lease cost
Operating lease cost	$	7,365		$	6,458
Variable lease cost		2,798			2,508
Total lease cost	$	10,163		$	8,966

Other information
Operating cash flows used for operating leases	$	8,655		$	7,226
Increase in operating right-of-use assets	$	—		$	12,006
Operating lease liabilities arising from obtaining right-of-use assets	$	—		$	12,006
Weighted average remaining lease term	4 years			5 years
Weighted average discount rate		9.2	%		9.2	%

Future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2023, are as follows:


	As of December 31, 2023
	(in thousands)
2024	$	9,311
2025		9,591
2026		9,584
2027		8,987
2028		886
Thereafter		-
Total lease payments	$	38,359
Less: imputed interest		(6,241	)
Total operating lease liabilities	$	32,118

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 172,547	$ 158,413
Federal and state tax credits	8,155	368
Share-based compensation	7,512	7,265
Accumulated amortization	694	782
Operating lease liabilities	8,775	10,276
Deferred revenue	10,716	16,786
Capitalized research and development	41,239	36,643
Accumulated depreciation	3,508	2,807
Other	237	357
Total deferred tax assets	253,383	233,697
Valuation allowance	(247,193)	(226,273)	$ (238,170)
Net deferred tax assets	6,190	7,424
Deferred tax liabilities:
Operating lease right-of-use assets	(6,185)	(7,333)
Accumulated depreciation		(86)
Other	(5)	(5)
Total deferred tax liabilities	$ (6,190)	$ (7,424)

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 5,000	$ 6,574

Income Taxes - Deferred Components of Benefit (Provision), Net for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current benefit (provision) for income taxes:
Total current benefit (provision) for income taxes	$ 677	$ (681)
Deferred benefit for income taxes:
Total benefit (provision) for income taxes	677	(681)
Rest Of World [Member]
Current benefit (provision) for income taxes:
Total current benefit (provision) for income taxes	$ 677	$ (681)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Estimated Useful Life of Assets

Depreciation is calculated on a straight-line basis over the following estimated useful lives of the assets:


Equipment, Furniture and Software	3-7 years
Leasehold Improvements	Shorter of asset life or lease term

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Net of accumulated depreciation	$ 42,709	$ 37,846
Series A preferred stock, par value	$ 0	$ 0
Series A preferred stock, shares issued	3,901,348	3,901,348
Series A preferred stock, shares outstanding	3,901,348	3,901,348
Common stock, par value	$ 0	$ 0
Common stock, shares issued	119,162,234	86,924,643
Common stock, shares outstanding	119,162,234	86,924,643

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 28, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	WVE
Entity Registrant Name	WAVE LIFE SCIENCES LTD.
Entity Central Index Key	0001631574
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Tax Identification Number	98-1356880
Entity Common Stock, Shares Outstanding		122,284,139
Entity Public Float			$ 258,753,061
Title of 12(b) Security	$0 Par Value Ordinary Shares
Security Exchange Name	NASDAQ
Entity File Number	001-37627
Entity Incorporation, State or Country Code	U0
Entity Address, Address Line One	7 Straits View #12-00
Entity Address, Address Line Two	Marina One
Entity Address, City or Town	East Tower
Entity Address, Country	SG
Entity Address, Postal Zip Code	018936
City Area Code	+65
Local Phone Number	6236 3388
Document Annual Report	true
Document Transition Report	false
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Boston, Massachusetts
Documents Incorporated by Reference	If the Registrant’s Definitive Proxy Statement relating to the 2024 Annual General Meeting of Shareholders (the “Proxy Statement”) is filed with the Commission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, then portions of the Proxy Statement will be incorporated by reference into Part III of this Annual Report on Form 10-K. If the Proxy Statement is not filed within such 120-day period, then the Registrant will file an amendment to this Annual Report within such 120-day period that will contain the information required to be included or incorporated by reference into Part III of this Annual Report.

Collaboration Agreements - Additional Information (Detail)					1 Months Ended		3 Months Ended	12 Months Ended		71 Months Ended
	Jan. 27, 2023 USD ($)	Dec. 13, 2022 USD ($) shares	Oct. 15, 2021 USD ($)	Apr. 02, 2018	Apr. 30, 2018 USD ($) Target $ / shares shares	Feb. 28, 2018 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Shares issued under equity agreement \| shares		10,683,761
Investment, Type [Extensible Enumeration]		G S K Equity Investment [Member]
Equity investment aggregate purchase price								$ 93,574,000	$ 51,220,000
Purchase price per share \| $ / shares									$ 4.68
Proceeds from issuance of ordinary shares								93,574,000	$ 51,220,000
Revenue								113,305,000	3,649,000
Collaboration revenue recognized								113,305,000	3,649,000
Collaboration and license agreement, deferred revenue current								150,059,000	31,558,000	$ 150,059,000
Collaboration and license agreement, deferred revenue noncurrent								15,601,000	79,774,000	15,601,000
Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Fund receivable for research and preclinical activities					$ 60,000,000
Up-front consideration received					$ 110,000,000
Collaboration And License Agreement [Member] \| Category One Programs [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of global costs and potential profits sharing ratio					50.00%
Collaboration And License Agreement [Member] \| Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment under collaboration agreement					$ 110,000,000
Collaboration and license agreement month and year						2018-02
Fund receivable for research and preclinical activities					$ 60,000,000
Research term under collaboration and license agreement					4 years
Collaboration agreement commencement date				Apr. 02, 2018
Collaboration agreement termination period				180 days
Collaboration And License Agreement [Member] \| Takeda [Member] \| Minimum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement, committed cash						$ 230,000,000
Collaboration And License Agreement [Member] \| Takeda [Member] \| Category One Programs [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of global costs and potential profits sharing ratio					50.00%
Collaboration and License Agreement Date			Oct. 15, 2021
Revenue								47,000,000	3,300,000	128,200,000
Collaboration revenue recognized								47,000,000	3,300,000	128,200,000
Collaboration and license agreement, deferred revenue								71,300,000	111,300,000	71,300,000
Collaboration and license agreement, deferred revenue current								71,300,000	31,600,000	71,300,000
Collaboration and license agreement, deferred revenue noncurrent								$ 0	$ 79,800,000	0
Collaboration And License Agreement [Member] \| Takeda [Member] \| Category Two Programs [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Fund receivable for research and preclinical activities					$ 60,000,000
Research term under collaboration and license agreement					4 years
Maximum targets for preclinical programs \| Target					6
Option to reach maximum targets for preclinical programs								any one time
Collaboration And License Agreement [Member] \| Takeda [Member] \| Category 1 Programs and Category 2 Programs [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration-budgeted research and preclinical expenses			$ 22,500,000
Revenue			18,500,000
Collaboration revenue recognized			$ 18,500,000
C9-ALS/FTD Program [Member] \| Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from termination of collaborative arrangement							$ 28,000,000
Collaborative Arrangement Transaction Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag							true
GSK Collaboration Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment under collaboration agreement	$ 120,000,000	$ 120,000,000
Collaboration agreement in premium		$ 15,400,000
Revenue recognized								$ 8,300,000
Acheivement of milestone included in current portion receivable								20,000,000		20,000,000
Milestone payment								20,000,000
Revenue								66,300,000
Collaboration revenue recognized								66,300,000
Collaboration and license agreement, deferred revenue								94,300,000		94,300,000
Collaboration and license agreement, deferred revenue current								78,700,000		78,700,000
Collaboration and license agreement, deferred revenue noncurrent								15,600,000		$ 15,600,000
Developmental Milestone related to HD Category One Program, Which Pertained to Completion of New, Non-Clinical Study of WVE-003 in Non-Human Primates or NHPs [Member] \| Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from termination of collaborative arrangement							$ 7,000,000
SCA3 Category 1 Program [Member] \| Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from termination of collaborative arrangement								$ 9,900,000
Collaborative Arrangement Transaction Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag								true
Collaboration and Share Purchase Agreements [Member] \| Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Shares issued under equity agreement \| shares					1,096,892
Purchase price per share \| $ / shares					$ 54.7
Proceeds from issuance of ordinary shares					$ 60,000,000
Equity investment agreement official closure month and year					2018-04

Collaboration Agreements

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreements

5. COLLABORATION AGREEMENTS

GSK Collaboration and Equity Agreements

On December 13, 2022, Wave USA and Wave UK entered into a Collaboration and License Agreement (the “GSK Collaboration Agreement”) with GlaxoSmithKline Intellectual Property (No. 3) (“GSK”). Pursuant to the GSK Collaboration Agreement, Wave and GSK have agreed to collaborate on the research, development, and commercialization of oligonucleotide therapeutics, including an exclusive global license to WVE-006. The discovery collaboration component has an initial four-year research term and combines Wave’s proprietary discovery and drug development platform, PRISM, with GSK’s unique genetic insights and its global development and commercial capabilities. On January 27, 2023, the GSK Collaboration Agreement became effective, and GSK paid Wave an upfront payment of $120.0 million.

Simultaneously with the execution of the GSK Collaboration Agreement, Wave entered into a Share Purchase Agreement (the “SPA”) on December 13, 2022, with Glaxo Group Limited (“GGL”), an affiliate of GSK, pursuant to which Wave agreed to sell 10,683,761 of its ordinary shares to GGL at a purchase price of $4.68 per share (the “GSK Equity Investment”). The GSK Equity Investment closed on January 26, 2023, following the completion of customary closing conditions. The ordinary shares purchased by GGL are subject to lock-up and standstill restrictions and carry certain registration rights, customary for transactions of this kind. The Company did not incur any material costs in connection with the issuance of the ordinary shares under the SPA.

The GSK Collaboration Agreement has three components:

An exclusive global license for GSK to WVE-006, the Company’s then preclinical, first-in-class A-to-I(G) RNA editing candidate for alpha-1 antitrypsin deficiency (“AATD”), with development and commercialization responsibilities transferring to GSK after the Company completes the first-in-patient study (the “AATD Collaboration”). The Company will be responsible for preclinical, regulatory, manufacturing, and clinical activities for WVE-006 through the initial Phase 1/2 study, at the Company’s sole cost. Thereafter, GSK will be responsible for advancing WVE-006 through pivotal studies, registration, and global commercialization at GSK’s sole cost;

A discovery research collaboration which enables GSK to advance up to eight programs leveraging PRISM and the Company’s oligonucleotide expertise and discovery capabilities (the “Discovery Research Collaboration”); and

A discovery collaboration which enables the Company to advance up to three programs leveraging targets informed by GSK’s novel genetic insights (“Wave’s Collaboration Programs”).

Under the GSK Collaboration Agreement, each party grants to the other party certain licenses to the collaboration products to enable the other party to perform its obligations and exercise its rights under the GSK Collaboration Agreement, including license grants to enable each party to conduct research, development and commercialization activities pursuant to the terms of the GSK Collaboration Agreement. The parties’ exclusivity obligations to each other are limited on a target-by-target basis with regard to targets in the collaboration. GSK may terminate the GSK Collaboration Agreement for convenience, in its entirety or on a target-by-target basis. Subject to certain exceptions, each party has the right to terminate the GSK Collaboration Agreement on a target-by-target basis if the other party, or a related party, challenges the patentability, enforceability or validity of any patents within the licensed technology that cover any product that is subject to the GSK Collaboration Agreement. In the event of any material breach of the GSK Collaboration Agreement by a party, subject to cure rights, the other party may terminate the GSK Collaboration Agreement in its entirety if the breach relates to all targets or on a target-by-target basis if the breach relates to a specific target. In the event that GSK and its affiliates cease development, manufacturing and commercialization activities with respect to compounds or products subject to the GSK Collaboration Agreement and directed to a particular target, the Company may terminate the GSK Collaboration Agreement with respect to such target. Either party may terminate the GSK Collaboration Agreement for the other party’s insolvency. In certain termination circumstances, the Company would receive a license from GSK to continue researching, developing and manufacturing certain products.

The GSK Collaboration Agreement, unless terminated earlier, will continue until the date on which: (i) with respect to a validation target, the date on which such validation target is not advanced into a collaboration program; or (ii) with respect to a collaboration target, the royalty term has expired for all collaboration products directed to the applicable collaboration target. The GSK Collaboration Agreement includes options to extend the research term for up to three additional years, which would increase the number of programs available to both parties. The Company will lead all preclinical research for GSK and the Company’s collaboration programs up to investigational new drug (“IND”)-enabling studies. The Company will lead IND-enabling studies, clinical development and commercialization for the Company’s collaboration programs. GSK collaboration programs will transfer to GSK for IND-enabling studies, clinical development and commercialization.

The GSK Collaboration Agreement is managed by a joint steering committee in which both parties are represented equally. In addition, the AATD Collaboration is overseen by a joint development committee, a joint patent committee advises on intellectual property activities, and the Discovery Research Collaboration is overseen by a joint research committee. Both parties are represented equally for these committees and report to the joint steering committee.

The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, GSK, is a customer for the AATD Collaboration prior to GSK exercising its option and, for the Discovery Research Collaboration programs during the target validation research term. The Company identified the following material promises under the arrangement: (1) the exclusive global license for WVE-006; (2) the research and development services for WVE-006 through the Phase 1/2 study; (3) the discovery research services under the Discovery Research Collaboration to perform target validation programs; (4) research and development license for the Discovery Research Collaboration; and (5) the research and development services for the GSK collaboration programs through completion of a candidate selection. The research and development services for WVE-006 were determined to not be distinct from the exclusive global license and should therefore be combined into a single performance obligation for the AATD Collaboration. The research and development services for the Discovery Research Collaboration were determined to not be distinct from the research and development license for the Discovery Research Collaboration and should therefore be combined into a single performance obligation. In addition, the Company determined the standalone selling price for the option to advance up to eight programs from the Discovery Research Collaboration and determined it did not provide a material right to GSK.

Based on these assessments, the Company identified two performance obligations in the GSK Collaboration Agreement: (1) AATD Collaboration consisting of the research and development services through completion of the Phase 1/2 study and research and development license for WVE-006 and (2) Discovery Research Collaboration which consists of research and development services for validating the targets and license for research and development license for targets.

At the outset of the arrangement, the transaction price included fixed consideration of the $120.0 million upfront, the $15.4 million in premium related to the GSK Equity Investment and the fixed consideration related to the additional target validation research funding. The Company allocated the estimated variable consideration relating to the target validation research to the Discovery Research Collaboration programs and the variable consideration relating to the developmental milestone to the AATD Collaboration and then allocated the fixed consideration to the performance obligations on a relative standalone selling price basis. The Company determined that the GSK Collaboration Agreement did not contain a significant financing component. The program initiation fees to advance up to eight programs from the Discovery Research Collaboration to preclinically develop the GSK collaboration programs and the additional potential milestone payments were excluded from the transaction price, as all milestone amounts were fully constrained at the inception of the GSK Collaboration Agreement. The Company will reevaluate the transaction price at the end of each reporting period, and as uncertain events are resolved or other changes in circumstances occur, the Company will adjust its estimate of the transaction price.


	Transaction Price Allocated		Transaction Price Unsatisfied (1)
Performance Obligations:
AATD Collaboration	$	156,778	$	92,057
Discovery Research Collaboration		19,514		17,948
Total	$	176,292	$	110,005

(1) The Unsatisfied transaction price will be recognized over the remaining research term.

The Company developed the estimated standalone selling price for the global license for WVE-006, under the AATD Collaboration, using a discounted cash flow model. For the performance obligation associated with the research and development services under the Discovery Research Collaboration and the research and development services for WVE-006 under the AATD Collaboration, the Company determined the standalone selling price using estimates of the costs to perform the research and development services, including expected internal and external costs for services and supplies, adjusted to reflect a profit margin. The total estimated cost of the research and development services reflected the nature of the services to be performed and the Company’s best estimate of the length of time required to perform the services.

Revenue associated with the AATD Collaboration performance obligation is being recognized as the research and development services are provided using an input measure, according to the costs incurred and the total costs expected to be incurred to satisfy the performance obligation. The revenue associated with the Discovery Research Collaboration performance obligation is being recognized as the research and development services are provided using an input measure, according to the costs incurred and the total costs expected to be incurred to satisfy the performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s consolidated balance sheet. Additional funding related to the Company’s research activities under the Discovery Research Collaboration will be recorded as accounts receivable when contractually enforceable and recorded as deferred revenue, or as revenue as the services are provided.

During the year ended December 31, 2023, the Company achieved a developmental milestone which pertained to the initiation of dosing in healthy volunteers in the RestorAATion clinical trial program, triggering a $20.0 million milestone payment to the Company from GSK. As of December 31, 2023, the $20.0 million related to the achievement of the milestone is included in the current portion of accounts receivable and payment was received from GSK in the first quarter of 2024.

During the year ended December 31, 2023, the Company recognized revenue of $66.3 million under the GSK Collaboration Agreement using the input method described above, which includes the $8.3 million of unconstrained revenue recognized for achievement of the developmental milestone mentioned above.

The aggregate amount of the transaction price allocated to the Company’s unsatisfied and partially unsatisfied performance obligations and recorded in deferred revenue on December 31, 2023 is approximately $94.3 million, of which approximately $78.7 million is included in current liabilities and $15.6 million is included in long-term liabilities.

Takeda Collaboration and Equity Agreements

In February 2018, Wave USA and Wave UK entered into a global strategic collaboration (the “Takeda Collaboration”) with Takeda Pharmaceutical Company Limited (“Takeda”), pursuant to which Wave USA, Wave UK and Takeda agreed to collaborate on the research, development and commercialization of oligonucleotide therapeutics for disorders of the Central Nervous System (“CNS”). The Takeda Collaboration provides the Company with at least $230.0 million in committed cash and Takeda with the option to co-develop and co-commercialize the Company’s CNS development programs in (1) Huntington’s disease (“HD”); (2) amyotrophic lateral sclerosis (“ALS”) and frontotemporal dementia (“FTD”); and (3) the Company’s discovery-stage program targeting ATXN3 for the treatment of spinocerebellar ataxia 3 (“SCA3”) (collectively, “Category 1 Programs”). In addition, the Takeda Collaboration

provided Takeda the right to exclusively license multiple preclinical programs for CNS disorders, including Alzheimer’s disease and Parkinson’s disease (collectively, “Category 2 Programs”). In April 2018, the Takeda Collaboration became effective and Takeda paid the Company $110.0 million as an upfront payment. Takeda also agreed to fund the Company’s research and preclinical activities in the amount of $60.0 million during the four-year research term and to reimburse the Company for any collaboration-budgeted research and preclinical expenses incurred by Wave that exceed that amount.

Simultaneously with Wave USA and Wave UK’s entry into the collaboration and license agreement with Takeda (the “Takeda Collaboration Agreement”), the Company entered into a share purchase agreement with Takeda (the “Takeda Equity Agreement,” and together with the Takeda Collaboration Agreement, the “Takeda Agreements”) pursuant to which it agreed to sell to Takeda 1,096,892 of its ordinary shares at a purchase price of $54.70 per share. In April 2018, the Company closed the Takeda Equity Agreement and received aggregate cash proceeds of $60.0 million. The Company did not incur any material costs in connection with the issuance of the shares.

With respect to Category 1 Programs, the Company will be responsible for researching and developing products and companion diagnostics for Category 1 Programs through completion of the first proof of mechanism study for such products. Takeda will have an exclusive option for each target and all associated products and companion diagnostics for such target, which it may exercise at any time through completion of the proof of mechanism study. If Takeda exercises this option, the Company will receive an opt-in payment and will lead manufacturing and joint clinical co-development activities and Takeda will lead joint co-commercial activities in the United States and all commercial activities outside of the United States. Global costs and potential profits will be shared 50:50 and the Company will be eligible to receive development and commercial milestone payments. In addition to its 50% profit share, the Company is eligible to receive option exercise fees and development and commercial milestone payments for each of the Category 1 Programs.

With respect to Category 2 Programs, the Company granted Takeda the right to exclusively license multiple preclinical programs during a four-year research term (subject to limited extension for programs that were initiated prior to the expiration of the research term, in accordance with the Takeda Collaboration Agreement) (“Category 2 Research Term”). During that term, the Takeda Collaboration provided that the parties may collaborate on preclinical programs for up to six targets at any one time. The Company was responsible for researching and preclinically developing products and companion diagnostics directed to the agreed upon targets through completion of Investigational IND enabling studies in the first major market country. Thereafter, Takeda would have an exclusive worldwide license to develop and commercialize products and companion diagnostics directed to such targets, subject to the Company’s retained rights to lead manufacturing activities for products directed to such targets. Takeda agreed to fund the Company’s research and preclinical activities in the amount of $60.0 million during the research term and reimburse the Company for any collaboration-budgeted research and preclinical expenses incurred by the Company that exceeded that amount. The Company was also eligible to receive tiered high single-digit to mid-teen royalties on Takeda’s global commercial sales of products from each Category 2 Program.

Under the Takeda Collaboration Agreement, each party granted to the other party specific intellectual property licenses to enable the other party to perform its obligations and exercise its rights under the Takeda Collaboration Agreement, including license grants to enable each party to conduct research, development and commercialization activities pursuant to the terms of the Takeda Collaboration Agreement.

The term of the Takeda Collaboration Agreement commenced on April 2, 2018 and, unless terminated earlier, will continue until the date on which: (i) with respect to each Category 1 Program target for which Takeda does not exercise its option, the expiration or termination of the development program with respect to such target; (ii) with respect to each Category 1 Program target for which Takeda exercises its option, the date on which neither party is researching, developing or manufacturing any products or companion diagnostics directed to such target; or (iii) with respect to each Category 2 Program target, the date on which royalties are no longer payable with respect to products directed to such target.

Takeda may terminate the Takeda Collaboration Agreement for convenience on 180 days’ notice, in its entirety or on a target-by-target basis. Subject to certain exceptions, each party has the right to terminate the Takeda Collaboration Agreement on a target-by-target basis if the other party, or a third party related to such party, challenges the patentability, enforceability or validity of any patents within the licensed technology that cover any product or companion diagnostic that is subject to the Takeda Collaboration Agreement. In the event of any material breach of the Takeda Collaboration Agreement by a party, subject to cure rights, the other party may terminate the Takeda Collaboration Agreement in its entirety if the breach relates to all targets or on a target-by-target basis if the breach relates to a specific target. In the event that Takeda and its affiliates cease development, manufacturing and commercialization activities with respect to compounds or products subject to the Takeda Collaboration Agreement and directed to a particular target, the Company may terminate the Takeda Collaboration Agreement with respect to such target. Either party may terminate the Takeda Collaboration Agreement for the other party’s insolvency. In certain termination circumstances, the Company would receive a license from Takeda to continue researching, developing and manufacturing certain products, and companion diagnostics.

The Takeda Collaboration is managed by a joint steering committee in which both parties are represented equally. The joint steering committee is tasked with overseeing the scientific progression of each Category 1 Program and, prior to the Amendment (discussed below), the Category 2 Programs.

The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Takeda, is a customer for Category 1 Programs prior to Takeda exercising its option, and for Category 2 Programs during the Category 2 Research Term. The Company identified the following material promises under the arrangement: (1) the non-exclusive, royalty-free research and development license for each Category 1 Program; (2) the research and development services for each Category 1 Program through completion of the first proof of mechanism study; (3) the exclusive option to license, co-develop and co-commercialize each Category 1 Program; (4) the right to exclusively license the Category 2 Programs; and (5) the research and preclinical development services of the Category 2 Programs through completion of IND-enabling studies. The research and development services for each Category 1 Program were determined to not be distinct from the research and development license and should therefore be combined into a single performance obligation for each Category 1 Program. The research and preclinical development services for the Category 2 Programs were determined to not be distinct from the exclusive licenses for the Category 2 Programs and therefore were combined into a single performance obligation.

Additionally, the Company determined that the exclusive option for each Category 1 Program was priced at a discount and, as such, provide material rights to Takeda, representing three separate performance obligations. Based on these assessments, the Company identified seven performance obligations in the Takeda Collaboration Agreement: (1) research and development services through completion of the first proof of mechanism and non-exclusive research and development license for HD; (2) research and development services through completion of the first proof of mechanism and non-exclusive research and development license for ALS and FTD; (3) research and development services through completion of the first proof of mechanism and non-exclusive research and development license for SCA3; (4) the material right provided for the exclusive option to license, co-develop and co-commercialize HD; (5) the material right provided for the exclusive option to license, co-develop and co-commercialize ALS and FTD; (6) the material right provided for the exclusive option to license, co-develop and co-commercialize SCA3; and (7) the research and preclinical development services and right to exclusively license the Category 2 Programs.

At the outset of the arrangement, the transaction price included the $110.0 million upfront consideration received and the $60.0 million of committed research and preclinical funding for the Category 2 Programs. The Company determined that the Takeda Collaboration Agreement did not contain a significant financing component. The option exercise fees to license, co-develop and co-commercialize each Category 1 Program that may be received are excluded from the transaction price until each customer option is exercised. The potential milestone payments were excluded from the transaction price, as all milestone amounts were fully constrained at the inception of the Takeda Collaboration Agreement. The Company will reevaluate the transaction price at the end of each reporting period and, as uncertain events are resolved or other changes in circumstances occur, if necessary, will adjust its estimate of the transaction price.

The Company allocated the transaction price to the performance obligations on a relative standalone selling price basis. For the performance obligations associated with the research and development services through completion of the first proof of mechanism and non-exclusive research and development license for HD; the research and development services through completion of the first proof of mechanism and non-exclusive research and development license for ALS and FTD; the research and development services through completion of the first proof of mechanism and non-exclusive research and development license for SCA3; and the research and preclinical development services and right to exclusively license the Category 2 Programs, the Company determined the standalone selling price using estimates of the costs to perform the research and development services, including expected internal and external costs for services and supplies, adjusted to reflect a profit margin. The total estimated cost of the research and development services reflected the nature of the services to be performed and the Company’s best estimate of the length of time required to perform the services. For the performance obligations associated with the material right provided for the exclusive option to license, co-develop and co-commercialize HD; the material right provided for the exclusive option to license, co-develop and co-commercialize ALS and FTD; and the material right provided for the exclusive option to license, co-develop and co-commercialize SCA3, the Company estimated the standalone fair value of the option to license each Category 1 Program utilizing an adjusted market assessment approach, and determined that any standalone fair value in excess of the amounts to be paid by Takeda associated with each option represented a material right.

Revenue associated with the research and development services for each Category 1 Program performance obligation is being recognized as the research and development services are provided using an input method, according to the costs incurred on each Category 1 Program and the total costs expected to be incurred to satisfy each Category 1 Program performance obligation. Prior to the Amendment described below, revenue associated with the research and preclinical development services for the Category 2 Programs performance obligation was recognized as the research and preclinical development services that were provided using an input method, according to the costs incurred on Category 2 Programs and the total costs expected to be incurred to satisfy the performance obligation. The amount allocated to the material right for each Category 1 Program option will be recognized on the date

that Takeda exercises each respective option, or immediately as each option expires unexercised. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s consolidated balance sheet.

On October 15, 2021, Wave USA, Wave UK and Takeda entered into the Second Amendment to the Takeda Collaboration Agreement (the “Amendment”), which discontinued the Category 2 component of the Takeda Collaboration. The Category 1 Programs under the Collaboration Agreement remain in effect and are unchanged by the Amendment. Pursuant to the Amendment, Takeda agreed to pay the Company an additional $22.5 million as full payment for reimbursable Category 2 Programs collaboration-budgeted research and preclinical expenses. The Company received this payment from Takeda related to the Category 2 component and recognized the full amount as collaboration revenue in the year ended December 31, 2021. During the year ended December 31, 2021, in addition to the revenue recognized related to the Amendment, the Company recognized another $18.5 million of collaboration revenue related to services pertaining to the Category 1 Programs and Category 2 Programs.

In May 2023, the Company announced its decision to discontinue clinical development of WVE-004 for C9orf72-associated ALS and FTD (“C9 for ALS/FTD”), one of the Category 1 Programs. In July 2023, the joint steering committee that manages the Takeda Collaboration terminated C9 for ALS/FTD as a target under the collaboration (the “C9 Target”) and consequently Takeda and the Company’s rights and obligations under the Takeda Collaboration were terminated with respect to the C9 Target. As a result of the termination of the C9 for ALS/FTD Category 1 Program, the Company recognized $28.0 million in revenue during the three months ended September 30, 2023, which represented the remainder of the deferred revenue for the C9 for ALS/FTD Category 1 Program as of June 30, 2023.

In December 2023, the joint steering committee that manages the Takeda Collaboration, terminated SCA3 Program, another one of the Category 1 Programs, as a target under the collaboration and consequently Takeda and the Company’s rights and obligations under the Takeda Collaboration were terminated with respect to the SCA3 Category 1 Program. As a result of the termination of the SCA3 Category 1 Program, the Company recognized $9.9 million in revenue during the three months ended December 31, 2023, which represented the remainder of the deferred revenue for the SCA3 Category 1 Program as of September 30, 2023.

In the third quarter of 2023, the Company achieved a developmental milestone related to the HD Category 1 Program, which pertained to the positive results from a non-clinical study of WVE-003 in non-human primates (“NHPs”). As a result of achieving the milestone, the Company recognized $7.0 million in revenue, which was not previously recorded in deferred revenue, as it was fully constrained at the inception of the Takeda Collaboration.

During the years ended December 31, 2023 and 2022, the Company recognized revenue of approximately $47.0 million and $3.3 million, respectively, under the Takeda Collaboration Agreement in the Company’s consolidated statements of operations and comprehensive loss. Through December 31, 2023, the Company had recognized revenue of $128.2 million under the Takeda Collaboration Agreement as collaboration revenue in the Company’s consolidated statements of operations and comprehensive loss.

The aggregate amount of the transaction price allocated to the Company’s unsatisfied and partially unsatisfied performance obligations and recorded in deferred revenue as of December 31, 2023 and 2022, was $71.3 million and $111.3 million, respectively. The deferred revenue included in current liabilities as of December 31, 2023 and 2022, was $71.3 million and $31.6 million, respectively. There was no deferred revenue included in long-term liabilities as of December 31, 2023, the deferred revenue included in long-term liabilities as of December 31, 2022 was $79.8 million. The decrease in the long-term portion of deferred revenue as of December 31, 2023, was related to the expectation of the timing of the HD data that the Company expects to report in the second quarter of 2024, which will form the basis for decision making for the advancement of this program. As a result, the deferred revenue related to this program was moved to short term as of December 31, 2023. Additionally, the current portion of deferred revenue decreased from December 31, 2022 to December 31, 2023 due to revenue recognized during the year ended December 31, 2023. The Company expects to recognize revenue for the portion of the deferred revenue that relates to the research and development services for each remaining Category 1 Program as costs are incurred, over the remaining research term. The Company expects to recognize revenue for the portion of the deferred revenue that relates to the material right for each remaining Category 1 Program option upon Takeda’s exercise or termination of such option, or immediately as each option expires unexercised.

Income Taxes - Components of Loss before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Loss before income taxes	$ (58,190)	$ (161,142)
Singapore [Member]
Income Taxes [Line Items]
Loss before income taxes	(7,441)	(8,714)
Rest Of World [Member]
Income Taxes [Line Items]
Loss before income taxes	$ (50,749)	$ (152,428)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Paragraph 22
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.5-03(10))
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-Subparagraph (SX 210.9-04(15))
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Lease Costs Recognized and Other Information Pertaining to Operating Leases

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the years ended December 31, 2023 and 2022:


	For the Year Ended December 31,
	2023			2022
	(in thousands)
Lease cost
Operating lease cost	$	7,365		$	6,458
Variable lease cost		2,798			2,508
Total lease cost	$	10,163		$	8,966

Other information
Operating cash flows used for operating leases	$	8,655		$	7,226
Increase in operating right-of-use assets	$	—		$	12,006
Operating lease liabilities arising from obtaining right-of-use assets	$	—		$	12,006
Weighted average remaining lease term	4 years			5 years
Weighted average discount rate		9.2	%		9.2	%

Schedule of Future Minimum Rental Payments for Operating Leases Under Topic 842

Future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2023, are as follows:


	As of December 31, 2023
	(in thousands)
2024	$	9,311
2025		9,591
2026		9,584
2027		8,987
2028		886
Thereafter		-
Total lease payments	$	38,359
Less: imputed interest		(6,241	)
Total operating lease liabilities	$	32,118

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (57,513)	$ (161,823)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2023		2022
	(in thousands)
Accrued compensation	$	14,065	$	12,287
Accrued expenses related to CROs and CMOs		1,768		3,516
Accrued expenses and other current liabilities		995		1,749
Total accrued expenses and other current liabilities	$	16,828	$	17,552

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based Compensation Arrangement By Share-based Payment Award [Line Items]

Summary of Share Option Activity

Share option activity is summarized as follows:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)(1)
Outstanding as of January 1, 2023		9,682,054		$	7.73
Granted		5,769,100			4.74
Exercised		(160,571	)		3.17
Forfeited or cancelled		(1,182,873	)		7.51
Outstanding as of December 31, 2023		14,107,710		$	6.58		6.98	$	34,682
Options exercisable as of December 31, 2023		6,560,153		$	9.17		5.18	$	14,418

(1)

Summary of RSU Activity

RSU activity for the year ended December 31, 2023 is summarized as follows:


	RSUs			Average Grant Date Fair Value (in dollars per share)
Outstanding as of January 1, 2023		934,342		$	10.94
Granted		208,875			5.00
Vested		(415,658	)		14.60
Forfeited		(90,002	)		7.61
RSUs Outstanding at December 31, 2023		637,557		$	7.08

Summary of Share-based Compensation Expense Classified in Consolidated Statements of Operations and Comprehensive Loss

Share-based compensation expense for the years ended December 31, 2023 and 2022 is classified as operating expenses in the consolidated statements of operations and comprehensive loss as follows:


	For the Year Ended December 31,
	2023		2022
	(in thousands)
Research and development expenses	$	4,617	$	7,467
General and administrative expenses		5,178		9,727
Total share-based compensation expense	$	9,795	$	17,194

Employee Stock Option

Share-based Compensation Arrangement By Share-based Payment Award [Line Items]

Summary of Fair Value of Share Options Granted / Verdine Scientific Advisory Grant

The assumptions used in the Black-Scholes option pricing model to determine the fair value of share options granted to employees during the period were as follows:


	For the Year Ended December 31,
	2023	2022
Risk-free interest rate	3.46% –4.71%	1.35% – 4.23%
Expected term (in years)	3.0 – 6.1	3.0 – 6.1
Expected volatility	87% – 93%	63% – 96%
Expected dividend yield	0%	0%

Verdine Scientific Advisory Grant [Member]

Share-based Compensation Arrangement By Share-based Payment Award [Line Items]

Summary of Fair Value of Share Options Granted / Verdine Scientific Advisory Grant

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the Verdine Scientific Advisory Grant were as follows:


		Year Ended December 31, 2022
Risk-free interest rate		4.29%
Expected term (in years)		2.5
Expected volatility		99%
Expected dividend yield		0%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Oct. 01, 2021	Sep. 26, 2016	Apr. 30, 2015
Operating Leased Assets [Line Items]
Lease agreement term				5 years
Restricted cash		$ 3,699	$ 3,660
Description of additional lease space		The lease for the additional space commenced on October 1, 2021, with a term of five years and is considered a separate lease from the Cambridge Lease.
Operating lease right-of-use assets		$ 22,637	26,843	$ 4,500
Operating lease liability		$ 32,118		$ 4,500
Lexington, Massachusetts [Member]
Operating Leased Assets [Line Items]
Lease agreement term					10 years 9 months
Renewal options		10 year and 9-month lease, which includes two successive five-year renewal options
Restricted cash		$ 2,700	2,700
Lease renewal term					5 years
Cambridge, Massachusetts [Member]
Operating Leased Assets [Line Items]
Lease agreement term						7 years 6 months
Restricted cash		$ 1,000	$ 1,000
Lease renewal term	5 years					5 years
Lease option to extend description		five-year renewal option to extend the lease
Option to extend the lease		true
Incremental borrowing rate	10.53%
Operating lease right-of-use assets	$ 12,000
Operating lease liability	$ 12,000

Net Loss Per Ordinary Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Ordinary Share Outstanding

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding:


	Year Ended December 31,
	2023			2022
	(in thousands except share and per share data)
Numerator:
Net loss attributable to ordinary shareholders	$	(57,513	)	$	(161,823	)
Denominator:
Weighted-average ordinary shares outstanding		106,097,268			78,855,810
Net loss per share, basic and diluted	$	(0.54	)	$	(2.05	)

Anti-Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Ordinary Share


	As of December 31,
	2023		2022
Options to purchase ordinary shares		14,107,710		9,682,054
RSUs		637,557		934,342
Series A preferred shares		3,901,348		3,901,348

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Postemployment Benefits [Abstract]

Employee Benefit Plans

12. EMPLOYEE BENEFIT PLANS

The Company has a 401(k) retirement and savings plan (the “401(k) Plan”) covering employees of Wave USA. The 401(k) Plan allows employees to make contributions up to the maximum allowable amount set by the Internal Revenue Service. Under the 401(k) Plan, the Company may make discretionary contributions as approved by the board of directors. The Company made contributions of $1.4 million and $1.1 million in the years ended December 31, 2023 and 2022, respectively.

Leases - Summary of Lease Costs Recognized and Other Information Pertaining to Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease cost
Operating lease cost	$ 7,365	$ 6,458
Variable lease cost	2,798	2,508
Total lease cost	10,163	8,966
Other information
Operating cash flows used for operating leases	$ 8,655	7,226
Increase in operating right-of-use assets		12,006
Operating lease liabilities arising from obtaining right-of-use assets		$ 12,006
Weighted average remaining lease term	4 years	5 years
Weighted average discount rate	9.20%	9.20%

Net Loss Per Ordinary Share - Summary of Basic and Diluted Net Loss Per Ordinary Share Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss attributable to ordinary shareholders	$ (57,513)	$ (161,823)
Denominator:
Weighted-average ordinary shares outstanding, basic	106,097,268	78,855,810
Weighted-average ordinary shares outstanding, diluted	106,097,268	78,855,810
Net loss per share, basic	$ (0.54)	$ (2.05)
Net loss per share, diluted	$ (0.54)	$ (2.05)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Components of Loss before Income Taxes

The components of loss before income taxes were as follows:


	Year Ended December 31,
	2023			2022
	(in thousands)
Singapore	$	(7,441	)	$	(8,714	)
Rest of world		(50,749	)		(152,428	)
Loss before income taxes	$	(58,190	)	$	(161,142	)

Deferred Components of Benefit (Provision), Net for Income Taxes

The components of the benefit (provision) for income taxes were as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Current benefit (provision) for income taxes:
Singapore	$	—	$	—
Rest of world		677		(681	)
Total current benefit (provision) for income taxes	$	677	$	(681	)
Deferred benefit for income taxes:
Singapore	$	—	$	—
Rest of world		—		—
Total deferred benefit (provision) for income taxes	$	—	$	—
Total benefit (provision) for income taxes	$	677	$	(681	)

Components of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows:


	December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	172,547		$	158,413
Federal and state tax credits		8,155			368
Share-based compensation		7,512			7,265
Accumulated amortization		694			782
Operating lease liabilities		8,775			10,276
Deferred revenue		10,716			16,786
Capitalized research and development		41,239			36,643
Accumulated depreciation		3,508			2,807
Other		237			357
Total deferred tax assets		253,383			233,697
Valuation allowance		(247,193	)		(226,273	)
Net deferred tax assets		6,190			7,424
Deferred tax liabilities:
Operating lease right-of-use assets		(6,185	)		(7,333	)
Accumulated depreciation		—			(86	)
Other		(5	)		(5	)
Total deferred tax liabilities		(6,190	)		(7,424	)
Net deferred tax assets (liabilities)	$	—		$	—

Summary of Valuation Allowance

A roll-forward of the valuation allowance for the years ended December 31, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023			2022
	(in thousands)
Balance at beginning of year	$	226,273		$	238,170
Increase in valuation allowance		20,969			3,134
Decrease in valuation allowance		—			(14,934	)
Effect of foreign currency translation		(49	)		(97	)
Balance at end of year	$	247,193		$	226,273

Summary of Activity in Unrecognized Tax Benefits

A summary of activity in the Company’s unrecognized tax benefits is as follows:


	2023		2022
	(in thousands)
Unrecognized tax benefit at the beginning of the year	$	13,945	$	19,864
Tax positions related to prior years		114		(7,320	)
Tax positions related to the current year		1,731		1,401
Unrecognized tax benefit at the end of the year	$	15,790	$	13,945

Singapore [Member]

Reconciliation of Statutory Income Tax Rate

A reconciliation of the Singapore statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023			2022
Singapore statutory income tax rate		17.0	%		17.0	%
Federal and state tax credits		11.5			3.3
Permanent differences		—			0.1
Changes in reserves for uncertain tax positions		(2.8	)		0.4
Foreign rate differential		7.4			8.8
Tax rate change		0.4			—
Return to provision		4.4			(0.9	)
Other		0.1			(0.1	)
Change in deferred tax asset valuation allowance		(36.1	)		7.3
Deferred tax adjustments		(0.7	)		(36.3	)
Effective income tax rate		1.2	%		(0.4	)%

Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Dec. 13, 2022	Oct. 31, 2022	Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Aug. 31, 2023	Aug. 31, 2022	Aug. 10, 2021
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Equity grants to non-employees				5,769,100
Issuance of ordinary shares, shares	10,683,761
Share-based compensation expense				$ 9,795	$ 17,194
Service Period of October 1, 2022 Through December 31, 2024 [Member] \| Scientific Advisor [Member] \| Consulting Agreement [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Non-qualified share option granted for service		163,467
Non Employee [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Equity grants to non-employees				0
Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees				208,875
RSUs outstanding				342,876
Unrecognized stock-based compensation weighted average recognition period				2 years 11 months 4 days
Unrecognized stock-based compensation expense				$ 1,300
Performance Based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting percentage			50.00%
Share-based compensation expense not yet recognized					3,800
RSUs outstanding				294,681
Employee Stock Option
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Share-based compensation expense				$ 8,500	6,700
Options excercised intrinsic value				300	$ 400
Employee Stock Option \| Non Employee [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Share-based compensation expense				$ 200
RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees				208,875
RSUs outstanding				637,557	934,342
Fair value of RSUs vested				$ 2,000	$ 1,300
Share-based compensation expense				$ 1,000	$ 10,300
ESPP [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Ordinary shares authorized for issuance						1,000,000	3,000,000
Ordinary shares reserved for issuance				2,490,500
Ordinary share purchase price at equal to fair market value percentage				85.00%
Issuance of ordinary shares under ESPP, shares				225,913	166,061
Ordinary Shares [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Issuance of ordinary shares, shares				20,000,000	25,464,483
Issuance of ordinary shares under ESPP, shares				225,913	166,061
Ordinary Shares [Member] \| Performance Based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Issuance of ordinary shares, shares			384,646
Maximum [Member] \| Employee Stock Option \| Non Employee [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Share-based compensation expense					$ 100
2021 Plan [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Ordinary shares authorized for issuance							17,950,000	11,450,000	5,450,000
Ordinary shares available for future grant				8,101,005
2014 Plan [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Weighted average grant date fair value per granted option				$ 3.45	$ 2.06
Aggregate fair value of options vested				$ 8,400	$ 6,900
2014 Plan [Member] \| Employee Stock Option
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense				$ 18,800
Unrecognized stock-based compensation weighted average recognition period				2 years 7 months 13 days
2014 Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period				1 year
Contractual life of options				5 years
2014 Plan [Member] \| Minimum [Member] \| Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period				1 year
2014 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period				4 years
Contractual life of options				10 years
2014 Plan [Member] \| Maximum [Member] \| Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period				4 years

The Company - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 04, 2024	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents			$ 200,351	$ 88,497
Proceeds from issuance of ordinary shares			$ 93,574	$ 51,220
December 2023 Offering [Member] \| Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional shares of common stock	3,000,000	3,000,000
Proceeds from issuance of ordinary shares	$ 14,000	$ 14,000

Leases - Schedule of Future Minimum Rental Payments for Operating Leases Under Topic 842 (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 01, 2021
Operating Lease Liabilities, Payments Due [Abstract]
2024	$ 9,311
2025	9,591
2026	9,584
2027	8,987
2028	886
Total lease payments	38,359
Less: imputed interest	(6,241)
Total operating lease liabilities	$ 32,118	$ 4,500

Share Capital - Additional Information (Detail) $ / shares in Units, $ in Thousands					1 Months Ended	12 Months Ended
	Jan. 04, 2024 USD ($) $ / shares shares	Dec. 07, 2023 USD ($) $ / shares shares	Dec. 13, 2022 shares	Jun. 16, 2022 USD ($) $ / shares shares	Jan. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Class of Stock [Line Items]
Issuance of ordinary shares, shares \| shares			10,683,761
Warrant or Right, Reason for Issuance, Description						On June 16, 2022, the Company closed an underwritten offering (the “June 2022 Offering”) in which the Company issued and sold 25,464,483 of the Company’s ordinary shares at a price of $2.15 per share and pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 7,093,656 of the Company’s ordinary shares at an offering price of $2.1499 per Pre-Funded Warrant, which represents the per share offering price for the ordinary shares less the $0.0001 per share exercise price for each Pre-Funded Warrant. These Pre-Funded Warrants were recorded as a component of shareholders’ equity within additional paid-in capital. The gross proceeds to the Company from the June 2022 Offering were $70.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds to the Company from the June 2022 Offering were approximately $65.5 million after deducting underwriting commissions and offering expenses. The Pre-Funded Warrants are exercisable at any time after their original issuance and on or prior to the five-year anniversary of the original issuance date. A holder of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 19.99% of the number of the Company’s ordinary shares outstanding or more than 19.99% of the combined voting power of the Company’s securities outstanding immediately after giving effect to such exercise, unless and until shareholder approval is obtained.•On December 7, 2023, the Company entered into an underwriting agreement relating to the issuance and sale in an underwritten offering of the Company’s ordinary shares. On December 11, 2023, the Company closed an underwritten public offering (the “December 2023 Offering”) in which the Company issued and sold 20,000,000 of the Company's ordinary shares at a price of $5.00 per share. The gross proceeds to the Company from the December 2023 Offering were $100.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds to the Company from the December 2023 Offering during the year ended December 31, 2023 were approximately $93.6 million after deducting underwriting discounts and offering expenses. On January 4, 2024, the Company closed on the sale of an additional 3,000,000 ordinary shares at a price of $5.00 per share after the underwriters exercised their option to purchase the additional shares in full, which increased the aggregate number of ordinary shares sold in the December 2023 Offering to 23,000,000. The Company’s aggregate gross proceeds from the December 2023 Offering were $115.0 million, before deducting underwriting discounts and commissions and offering expenses; $15.0 million of which relates to the exercise of the underwriters’ option in January 2024. Subsequent to December 31, 2023, the Company received $14.0 million in net proceeds after deducting the underwriting discounts and commissions and offering expenses related to the December 2023 Offering.
Net proceeds from sale of ordinary shares \| $						$ 93,574	$ 51,220
Common stock, par value \| $ / shares						$ 0	$ 0
Ordinary share holder, voting right						one vote for each ordinary share
Voting rights, votes per share \| Vote						1
Preferred stock liquidation preference, per share \| $ / shares						$ 10
Singapore [Member]
Class of Stock [Line Items]
Common stock, par value \| $ / shares						$ 0
Common stock, authorized \| shares						0
Series A Preferred Shares [Member] \| Singapore [Member]
Class of Stock [Line Items]
Preferred stock, par value \| $ / shares						$ 0
Preferred stock, shares authorized \| shares						0
At-The-Market Equity Program [Member]
Class of Stock [Line Items]
Issuance of ordinary shares, shares \| shares						751,688	458,092
Net proceeds from sale of ordinary shares after deducting commissions and offering expenses \| $						$ 3,100	$ 1,200
June 2022 Offering [Member]
Class of Stock [Line Items]
Issuance of ordinary shares, shares \| shares				25,464,483
Purchase price per share \| $ / shares				$ 2.15
Gross proceeds from sale of ordinary shares \| $				$ 70,000
Net proceeds from sale of ordinary shares \| $				$ 65,500
Pre Funded Warrants [Member]
Class of Stock [Line Items]
Purchase price per share \| $ / shares				$ 2.1499
Pre-funded warrant exercise price per share \| $ / shares				$ 0.0001
Minimum percentage of combined voting power of securities outstanding immediate effect of exercise				19.99%
Pre Funded Warrants [Member] \| Maximum [Member]
Class of Stock [Line Items]
Purchase price of pre-funded warrants \| shares				7,093,656
Pre Funded Warrants [Member] \| Minimum [Member]
Class of Stock [Line Items]
Percentage of ownership interest in ordinary shares outstanding				19.99%
December 2023 Offering [Member]
Class of Stock [Line Items]
Issuance of ordinary shares, shares \| shares		20,000,000
Purchase price per share \| $ / shares		$ 5
Gross proceeds from sale of ordinary shares \| $		$ 100,000
Net proceeds from sale of ordinary shares after deducting commissions and offering expenses \| $						$ 93,600
December 2023 Offering [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Purchase price per share \| $ / shares	$ 5
Gross proceeds from sale of ordinary shares \| $	$ 115,000
Gross proceeds related to exercise of underwriters' option \| $	15,000
Net proceeds from sale of ordinary shares \| $	$ 14,000				$ 14,000
Additional shares of common stock \| shares	3,000,000				3,000,000
Increase in shares of common stock authorized for issuance \| shares	23,000,000