0000950170-24-124595 | 10-Q | XBRL Viewer

Net Income (Loss) Per Ordinary Share

9 Months Ended

Sep. 30, 2024

7. NET INCOME (LOSS) PER ORDINARY SHARE

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.

In connection with the September 2024 Offering, the Company sold 1,875,023 2024 Pre-Funded Warrants, which are included in the total vested and exercisable pre-funded warrants (the “Pre-Funded Warrants”). As of September 30, 2024, there are 8,968,679 vested and exercisable Pre-Funded Warrants outstanding to purchase ordinary shares for the exercise price of $0.0001 per share, provided that, unless and until the Company obtains shareholder approval for the issuance of the shares underlying the Pre-Funded Warrants, a holder will not be entitled to exercise any portion of any Pre-Funded Warrant, which, upon giving effect to such exercise, would cause (i) the aggregate number of our ordinary shares beneficially owned by the holder (together with its affiliates) to exceed 4.99% (or at the election of such holder, 9.99% or 19.99%) of the number of our ordinary shares outstanding immediately after giving effect to the exercise, or (ii) the combined voting power of our securities beneficially owned by the holder (together with its affiliates) to exceed 4.99% (or at the election of such holder, 9.99% or 19.99%) of the combined voting power of all of our securities then outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Pre-Funded Warrants. 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.

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders and Pre-Funded Warrant holders by the weighted-average number of ordinary shares and Pre-Funded Warrants outstanding.

The Company’s potentially dilutive shares, which include outstanding share options to purchase ordinary shares, RSUs, and Series A preferred shares, 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.

As of September 30, 2024 and 2023, there were 3,901,348 Series A preferred shares outstanding; the Series A preferred shares are participating securities under the two-class method. For the three and nine months ended September 30, 2024, and the nine months ended September 30, 2023, 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 and holders of Series A preferred shares do not participate in losses.

The table below sets forth the computation of the Company’s basic and diluted net income (loss) attributable to ordinary shareholders:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(in thousands, except share and per share data)
Numerator
Net income (loss)	$	(61,780	)	$	7,252		$	(126,261	)	$	(41,257	)
Less: net income attributable to participating securities		—			(257	)		—			—
Net income (loss) attributable to ordinary shareholders, basic and diluted	$	(61,780	)	$	6,995		$	(126,261	)	$	(41,257	)

Denominator
Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders—basic		132,563,467			106,025,063			130,470,603			104,529,266
Effect of employee share plans		—			950,168			—			—
Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders—diluted		132,563,467			106,975,231			130,470,603			104,529,266

Net income (loss) per share attributable to ordinary shareholders—basic	$	(0.47	)	$	0.07		$	(0.97	)	$	(0.39	)
Net income (loss) per share attributable to ordinary shareholders—diluted	$	(0.47	)	$	0.07		$	(0.97	)	$	(0.39	)

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Options to purchase ordinary shares		14,308,841		9,470,166		13,566,333		10,303,670
RSUs		14,388		62,899		18,862		85,648

Additionally, 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 - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 01, 2024	Sep. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents		$ 310,948	$ 200,351
Subsequent Event [Member] \| September Public Offering [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional shares of common stock	3,750,000
Net proceeds from exercise of underwriters option to purchase additional shares	$ 28,200

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (126,261)	$ (41,257)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of right-of-use assets	3,518	3,105
Depreciation of property and equipment	2,989	3,919
Share-based compensation expense	9,897	7,443
Changes in operating assets and liabilities:
Accounts receivable	21,086	(7,000)
Prepaid expenses	(660)	418
Other assets	989	(2,101)
Accounts payable	(39)	(3,953)
Accrued expenses and other current liabilities	(2,686)	(4,928)
Deferred revenue	(11,263)	62,299
Operating lease liabilities	(4,948)	(3,947)
Other non-current liabilities	0	(190)
Net cash provided by (used in) operating activities	(107,378)	13,808
Cash flows from investing activities
Purchases of property and equipment	(852)	(759)
Net cash used in investing activities	(852)	(759)
Cash flows from financing activities
Proceeds from the issuance of ordinary shares as a part of the December 2023 Offering, net of offering costs	14,038	0
Proceeds from the issuance of ordinary shares as a part of the September 2024 Offering, net of offering costs	173,900
Proceeds from the issuance of pre-funded warrants as a part of the September 2024 Offering, net of offering costs	14,100	0
Proceeds from the issuance of ordinary shares pursuant to the GSK Collaboration Agreement	0	34,623
Proceeds from issuance of ordinary share pursuant to the at-the-market equity program, net of offering costs	15,293	3,080
Proceeds from the exercise of share options	919	121
Proceeds from the ESPP	659	748
Net cash provided by financing activities	218,909	38,572
Effect of foreign exchange rates on cash, cash equivalents, and restricted cash	(35)	(153)
Net increase in cash, cash equivalents, and restricted cash	110,644	51,468
Cash, cash equivalents, and restricted cash, beginning of period	204,050	92,157
Cash, cash equivalents, and restricted cash, end of period	314,694	143,625
Supplemental disclosure of cash flow information:
Offering costs related to the September 2024 Offering in accrued expenses at period end	$ 500	$ 0

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Options and RSUs Outstanding

The table below shows the options and RSUs outstanding as of September 30, 2024 and 2023.


	As of September 30,
	2024		2023
Options to purchase ordinary shares		20,463,734		14,238,590
RSUs		827,240		633,283

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) provision	$ 0	$ (677)	$ 0	$ (677)

- Definition

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

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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

10. RELATED PARTY TRANSACTIONS

The Company had the following related party transactions:

•

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 NHP contract research services to the Company. During the three and nine months ended September 30, 2024, the Company made no payment and a payment of $5 thousand to SNBL, respectively. Through September 30, 2024, the Company has paid $1.4 million to SNBL for the aforementioned NHP 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.

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+ Details

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Shareholders' Equity

6. SHAREHOLDERS’ EQUITY

September 2024 Offering

On September 27, 2024, the Company closed the September 2024 Offering in which the Company issued and sold 23,125,001 of the Company’s ordinary shares at a price of $8.00 per share and pre-funded warrants (the “2024 Pre-Funded Warrants”) to purchase up to 1,875,023 of the Company’s ordinary shares at an offering price of $7.9999 per 2024 Pre-Funded Warrant, which represents the per share offering price for the ordinary shares less the $0.0001 per share exercise price for each 2024 Pre-Funded Warrant. These 2024 Pre-Funded Warrants were recorded as a component of shareholders’ equity within additional paid-in capital. The gross proceeds to the Company from the September 2024 Offering were $200.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds to the Company from the September 2024 Offering were approximately $187.5 million after deducting underwriting commissions and offering expenses. The 2024 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 the 2024 Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 4.99% (or at the election of such holder, 9.99% or 19.99%) of the number of the Company’s ordinary shares outstanding or more than 4.99% (or at the election of such holder, 9.99% or 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.

Subsequent to September 30, 2024, on October 1, 2024, the representatives of the underwriters in connection with the September 2024 Offering exercised their option in full to purchase an additional 3,750,000 ordinary shares, which increased the aggregate number of ordinary shares sold in the September 2024 Offering to 26,875,001. The Company’s aggregate gross proceeds from the September 2024 Offering were $230.0 million, before deducting underwriting discounts and commissions and offering expenses; $30.0 million of which relates to the exercise of the underwriters’ option in October 2024.

- Definition

The entire disclosure for equity.

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+ Details

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				9 Months Ended
	Oct. 01, 2024	Sep. 27, 2024	Dec. 13, 2022	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Warrant or Right, Original issuance date, description				On September 27, 2024, the Company closed the September 2024 Offering in which the Company issued and sold 23,125,001 of the Company’s ordinary shares at a price of $8.00 per share and pre-funded warrants (the “2024 Pre-Funded Warrants”) to purchase up to 1,875,023 of the Company’s ordinary shares at an offering price of $7.9999 per 2024 Pre-Funded Warrant, which represents the per share offering price for the ordinary shares less the $0.0001 per share exercise price for each 2024 Pre-Funded Warrant. These 2024 Pre-Funded Warrants were recorded as a component of shareholders’ equity within additional paid-in capital. The gross proceeds to the Company from the September 2024 Offering were $200.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds to the Company from the September 2024 Offering were approximately $187.5 million after deducting underwriting commissions and offering expenses. The 2024 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 the 2024 Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 4.99% (or at the election of such holder, 9.99% or 19.99%) of the number of the Company’s ordinary shares outstanding or more than 4.99% (or at the election of such holder, 9.99% or 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. Subsequent to September 30, 2024, on October 1, 2024, the representatives of the underwriters in connection with the September 2024 Offering exercised their option in full to purchase an additional 3,750,000 ordinary shares, which increased the aggregate number of ordinary shares sold in the September 2024 Offering to 26,875,001. The Company’s aggregate gross proceeds from the September 2024 Offering were $230.0 million, before deducting underwriting discounts and commissions and offering expenses; $30.0 million of which relates to the exercise of the underwriters’ option in October 2024.
Issuance of ordinary shares, shares			10,683,761
Net proceeds from sale of ordinary shares		$ 187,500		$ 14,038	$ 0
Pre Funded Warrants [Member]
Class of Stock [Line Items]
Purchase price per share		$ 7.9999
Pre-funded warrant exercise price per share		$ 0.0001
Percentage of ownership interest at election of ordinary shares outstanding, minimum		9.99%
Percentage of ownership interest at election of ordinary shares outstanding maximum		19.99%
Minimum percentage of combined voting power of securities outstanding immediate effect of exercise		4.99%
Percentage of combined voting power of securities outstanding at election of immediate effect of exercise minimum		9.99%
Percentage of combined voting power of securities outstanding at election of immediate effect of exercise maximum		19.99%
Pre Funded Warrants [Member] \| Maximum [Member]
Class of Stock [Line Items]
Purchase price of pre-funded warrants		1,875,023
Pre Funded Warrants [Member] \| Minimum [Member]
Class of Stock [Line Items]
Percentage of ownership interest in ordinary shares outstanding		4.99%
September 2024 Offering [Member]
Class of Stock [Line Items]
Issuance of ordinary shares, shares		23,125,001
Purchase price per share		$ 8
Gross proceeds from sale of ordinary shares		$ 200,000
September 2024 Offering [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Gross proceeds from sale of ordinary shares	$ 230,000
Additional shares of common stock	3,750,000
Increase in shares of common stock authorized for issuance	26,875,001
Gross proceeds related to exercise of underwriters' option	$ 30,000

Share-Based Compensation - Summary of Options and RSUs Outstanding (Detail) - shares	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Options to purchase ordinary shares	20,463,734	14,238,590
RSUs	827,240	633,283

The Company

9 Months Ended

Sep. 30, 2024

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 ribonucleic acid (“RNA”) medicines (also known as oligonucleotides), or those targeting 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 September 30, 2024, the Company had cash and cash equivalents of $310.9 million. Subsequent to September 30, 2024, the representatives of the underwriters in connection with the previously disclosed underwritten public offering (the “September 2024 Offering”) exercised their option in full to purchase an additional 3,750,000 ordinary shares, for additional net proceeds of approximately $28.2 million to the Company. 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. 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.

Related Party Transactions - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended	9 Months Ended	18 Months Ended
	Apr. 30, 2023	Oct. 31, 2022	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2024
Scientific Advisor [Member] \| Consulting Agreement [Member]
Related Party Transaction [Line Items]
Consulting agreement termination notice period				14 days
Consulting service expenses				$ 13,000
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	$ 2,800,000
Payments related to contract research services.			$ 0	$ 5,000	$ 1,400,000

Collaboration Agreements - Additional Information (Detail) $ / shares in Units, $ in Thousands						1 Months Ended		3 Months Ended				9 Months Ended		12 Months Ended	21 Months Ended
	Sep. 27, 2024 USD ($)	Jan. 27, 2023 USD ($)	Dec. 13, 2022 USD ($) $ / shares shares	Oct. 15, 2021 USD ($)	Apr. 02, 2018	Apr. 30, 2018 USD ($) Target $ / shares shares	Feb. 28, 2018 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration and license agreement, deferred revenue noncurrent								$ 18,490		$ 15,601		$ 18,490		$ 15,601	$ 18,490
Shares issued under equity agreement \| shares			10,683,761
Investment, Type [Extensible Enumeration]			G S K Equity Investment [Member]
Purchase price per share \| $ / shares			$ 4.68
Net proceeds from sale of ordinary shares	$ 187,500											14,038	$ 0
Collaboration and license agreement, deferred revenue current								135,907		150,059		135,907		150,059	135,907
Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Fund receivable for research and preclinical activities						$ 60,000
Up-front consideration received						$ 110,000
GSK Collaboration Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment under collaboration agreement		$ 120,000	$ 120,000
Collaborative arrangement initiation payment received									$ 12,000
Collaboration Agreement in Premium			15,400
Collaboration and license agreement, deferred revenue noncurrent								18,500		15,600		18,500		15,600	18,500
Aggregate initiation payment			$ 12,000
Acheivement of milestone included in current portion receivable										20,000				20,000
Milestone payment														20,000
Reduction to revenue								(8,000)
Collaboration revenue recognized											$ 14,300	23,400	47,400		89,700
Collaboration and license agreement, deferred revenue								84,200		94,300		84,200		94,300	84,200
Collaboration and license agreement, deferred revenue current								65,700		78,700		65,700		78,700	65,700
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
Collaboration and license agreement month and year							2018-02
Fund receivable for research and preclinical activities						$ 60,000
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
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
Collaboration revenue recognized								300			34,900	1,200	$ 36,900		129,300
Collaboration and license agreement, deferred revenue								$ 70,200		71,300		$ 70,200		$ 71,300	$ 70,200
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
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-budgeted research and preclinical expenses				$ 22,500
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						$ 54.70
Net proceeds from sale of ordinary shares						$ 60,000
Equity investment agreement official closure month and year						2018-04
C9-ALS/FTD Program [Member] \| Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from termination of collaborative arrangement										$ 9,900	28,000
Collaborative Arrangement Transaction Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag										true
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

Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

4. 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, August 1, 2023, and August 6, 2024 (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, 17,950,000, and 22,950,000 in August 2022, August 2023, and August 2024, 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 Company’s 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.

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. RSUs can be time-based or performance-based. Time-based RSUs generally vest over a period of one to four years. The vesting of performance-based RSUs is contingent on the achievement of certain performance milestones. Any RSUs that are forfeited are available to be granted again.

During the nine months ended September 30, 2024, the Company granted an aggregate of 7,337,900 options and 307,750 time-based RSUs to employees and non-employee directors.

As of September 30, 2024, 6,550,786 ordinary shares remained available for future grant under the 2021 Plan.

The table below shows the options and RSUs outstanding as of September 30, 2024 and 2023.


	As of September 30,
	2024		2023
Options to purchase ordinary shares		20,463,734		14,238,590
RSUs		827,240		633,283

The Wave Life Sciences Ltd. 2019 Employee Share Purchase Plan, as amended (the “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. Ordinary 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. 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. During the nine months ended September 30, 2024, 176,498 ordinary shares were issued under the ESPP. As of September 30, 2024, there were 2,314,002 ordinary shares available for issuance under the ESPP.

Net Income (Loss) Per Ordinary Share - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Series A preferred shares outstanding	3,901,348			3,901,348
Series A Preferred Shares [Member]
Class of Warrant or Right [Line Items]
Series A preferred shares outstanding	3,901,348	3,901,348	3,901,348	3,901,348	3,901,348	3,901,348	3,901,348	3,901,348
Pre Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Pre-funded warrant sold	1,875,023
Pre-funded warrant outstanding	8,968,679
Warrant Exercise Price Per Share	$ 0.0001
Minimum percentage of combined voting power of securities outstanding immediate effect of exercise	4.99%
Percentage of ownership interest at election of ordinary shares outstanding, minimum	9.99%
Percentage of ownership interest at election of ordinary shares outstanding maximum	19.99%

Collaboration Agreements (Tables)

9 Months Ended

Sep. 30, 2024

GSK Collaboration Agreement [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [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 September 30, 2024 (in thousands):


	Transaction Price Allocated		Transaction Price Unsatisfied (1)
Performance Obligations:
AATD Collaboration	$	156,778	$	71,326
Discovery Research Collaboration		17,964		14,403
GSK Collaboration Programs		12,000		11,323
Total	$	186,742	$	97,052

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

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Net of accumulated depreciation	$ 45,490	$ 42,709
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	148,392,939	119,162,234
Common stock, shares outstanding	148,392,939	119,162,234

Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ (7,676)	$ 49,214	$ 24,554	$ 84,249
Operating expenses:
Research and development	41,197	31,642	115,037	95,935
General and administrative	15,042	13,128	42,887	37,628
Total operating expenses	56,239	44,770	157,924	133,563
Income (loss) from operations	(63,915)	4,444	(133,370)	(49,314)
Other income, net:
Dividend income and interest income	1,798	1,960	6,425	6,084
Other income, net	337	171	684	1,296
Total other income, net	2,135	2,131	7,109	7,380
Income (loss) before income taxes	(61,780)	6,575	(126,261)	(41,934)
Income tax benefit (provision)	0	677	0	677
Net income (loss)	(61,780)	7,252	(126,261)	(41,257)
Less: net income attributable to participating securities	0	(257)	0	0
Net income (loss) attributable to ordinary shareholders, basic and diluted	$ (61,780)	$ 6,995	$ (126,261)	$ (41,257)
Net income (loss) per share attributable to ordinary shareholders - basic	$ (0.47)	$ 0.07	$ (0.97)	$ (0.39)
Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders - basic	132,563,467	106,025,063	130,470,603	104,529,266
Net income (loss) per share attributable to ordinary shareholders - diluted	$ (0.47)	$ 0.07	$ (0.97)	$ (0.39)
Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders - diluted	132,563,467	106,975,231	130,470,603	104,529,266
Other comprehensive income (loss):
Net Income (Loss)	$ (61,780)	$ 7,252	$ (126,261)	$ (41,257)
Foreign currency translation	120	(32)	(35)	(153)
Comprehensive income (loss)	$ (61,660)	$ 7,220	$ (126,296)	$ (41,410)

Net Income (Loss) Per Ordinary Share - Summary of Basic and Diluted Net Income (Loss) Attributable to Ordinary Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income (loss)	$ (61,780)	$ (32,923)	$ (31,558)	$ 7,252	$ (21,104)	$ (27,405)	$ (126,261)	$ (41,257)
Less: net income attributable to participating securities	0			(257)			0	0
Net income (loss) attributable to ordinary shareholders, basic and diluted	$ (61,780)			$ 6,995			$ (126,261)	$ (41,257)
Denominator
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders basic	132,563,467			106,025,063			130,470,603	104,529,266
Effect of employee share plans				950,168
Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders - diluted	132,563,467			106,975,231			130,470,603	104,529,266
Net income (loss) per share attributable to ordinary shareholders - basic	$ (0.47)			$ 0.07			$ (0.97)	$ (0.39)
Net income (loss) per share attributable to ordinary shareholders - diluted	$ (0.47)			$ 0.07			$ (0.97)	$ (0.39)

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	WVE
Entity Registrant Name	WAVE LIFE SCIENCES LTD.
Entity Incorporation, State or Country Code	U0
Entity Central Index Key	0001631574
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		152,519,770
Entity Shell Company	false
Entity Tax Identification Number	98-1356880
Entity File Number	001-37627
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
Title of 12(b) Security	$0 Par Value Ordinary Shares
Security Exchange Name	NASDAQ

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	September 30, 2024		December 31, 2023
	(in thousands)
Accrued compensation	$	9,736	$	14,065
Accrued expenses related to CROs and CMOs		2,825		1,768
Accrued expenses and other current liabilities		2,081		995
Total accrued expenses and other current liabilities	$	14,642	$	16,828

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

8. INCOME TAXES

During the three and nine months ended September 30, 2024, the Company recorded no income tax benefit or provision. During the three and nine months ended September 30, 2023, the Company recorded an income tax benefit of $0.7 million due to a provision to return adjustment in connection with the U.S. tax guidance relating to the capitalization of research and development expenditures.

The Company maintained a full valuation allowance for the three and nine months ended September 30, 2024 and 2023 in all jurisdictions due to uncertainty regarding future taxable income.

The Company’s utilization of its net operating loss carryforwards and general business credit carryforwards in the United States may be subject to a substantial annual limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, 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. As of September 30, 2024, the Company is evaluating whether an ownership change occurred during 2024. Should an ownership change have occurred or occur in the future, the Company’s ability to utilize its net operating losses and general business credit carryforwards may be limited.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income (Loss) Per Ordinary Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Income (Loss) Attributable to Ordinary Shareholders

The table below sets forth the computation of the Company’s basic and diluted net income (loss) attributable to ordinary shareholders:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(in thousands, except share and per share data)
Numerator
Net income (loss)	$	(61,780	)	$	7,252		$	(126,261	)	$	(41,257	)
Less: net income attributable to participating securities		—			(257	)		—			—
Net income (loss) attributable to ordinary shareholders, basic and diluted	$	(61,780	)	$	6,995		$	(126,261	)	$	(41,257	)

Denominator
Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders—basic		132,563,467			106,025,063			130,470,603			104,529,266
Effect of employee share plans		—			950,168			—			—
Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders—diluted		132,563,467			106,975,231			130,470,603			104,529,266

Net income (loss) per share attributable to ordinary shareholders—basic	$	(0.47	)	$	0.07		$	(0.97	)	$	(0.39	)
Net income (loss) per share attributable to ordinary shareholders—diluted	$	(0.47	)	$	0.07		$	(0.97	)	$	(0.39	)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Options to purchase ordinary shares		14,308,841		9,470,166		13,566,333		10,303,670
RSUs		14,388		62,899		18,862		85,648

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (61,780)	$ (32,923)	$ (31,558)	$ 7,252	$ (21,104)	$ (27,405)	$ (126,261)	$ (41,257)

- Definition

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

+ References

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+ Details

Net Income (Loss) Per Ordinary Share - Anti-Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Ordinary Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Options to Purchase Ordinary Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computation of diluted earnings	14,308,841	9,470,166	13,566,333	10,303,670
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computation of diluted earnings	14,388	62,899	18,862	85,648

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 310,948	$ 200,351
Accounts receivable	0	21,086
Prepaid expenses	10,572	9,912
Other current assets	2,995	4,024
Total current assets	324,515	235,373
Long-term assets:
Property and equipment, net of accumulated depreciation of $45,490 and $42,709 as of September 30, 2024 and December 31, 2023, respectively	10,928	13,084
Operating lease right-of-use assets	19,119	22,637
Restricted cash	3,746	3,699
Other assets	196	156
Total long-term assets	33,989	39,576
Total assets	358,504	274,949
Current liabilities:
Accounts payable	12,781	12,839
Accrued expenses and other current liabilities	14,642	16,828
Current portion of deferred revenue	135,907	150,059
Current portion of operating lease liability	7,398	6,714
Total current liabilities	170,728	186,440
Long-term liabilities:
Deferred revenue, net of current portion	18,490	15,601
Operating lease liability, net of current portion	19,772	25,404
Total long-term liabilities	38,262	41,005
Total liabilities	208,990	227,445
Series A preferred shares, no par value; 3,901,348 shares issued and outstanding at September 30, 2024 and December 31, 2023	7,874	7,874
Shareholders' equity
Ordinary shares, no par value; 148,392,939 and 119,162,234 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1,139,714	935,367
Additional paid-in capital	153,196	129,237
Accumulated other comprehensive loss	(159)	(124)
Accumulated deficit	(1,151,111)	(1,024,850)
Total shareholders' equity	141,640	39,630
Total liabilities, Series A preferred shares, and shareholders' equity	$ 358,504	$ 274,949

Collaboration Agreements

9 Months Ended

Sep. 30, 2024

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, Revenue from Contracts with Customers (“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 and the variable consideration relating to the development 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.

Under the GSK Collaboration Agreement, GSK can advance up to eight programs leveraging Wave’s PRISM platform and multiple RNA-targeting modalities (RNA editing, splicing, siRNA, and antisense) with target validation work ongoing across multiple therapy areas. GSK selected its first two programs to advance to development candidates following achievement of target validation in the three months ended June 30, 2024. These programs utilize Wave’s next generation GalNAc-siRNA format and are in hepatology. Under the GSK Collaboration Agreement, GSK is required to provide an aggregate initiation payment of $12.0 million to Wave for these two oligonucleotide programs, for which the $12.0 million was received during the three months ended June 30, 2024.


	Transaction Price Allocated		Transaction Price Unsatisfied (1)
Performance Obligations:
AATD Collaboration	$	156,778	$	71,326
Discovery Research Collaboration		17,964		14,403
GSK Collaboration Programs		12,000		11,323
Total	$	186,742	$	97,052

(1) The Unsatisfied transaction price will be recognized over the remaining applicable research or program 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 related to 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 was included in the current portion of accounts receivable and payment was received from GSK in the first quarter of 2024.

For the three months ended September 30, 2024, the Company recorded an $8.0 million reduction to cumulative revenue due to a change in the estimate to fulfill the GSK Collaboration performance obligations. For the three months ended September 30, 2023, the Company recognized revenue of $14.3 million under the GSK Collaboration Agreement using the input method described above. For the nine months ended September 30, 2024 and 2023, the Company recognized revenue of $23.4 million and $47.4 million, respectively, using the input method described above. Through September 30, 2024, the Company had recognized revenue of $89.7 million under the GSK Collaboration Agreement as collaboration revenue in the Company’s consolidated statements of operations and comprehensive income (loss).

The aggregate amount of the transaction price allocated to the Company’s unsatisfied and partially unsatisfied performance obligations and recorded in deferred revenue on September 30, 2024 was approximately $84.2 million, of which approximately $65.7 million was included in current liabilities and approximately $18.5 million was included in long-term liabilities. 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 was approximately $94.3 million, of which approximately $78.7 million was included in current liabilities and $15.6 million was 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 dated February 19, 2018, as amended (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.

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 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.

In December 2023, the joint steering committee that manages the Takeda Collaboration terminated the SCA3 Category 1 Program 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.

Subsequent to September 30, 2024, on October 11, 2024, the Company was notified by Takeda that Takeda did not intend to exercise and therefore elected to terminate its option (“Option Termination”) for the HD target under the Takeda Collaboration Agreement. As HD was the last active collaboration target under the Takeda Collaboration Agreement, the Takeda Collaboration Agreement expired with immediate effect.

During the three months ended September 30, 2024 and 2023, the Company recognized revenue of approximately $0.3 million and $34.9 million, respectively, under the Takeda Collaboration Agreement in the Company’s consolidated statements of operations and comprehensive income (loss). During the nine months ended September 30, 2024 and 2023, the Company recognized revenue of approximately $1.2 million and $36.9 million, respectively, under the Takeda Collaboration Agreement. Through September 30, 2024, the Company had recognized revenue of $129.3 million under the Takeda Collaboration Agreement as collaboration revenue in the Company’s consolidated statements of operations and comprehensive income (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 September 30, 2024 and December 31, 2023 was $70.2 million and $71.3 million, respectively, and all of the deferred revenue was included in current liabilities. The Company expects to recognize the remaining deferred revenue in the fourth quarter of 2024.

Share-Based Compensation - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2022	Aug. 10, 2021
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Options granted to employees	7,337,900
Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees	307,750
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	2,314,002
Number of shares issued	176,498
Ordinary share purchase price at equal to fair market value percentage	85.00%
2021 Plan [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Ordinary shares authorized for issuance		22,950,000	17,950,000	11,450,000	5,450,000
Ordinary shares available for future grant	6,550,786
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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	We describe the material terms of these Rule 10b5-1 Trading Plans below. On August 21, 2024, 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 335,994 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 April 30, 2025, or earlier, if and when all transactions under the Rule 10b5-1 Trading Plan are completed. On August 21, 2024, Kyle Moran, CFA, our Chief Financial Officer, adopted a Rule 10b5-1 Trading Plan providing for the sale of up to an aggregate of 17,146 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 March 19, 2025, or earlier, if and when all transactions under the Rule 10b5-1 Trading Plan are completed. Except as disclosed above, none of our directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as such term is defined in Item 408(a) of Regulation S-K, during the fiscal quarter ended September 30, 2024. Amendment to Sales Agreement On November 12, 2024, we entered into Amendment No. 3 (“Amendment No. 3”) to the Sales Agreement. The Sales Agreement, as amended by Amendment No. 3, provides for the offer and sale of our ordinary shares in our “at-the-market” equity program pursuant to the prospectus covering up to an aggregate of $250.0 million in ordinary shares that we could issue and sell from time to time, through Jefferies acting as our sales agent, expected to be included in our 2024 WKSI Shelf.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false
Trading Arrangement 1 [Member] \| 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	August 21, 2024
Arrangement Duration	252 days
Aggregate Available	335,994
Trading Arrangement 2 [Member] \| Kyle Moran [Member]
Trading Arrangements, by Individual
Name	Kyle Moran
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 21, 2024
Arrangement Duration	210 days
Aggregate Available	17,146

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 9,736	$ 14,065
Accrued expenses related to CROs and CMOs	2,825	1,768
Accrued expenses and other current liabilities	2,081	995
Total accrued expenses and other current liabilities	$ 14,642	$ 16,828

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Unaudited Interim Financial Data

The accompanying interim consolidated balance sheet as of September 30, 2024, the related interim consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023, the consolidated statements of Series A preferred shares and shareholders’ equity (deficit) for the three months ended March 31, June 30, and September 30, 2024 and 2023, the consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, and the related interim information contained within the notes to the unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2024 and 2023 are unaudited. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and nine months ended September 30, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or any other interim period or future year or period.

Collaboration Agreements - Summary Of Allocation of The Total Transaction Price (Details) - GSK Collaboration Agreement [Member]
$ in Thousands

Sep. 30, 2024

USD ($)

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Transaction Price Allocated

$ 186,742

Transaction Price Unsatisfied

97,052

^[1]

AATD Collaboration [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Transaction Price Allocated

156,778

Transaction Price Unsatisfied

71,326

^[1]

Discovery Research Collaboration [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Transaction Price Allocated

17,964

Transaction Price Unsatisfied

14,403

^[1]

GSK Collaboration Programs [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Transaction Price Allocated

12,000

Transaction Price Unsatisfied

$ 11,323

^[1]

[1]	The Unsatisfied transaction price will be recognized over the remaining applicable research or program term.

Unaudited Consolidated Statements of Series A Preferred Shares and Shareholders' Equity (Deficit) - USD ($)	Total	GSK Collaboration Agreement [Member]	At-The-Market Equity Program [Member]	Series A Preferred Shares [Member]	Ordinary Shares [Member]	Ordinary Shares [Member] GSK Collaboration Agreement [Member]	Ordinary Shares [Member] At-The-Market Equity Program [Member]	Additional Paid-In-Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2022	$ (45,091,000)				$ 802,833,000			$ 119,442,000	$ (29,000)	$ (967,337,000)
Beginning balance, shares at Dec. 31, 2022					86,924,643
Temporary equity, Beginning balance at Dec. 31, 2022				$ 7,874,000
Temporary equity, Beginning balance, shares at Dec. 31, 2022				3,901,348
Issuance of ordinary shares		$ 34,623,000				$ 34,623,000
Issuance of ordinary shares, shares						10,683,761
Share-based compensation	2,750,000							2,750,000
Vesting of RSUs, shares					363,161
Option exercises	1,000				$ 1,000
Option exercises, shares					181
Issuance of ordinary shares under the ESPP	429,000				$ 429,000
Issuance of ordinary shares under ESPP, shares					133,098
Other comprehensive income (loss)	(21,000)								(21,000)
Net income (loss)	(27,405,000)									(27,405,000)
Ending balance at Mar. 31, 2023	(34,714,000)				$ 837,886,000			122,192,000	(50,000)	(994,742,000)
Ending balance, shares at Mar. 31, 2023					98,104,844
Temporary equity, Ending balance at Mar. 31, 2023				$ 7,874,000
Temporary equity, Ending balance, shares at Mar. 31, 2023				3,901,348
Beginning balance at Dec. 31, 2022	(45,091,000)				$ 802,833,000			119,442,000	(29,000)	(967,337,000)
Beginning balance, shares at Dec. 31, 2022					86,924,643
Temporary equity, Beginning balance at Dec. 31, 2022				$ 7,874,000
Temporary equity, Beginning balance, shares at Dec. 31, 2022				3,901,348
Net income (loss)	(41,257,000)
Ending balance at Sep. 30, 2023	(40,486,000)				$ 841,405,000			126,885,000	(182,000)	(1,008,594,000)
Ending balance, shares at Sep. 30, 2023					99,011,901
Temporary equity, Ending balance at Sep. 30, 2023				$ 7,874,000
Temporary equity, Ending balance, shares at Sep. 30, 2023				3,901,348
Beginning balance at Mar. 31, 2023	(34,714,000)				$ 837,886,000			122,192,000	(50,000)	(994,742,000)
Beginning balance, shares at Mar. 31, 2023					98,104,844
Temporary equity, Beginning balance at Mar. 31, 2023				$ 7,874,000
Temporary equity, Beginning balance, shares at Mar. 31, 2023				3,901,348
Issuance of ordinary shares			$ 1,704,000				$ 1,704,000
Issuance of ordinary shares, shares							429,051
Share-based compensation	2,409,000							2,409,000
Vesting of RSUs, shares					9,234
Option exercises	85,000				$ 85,000
Option exercises, shares					23,687
Other comprehensive income (loss)	(100,000)								(100,000)
Net income (loss)	(21,104,000)									(21,104,000)
Ending balance at Jun. 30, 2023	(51,720,000)				$ 839,675,000			124,601,000	(150,000)	(1,015,846,000)
Ending balance, shares at Jun. 30, 2023					98,566,816
Temporary equity, Ending balance at Jun. 30, 2023				$ 7,874,000
Temporary equity, Ending balance, shares at Jun. 30, 2023				3,901,348
Issuance of ordinary shares			1,376,000				$ 1,376,000
Issuance of ordinary shares, shares							322,637
Share-based compensation	2,284,000							2,284,000
Vesting of RSUs, shares					16,657
Option exercises	35,000				$ 35,000
Option exercises, shares					12,976
Issuance of ordinary shares under the ESPP	319,000				$ 319,000
Issuance of ordinary shares under ESPP, shares					92,815
Other comprehensive income (loss)	(32,000)								(32,000)
Net income (loss)	7,252,000									7,252,000
Ending balance at Sep. 30, 2023	(40,486,000)				$ 841,405,000			126,885,000	(182,000)	(1,008,594,000)
Ending balance, shares at Sep. 30, 2023					99,011,901
Temporary equity, Ending balance at Sep. 30, 2023				$ 7,874,000
Temporary equity, Ending balance, shares at Sep. 30, 2023				3,901,348
Beginning balance at Dec. 31, 2023	39,630,000				$ 935,367,000			129,237,000	(124,000)	(1,024,850,000)
Beginning balance, shares at Dec. 31, 2023					119,162,234
Temporary equity, Beginning balance at Dec. 31, 2023	$ 7,874,000			$ 7,874,000
Temporary equity, Beginning balance, shares at Dec. 31, 2023	3,901,348			3,901,348
Issuance of ordinary shares	$ 14,038,000				$ 14,038,000
Issuance of ordinary shares, shares					3,000,000
Share-based compensation	2,881,000							2,881,000
Vesting of RSUs, shares					21,683
Option exercises	123,000				$ 123,000
Option exercises, shares					35,925
Issuance of ordinary shares under the ESPP	349,000				$ 349,000
Issuance of ordinary shares under ESPP, shares					101,542
Other comprehensive income (loss)	(74,000)								(74,000)
Net income (loss)	(31,558,000)									(31,558,000)
Ending balance at Mar. 31, 2024	25,389,000				$ 949,877,000			132,118,000	(198,000)	(1,056,408,000)
Ending balance, shares at Mar. 31, 2024					122,321,384
Temporary equity, Ending balance at Mar. 31, 2024				$ 7,874,000
Temporary equity, Ending balance, shares at Mar. 31, 2024				3,901,348
Beginning balance at Dec. 31, 2023	39,630,000				$ 935,367,000			129,237,000	(124,000)	(1,024,850,000)
Beginning balance, shares at Dec. 31, 2023					119,162,234
Temporary equity, Beginning balance at Dec. 31, 2023	$ 7,874,000			$ 7,874,000
Temporary equity, Beginning balance, shares at Dec. 31, 2023	3,901,348			3,901,348
Net income (loss)	$ (126,261,000)
Ending balance at Sep. 30, 2024	141,640,000				$ 1,139,714,000			153,196,000	(159,000)	(1,151,111,000)
Ending balance, shares at Sep. 30, 2024					148,392,939
Temporary equity, Ending balance at Sep. 30, 2024	$ 7,874,000			$ 7,874,000
Temporary equity, Ending balance, shares at Sep. 30, 2024	3,901,348			3,901,348
Beginning balance at Mar. 31, 2024	$ 25,389,000				$ 949,877,000			132,118,000	(198,000)	(1,056,408,000)
Beginning balance, shares at Mar. 31, 2024					122,321,384
Temporary equity, Beginning balance at Mar. 31, 2024				$ 7,874,000
Temporary equity, Beginning balance, shares at Mar. 31, 2024				3,901,348
Issuance of ordinary shares			547,000				$ 547,000
Issuance of ordinary shares, shares							109,204
Share-based compensation	3,485,000							3,485,000
Vesting of RSUs, shares					17,778
Option exercises	106,000				$ 106,000
Option exercises, shares					30,923
Other comprehensive income (loss)	(81,000)								(81,000)
Net income (loss)	(32,923,000)									(32,923,000)
Ending balance at Jun. 30, 2024	(3,477,000)				$ 950,530,000			135,603,000	(279,000)	(1,089,331,000)
Ending balance, shares at Jun. 30, 2024					122,479,289
Temporary equity, Ending balance at Jun. 30, 2024				$ 7,874,000
Temporary equity, Ending balance, shares at Jun. 30, 2024				3,901,348
Issuance of ordinary shares	173,438,000		$ 14,746,000		$ 173,438,000		$ 14,746,000
Issuance of ordinary shares, shares					23,125,001		2,453,490
Issuance of pre-funded warrants, net of offering costs	14,062,000							14,062,000
Share-based compensation	3,531,000							3,531,000
Vesting of RSUs, shares					25,003
Option exercises	690,000				$ 690,000
Option exercises, shares					235,200
Issuance of ordinary shares under the ESPP	310,000				$ 310,000
Issuance of ordinary shares under ESPP, shares					74,956
Other comprehensive income (loss)	120,000								120,000
Net income (loss)	(61,780,000)									(61,780,000)
Ending balance at Sep. 30, 2024	141,640,000				$ 1,139,714,000			$ 153,196,000	$ (159,000)	$ (1,151,111,000)
Ending balance, shares at Sep. 30, 2024					148,392,939
Temporary equity, Ending balance at Sep. 30, 2024	$ 7,874,000			$ 7,874,000
Temporary equity, Ending balance, shares at Sep. 30, 2024	3,901,348			3,901,348

Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies described in the Company’s audited financial statements as of and for the year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 6, 2024, as amended (the “2023 Annual Report on Form 10-K”), have had no material changes during the nine months ended September 30, 2024.

Unaudited Interim Financial Data

Geographic Data

9 Months Ended

Sep. 30, 2024

Geographic Data [Abstract]

Geographic Data

9. GEOGRAPHIC DATA

Substantially all of the Company’s long-lived assets were located in the United States as of September 30, 2024 and December 31, 2023.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

3. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:


	September 30, 2024		December 31, 2023
	(in thousands)
Accrued compensation	$	9,736	$	14,065
Accrued expenses related to CROs and CMOs		2,825		1,768
Accrued expenses and other current liabilities		2,081		995
Total accrued expenses and other current liabilities	$	14,642	$	16,828