0001193125-26-432714 | 10-Q | XBRL Viewer

Significant Accounting Policies	9 Months Ended
Sep. 30, 2026
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, 2025, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026, as amended on April 30, 2026 (the “2025 Annual Report on Form 10-K”), have had no material changes to the Company's significant accounting policies during the nine months ended September 30, 2026, except as set forth below under “Fair Value of Financial Instruments,” and “Marketable Securities.” Fair Value of Financial Instruments The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements (“ASC 820”), which establishes a fair value hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs: Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets. Level 2—Quoted prices for similar assets, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to the security. Level 3—Pricing inputs are unobservable for the asset, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset. Level 3 includes private investments that are supported by little or no market activity. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Marketable Securities The Company accounts for marketable securities in accordance with FASB ASC Topic 320, Investments - Debt and Equity Securities. Marketable securities are classified as available-for-sale and consist of government securities and obligations and corporate bonds with stated maturities of more than three months from the purchase date. Available-for-sale securities are recorded on the balance sheet at fair value with unrealized gains or losses reported as a separate component of other comprehensive income (loss). Realized gains or losses recognized upon the sale of marketable securities will be recorded within net income. Marketable securities are classified as current assets or non-current assets based on each security’s time to maturity as of the balance sheet date. Lease Update The Company accounts for leases in accordance with ASC Topic 842, Leases (“ASC 842”). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Most leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew the lease. The Company monitors its plans to renew its leases on a quarterly basis. During the three months ended June 30, 2026, the Company entered into an amendment to extend the term of its Lexington, Massachusetts lease for its manufacturing facility through January 2038. As a result, the Company remeasured the related operating lease liability and recorded a corresponding increase of approximately $30.0 million to its operating lease right-of-use asset and operating lease liability. Unaudited Interim Financial Data The accompanying interim consolidated balance sheet as of September 30, 2026, the related interim consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2026 and 2025, the consolidated statements of Series A preferred stock and stockholders’ equity for the three months ended March 31, June 30, and September 30, 2026 and 2025, the consolidated statements of cash flows for the nine months ended September 30, 2026 and 2025, 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, 2026 and 2025 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, 2026 and 2025. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or any other interim period or future year or period.

Significant Accounting Policies

9 Months Ended

Sep. 30, 2026

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, 2025, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026, as amended on April 30, 2026 (the “2025 Annual Report on Form 10-K”), have had no material changes to the Company's significant accounting policies during the nine months ended September 30, 2026, except as set forth below under “Fair Value of Financial Instruments,” and “Marketable Securities.”

Fair Value of Financial Instruments

The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements (“ASC 820”), which establishes a fair value hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs:

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

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

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

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Marketable Securities

The Company accounts for marketable securities in accordance with FASB ASC Topic 320, Investments - Debt and Equity Securities. Marketable securities are classified as available-for-sale and consist of government securities and obligations and corporate bonds with stated maturities of more than three months from the purchase date. Available-for-sale securities are recorded on the balance sheet at fair value with unrealized gains or losses reported as a separate component of other comprehensive income (loss). Realized gains or losses recognized upon the sale of marketable securities will be recorded within net income. Marketable securities are classified as current assets or non-current assets based on each security’s time to maturity as of the balance sheet date.

Lease Update

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

During the three months ended June 30, 2026, the Company entered into an amendment to extend the term of its Lexington, Massachusetts lease for its manufacturing facility through January 2038. As a result, the Company remeasured the related operating lease liability and recorded a corresponding increase of approximately $30.0 million to its operating lease right-of-use asset and operating lease liability.

Unaudited Interim Financial Data

The accompanying interim consolidated balance sheet as of September 30, 2026, the related interim consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2026 and 2025, the consolidated statements of Series A preferred stock and stockholders’ equity for the three months ended March 31, June 30, and September 30, 2026 and 2025, the consolidated statements of cash flows for the nine months ended September 30, 2026 and 2025, 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, 2026 and 2025 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, 2026 and 2025. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or any other interim period or future year or period.

The Company	9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. THE COMPANY Organization On August 7, 2026, as part of the previously announced plan to restructure the Wave Life Sciences group of companies to cause a Delaware corporation to be the parent company of the group (the “Redomiciliation”), Wave Life Sciences, Inc., a Delaware corporation (“Wave-Delaware”), became the ultimate parent company of the Wave Life Sciences group of companies pursuant to a statutory procedure known as a scheme of arrangement under the Companies Act 1967 of Singapore (the “Scheme of Arrangement”). Pursuant to the Scheme of Arrangement, all issued ordinary shares in the capital of Wave Life Sciences Ltd., a public company limited by shares incorporated under the laws of the Republic of Singapore (“Wave-Singapore”) as of immediately prior to the effective time of the Scheme of Arrangement were exchanged on a one-for-one basis for newly issued shares of common stock, par value $0.001 per share, of Wave-Delaware, and Wave-Singapore became a wholly owned subsidiary of Wave-Delaware. The Scheme of Arrangement was accounted for as an exchange of equity interests among entities under common control. All assets and liabilities of Wave-Singapore were assumed by Wave-Delaware, resulting in the retention of the historical basis of accounting as if they had always been combined for accounting and financial reporting purposes. The financial statements for periods post August 7, 2026, relate to Wave-Delaware, and for the periods prior to August 7, 2026, the effective date of the Redomiciliation, relate to Wave-Singapore. Unless stated otherwise or the context otherwise requires, references to “Wave”, “our”, or the “Company”, mean Wave Life Sciences, Inc. and its consolidated subsidiaries from and after the effective time of the Redomiciliation and, prior to that time, to our predecessor, Wave-Singapore. Wave-Delaware (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. The Company’s RNA medicines platform, PRISM®, combines multiple RNA medicines modalities, chemistry innovation, and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. The Company’s toolkit of RNA-targeting modalities, including RNA interference (“RNAi”) (SpiNA) and RNA editing (AIMers), provides the Company with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. The Company’s lead pipeline programs include obesity (WVE-007), alpha-1 antitrypsin deficiency (“AATD”) (WVE-006) and PNPLA3 I148M liver disease (WVE-008), and the Company is also advancing several preclinical programs utilizing its versatile RNA medicines platform. 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, 2026, the Company had cash, cash equivalents and marketable securities of $431.0 million. The Company expects that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operations for at least the next twelve months from the issuance date of these financial statements. 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 United States Generally Accepted Accounting Principles (“U.S. GAAP”) and in U.S. dollars.

The Company

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

1. THE COMPANY

Organization

On August 7, 2026, as part of the previously announced plan to restructure the Wave Life Sciences group of companies to cause a Delaware corporation to be the parent company of the group (the “Redomiciliation”), Wave Life Sciences, Inc., a Delaware corporation (“Wave-Delaware”), became the ultimate parent company of the Wave Life Sciences group of companies pursuant to a statutory procedure known as a scheme of arrangement under the Companies Act 1967 of Singapore (the “Scheme of Arrangement”). Pursuant to the Scheme of Arrangement, all issued ordinary shares in the capital of Wave Life Sciences Ltd., a public company limited by shares incorporated under the laws of the Republic of Singapore (“Wave-Singapore”) as of immediately prior to the effective time of the Scheme of Arrangement were exchanged on a one-for-one basis for newly issued shares of common stock, par value $0.001 per share, of Wave-Delaware, and Wave-Singapore became a wholly owned subsidiary of Wave-Delaware.

The Scheme of Arrangement was accounted for as an exchange of equity interests among entities under common control. All assets and liabilities of Wave-Singapore were assumed by Wave-Delaware, resulting in the retention of the historical basis of accounting as if they had always been combined for accounting and financial reporting purposes.

The financial statements for periods post August 7, 2026, relate to Wave-Delaware, and for the periods prior to August 7, 2026, the effective date of the Redomiciliation, relate to Wave-Singapore. Unless stated otherwise or the context otherwise requires, references to “Wave”, “our”, or the “Company”, mean Wave Life Sciences, Inc. and its consolidated subsidiaries from and after the effective time of the Redomiciliation and, prior to that time, to our predecessor, Wave-Singapore.

Wave-Delaware (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. The Company’s RNA medicines platform, PRISM®, combines multiple RNA medicines modalities, chemistry innovation, and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. The Company’s toolkit of RNA-targeting modalities, including RNA interference (“RNAi”) (SpiNA) and RNA editing (AIMers), provides the Company with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. The Company’s lead pipeline programs include obesity (WVE-007), alpha-1 antitrypsin deficiency (“AATD”) (WVE-006) and PNPLA3 I148M liver disease (WVE-008), and the Company is also advancing several preclinical programs utilizing its versatile RNA medicines platform.

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, 2026, the Company had cash, cash equivalents and marketable securities of $431.0 million. The Company expects that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operations for at least the next twelve months from the issuance date of these financial statements. 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 United States Generally Accepted Accounting Principles (“U.S. GAAP”) and in U.S. dollars.

Collaboration Agreements

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreements

7. COLLABORATION AGREEMENTS

GSK Collaboration and Equity Agreements

On December 13, 2022, Wave Life Sciences USA, Inc. and Wave Life Sciences UK Limited 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 agreed to collaborate on the research, development, and commercialization of

oligonucleotide therapeutics, which originally included 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 shares of its common stock 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 shares of common stock purchased by GGL in the GSK Equity Investment 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 shares of common stock under the SPA.

The GSK Collaboration Agreement originally had three components: (1) a discovery collaboration which enables the Company to advance up to three programs leveraging targets informed by GSK’s novel genetic insights; (2) a discovery 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 (3) an exclusive global license for GSK to WVE-006, the Company’s AATD program, that uses the Company’s proprietary AIMer technology (the "AATD Collaboration"). On February 2, 2026, the Company announced that it regained full rights to WVE-006, an investigational GalNAc-conjugated RNA editing oligonucleotide for alpha-1 antitrypsin deficiency, which was originally the subject of an exclusive global license to GSK under the GSK Collaboration Agreement.

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 was 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 for a 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 (the “GSK Collaboration Programs”) leveraging the Company's PRISM platform and multiple RNA-targeting modalities (RNAi, RNA editing, splicing, and antisense) with target validation work ongoing across multiple therapy areas. The advancement to a development candidate following the achievement of target validation results in a GSK Collaboration Program performance obligation. In January 2026, GSK selected a fourth program to advance to development candidate following achievement of target validation. Under the GSK Collaboration Agreement, GSK has paid an aggregate of $32.0 million in program initiation payments related to these four programs.

The following table summarizes the allocation of the total transaction price to the identified performance obligations under the GSK Collaboration Agreement, and the amount of the transaction price unsatisfied as of September 30, 2026 (in thousands):


	Transaction Price Allocated		Transaction Price Unsatisfied (1)
Performance Obligations:
AATD Collaboration	$	166,778	$	—
Discovery Research Collaboration		7,792		—
GSK Collaboration Programs		32,000		18,893
Total	$	206,570	$	18,893

(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 was being recognized as the research and development services were provided using an input measure, according to the costs incurred and the total costs expected to be incurred to satisfy the performance obligation. The Company recognized the remaining deferred revenue related to the AATD performance obligation, which was fully satisfied upon the termination of the AATD license, in the first quarter of 2026. 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, which was collected in the first quarter of 2024. During the year ended December 31, 2025, GSK acknowledged the Company’s achievement of another development milestone for the AATD program, triggering a $10.0 million milestone payment to the Company from GSK, which was collected during the fourth quarter of 2025.

During the three months ended September 30, 2026, the Company was notified that GSK has selected a candidate to transition into GSK’s development pipeline, triggering a $12.0 million milestone payment to the Company from GSK which was included in accounts receivable as of September 30, 2026, and recorded to revenue in the three and nine months ended September 30, 2026,

For the three months ended September 30, 2026 and 2025, the Company recognized revenue of $13.2 million and $7.6 million, respectively, under the GSK Collaboration Agreement using the input method described above. For the nine months ended September 30, 2026 and 2025, the Company recognized revenue of $53.7 million and $25.5 million, respectively, under the GSK Collaboration Agreement using the input method described above which includes the recognition of the remaining deferred revenue related to the AATD performance obligation ($35.9 million), and the $12.0 million milestone during the nine months ended September 30, 2026. Through September 30, 2026, the Company has recognized collaboration revenue of $199.7 million under the GSK Collaboration Agreement in the Company’s consolidated statements of operations and comprehensive loss.

The aggregate amount of the transaction price allocated to the Company’s unsatisfied and partially unsatisfied performance obligations and recorded in deferred revenue on September 30, 2026 is approximately $21.4 million, of which approximately $9.1 million was included in current liabilities and approximately $12.3 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, 2025 was approximately $52.2 million, of which approximately $44.4 million was included in current liabilities and $7.8 million was included in long-term liabilities.

Collaboration Agreements (Tables)

9 Months Ended

Sep. 30, 2026

GSK Collaboration Agreement [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Summary Of Allocation of The Total Transaction Price


	Transaction Price Allocated		Transaction Price Unsatisfied (1)
Performance Obligations:
AATD Collaboration	$	166,778	$	—
Discovery Research Collaboration		7,792		—
GSK Collaboration Programs		32,000		18,893
Total	$	206,570	$	18,893

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

Fair Value of Financial Instruments - Schedule of Company's financial assets measured at fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ 233,697	$ 0
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	250,933	596,264
Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	16,808	596,264
Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	234,125	0
Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		0
Corporate bonds [Member] \| Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	428
Marketable securities:	76,382	0
Corporate bonds [Member] \| Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:		0
Corporate bonds [Member] \| Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	428
Marketable securities:	76,382	0
Corporate bonds [Member] \| Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:		0
Money market funds [Member] \| Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	16,808	596,264
Money market funds [Member] \| Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	16,808	596,264
Money market funds [Member] \| Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:		0
Money market funds [Member] \| Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:		0
Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	55,338	0
Treasury Bills [Member] \| Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	55,338	0
Treasury Bills [Member] \| Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:		0
Treasury Bills [Member] \| Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	55,338	0
Treasury Bills [Member] \| Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:		0
U.S. Government securities [Member] \| Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	101,977	0
U.S. Government securities [Member] \| Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:		0
U.S. Government securities [Member] \| Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ 101,977	0
U.S. Government securities [Member] \| Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:		$ 0

Segment Information - Additional Information (Detail) - Single Reportable Segment [Member]	9 Months Ended
	Sep. 30, 2026 Segment
Segment Reporting [Line Items]
Number of Reportable Segments	1
Segment Reporting, Expense Information Used by CODM, Description	chief executive officer (“CEO”), as the CODM, manages and allocates resources on a consolidated basis at the global corporate level. The results of our operations are reported on a consolidated basis for purposes of segment reporting. The CEO uses consolidated net loss that is reported on the consolidated statements of operations and comprehensive loss for the purposes of assessing performance, allocating resources and planning, monitoring budget versus actual results, and forecasting future periods.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2026	Aug. 31, 2025	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	5,776,284
Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees	1,880,550
ESPP [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Common stock authorized for issuance	1,000,000			3,000,000
Common stock reserved for issuance	2,004,756
Issuance of common stock under the ESPP, shares	156,625
Common stock 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]
Common stock authorized for issuance		30,950,000	22,950,000	17,950,000	11,450,000	5,450,000
Common stock available for future grant	3,901,362
2014 Plan [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Contractual life of options	10 years
2014 Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period	1 year
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
2014 Plan [Member] \| Maximum [Member] \| Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period	4 years

Net Loss Per Share - Anti-Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Ordinary Share (Detail) - shares	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Options to Purchase Shares of Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computation of diluted earnings	24,367,464	22,295,058
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computation of diluted earnings	3,030,432	1,794,333

Collaboration Agreements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended		45 Months Ended
	Jan. 27, 2023	Dec. 13, 2022	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2023	Sep. 30, 2026
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue, net of current portion			$ 12,338		$ 12,338		$ 7,798		$ 12,338
Shares issued under equity agreement		10,683,761
Investment, Type [Extensible Enumeration]		G S K Equity Investment [Member]
Purchase price per share		$ 4.68
Collaboration revenue recognized			13,158	$ 7,608	53,676	$ 25,482
Collaboration and license agreement, deferred revenue current			9,111		9,111		44,440		9,111
GSK Collaboration Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment under collaboration agreement	$ 120,000	$ 120,000
Collaboration Agreement in Premium		$ 15,400
Deferred revenue, net of current portion			12,300		12,300		7,800		12,300
Aggregate initiation payment					32,000
Milestone payment			12,000		12,000		10,000	$ 20,000
Collaboration revenue recognized			13,200	$ 7,600	53,700	$ 25,500			199,700
Recognition of remaining deferred revenue					35,900
Contract with Customer, Liability, Total			21,400		21,400		52,200		21,400
Collaboration and license agreement, deferred revenue current			$ 9,100		$ 9,100		$ 44,400		$ 9,100

Stock-Based Compensation - Summary of Options and RSUs Outstanding (Detail) - shares	Sep. 30, 2026	Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]
Options to purchase shares of common stock	24,367,464	22,295,058
RSUs	3,030,432	1,794,333

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

3. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	As of September 30, 2026								As of December 31, 2025
			Fair Value Hierarchy								Fair Value Hierarchy
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in thousands)								(in thousands)
Cash equivalents:
Corporate bonds	$	428		—		428		—
Money market funds		16,808		16,808		—		—		596,264		596,264		—		—

Marketable securities:
Corporate bonds		76,382		—		76,382		—		—		—		—		—
Treasury Bills		55,338		—		55,338		—		—		—		—		—
U.S. Government securities		101,977		—		101,977		—		—		—		—		—
Total	$	250,933	$	16,808	$	234,125	$	—	$	596,264	$	596,264	$	—	$	—

The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy. The carrying value of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. As of December 31, 2025, cash and cash equivalents were comprised of funds held in checking and money market accounts and were classified as Level 1.

Money market funds included within cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Government securities and obligations and corporate bonds included within cash equivalents and marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through using models or other valuation methodologies.

There were no transfers into or out of Level 3 in the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Marketable Securities - Summary of Marketable Securities (Details) - USD ($)	Sep. 30, 2026	Dec. 31, 2025
Marketable Securities [Abstract]
Marketable securities	$ 233,434,000	$ 0
Long-term marketable securities	263,000	0
Total	$ 233,697,000	$ 0

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income tax benefit (provision)	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References

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

Significant Accounting Policies (Additional Information) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2026 USD ($)
Accounting Policies [Abstract]
Increase in operating lease liability from lease modification	$ 30.0
Increase in operating lease right-of-use assets from lease modification	$ 30.0

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Options and RSUs Outstanding

The table below shows the options and RSUs outstanding as of September 30, 2026 and 2025.


	As of September 30,
	2026		2025
Options to purchase shares of common stock		24,367,464		22,295,058
RSUs		3,030,432		1,794,333

Net Loss Per Share - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Series A Preferred Stock [Member]
Class of Warrant or Right [Line Items]
Preferred shares, conversion basis	In March 2026, the Company’s previously outstanding Series A preferred stock was converted to shares of common stock on a one-to-one basis and included in the calculation of net loss per share as of the date of conversion.
Pre Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Pre-funded warrant outstanding	7,093,656	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%

Geographic Data

9 Months Ended

Sep. 30, 2026

Geographic Data [Abstract]

Geographic Data

10. GEOGRAPHIC DATA

Substantially all of the Company’s long-lived assets were located in the United States as of September 30, 2026 and December 31, 2025.

Segment Information - Schedule of Reconciliation to Consolidated Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Total research and development expenses	$ 53,843	$ 45,874	$ 152,576	$ 129,965
General and administrative expenses	25,362	18,087	72,246	54,433
Total operating expenses	79,205	63,961	224,822	184,398
INHBE Program [Member]
Segment Reporting [Line Items]
Total research and development expenses	6,374	4,574	18,080	10,628
AATD Program [Member]
Segment Reporting [Line Items]
Total research and development expenses	3,057	967	7,796	4,259
DMD Program [Member]
Segment Reporting [Line Items]
Total research and development expenses	3,633	4,973	11,724	10,692
HD Program [Member]
Segment Reporting [Line Items]
Total research and development expenses	250	487	470	2,443
Other Research and Development Expenses, Including PNPLA3, Additional Preclinical Programs, PRISM [Member]
Segment Reporting [Line Items]
Total research and development expenses	$ 40,529	$ 34,873	$ 114,506	$ 101,943

- Definition

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

+ References

+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	9. INCOME TAXES During the nine months ended September 30, 2026 and 2025, the Company recorded no income tax benefit or provision. The Company maintained a full valuation allowance for the three and nine months ended September 30, 2026 and 2025 in all jurisdictions due to uncertainty regarding future taxable income.

- Definition

The entire disclosure for income tax.

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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2026	Oct. 21, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Trading Symbol	WVE
Entity Registrant Name	WAVE LIFE SCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Central Index Key	0001631574
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		197,228,968
Entity Shell Company	false
Entity Tax Identification Number	42-2115035
Entity File Number	001-37627
Entity Address, Address Line One	733 Concord Avenue
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02138
City Area Code	617
Local Phone Number	949-2900
Title of 12(b) Security	Common Stock, par value $0.001
Security Exchange Name	NASDAQ

Segment Information

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Information

12. SEGMENT INFORMATION

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company operates as a single reporting segment, focused on developing its proprietary RNA medicines platform, PRISM, to develop and commercialize a broad pipeline of RNA medicines in a variety of therapeutic areas. Consistent with the Company’s operational structure, the Company’s chief executive officer (“CEO”), as the CODM, manages and allocates resources on a consolidated basis at the global corporate level. The results of our operations are reported on a consolidated basis for purposes of segment reporting. The CEO uses consolidated net loss that is reported on the consolidated statements of operations and comprehensive loss for the purposes of assessing performance, allocating resources and planning, monitoring budget versus actual results, and forecasting future periods.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company's single reporting segment. A reconciliation to consolidated operating expenses as the Company’s single segment operating loss for the three and nine months ended September 30, 2026 and 2025 is included in the table below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Research and development expenses:
INHBE program	$	6,374	$	4,574	$	18,080	$	10,628
AATD program		3,057		967		7,796		4,259
DMD program		3,633		4,973		11,724		10,692
HD program		250		487		470		2,443
Other research and development expenses(1), including PNPLA3, additional preclinical programs, PRISM		40,529		34,873		114,506		101,943
Total research and development expenses		53,843		45,874		152,576		129,965
General and administrative expenses		25,362		18,087		72,246		54,433
Total operating expenses	$	79,205	$	63,961	$	224,822	$	184,398

(1) Includes expenses related to other research and development programs, identification of potential drug discovery candidates, compensation-related expenses, internal manufacturing expenses, equipment repairs and maintenance expense, facility-related expenses, and other operating expenses, which are not allocated to specific programs.

- Definition

The entire disclosure for segment reporting.

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	September 30, 2026		December 31, 2025
	(in thousands)
Accrued compensation	$	12,907	$	18,080
Accrued expenses related to CROs and CMOs		6,365		7,314
Accrued expenses and other current liabilities		2,707		1,170
Total accrued expenses and other current liabilities	$	21,979	$	26,564

Related Party Transactions - Additional Information (Detail) - Shin Nippon Biomedical Laboratories Ltd [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended		42 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026
Related Party Transaction [Line Items]
Payments related to contract research services.	$ 0.7	$ 0.6	$ 5.5	$ 0.6	$ 8.9
Expenses incurred	$ 0.9	$ 1.5	$ 3.1	$ 3.1

- Definition

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

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+ Details

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements (“ASC 820”), which establishes a fair value hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs: Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets. Level 2—Quoted prices for similar assets, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to the security. Level 3—Pricing inputs are unobservable for the asset, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset. Level 3 includes private investments that are supported by little or no market activity. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Marketable Securities	Marketable Securities The Company accounts for marketable securities in accordance with FASB ASC Topic 320, Investments - Debt and Equity Securities. Marketable securities are classified as available-for-sale and consist of government securities and obligations and corporate bonds with stated maturities of more than three months from the purchase date. Available-for-sale securities are recorded on the balance sheet at fair value with unrealized gains or losses reported as a separate component of other comprehensive income (loss). Realized gains or losses recognized upon the sale of marketable securities will be recorded within net income. Marketable securities are classified as current assets or non-current assets based on each security’s time to maturity as of the balance sheet date.
Lease Update	Lease Update The Company accounts for leases in accordance with ASC Topic 842, Leases (“ASC 842”). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Most leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew the lease. The Company monitors its plans to renew its leases on a quarterly basis. During the three months ended June 30, 2026, the Company entered into an amendment to extend the term of its Lexington, Massachusetts lease for its manufacturing facility through January 2038. As a result, the Company remeasured the related operating lease liability and recorded a corresponding increase of approximately $30.0 million to its operating lease right-of-use asset and operating lease liability.
Unaudited Interim Financial Data	Unaudited Interim Financial Data The accompanying interim consolidated balance sheet as of September 30, 2026, the related interim consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2026 and 2025, the consolidated statements of Series A preferred stock and stockholders’ equity for the three months ended March 31, June 30, and September 30, 2026 and 2025, the consolidated statements of cash flows for the nine months ended September 30, 2026 and 2025, 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, 2026 and 2025 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, 2026 and 2025. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or any other interim period or future year or period.

Marketable Securities - Schedule of Company's available-for-sale marketable securities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Marketable Securities [Line Items]
Amortized Cost	$ 234,006	$ 0
Gross Unrealized Gains		0
Gross Unrealized Losses	(309)	0
Fair Value	233,697	0
Corporate bonds
Marketable Securities [Line Items]
Amortized Cost	76,518	0
Gross Unrealized Gains		0
Gross Unrealized Losses	(136)	0
Fair Value	76,382	0
Treasury Bills
Marketable Securities [Line Items]
Amortized Cost	55,359	0
Gross Unrealized Gains		0
Gross Unrealized Losses	(21)	0
Fair Value	55,338	0
U.S. Government securities
Marketable Securities [Line Items]
Amortized Cost	102,129	0
Gross Unrealized Gains		0
Gross Unrealized Losses	(152)	0
Fair Value	$ 101,977	$ 0

- Definition

Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:


	September 30, 2026		December 31, 2025
	(in thousands)
Accrued compensation	$	12,907	$	18,080
Accrued expenses related to CROs and CMOs		6,365		7,314
Accrued expenses and other current liabilities		2,707		1,170
Total accrued expenses and other current liabilities	$	21,979	$	26,564

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 197,315	$ 602,068
Marketable securities	233,434	0
Accounts receivable	12,000	1,276
Prepaid expenses	11,556	8,395
Other current assets	4,325	3,075
Total current assets	458,630	614,814
Long-term assets:
Property and equipment, net of accumulated depreciation of $51,391 and $49,522 as of September 30, 2026 and December 31 2025, respectively	6,239	7,405
Long-term marketable securities	263	0
Operating lease right-of-use assets	38,088	12,458
Restricted cash	3,815	3,806
Other assets	895	16
Total long-term assets	49,300	23,685
Total assets	507,930	638,499
Current liabilities:
Accounts payable	19,295	15,700
Accrued expenses and other current liabilities	21,979	26,564
Current portion of deferred revenue	9,111	44,440
Current portion of operating lease liability	4,375	8,361
Total current liabilities	54,760	95,065
Long-term liabilities:
Deferred revenue, net of current portion	12,338	7,798
Operating lease liability, net of current portion	38,896	9,405
Total long-term liabilities	51,234	17,203
Total liabilities	105,994	112,268
Series A preferred stock, no par value; nil and 3,901,348 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	0	7,874
Stockholders' equity:
Preferred stock, $0.001 par value per share; 30,000,000 shares authorized; nil shares issued and outstanding at September 30, 2026 and December December 31, 2025, respectively	0	0
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 197,213,583 and nil shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	197	1,616,478
Additional paid-in capital	1,885,894	228,365
Accumulated other comprehensive loss	(565)	(250)
Accumulated deficit	(1,483,590)	(1,326,236)
Total stockholders' equity	401,936	518,357
Total liabilities, Series A preferred stock, and stockholders' equity	$ 507,930	$ 638,499

Unaudited Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Statement [Abstract]
Revenue	$ 13,158	$ 7,608	$ 53,676	$ 25,482
Operating expenses:
Research and development	53,843	45,874	152,576	129,965
General and administrative	25,362	18,087	72,246	54,433
Total operating expenses	79,205	63,961	224,822	184,398
Loss from operations	(66,047)	(56,353)	(171,146)	(158,916)
Other income, net:
Interest income	4,378	2,177	14,391	7,424
Other income (expense)	(243)	324	(599)	293
Total other income, net	4,135	2,501	13,792	7,717
Loss before income taxes	(61,912)	(53,852)	(157,354)	(151,199)
Income tax benefit	0	0	0	0
Net loss	$ (61,912)	$ (53,852)	$ (157,354)	$ (151,199)
Net loss per share - basic	$ (0.3)	$ (0.32)	$ (0.78)	$ (0.92)
Net loss per share - diluted	$ (0.3)	$ (0.32)	$ (0.78)	$ (0.92)
Weighted-average common stock used in computing net loss per share - basic	204,222,255	167,739,208	202,814,464	164,773,525
Weighted-average common stock used in computing net loss per share - diluted	204,222,255	167,739,208	202,814,464	164,773,525
Other comprehensive loss:
Net loss	$ (61,912)	$ (53,852)	$ (157,354)	$ (151,199)
Foreign currency translation gain (loss)	(125)	(29)	(6)	72
Unrealized loss on marketable securities	(268)	0	(309)	0
Comprehensive loss	$ (62,305)	$ (53,881)	$ (157,669)	$ (151,127)

Net Loss Per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

8. NET LOSS PER SHARE

In connection with various public offerings, the Company sold pre-funded warrants to purchase shares of common stock to certain investors (the “Pre-Funded Warrants”). As of September 30, 2026 and 2025, there were 7,093,656 and 8,968,679, respectively, vested and exercisable Pre-Funded Warrants outstanding to purchase shares of common stock for the exercise price of $0.0001 per share, provided that, unless and until the Company obtains stockholder approval for the issuance of the shares of common stock 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 shares of our common stock 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 shares of our common stock 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 common 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 common stockholders and Pre-Funded Warrant holders by the weighted-average number of shares of common stock and Pre-Funded Warrants outstanding.

The Company’s potentially dilutive shares, which include outstanding stock options to purchase shares of common stock and RSUs, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. In March 2026, the Company’s previously outstanding Series A preferred stock was converted to shares of common stock on a one-to-one basis and included in the calculation of net loss per share as of the date of conversion.

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


	As of September 30,
	2026		2025
Options to purchase shares of common stock		24,367,464		22,295,058
RSUs		3,030,432		1,794,333

Stock-Based Compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

6. STOCK-BASED COMPENSATION

For the period prior to the Redomiciliation, the Company’s stockholders’ equity reflects Wave-Singapore’s outstanding ordinary shares, all of which were publicly traded on The Nasdaq Global Market. After the close of market trading on August 7, 2026, all Wave-Singapore outstanding ordinary shares were exchanged on a one-for-one basis for newly issued shares of Wave-Delaware common stock and Wave-Singapore became a wholly-owned subsidiary of Wave-Delaware. Effective upon the completion of the Redomiciliation, Wave-Delaware assumed Wave-Singapore’s 2014 Plan (as defined below), 2021 Plan (as defined below), Nasdaq Inducement Restricted Share Unit Award Grant Notice and Nasdaq Inducement Restricted Share Unit Agreement, Nasdaq Inducement Non-qualified Share Option Grant Notice and Nasdaq Inducement Non-qualified Share Option Agreement, and ESPP (as defined below), and all outstanding awards and rights thereunder. In addition, the 2021 Plan and the ESPP were amended and restated, and conforming amendments were made to the 2014 Plan (solely to continue administering awards outstanding thereunder) and the Nasdaq Inducement forms, in each case, to provide, among other things, that the securities issuable in connection with awards thereunder (including the purchase rights under the ESPP) are shares of Wave-Delaware common stock rather than ordinary shares of Wave-Singapore. The assumed awards and rights continue to have substantially the same terms and conditions that applied prior to the consummation of the Redomiciliation, provided, that securities issuable in connection with awards thereunder are in shares of Wave-Delaware common stock rather than ordinary shares of Wave-Singapore.

The Wave-Delaware 2021 Equity Incentive Plan was approved by the Company’s stockholders and went into effect on August 10, 2021 and was amended effective as of August 9, 2022, August 1, 2023, August 6, 2024, August 5, 2025, and August 7, 2026 (as amended, the “2021 Plan”). The 2021 Plan serves as the successor to the Wave Life Sciences, Inc. 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 shares of common stock authorized for issuance of awards under the 2021 Plan was originally 5,450,000 shares of common stock, and was subsequently increased to 11,450,000, 17,950,000, 22,950,000, and 30,950,000 in August 2022, August 2023, August 2024, and August 2025, respectively, plus the number of shares of common stock 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 stock options, restricted awards, which include restricted stock and restricted stock units (“RSUs”), and performance awards to eligible employees, consultants, and non-employee directors of the Company. The Company accounts for grants to its non-employee 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 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. Vesting of the performance-based RSUs is contingent on the occurrence of certain regulatory or commercial milestones. Any RSUs that are forfeited are available to be granted again.

During the nine months ended September 30, 2026, the Company granted an aggregate of 5,776,284 options to employees and non-employee directors and 1,880,550 time-based RSUs to employees and non-employee directors.

As of September 30, 2026, 3,901,362 shares of common stock remained available for future grant under the 2021 Plan.

The table below shows the options and RSUs outstanding as of September 30, 2026 and 2025.


	As of September 30,
	2026		2025
Options to purchase shares of common stock		24,367,464		22,295,058
RSUs		3,030,432		1,794,333

The Wave Life Sciences, Inc. 2019 Employee Stock Purchase Plan, as amended (the “ESPP”), allows full-time and certain part-time employees to purchase shares of the Company’s common stock at a discount to fair market value. Eligible employees may enroll in a six-month offering period beginning every January 15th and July 15th. Shares of common stock are purchased at a price equal to 85% of the lower of the fair market value of the Company’s common stock on the first business day or the last business day of an offering period. The aggregate number of shares of common stock 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, 2026, 156,625 shares of common stock were issued under the ESPP. As of September 30, 2026, there were 2,004,756 shares of common stock available for issuance under the ESPP.

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2026

Marketable Securities [Abstract]

Summary of Company's available-for-sale marketable securities

The following table summarizes the Company’s available-for-sale marketable securities:


	As of September 30, 2026									As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


	(in thousands)									(in thousands)
Corporate bonds	$	76,518	$	—	$	(136	)	$	76,382	$	—	$	—	$	—	$	—
Treasury Bills		55,359		—		(21	)		55,338		—		—		—		—
U.S. Government securities		102,129		—		(152	)		101,977		—		—		—		—
Total	$	234,006	$	—	$	(309	)	$	233,697	$	—	$	—	$	—	$	—

Summary of Marketable Securities

Amounts in the table above at fair value were classified on our consolidated balance sheet as follows:


	As of September 30, 2026		As of December 31, 2025
	(in thousands)		(in thousands)
Marketable securities	$	233,434	$	—
Long-term marketable securities		263		—
Total	$	233,697	$	—

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

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

Sep. 30, 2026

USD ($)

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Transaction Price Allocated

$ 206,570

Transaction Price Unsatisfied

18,893

^[1]

AATD Collaboration [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Transaction Price Allocated

166,778

Transaction Price Unsatisfied

^[1]

Discovery Research Collaboration [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Transaction Price Allocated

7,792

Transaction Price Unsatisfied

^[1]

GSK Collaboration Programs [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Transaction Price Allocated

32,000

Transaction Price Unsatisfied

$ 18,893

^[1]

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

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued compensation	$ 12,907	$ 18,080
Accrued expenses related to CROs and CMOs	6,365	7,314
Accrued expenses and other current liabilities	2,707	1,170
Total accrued expenses and other current liabilities	$ 21,979	$ 26,564

Marketable Securities

9 Months Ended

Sep. 30, 2026

Marketable Securities [Abstract]

Maketable Securities

4. MARKETABLE SECURITIES

The following table summarizes the Company’s available-for-sale marketable securities:


	As of September 30, 2026									As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


	(in thousands)									(in thousands)
Corporate bonds	$	76,518	$	—	$	(136	)	$	76,382	$	—	$	—	$	—	$	—
Treasury Bills		55,359		—		(21	)		55,338		—		—		—		—
U.S. Government securities		102,129		—		(152	)		101,977		—		—		—		—
Total	$	234,006	$	—	$	(309	)	$	233,697	$	—	$	—	$	—	$	—

Amounts in the table above at fair value were classified on our consolidated balance sheet as follows:


	As of September 30, 2026		As of December 31, 2025
	(in thousands)		(in thousands)
Marketable securities	$	233,434	$	—
Long-term marketable securities		263		—
Total	$	233,697	$	—

The amortized cost of marketable debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. There was an insignificant realized loss recognized on the maturity of marketable securities for the three and nine months ended September 30, 2026 and, as a result, the Company did not reclassify the corresponding amount out of accumulated other comprehensive loss for either period. The Company did not hold marketable securities as of December 31, 2025.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026 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 7, 2026, Chris Wright, M.D., Ph.D., our Chief Medical Officer, adopted a Rule 10b5-1 Trading Plan providing for the sale of up to an aggregate of 60,000 shares of our common stock pursuant to the terms of such Rule 10b5-1 Trading Plan. Dr. Wright’s Rule 10b5-1 Trading Plan is active until November 23, 2027, or earlier, if and when all transactions under the Rule 10b5-1 Trading Plan are completed. On July 30, 2026, Paul B. Bolno, M.D., MBA, our President and Chief Executive Officer, terminated a Rule 10b5-1 Trading Plan that was originally adopted on May 26, 2026. Dr. Bolno’s former Rule 10b5-1 Trading Plan provided for the sale of up to an aggregate of 2,924,270 shares of our common stock. No shares were sold under Dr. Bolno’s Rule 10b5-1 Trading Plan prior to its termination.
Paul B. Bolno [Member]
Trading Arrangements, by Individual
Name	Paul B. Bolno
Title	our President and Chief Executive Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	July 30, 2026
Aggregate Available	2,924,270
Chris Wright [Member]
Trading Arrangements, by Individual
Name	Chris Wright
Title	our Chief Medical Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 7, 2026
Arrangement Duration	474 days
Aggregate Available	60,000

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities
Net loss	$ (157,354)	$ (151,199)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of right-of-use assets	4,385	3,994
Depreciation of property and equipment	2,579	2,596
Accretion of investment premium	(596)	0
Net realized loss on sale of marketable securities	4	0
Stock-based compensation expense	30,084	17,621
Changes in operating assets and liabilities:
Accounts receivable	(10,724)	(8,578)
Prepaid expenses	(3,161)	2,891
Other assets	(2,129)	4,766
Accounts payable	3,519	(1,717)
Accrued expenses and other current liabilities	(4,585)	(4,594)
Deferred revenue	(30,789)	(13,865)
Operating lease liabilities	(4,510)	(5,632)
Net cash used in operating activities	(173,277)	(153,717)
Cash flows from investing activities
Purchases of property and equipment	(1,337)	(719)
Purchases of marketable securities	(236,499)	0
Sales and maturities of available-for-sale debt securities	3,085	0
Net cash used in investing activities	(234,751)	(719)
Cash flows from financing activities
Proceeds from issuance of common stock pursuant to the "at-the-market" equity program, net of offering costs	0	42,573
Proceeds from the exercise of stock options	2,352	5,086
Proceeds from the ESPP	938	881
Net cash provided by financing activities	3,290	48,540
Effect of foreign exchange rates on cash, cash equivalents, and restricted cash	(6)	72
Net decrease in cash, cash equivalents, and restricted cash	(404,744)	(105,824)
Cash, cash equivalents, and restricted cash, beginning of period	605,874	305,838
Cash, cash equivalents, and restricted cash, end of period	201,130	200,014
Supplemental disclosure of cash flow information
Operating lease right-of-use assets obtained in exchange for operating lease liabilities (See Note 2)	$ (30,015)	$ 0

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Net of accumulated depreciation	$ 51,391	$ 49,522
Series A preferred stock, par value	$ 0	$ 0
Series A preferred stock, shares issued	0	3,901,348
Series A preferred stock, shares outstanding	0	3,901,348
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	500,000,000	500,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	197,213,583	0
Common stock, shares outstanding	197,213,583	0

The Company - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, par value per share	$ 0.001	$ 0.001
Cash, cash equivalents and marketable securities	$ 431.0

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

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


	As of September 30,
	2026		2025
Options to purchase shares of common stock		24,367,464		22,295,058
RSUs		3,030,432		1,794,333

Related Party Transactions

9 Months Ended

Sep. 30, 2026

Related Party Transactions

11. RELATED PARTY TRANSACTIONS

The Company had the following related party transactions:

•

Pursuant to the terms of various contract research service agreements with Shin Nippon Biomedical Laboratories Ltd., a contract research organization and one of the Company’s stockholders, and its affiliates (together, “SNBL”), the Company paid SNBL $0.7 million and $5.5 million, respectively, during the three and nine months ended September 30, 2026. The Company paid SNBL $0.6 million during the three and nine months ended September 30, 2025. Through September 30, 2026, the Company has paid an aggregate of $8.9 million to SNBL for the aforementioned various service agreements. During the three and nine months ended September 30, 2026, the Company incurred expenses of approximately $0.9 million and $3.1 million, respectively, related to the aforementioned various service agreements. During the three and nine months ended September 30, 2025, the Company incurred expenses of approximately $1.5 million and $3.1 million, respectively, related to the aforementioned various service agreements.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation to Consolidated Operating Expenses

A reconciliation to consolidated operating expenses as the Company’s single segment operating loss for the three and nine months ended September 30, 2026 and 2025 is included in the table below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Research and development expenses:
INHBE program	$	6,374	$	4,574	$	18,080	$	10,628
AATD program		3,057		967		7,796		4,259
DMD program		3,633		4,973		11,724		10,692
HD program		250		487		470		2,443
Other research and development expenses(1), including PNPLA3, additional preclinical programs, PRISM		40,529		34,873		114,506		101,943
Total research and development expenses		53,843		45,874		152,576		129,965
General and administrative expenses		25,362		18,087		72,246		54,433
Total operating expenses	$	79,205	$	63,961	$	224,822	$	184,398

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Unaudited Consolidated Statements of Series A Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	At-The-Market Equity Program [Member]	Series A Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member] At-The-Market Equity Program [Member]	Additional Paid-In-Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2024	$ 209,515			$ 1,175,181		$ 156,454	$ (262)	$ (1,121,858)
Beginning balance, shares at Dec. 31, 2024				153,037,286
Temporary equity, Beginning balance at Dec. 31, 2024			$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2024			3,901,348
Issuance of common stock pursuant to the "at-the-market" equity program, net		$ 1,262			$ 1,262
Issuance of common stock pursuant to the "at-the-market" equity program, net, shares					97,375
Stock-based compensation	4,953					4,953
Vesting of RSUs, shares				18,019
Option exercises	2,451			$ 2,451
Option exercises, shares				853,881
Issuance of common stock under the ESPP	442			$ 442
Issuance of common stock under the ESPP, shares				86,752
Other comprehensive income (loss)	58						58
us-gaap:NetIncomeLoss	(46,878)							(46,878)
Ending balance at Mar. 31, 2025	171,803			$ 1,179,336		161,407	(204)	(1,168,736)
Ending balance, shares at Mar. 31, 2025				154,093,313
Temporary equity, Ending balance at Mar. 31, 2025			$ 7,874
Temporary equity, Ending balance, shares at Mar. 31, 2025			3,901,348
Beginning balance at Dec. 31, 2024	209,515			$ 1,175,181		156,454	(262)	(1,121,858)
Beginning balance, shares at Dec. 31, 2024				153,037,286
Temporary equity, Beginning balance at Dec. 31, 2024			$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2024			3,901,348
us-gaap:NetIncomeLoss	(151,199)
Ending balance at Sep. 30, 2025	124,549			$ 1,223,721		174,075	(190)	(1,273,057)
Ending balance, shares at Sep. 30, 2025				160,288,481
Temporary equity, Ending balance at Sep. 30, 2025			$ 7,874
Temporary equity, Ending balance, shares at Sep. 30, 2025			3,901,348
Beginning balance at Mar. 31, 2025	171,803			$ 1,179,336		161,407	(204)	(1,168,736)
Beginning balance, shares at Mar. 31, 2025				154,093,313
Temporary equity, Beginning balance at Mar. 31, 2025			$ 7,874
Temporary equity, Beginning balance, shares at Mar. 31, 2025			3,901,348
Issuance of common stock pursuant to the "at-the-market" equity program, net		11,099			$ 11,099
Issuance of common stock pursuant to the "at-the-market" equity program, net, shares					1,388,934
Stock-based compensation	6,196					6,196
Vesting of RSUs, shares				40,270
Option exercises	594			$ 594
Option exercises, shares				150,775
Other comprehensive income (loss)	43						43
us-gaap:NetIncomeLoss	(50,469)							(50,469)
Ending balance at Jun. 30, 2025	139,266			$ 1,191,029		167,603	(161)	(1,219,205)
Ending balance, shares at Jun. 30, 2025				155,673,292
Temporary equity, Ending balance at Jun. 30, 2025			$ 7,874
Temporary equity, Ending balance, shares at Jun. 30, 2025			3,901,348
Issuance of common stock pursuant to the "at-the-market" equity program, net		$ 30,212			$ 30,212
Issuance of common stock pursuant to the "at-the-market" equity program, net, shares					3,934,128
Stock-based compensation	6,472					6,472
Vesting of RSUs, shares				156,996
Option exercises	2,041			$ 2,041
Option exercises, shares				458,196
Issuance of common stock under the ESPP	439			$ 439
Issuance of common stock under the ESPP, shares				65,869
Other comprehensive income (loss)	(29)						(29)
us-gaap:NetIncomeLoss	(53,852)							(53,852)
Ending balance at Sep. 30, 2025	124,549			$ 1,223,721		174,075	(190)	(1,273,057)
Ending balance, shares at Sep. 30, 2025				160,288,481
Temporary equity, Ending balance at Sep. 30, 2025			$ 7,874
Temporary equity, Ending balance, shares at Sep. 30, 2025			3,901,348
Beginning balance at Dec. 31, 2025	518,357			$ 1,616,478		228,365	(250)	(1,326,236)
Beginning balance, shares at Dec. 31, 2025				187,660,263
Temporary equity, Beginning balance at Dec. 31, 2025	$ 7,874		$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2025	3,901,348		3,901,348
Conversion of Series A preferred stock to common stock	$ 7,874		$ (7,874)	$ 7,874
Conversion of Series A preferred stock to common stock, shares			(3,901,348)	3,901,348
Stock-based compensation	9,063					9,063
Vesting of RSUs, shares				242,509
Option exercises	1,934			$ 1,934
Option exercises, shares				442,967
Issuance of common stock under the ESPP	593			$ 593
Issuance of common stock under the ESPP, shares				90,479
Other comprehensive income (loss)	(4)						(4)
us-gaap:NetIncomeLoss	(26,087)							(26,087)
Ending balance at Mar. 31, 2026	511,730			$ 1,626,879		237,428	(254)	(1,352,323)
Ending balance, shares at Mar. 31, 2026				192,337,566
Temporary equity, Ending balance at Mar. 31, 2026			$ 0
Temporary equity, Ending balance, shares at Mar. 31, 2026			0
Beginning balance at Dec. 31, 2025	518,357			$ 1,616,478		228,365	(250)	(1,326,236)
Beginning balance, shares at Dec. 31, 2025				187,660,263
Temporary equity, Beginning balance at Dec. 31, 2025	$ 7,874		$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2025	3,901,348		3,901,348
us-gaap:NetIncomeLoss	$ (157,354)
Ending balance at Sep. 30, 2026	401,936			$ 197		1,885,894	(565)	(1,483,590)
Ending balance, shares at Sep. 30, 2026				197,213,583
Temporary equity, Ending balance at Sep. 30, 2026	$ 0		$ 0
Temporary equity, Ending balance, shares at Sep. 30, 2026	0		0
Beginning balance at Mar. 31, 2026	$ 511,730			$ 1,626,879		237,428	(254)	(1,352,323)
Beginning balance, shares at Mar. 31, 2026				192,337,566
Temporary equity, Beginning balance at Mar. 31, 2026			$ 0
Temporary equity, Beginning balance, shares at Mar. 31, 2026			0
Conversion of Series A preferred stock to common stock, shares				822,638
Stock-based compensation	10,733					10,733
Vesting of RSUs, shares				40,949
Option exercises	330			$ 330
Option exercises, shares				76,469
Other comprehensive income (loss)	82						82
us-gaap:NetIncomeLoss	(69,355)							(69,355)
Ending balance at Jun. 30, 2026	453,520			$ 1,627,209		248,161	(172)	(1,421,678)
Ending balance, shares at Jun. 30, 2026				193,277,622
Temporary equity, Ending balance at Jun. 30, 2026			$ 0
Temporary equity, Ending balance, shares at Jun. 30, 2026			0
Conversion of Series A preferred stock to common stock, shares				3,683,883
Exchange of ordinary shares for shares of common stock due to the Redomiciliation				$ (1,627,394)		1,627,394
Stock-based compensation	10,288					10,288
Vesting of RSUs, shares				166,370
Option exercises	88			$ 37		51
Option exercises, shares				19,562
Issuance of common stock under the ESPP	345			$ 345
Issuance of common stock under the ESPP, shares				66,146
Other comprehensive income (loss)	(393)						(393)
us-gaap:NetIncomeLoss	(61,912)							(61,912)
Ending balance at Sep. 30, 2026	401,936			$ 197		$ 1,885,894	$ (565)	$ (1,483,590)
Ending balance, shares at Sep. 30, 2026				197,213,583
Temporary equity, Ending balance at Sep. 30, 2026	$ 0		$ 0
Temporary equity, Ending balance, shares at Sep. 30, 2026	0		0

Marketable Securities - Additional Information (Details) - USD ($)	Sep. 30, 2026	Dec. 31, 2025
Marketable Securities [Abstract]
Marketable securities	$ 233,697,000	$ 0

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Company's financial assets measured at fair value


	As of September 30, 2026								As of December 31, 2025
			Fair Value Hierarchy								Fair Value Hierarchy
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in thousands)								(in thousands)
Cash equivalents:
Corporate bonds	$	428		—		428		—
Money market funds		16,808		16,808		—		—		596,264		596,264		—		—

Marketable securities:
Corporate bonds		76,382		—		76,382		—		—		—		—		—
Treasury Bills		55,338		—		55,338		—		—		—		—		—
U.S. Government securities		101,977		—		101,977		—		—		—		—		—
Total	$	250,933	$	16,808	$	234,125	$	—	$	596,264	$	596,264	$	—	$	—