View Filing Data

Print Document View Excel Document

Significant Accounting Policies - Summary of Result of Adopting ASC 606 on Financial Statement - Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Balance Sheet Statements Captions [Line Items]
Current portion of deferred revenue	$ 89,652	$ 100,945	$ 1,275
Deferred revenue, net of current portion	63,466	68,156	7,241
Accumulated deficit	$ (533,359)	$ (339,721)	(192,716)
As Originally Reported Under ASC 605 [Member] \| ASC 606 [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current portion of deferred revenue			2,705
Deferred revenue, net of current portion			5,607
Accumulated deficit			(192,512)
Effect of Change [Member] \| ASC 606 [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current portion of deferred revenue			(1,430)
Deferred revenue, net of current portion			1,634
Accumulated deficit			$ (204)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 147,161	$ 174,819
Current portion of accounts receivable	20,000	10,000
Prepaid expenses	9,626	6,587
Other current assets	8,689	10,867
Total current assets	185,476	202,273
Long-term assets:
Accounts receivable, net of current portion	30,000	50,000
Property and equipment, net	36,368	39,931
Operating lease right-of-use assets	18,101
Restricted cash	3,647	3,625
Other assets	10,658	111
Total long-term assets	98,774	93,667
Total assets	284,250	295,940
Current liabilities:
Accounts payable	9,073	13,089
Accrued expenses and other current liabilities	16,185	14,736
Current portion of deferred rent		115
Current portion of deferred revenue	89,652	100,945
Current portion of lease incentive obligation		1,156
Current portion of operating lease liability	3,243
Total current liabilities	118,153	130,041
Long-term liabilities:
Deferred rent, net of current portion		5,132
Deferred revenue, net of current portion	63,466	68,156
Lease incentive obligation, net of current portion		9,247
Operating lease liability, net of current portion	29,304
Other liabilities	1,721	2,142
Total long-term liabilities	94,491	84,677
Total liabilities	212,644	214,718
Series A preferred shares, no par value; 3,901,348 shares issued and outstanding at December 31, 2019 and 2018	7,874	7,874
Shareholders’ equity:
Ordinary shares, no par value; 34,340,690 and 29,472,197 shares issued and outstanding at December 31, 2019 and 2018, respectively	539,547	375,148
Additional paid-in capital	57,277	37,768
Accumulated other comprehensive income	267	153
Accumulated deficit	(533,359)	(339,721)
Total shareholders’ equity	63,732	73,348
Total liabilities, Series A preferred shares and shareholders’ equity	$ 284,250	$ 295,940

Consolidated Statements of Series A Preferred Shares and Shareholders' Equity - USD ($) $ in Thousands	Total	Series A Preferred Shares [Member]	Ordinary Shares [Member]	Additional Paid-In-Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2016	$ 134,604		$ 215,602	$ 10,029	$ (291)	$ (90,736)
Beginning balance, shares at Dec. 31, 2016			23,502,169
Temporary equity, Beginning balance at Dec. 31, 2016		$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2016		3,901,348
Issuance of ordinary shares, net of issuance costs	93,509		$ 93,509
Issuance of ordinary shares, net of offering costs, shares			4,166,667
Share-based compensation	12,143			12,143
Vesting of RSUs, shares			22,750
Option exercises	927		$ 927
Option exercises, shares			137,493
Other comprehensive income	407				407
Net loss	(101,980)					(101,980)
Ending balance at Dec. 31, 2017	139,610		$ 310,038	22,172	116	(192,716)
Ending balance, shares at Dec. 31, 2017			27,829,079
Temporary equity, Ending balance at Dec. 31, 2017		$ 7,874
Temporary equity, Ending balance, shares at Dec. 31, 2017		3,901,348
Issuance of ordinary shares, net of issuance costs	60,000		$ 60,000
Issuance of ordinary shares, net of offering costs, shares			1,096,892
Share-based compensation	15,596			15,596
Vesting of RSUs, shares			38,594
Option exercises	5,110		$ 5,110
Option exercises, shares			507,632
Impact of adoption of ASU 2016-16	(352)					(352)
Other comprehensive income	37				37
Net loss	(146,653)					(146,653)
Ending balance at Dec. 31, 2018	73,348		$ 375,148	37,768	153	(339,721)
Ending balance, shares at Dec. 31, 2018			29,472,197
Temporary equity, Ending balance at Dec. 31, 2018	$ 7,874	$ 7,874
Temporary equity, Ending balance, shares at Dec. 31, 2018	3,901,348	3,901,348
Issuance of ordinary shares, net of issuance costs	$ 161,792		$ 161,792
Issuance of ordinary shares, net of offering costs, shares			4,542,500
Share-based compensation	19,509			19,509
Vesting of RSUs, shares			112,437
Option exercises	2,607		$ 2,607
Option exercises, shares			213,556
Other comprehensive income	114				114
Net loss	(193,638)					(193,638)
Ending balance at Dec. 31, 2019	63,732		$ 539,547	$ 57,277	$ 267	$ (533,359)
Ending balance, shares at Dec. 31, 2019			34,340,690
Temporary equity, Ending balance at Dec. 31, 2019	$ 7,874	$ 7,874
Temporary equity, Ending balance, shares at Dec. 31, 2019	3,901,348	3,901,348

Leases - Schedule of Future Minimum Rental Payments for Operating Leases Under Topic 842 (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
Operating Lease Liabilities, Payments Due [Abstract]
2020	$ 5,846
2021	6,021
2022	6,201
2023	5,236
2024	5,002
Thereafter	15,925
Total lease payments	44,231
Less: imputed interest	(11,684)
Total operating lease liabilities	$ 32,547	$ 35,400

The Company

12 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

The Company

1. THE COMPANY

Organization

Wave Life Sciences Ltd. (together with its subsidiaries, “Wave” or the “Company”) is a clinical-stage genetic medicines company committed to delivering life-changing treatments for people battling devastating diseases. PRISM, Wave’s proprietary discovery and drug development platform, enables Wave to target genetically defined diseases with stereopure oligonucleotides across multiple therapeutic modalities.

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

The Company’s primary activities since inception have been developing PRISM to design, develop and commercialize oligonucleotide therapeutics, advancing the Company’s CNS business, building the Company’s research and development activities in ophthalmology and hepatic, 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 net losses. To date, the Company has primarily funded its operations through private placements of debt and equity securities, public offerings of its ordinary shares 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 collaborations with third parties. Adequate additional financing may not be available to the Company on acceptable terms, or at all. The inability to raise capital as and when needed would have a negative impact on the Company’s financial condition and ability to pursue its business strategy.

As of December 31, 2019, the Company had cash and cash equivalents of $147.2 million. The Company expects that its existing cash and cash equivalents will be sufficient to fund its operations for at least the next twelve months. The Company has based this expectation on assumptions that may prove to be incorrect, and the Company may use its available capital resources sooner than it currently expects. If the Company’s anticipated operating results are not achieved in future periods, planned expenditures may need to be further reduced in order to extend the time period over which the then-available resources would be able to fund the Company’s operations. In addition, the Company may elect to raise additional funds before it needs them if the conditions for raising capital are favorable due to market conditions or strategic considerations, even if the Company expects it has sufficient funds for its current or future operating plans.

Risks and Uncertainties

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

Basis of Presentation

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

Share-Based Compensation - Summary of Share-based Compensation Expense Classified in Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 19,509	$ 15,596	$ 12,143
Research and Development Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	9,479	9,172	7,670
General and Administrative Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 10,030	$ 6,424	$ 4,473

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

8. LEASES

Lease Arrangements

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

Operating Leases

On September 26, 2016, and as amended on December 31, 2016, the Company entered into a 10 year and 9 month lease, which includes two successive five-year renewal options, for its facility in Lexington, Massachusetts, which the Company uses primarily for its current good manufacturing practices (“cGMP”) manufacturing, as well as for additional laboratory and office space. Throughout the term of the lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities. As required under the terms of the lease agreement, the Company has placed restricted cash of $2.6 million in a separate bank account at December 31, 2019 and 2018.

As of December 31, 2018, the Company had received $11.4 million of tenant improvement allowances, which was the maximum amount allowed per the lease for the Lexington, Massachusetts facility. In applying the ASC 842 transition guidance, the Company utilized the operating lease classification and recorded a lease liability and a right-of-use asset on the ASC 842 effective date, with the lease incentive obligation being de-recognized and serving to reduce the right-of-use asset.

In April 2015, the Company entered into a lease agreement for an office and laboratory facility in Cambridge, Massachusetts, which commenced in October 2015 with a term of 7.5 years with a five-year renewal option to extend the lease. As required under the terms of the lease agreement, the Company has placed restricted cash of $1.0 million in a separate bank account at December 31, 2019 and 2018. In applying the ASC 842 transition guidance, the Company utilized the operating lease classification and recorded lease liability and a right-of-use asset on the ASC 842 effective date.

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the year ended December 31, 2019:

	For the Year Ended December 31, 2019
	(in thousands)
Lease cost
Operating lease cost	$	4,472
Total lease cost	$	4,472

Other information
Operating cash flows used for operating leases	$	5,675
Operating lease liabilities arising from obtaining right-of-use assets	$	—
Weighted average remaining lease term	7.3 years
Weighted average discount rate		8.5	%

Future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2019, are as follows:

	As of December 31, 2019
	(in thousands)
2020	$	5,846
2021		6,021
2022		6,201
2023		5,236
2024		5,002
Thereafter		15,925
Total lease payments	$	44,231
Less: imputed interest		(11,684	)
Total operating lease liabilities	$	32,547

Future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2018, are as follows:

	As of December 31, 2018
	(in thousands)
2019	$	5,675
2020		5,846
2021		6,021
2022		6,201
2023		5,236
Thereafter		20,927
Total lease payments	$	49,906

The Company recorded rent expense of $4.5 million, $4.9 million and $5.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Selected Quarterly Financial Information (Unaudited) - Schedule of Selected Quarterly Results from Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]
Revenue	$ 2,400	$ 2,929	$ 7,628	$ 3,026	$ 3,620	$ 4,493	$ 4,879	$ 1,422	$ 15,983	$ 14,414	$ 3,893
Operating expenses	62,933	57,108	53,245	51,014	52,563	42,725	41,452	37,197	224,300	173,937	106,284
Loss from operations	(60,533)	(54,179)	(45,617)	(47,988)	(48,943)	(38,232)	(36,573)	(35,775)	(208,317)	(159,523)	(102,391)
Net loss	$ (56,770)	$ (50,726)	$ (41,942)	$ (44,200)	$ (37,887)	$ (37,631)	$ (35,894)	$ (35,241)	$ (193,638)	$ (146,653)	$ (101,980)
Basic and diluted net loss per ordinary share	$ (1.65)	$ (1.48)	$ (1.22)	$ (1.36)	$ (1.29)	$ (1.28)	$ (1.23)	$ (1.26)	$ (5.72)	$ (5.06)	$ (3.85)

- Definition

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

+ References + Details

Leases - Future Minimum Lease Payments Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	$ 5,675
2020	5,846
2021	6,021
2022	6,201
2023	5,236
Thereafter	20,927
Total lease payments	$ 49,906

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Estimated Useful Life of Assets

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

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

ASC 606 [Member]

Summary of Result of Adopting ASC 606 on Financial Statement

As a result of adopting ASC 606 on January 1, 2018, the Company revised its comparative financial statements for the prior year as if ASC 606 had been effective for that period. As a result, the following financial statement line items were affected as of December 31, 2017 and for the year then ended.

Consolidated Balance Sheets
	As of December 31, 2017
	As revised under ASC 606			As originally reported under ASC 605			Effect of change
	(in thousands)
Current portion of deferred revenue	$	1,275		$	2,705		$	(1,430	)
Deferred revenue, net of current portion		7,241			5,607			1,634
Accumulated deficit		(192,716	)		(192,512	)		(204	)

Consolidated Statements of Operations and Comprehensive Loss

	For the Year Ended December 31, 2017
	As revised under ASC 606			As originally reported under ASC 605			Effect of change
	(in thousands, except per share data)
Revenue	$	3,893		$	3,704		$	189
Loss from operations		(102,391	)		(102,580	)		189
Income tax provision		(842	)		(708	)		(134	)
Net loss		(101,980	)		(102,035	)		55

Consolidated Statement of Cash Flows

	For the Year Ended December 31, 2017
	As revised under ASC 606			As originally reported under ASC 605			Effect of change
	(in thousands)
Net loss	$	(101,980	)	$	(102,035	)	$	55
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes		908			774			134
Changes in operating assets and liabilities:
Deferred revenue		(2,893	)		(2,704	)		(189	)

Share-Based Compensation - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Share-based compensation expense	$ 19,509,000	$ 15,596,000	$ 12,143,000
Research and Development Expenses [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Share-based compensation expense	$ 9,479,000	9,172,000	7,670,000
Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees	567,915
Unrecognized stock-based compensation weighted average recognition period	2 years 9 months 3 days
Unrecognized stock-based compensation expense	$ 23,700,000
Performance Based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees	998,940
RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees	1,566,855
Fair value of RSUs vested	$ 4,200,000	$ 1,800,000	$ 400,000
2014 Plan [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Ordinary shares reserved for issuance					1,763,714
Number of shares authorized (in shares)	7,971,331	6,943,344	6,064,544	5,064,544
Ordinary shares available for future grant	1,081,856
Weighted average grant date fair value per granted option	$ 11.95	$ 27.90	$ 16.58
Aggregate fair value of options vested	$ 15,200,000	$ 9,300,000	$ 11,500,000
2014 Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 17,100,000
Unrecognized stock-based compensation weighted average recognition period	1 year 11 months 8 days
2014 Plan [Member] \| Non-Employees Stock Option [Member] \| Research and Development Expenses [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 1,400,000	$ 2,900,000
2014 Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period	1 year
Contractual life of options	5 years
2014 Plan [Member] \| Minimum [Member] \| Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period	1 year
2014 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period	4 years
Contractual life of options	10 years
2014 Plan [Member] \| Maximum [Member] \| Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period	4 years

Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] $ in Millions	Feb. 06, 2020 USD ($)
Subsequent Event [Line Items]
Percentage of reduction in workforce	22.00%
Restructuring Charges	$ 3.5

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Cash Equivalents

The Company considers all highly liquid securities with original final maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents are comprised of funds in money market accounts.

Principles of Consolidation

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

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include the assumptions used to determine the fair value of share-based awards, the Company’s revenue recognition policy, particularly, (a) assessing the number of performance obligations; (b) determining the transaction price; (c) allocating the transaction price to the performance obligations in the contract; and (d) determining the pattern over which performance obligations are satisfied, including estimates to complete performance obligations, the evaluation of progress to completion of external research and development costs which can result in prepaid or accrued expenses related to the Company’s contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), the valuation allowance required for the Company’s deferred tax assets, determining uncertain tax positions and the related liabilities, and estimating refundable tax credits. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.

Reclassifications

The Company has reclassified certain prior period financial statement amounts to conform to its current period presentation. These reclassifications have not changed the results of operations of prior periods.

Segment Data

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on developing its proprietary discovery and drug development platform, PRISM, to develop and commercialize a broad pipeline of nucleic acid-based therapeutics, or oligonucleotides.

Going Concern

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

Foreign Currency Translation

The functional currency is the U.S. dollar for all of the Company’s entities aside from Wave Japan, which has the Japanese Yen as its functional currency. Assets and liabilities of Wave Japan are translated at period end exchange rates while revenues and expenses of Wave Japan are translated at average exchange rates for the period. Net unrealized gains and losses from foreign currency translation are reflected as other comprehensive income (loss) within the consolidated statements of Series A preferred shares and shareholders’ equity and the consolidated statements of operations and comprehensive loss. Gains and losses on foreign currency transactions are included in the consolidated statements of operations and comprehensive loss within other income (expense), net.

Fair Value of Financial Instruments

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

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

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

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

Cash, cash equivalents and restricted cash are Level 1 assets which are comprised of funds held in checking and money market accounts. Cash, cash equivalents and restricted cash were recorded at fair value as of December 31, 2019 and 2018, totaling $150.8 million and $178.4 million, respectively. The carrying amounts of accounts payable and accrued expenses approximate their fair values due to their short-term maturities. Accounts receivable relate to the Company’s collaboration agreements.

Concentration of Credit Risk

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

Restricted Cash

Restricted cash consists primarily of cash placed in separate restricted bank accounts as required under the terms of the Company’s lease agreements for its Cambridge, Massachusetts and Lexington, Massachusetts facilities (refer to Note 8). As of December 31, 2019 and 2018, the Company had $3.6 million of restricted cash, of which $2.6 million related to the Lexington facility and $1.0 million related to the Cambridge facility.

Property and Equipment

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

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

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

Impairment of Long-Lived Assets

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

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

Revenue Recognition

Effective January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), using the full retrospective transition method. As a result of adopting ASC 606 on January 1, 2018, the Company revised its comparative financial statements for the prior year as if ASC 606 had been effective for that period. As a result, the following financial statement line items were affected as of December 31, 2017 and for the year then ended.

Consolidated Balance Sheets
	As of December 31, 2017
	As revised under ASC 606			As originally reported under ASC 605			Effect of change
	(in thousands)
Current portion of deferred revenue	$	1,275		$	2,705		$	(1,430	)
Deferred revenue, net of current portion		7,241			5,607			1,634
Accumulated deficit		(192,716	)		(192,512	)		(204	)

Consolidated Statements of Operations and Comprehensive Loss

	For the Year Ended December 31, 2017
	As revised under ASC 606			As originally reported under ASC 605			Effect of change
	(in thousands, except per share data)
Revenue	$	3,893		$	3,704		$	189
Loss from operations		(102,391	)		(102,580	)		189
Income tax provision		(842	)		(708	)		(134	)
Net loss		(101,980	)		(102,035	)		55

Consolidated Statement of Cash Flows

	For the Year Ended December 31, 2017
	As revised under ASC 606			As originally reported under ASC 605			Effect of change
	(in thousands)
Net loss	$	(101,980	)	$	(102,035	)	$	55
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes		908			774			134
Changes in operating assets and liabilities:
Deferred revenue		(2,893	)		(2,704	)		(189	)

Under ASC 605, the Company was recognizing the revenue allocated to each unit of accounting on a straight-line basis over the period the Company is expected to complete its obligations. Under ASC 606, the Company is recognizing the revenue allocated to each performance obligation over time, measuring progress using an input method over the period the Company is expected to complete each performance obligation.

Under ASC 605, the Company recognized revenue related to milestone payments as the milestone was achieved, using the milestone method. Under ASC 606, the Company performs an assessment of the probability of milestone achievement at each reporting date and determines whether the cumulative revenue related to the milestone is at risk of significant reversal.

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

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

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

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

Licenses of intellectual property: In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the customer and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the customer can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

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

Customer options: If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, that is, the option to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the standalone selling price. As a practical alternative to estimating the standalone selling price when the goods or services are both (i) similar to the original goods and services in the contract and (ii) provided in accordance with the terms of the original contract, the Company allocates the total amount of consideration expected to be received from the customer to the total goods or services expected to be provided to the customer. Amounts allocated to any material right are not recognized as revenue until the option is exercised and the performance obligation is satisfied.

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

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

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

For additional discussion of accounting for collaboration revenues, see Note 5.

Product Revenue

The Company has had no product revenue to date.

Research and Development Expenses

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

License Agreements and Patent Costs

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

Refundable Tax Credits

The Company is eligible for refundable tax credits with tax authorities for certain qualified operating expenses. The Company recognizes refundable tax credits when there is reasonable assurance that the Company will comply with the requirements of the refundable tax credit and that the refundable tax credit will be received.

Refundable tax credits are recorded as income and classified in other income (expense), net in the consolidated statements of operations and comprehensive loss.

Net Loss per Share

Basic net loss per share is computed using the weighted-average number of ordinary shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted-average number of ordinary shares outstanding during the period and, if dilutive, the weighted-average number of potential ordinary shares, including the assumed exercise of share options.

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

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

Share-Based Compensation

The Company measures and recognizes share-based compensation expense, for both employee and director option awards, based on the grant date fair value of the awards. The Company calculates the fair value of restricted share unit awards based on the grant date fair value of the underlying ordinary shares. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period of the awards, which is generally the vesting period.

The Company determines the fair value of share-based awards granted to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All equity instruments issued to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. These awards are recorded in expense and additional paid-in capital in shareholders’ equity over the applicable service periods based on the fair value of the options at the end of each period. The Company accounts for the expense from share-based awards to non-employees by re-measuring the awards at fair value over the vesting period.

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

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

•

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

•

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

•

Expected Volatility Since there is limited historical data for the Company’s ordinary shares and limited company-specific historical volatility, it has determined the share price volatility for options granted based on an analysis of the volatility used by a peer group of publicly traded companies. In evaluating similarity, the Company considers factors such as industry, stage of life cycle and size.

•

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

•

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

Income Taxes

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

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

The Company recognizes interest and penalties related to uncertain tax positions in the income tax provision on the consolidated statements of operations and comprehensive loss.

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

Leases

Effective January 1, 2019, the Company adopted ASC 842, Leases (“ASC 842”), using the modified retrospective approach and utilizing the effective date as its date of initial application, for which prior periods are presented in accordance with the previous guidance in ASC 840, Leases (“ASC 840”). In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which was further clarified when the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”), ASU No. 2018-11, Leases (Topic 842)—Targeted Improvements (“ASU 2018-11”), and ASU No. 2019-01, Codification Improvements to Topic 842, Leases (“ASU 2019-01”). The adoption of ASC 842, in accordance with ASU 2016-02, ASU 2018-10, ASU 2018-11, and ASU 2019-01, requires a lessee to recognize assets and liabilities on the balance sheet for operating leases and changes many key definitions, including the definition of a lease. ASC 842 includes a short-term lease exception for leases with a term of 12 months or less, in which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. Lessees will continue to differentiate between finance leases (previously referred to as capital leases) and operating leases, using classification criteria that are substantially similar to the previous guidance. For lessees, the recognition, measurement, and presentation of expenses and cash flows arising from a lease have not significantly changed from previous U.S. GAAP. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply, as well as transition guidance specific to nonstandard leasing transactions. As further described above, the Company adopted ASC 842 on January 1, 2019 using a cumulative-effect adjustment on the effective date of the standard, for which comparative periods are presented in accordance with the previous guidance in ASC 840.

In adopting ASC 842, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election to not recognize on the balance sheet leases with a term of 12 months or less.

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.

Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. In transition to ASC 842, the Company utilized the remaining lease term of its leases in determining the appropriate incremental borrowing rates.

In accordance with ASC 842, components of a lease should be split into three categories: lease components (e.g., land, building, etc.), non-lease components (e.g., common area maintenance, consumables, etc.), and non-components (e.g., property taxes, insurance, etc.). The fixed and in-substance fixed contract consideration (including any consideration related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.

Although separation of lease and non-lease components is required, certain expedients are available. Entities may elect the practical expedient to not separate lease and non-lease components by class of underlying asset. Rather, entities would account for each lease component and the related non-lease component together as a single component. For new and amended leases beginning in 2019 and after, the Company has elected to account for the lease and non-lease components for leases for classes of all underlying assets and allocate all of the contract consideration to the lease component only.

Recently Issued Accounting Pronouncements

In November 2018, the FASB issued Accounting Standards Update No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (“ASU 2018-18”). The standard amends ASC 808, Collaborative Agreements and ASC 606, Revenue from Contracts with Customers, to clarify the interaction between collaborative arrangement participants that should be accounted for as revenue under ASC 606. In transactions when the collaborative arrangement participant is a customer in the context of a unit of account, revenue should be accounted for using the guidance in ASC 606. The amendments in ASU 2018-18 are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the new guidance included in ASU 2018-18, but does not expect it to have a material impact on its consolidated financial statements.

In December 2019, the FASB finalized Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions in ASC 740 and generally simplifies existing guidance. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, but may be adopted earlier by entities. The Company is currently evaluating the potential impact that the adoption of ASU 2019-12 may have on its consolidated financial statements.

Recently Adopted Accounting Pronouncements

The Company adopted ASC 842 using the modified retrospective approach outlined in ASU 2018-11 as of January 1, 2019. The adoption of this standard resulted in the recognition of operating lease liabilities and right-of-use assets of $35.4 million and $19.7 million, respectively, as well as the derecognition of the deferred rent and lease incentive obligation balances, which reduced the right-of-use asset on the Company’s balance sheet as of January 1, 2019 relating to its leases for its corporate headquarters in Cambridge, Massachusetts and for its manufacturing, laboratory and office facility in Lexington, Massachusetts.

In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”), which allows companies to make a one-time reclassification of the stranded tax effects (as defined by ASU 2018-02) from accumulated other comprehensive income to retained earnings as a result of the tax legislation enacted in December 2017, commonly known as the “Tax Cuts and Jobs Act.” The Company adopted ASU 2018-02 effective as of January 1, 2019 and applied it prospectively. The adoption did not have an impact on the Company’s consolidated financial statements.

Leases - Additional Information (Detail) - USD ($)	12 Months Ended			27 Months Ended
Leases - Additional Information (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Sep. 26, 2016	Apr. 30, 2015
Operating Leased Assets [Line Items]
Restricted cash	$ 3,647,000	$ 3,625,000		$ 3,625,000
Lease rent expense	$ 4,500,000	4,900,000	$ 5,600,000
Lexington, Massachusetts [Member]
Operating Leased Assets [Line Items]
Lease agreement term					10 years 9 months
Renewal options	10 year and 9 month lease, which includes two successive five-year renewal options
Restricted cash	$ 2,600,000	2,600,000		2,600,000
Lease renewal term					5 years
Lexington, Massachusetts [Member] \| Maximum [Member]
Operating Leased Assets [Line Items]
Tenant improvement allowances received				11,400,000
Cambridge, Massachusetts [Member]
Operating Leased Assets [Line Items]
Lease agreement term						7 years 6 months
Restricted cash	$ 1,000,000.0	$ 1,000,000.0		$ 1,000,000.0
Lease renewal term						5 years
Lease option to extend description	five-year renewal option to extend the lease
Option to extend the lease	true

Net Loss Per Ordinary Share - Anti-Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Ordinary Share (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Options to Purchase Ordinary Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	3,838,549	4,016,590
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	1,751,862	408,521
Series A Preferred Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	3,901,348	3,901,348

Income Taxes - Components of Loss before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Loss before income taxes	$ (193,638)	$ (146,584)	$ (101,138)
Singapore [Member]
Income Taxes [Line Items]
Loss before income taxes	(5,931)	(14,523)	(76,696)
Rest Of World [Member]
Income Taxes [Line Items]
Loss before income taxes	$ (187,707)	$ (132,061)	$ (24,442)

Share-Based Compensation - Summary of Fair Value of Share Options Granted to Employees (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Employee Stock Option [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	1.34%	2.49%	1.49%
Risk-free interest rate, maximum	2.62%	3.01%	2.23%
Expected volatility, minimum	68.00%	64.00%	69.00%
Expected volatility, maximum	74.00%	71.00%	72.00%
Expected dividend yield	0.00%	0.00%	0.00%
Employee Stock Option [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Expected term (in years)	3 years	3 years	3 years
Employee Stock Option [Member] \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 9 days	6 years 3 months	6 years 3 months

Income Taxes - Summary of Activity in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward
Unrecognized tax benefit at the beginning of the year	$ 10,219	$ 6,207	$ 2,343
Tax positions related to prior years	(14)	430
Tax positions related to statute lapse	(23)
Tax positions related to the current year	6,500	3,582	3,864
Unrecognized tax benefit at the end of the year	$ 16,682	$ 10,219	$ 6,207

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

11. INCOME TAXES

The components of loss before income taxes were as follows:

	Year Ended December 31,
	2019			2018			2017
	(in thousands)
Singapore	$	(5,931	)	$	(14,523	)	$	(76,696	)
Rest of world		(187,707	)		(132,061	)		(24,442	)
Loss before income taxes	$	(193,638	)	$	(146,584	)	$	(101,138	)

During the year ended December 31, 2019, the Company recorded no income tax provision. During the years ended December 31, 2018 and 2017, the Company recorded an income tax provision of $0.1 million and $0.8 million, respectively. The 2018 income tax provision was due to adjustments related to the filing of the Company’s 2017 tax returns with the relevant tax authorities. The 2017 tax provision was due to the Company’s establishment of a valuation allowance against the Company’s U.S. deferred tax assets, as well as income generated under research and management services arrangements between the Company’s U.S. and Singapore entities, which is taxed in the United States.

During the year ended December 31, 2019, the Company recorded no income tax benefit for the net operating losses incurred in Singapore, the United States, and the United Kingdom, due to uncertainty regarding future taxable income in those jurisdictions. During the year ended December 31, 2018, the Company recorded no income tax benefit for the net operating losses incurred in Singapore, the United States, Japan and the United Kingdom, due to uncertainty regarding future taxable income in those jurisdictions. During the year ended December 31, 2017, the Company recorded no income tax benefit for the net operating losses incurred in Singapore and the United Kingdom, due to uncertainty regarding future taxable income in those jurisdictions. In May 2016, the Company established a wholly-owned subsidiary in Ireland, however no income tax expense or benefit has been recorded during the years ended December 31, 2019, 2018 or 2017.

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

	Year Ended December 31,
	2019		2018			2017
	(in thousands)
Current benefit (provision) for income taxes:
Singapore	$	—	$	(4	)	$	199
Rest of world		—		(65	)		(133	)
Total current benefit (provision) for income taxes	$	—	$	(69	)	$	66
Deferred benefit (provision) for income taxes:
Singapore	$	—	$	—		$	(134	)
Rest of world		—		—			(774	)
Total deferred benefit (provision) for income taxes	$	—	$	—		$	(908	)
Total benefit (provision) for income taxes	$	—	$	(69	)	$	(842	)

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

	Year Ended December 31,
	2019			2018			2017
Singapore statutory income tax rate		17.0	%		17.0	%		17.0	%
Federal and state tax credits		9.4			6.6			5.7
Permanent differences		(1.5	)		(0.3	)		(2.6	)
Changes in reserves for uncertain tax positions		(3.2	)		(2.3	)		(3.5	)
Foreign rate differential		7.0			7.8			2.8
Tax rate change		(0.4	)		(0.3	)		(0.9	)
Other		1.3			0.2			0.4
Change in deferred tax asset valuation allowance		(29.6	)		(28.7	)		(19.7	)
Effective income tax rate		—			—			(0.8	)%

The components of the Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows:

	December 31,
	2019			2018
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	89,585		$	58,661
Federal and state tax credits		31,336			13,783
Accrued expenses		—			4,276
Share-based compensation		6,342			3,811
Accumulated amortization		11,169			18,829
Operating lease liabilities		8,892			—
Deferred revenue		14,299			—
Other		424			1,267
Total deferred tax assets		162,047			100,627
Valuation allowance		(156,680	)		(99,438	)
Net deferred tax assets		5,367			1,189
Deferred tax liabilities:
Operating lease right-of-use assets		(4,945	)		—
Accumulated depreciation		(422	)		(1,155	)
Other		—			(34	)
Total deferred tax liabilities		(5,367	)		(1,189	)
Net deferred tax assets (liabilities)	$	—		$	—

A roll-forward of the valuation allowance for the years ended December 31, 2019 and 2018 is as follows:

	Year Ended December 31,
	2019		2018
	(in thousands)
Balance at beginning of year	$	99,438	$	36,069
Increase in valuation allowance		57,235		63,337
Reversal of valuation allowance		—		—
Effect of foreign currency translation		7		32
Balance at end of year	$	156,680	$	99,438

As of December 31, 2019, the Company had federal net operating loss carryforwards in the United States of $137.1 million, $135.1 million of which may be available to offset future income tax liabilities indefinitely, while $2.0 million of carryforwards that were in existence as of December 31, 2017 may offset future income tax liabilities up through 2037. As of December 31, 2019, the Company had state net operating loss carryforwards of $127.8 million that will begin to expire in 2038. As of December 31, 2019 and 2018, the Company has U.S. federal research and development tax credit carryforwards of approximately $8.9 million and $6.2 million, respectively, available to offset future U.S. federal income taxes and will begin to expire in 2031. As of December 31, 2019 and 2018, the Company has state research and development tax credit carryforwards of approximately $6.3 million and $1.8 million, respectively, available to offset future state income taxes and will begin to expire in 2033, and state investment tax credit carryforwards of $1.1 million and $0.9 million, respectively, that will begin to expire in 2020. As of December 31, 2019, the Company had a U.S. orphan drug credit carryforward of $16.6 million that will begin to expire in 2037.

As of December 31, 2019 and 2018, the Company has net operating loss carryforwards in Japan of $2.9 million and $2.9 million, respectively, which may be available to offset future income tax liabilities and begin to expire in 2023.

As of December 31, 2019 and 2018, the Company has net operating loss carryforwards in Singapore of $171.6 million and $161.3 million, respectively, which may be available to offset future income tax liabilities and can be carried forward indefinitely.

As of December 31, 2019 and 2018, the Company has net operating loss carryforwards in the United Kingdom of $133.1 million and $46.4 million, which may be available to offset future income tax liabilities and can be carried forward indefinitely.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets. As of December 31, 2019, management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets in all jurisdictions. Accordingly, a full valuation allowance has been established against those deferred tax assets as of December 31, 2019.

The valuation allowance increased by approximately $57.2 million in 2019, $63.3 million in 2018 and $20.1 million in 2017 primarily as a result of operating losses generated with no corresponding financial statement benefit. The Company may release this valuation allowance when management determines that it is more-likely-than-not that the deferred tax assets will be realized. Any release of valuation allowance will be recorded as a tax benefit either increasing net income or decreasing net loss.

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

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

	2019			2018		2017
	(in thousands)
Unrecognized tax benefit at the beginning of the year	$	10,219		$	6,207	$	2,343
Tax positions related to prior years		(14	)		430		—
Tax positions related to statute lapse		(23	)		—		—
Tax positions related to the current year		6,500			3,582		3,864
Unrecognized tax benefit at the end of the year	$	16,682		$	10,219	$	6,207

As of December 31, 2019, 2018 and 2017, the total amount of gross unrecognized tax benefits, which excludes interest and penalties, was $16.7 million, $10.2 million and $6.2 million, respectively. At December 31, 2019, $1.0 million of the net unrecognized tax benefits would affect the Company’s annual effective tax rate if recognized.

The Company anticipates that $0.9 million of the total unrecognized tax benefits at December 31, 2019 will decrease within the next twelve months due to a statute lapse.

The Company’s policy is to record interest and penalties related to uncertain tax positions as part of its income tax provision. As of December 31, 2019 and 2018, the Company had recorded less than $0.1 million of interest or penalties related to uncertain tax positions.

The Company files income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by various tax authorities in the United States, Japan, Singapore and the United Kingdom. Tax years from 2016 to the present are still open to examination in the United States, from 2015 to the present in Japan, from 2015 to the present in Singapore and from 2017 to the present in the United Kingdom. To the extent that the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the tax authorities to the extent utilized in a future period.

As of December 31, 2019 and 2018, $17.2 million and $53.0 million, respectively, of cash was held by the subsidiaries outside of Singapore. The Company does not provide for Singapore income tax or foreign withholding taxes on foreign unrepatriated earnings, as the Company intends to permanently reinvest undistributed earnings in its foreign subsidiaries. If the Company decides to change this assertion in the future to repatriate any additional foreign earnings, the Company may be required to accrue and pay taxes. Because of the complexity of Singapore and foreign tax rules applicable to the distribution of earnings from foreign subsidiaries to Singapore, the determination of the unrecognized deferred tax liability on these earnings is not practicable.

Utilization of the net operating loss carryforwards and research and development tax credit carryforwards in the United States may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the shares of a corporation by more than 50% over a three-year period. In 2018, the Company completed a study to assess whether an ownership change has occurred or whether there have been multiple ownership changes since its formation. The results of this study indicated that the Company experienced ownership changes as defined by Section 382 of the Code. Based on the results of the study, management has determined that the limitations will not have a material impact on the Company’s ability to utilize its net operating losses and research and development credit carryforwards to offset future tax liabilities. Should an ownership change have occurred after December 31, 2018 or occur in the future, the Company’s ability to utilize its net operating losses and research and development tax credit carryforwards may be limited.

Share-Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member]	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Outstanding, Number of Shares, Beginning Balance \| shares	408,521
Granted, Number of Shares \| shares	1,566,855
Vested, Number of Shares \| shares	(112,437)
Forfeited, Number of Shares \| shares	(111,077)
Outstanding, Number of Shares, Ending Balance \| shares	1,751,862
Outstanding, Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 37.16
Granted, Average Grant Date Fair Value \| $ / shares	42.71
Vested, Average Grant Date Fair Value \| $ / shares	36.61
Forfeited, Average Grant Date Fair Value \| $ / shares	42.69
Outstanding, Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 41.81

Share Capital

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Share Capital

6. SHARE CAPITAL

The following represents the historical ordinary share transactions of the Company from December 31, 2016 through December 31, 2019:

•

In April 2017, the Company closed a follow-on underwritten public offering of 4,166,667 ordinary shares at a purchase price of $24.00 per share for gross proceeds of $100.0 million. The net proceeds from this issuance were $93.5 million after deducting underwriting discounts and commissions and other offering expenses.

•

In April 2018, the Company issued 1,096,892 ordinary shares to Takeda under the Takeda Collaboration Agreement (Note 5) at a purchase price of $54.70 per share, for an aggregate purchase price of $60.0 million.

•

In January 2019, the Company closed a follow-on underwritten public offering of 3,950,000 ordinary shares at a purchase price of $38.00 per share for gross proceeds of $150.1 million, and in February 2019 the Company closed on the sale of an additional 592,500 ordinary shares (collectively, the “January 2019 Offering”) for gross proceeds of an additional $22.5 million. The net proceeds to the Company from the January 2019 Offering were $161.8 million, after deducting underwriting discounts and commissions and offering expenses.

Features of the Series A Preferred Shares and Ordinary Shares

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

Voting

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

Dividends

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

Liquidation

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

Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

14. SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Selected quarterly results from operations for the years ended December 31, 2019 and 2018 are as follows:

	2019 Quarter Ended
	March 31			June 30			September 30			December 31
	(in thousands, except for per share data)
Revenues	$	3,026		$	7,628		$	2,929		$	2,400
Operating expenses		51,014			53,245			57,108			62,933
Loss from operations		(47,988	)		(45,617	)		(54,179	)		(60,533	)
Net loss		(44,200	)		(41,942	)		(50,726	)		(56,770	)
Basic and diluted net loss per ordinary share	$	(1.36	)	$	(1.22	)	$	(1.48	)	$	(1.65	)

	2018 Quarter Ended
	March 31			June 30			September 30			December 31
	(in thousands, except for per share data)
Revenues	$	1,422		$	4,879		$	4,493		$	3,620
Operating expenses		37,197			41,452			42,725			52,563
Loss from operations		(35,775	)		(36,573	)		(38,232	)		(48,943	)
Net loss		(35,241	)		(35,894	)		(37,631	)		(37,887	)
Basic and diluted net loss per ordinary share	$	(1.26	)	$	(1.23	)	$	(1.28	)	$	(1.29	)

Share-Based Compensation

12 Months Ended

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

7. SHARE-BASED COMPENSATION

In December 2014, the Company’s board of directors adopted the Wave Life Sciences Ltd. 2014 Equity Incentive Plan (the “2014 Plan”), and reserved 1,763,714 ordinary shares for issuance under this plan, which was increased to 5,064,544 in 2015, to 6,064,544 in 2017, to 6,943,344 in 2018, and to 7,971,331 in 2019. The 2014 Plan authorizes the board of directors or a committee of the board to grant incentive share options, non-qualified share options, share appreciation rights, restricted awards, which include restricted shares and restricted share units (“RSUs”), and performance awards to eligible employees, consultants and directors of the Company. The Company accounts for grants to its board of directors as grants to employees.

As of December 31, 2019, 1,081,856 ordinary shares remained available for future grant under the 2014 Plan.

Share option activity under the 2014 Plan is summarized as follows:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)⁽¹⁾
Outstanding as of January 1, 2019		4,016,590		$	19.47
Granted		163,200			21.89
Exercised		(213,556	)		12.20
Forfeited or cancelled		(127,685	)		32.47
Outstanding as of December 31, 2019		3,838,549		$	19.54		6.13	$	7,530
Options exercisable as of December 31, 2019		2,972,764		$	15.17		5.75	$	7,530

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

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

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

	For the Year Ended December 31,
	2019	2018	2017
Risk-free interest rate	1.34% – 2.62%	2.49% – 3.01%	1.49% – 2.23%
Expected term (in years)	3.00 – 6.11	3.00 – 6.25	3.00 – 6.25
Expected volatility	68% – 74%	64% – 71%	69% – 72%
Expected dividend yield	0%	0%	0%

The options that were granted to non-employees in 2015 were fully vested as of December 31, 2018. There have been no additional options granted to non-employees since 2015.

RSU activity for the year ended December 31, 2019 is summarized as follows:

	RSUs			Average Grant Date Fair Value (in dollars per share)
Outstanding as of January 1, 2019		408,521		$	37.16
Granted		1,566,855			42.71
Vested		(112,437	)		36.61
Forfeited		(111,077	)		42.69
RSUs Outstanding at December 31, 2019		1,751,862		$	41.81

Of the RSUs granted, 567,915 were time-based RSUs and 998,940 were performance-based RSUs. Vesting of these performance-based RSUs is contingent on the occurrence of certain regulatory and commercial milestones. Time-based RSUs generally vest over periods of one to four years. RSUs that are forfeited are available to be granted again. The Company did not recognize an expense in 2019 related to the performance-based RSUs as the related milestones were not considered probable of achievement.

As of December 31, 2019, the unrecognized compensation cost related to outstanding options was $17.1 million for employees. The unrecognized compensation cost related to outstanding options for employees is expected to be recognized over a weighted-average period of approximately 1.94 years. For the years ended December 31, 2019, 2018 and 2017, the weighted-average grant date fair value per granted option was $11.95, $27.90 and $16.58, respectively. The aggregate fair value of options that vested during the years ended December 31, 2019, 2018 and 2017, was $15.2 million, $9.3 million and $11.5 million, respectively. The unrecognized compensation costs related to outstanding time-based RSUs was $23.7 million as of December 31, 2019, and is expected to be recognized over a weighted-average period of approximately 2.76 years. The total fair value of RSUs vested during the years ended December 31, 2019, 2018, and 2017 was $4.2 million, $1.8 million, and $0.4 million, respectively.

Share-based compensation expense for the years ended December 31, 2019, 2018 and 2017 is classified as operating expenses in the consolidated statements of operations and comprehensive loss as follows:

	For the Year Ended December 31,
	2019		2018		2017
	(in thousands)
Research and development expenses	$	9,479	$	9,172	$	7,670
General and administrative expenses		10,030		6,424		4,473
Total share-based compensation expense	$	19,509	$	15,596	$	12,143

There was no share-based compensation expense recorded for the year ended December 31, 2019 related to options granted to non-employees. Of the total share-based compensation expense recorded for the years ended December 31, 2018 and 2017, $1.4 million and $2.9 million, respectively, related to options granted to non-employees, all of which is included in research and development expenses on the consolidated statements of operations and comprehensive loss.

Net Loss Per Ordinary Share - Summary of Basic and Diluted Net Loss Per Ordinary Share Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net loss attributable to ordinary shareholders									$ (193,638)	$ (146,653)	$ (101,980)
Denominator:
Weighted-average ordinary shares outstanding									33,866,487	28,970,404	26,513,382
Net loss per share, basic and diluted	$ (1.65)	$ (1.48)	$ (1.22)	$ (1.36)	$ (1.29)	$ (1.28)	$ (1.23)	$ (1.26)	$ (5.72)	$ (5.06)	$ (3.85)

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property and equipment gross	$ 53,371	$ 49,431
Less accumulated depreciation	(17,003)	(9,500)
Property and equipment, net	36,368	39,931
Furniture and Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment gross	24,531	20,300
Software [Member]
Property Plant And Equipment [Line Items]
Property and equipment gross	524	435
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment gross	27,830	27,342
Fixed Assets in Progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment gross	$ 486	$ 1,354

Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Dec. 31, 2019
Equipment, Furniture and Software [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Equipment, Furniture and Software [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	7 years
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	Shorter of asset life or lease term

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Accrued compensation	$ 8,662	$ 7,507
Accrued expenses related to CROs and CMOs	5,030	5,502
Accrued expenses and other current liabilities	2,493	1,727
Total accrued expenses and other current liabilities	$ 16,185	$ 14,736

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Feb. 21, 2020	Jun. 28, 2019
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Trading Symbol	WVE
Entity Registrant Name	WAVE LIFE SCIENCES LTD.
Entity Central Index Key	0001631574
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,541,530
Entity Public Float			$ 631,486,605
Title of 12(b) Security	$0 Par Value Ordinary Shares
Security Exchange Name	NASDAQ
Entity File Number	001-37627
Entity Incorporation, State or Country Code	U0
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	7 Straits View #12-00
Entity Address, Address Line Two	Marina One East Tower
Entity Address, Country	SG
Entity Address, Postal Zip Code	018936
City Area Code	+65
Local Phone Number	6236 3388
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	If the Registrant’s Definitive Proxy Statement relating to the 2020 Annual General Meeting of Shareholders (the “Proxy Statement”) is filed with the Commission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, then portions of the Proxy Statement will be incorporated by reference into Part III of this Annual Report on Form 10-K. If the Proxy Statement is not filed within such 120-day period, then the Registrant will file an amendment to this Annual Report within such 120-day period that will contain the information required to be included or incorporated by reference into Part III of this Annual Report.

Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Results from Operations

Selected quarterly results from operations for the years ended December 31, 2019 and 2018 are as follows:

	2019 Quarter Ended
	March 31			June 30			September 30			December 31
	(in thousands, except for per share data)
Revenues	$	3,026		$	7,628		$	2,929		$	2,400
Operating expenses		51,014			53,245			57,108			62,933
Loss from operations		(47,988	)		(45,617	)		(54,179	)		(60,533	)
Net loss		(44,200	)		(41,942	)		(50,726	)		(56,770	)
Basic and diluted net loss per ordinary share	$	(1.36	)	$	(1.22	)	$	(1.48	)	$	(1.65	)

	2018 Quarter Ended
	March 31			June 30			September 30			December 31
	(in thousands, except for per share data)
Revenues	$	1,422		$	4,879		$	4,493		$	3,620
Operating expenses		37,197			41,452			42,725			52,563
Loss from operations		(35,775	)		(36,573	)		(38,232	)		(48,943	)
Net loss		(35,241	)		(35,894	)		(37,631	)		(37,887	)
Basic and diluted net loss per ordinary share	$	(1.26	)	$	(1.23	)	$	(1.28	)	$	(1.29	)

Related Parties

12 Months Ended

Dec. 31, 2019

Related Parties

13. RELATED PARTIES

The Company had the following related party transactions for the periods presented in the accompanying consolidated financial statements, which have not otherwise been discussed in these notes to the consolidated financial statements:

•

The Company held cash of $0.1 million in depository accounts with Kagoshima Bank, Ltd., an affiliate of the Company’s shareholders, Kagoshima Shinsangyo Sousei Investment Limited Partnership, as of December 31, 2017. These depository accounts were closed during the three months ended March 31, 2018.

•

Pursuant to the terms of various service agreements with Shin Nippon Biomedical Laboratories Ltd., one of the Company’s shareholders, and its affiliates (together “SNBL”), the Company paid SNBL $1.3 million and $0.5 million for the nine months ended September 30, 2018 and the year ended December 31, 2017, respectively, for contract research services provided to the Company and its affiliates. Effective as of October 1, 2018, our contract research services arrangement with SNBL ended.

•

In 2012, the Company entered into a consulting agreement for scientific advisory services with Dr. Gregory L. Verdine, one of the Company’s founders and a member of the Company’s board of directors. The consulting agreement does not have a specific term and may be terminated by either party upon 14 days’ prior written notice. Pursuant to the consulting agreement, the Company pays Dr. Verdine approximately $13 thousand per month, plus reimbursement for certain expenses.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Series A preferred stock, par value	$ 0	$ 0
Series A preferred stock, shares issued	3,901,348	3,901,348
Series A preferred stock, shares outstanding	3,901,348	3,901,348
Common stock, par value
Common stock, shares issued	34,340,690	29,472,197
Common stock, shares outstanding	34,340,690	29,472,197

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net loss	$ (193,638)	$ (146,653)	$ (101,980)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of lease incentive obligation		(790)	(208)
Amortization of right-of-use assets	1,613
Depreciation of property and equipment	7,588	5,581	2,155
Share-based compensation expense	19,509	15,596	12,143
Net loss on disposal of property and equipment		44	205
Deferred rent		973	3,594
Deferred income taxes			908
Changes in operating assets and liabilities:
Accounts receivable	10,000	(59,000)	(1,000)
Prepaid expenses	(3,665)	(1,831)	(3,429)
Other assets	(8,369)	(8,690)	(2,431)
Accounts payable	(3,497)	4,936	3,892
Accrued expenses and other current liabilities	1,448	5,864	4,550
Deferred revenue	(15,983)	160,585	(2,893)
Operating lease liabilities	(2,816)
Other non-current liabilities	(421)	523	823
Net cash used in operating activities	(188,231)	(22,862)	(83,671)
Cash flows from investing activities
Purchases of property and equipment, net of tenant improvement allowances	(3,918)	(9,938)	(18,887)
Net cash used in investing activities	(3,918)	(9,938)	(18,887)
Cash flows from financing activities
Proceeds from issuance of ordinary shares, net of offering costs	161,792	60,000	93,509
Payments on capital lease obligation		(16)	(62)
Proceeds from the exercise of share options	2,607	5,110	927
Net cash provided by financing activities	164,399	65,094	94,374
Effect of foreign exchange rates on cash	114	37	403
Net increase (decrease) in cash, cash equivalents and restricted cash	(27,636)	32,331	(7,781)
Cash, cash equivalents and restricted cash, beginning of period	178,444	146,113	153,894
Cash, cash equivalents and restricted cash, end of period	$ 150,808	$ 178,444	$ 146,113

Significant Accounting Policies - Additional Information (Detail 1)	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2017-01-01
Significant Accounting Policies [Line Items]
Revenue recognition performance obligation, expected time satisfaction period	12 months

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consists of the following:

	December 31,
	2019			2018
	(in thousands)
Furniture and equipment	$	24,531		$	20,300
Software		524			435
Leasehold improvements		27,830			27,342
Fixed assets in progress		486			1,354
Total		53,371			49,431
Less accumulated depreciation		(17,003	)		(9,500	)
Property and equipment, net	$	36,368		$	39,931

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) Segment	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segment \| Segment	1
Cash, cash equivalents and restricted cash	$ 150,808		$ 178,444	$ 146,113	$ 153,894
Restricted cash	$ 3,647		$ 3,625
Revenue, practical expedient, incremental costs of obtaining contract	true
Expected dividend rate	0.00%
Description of Income tax benefit, likelihood of realized upon ultimate settlement	The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement.
Operating lease, liability	$ 32,547	$ 35,400
Operating lease, right-of-use asset	$ 18,101	$ 19,700
Minimum [Member]
Significant Accounting Policies [Line Items]
Income tax examination, likelihood of settlement, percentage	50.00%
Lexington, MA [Member]
Significant Accounting Policies [Line Items]
Restricted cash	$ 2,600
Cambridge MA [Member]
Significant Accounting Policies [Line Items]
Restricted cash	$ 1,000

Net Loss Per Ordinary Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Net Loss Per Ordinary Share

10. NET LOSS PER ORDINARY SHARE

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

	Year Ended December 31,
	2019			2018			2017
	(in thousands except share and per share data)
Numerator:
Net loss attributable to ordinary shareholders	$	(193,638	)	$	(146,653	)	$	(101,980	)
Denominator:
Weighted-average ordinary shares outstanding		33,866,487			28,970,404			26,513,382
Net loss per share, basic and diluted	$	(5.72	)	$	(5.06	)	$	(3.85	)

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

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

	As of December 31,
	2019		2018
Options to purchase ordinary shares		3,838,549		4,016,590
RSUs		1,751,862		408,521
Series A preferred shares		3,901,348		3,901,348

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Payables And Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:

	December 31,
	2019		2018
	(in thousands)
Accrued compensation	$	8,662	$	7,507
Accrued expenses related to CROs and CMOs		5,030		5,502
Accrued expenses and other current liabilities		2,493		1,727
Total accrued expenses and other current liabilities	$	16,185	$	14,736

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES

Unasserted Claims

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

Subsequent Event

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Event

15. SUBSEQUENT EVENT

On February 6, 2020, the Company implemented a plan to reduce operating costs and better align its workforce with the needs of its business following the Company’s December 16, 2019 announcement of its decision to discontinue the suvodirsen program for patients with Duchenne muscular dystrophy (“DMD”) and to cease development of the Company’s other DMD programs. Under this cost reduction plan, the Company reduced its workforce by approximately 22%. The Company estimates that it will incur one-time restructuring charges of approximately $3.5 million, including employee severance, benefits and related termination costs, the majority of which it expects to pay in the first quarter of 2020.

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenue	$ 15,983,000	$ 14,414,000	$ 3,893,000
Operating expenses:
Research and development	175,431,000	134,428,000	79,309,000
General and administrative	48,869,000	39,509,000	26,975,000
Total operating expenses	224,300,000	173,937,000	106,284,000
Loss from operations	(208,317,000)	(159,523,000)	(102,391,000)
Other income, net:
Dividend income	4,912,000	3,368,000	1,578,000
Interest income, net	29,000	22,000	6,000
Other income (expense), net	9,738,000	9,549,000	(331,000)
Total other income, net	14,679,000	12,939,000	1,253,000
Loss before income taxes	(193,638,000)	(146,584,000)	(101,138,000)
Income tax provision	0	(69,000)	(842,000)
Net loss	$ (193,638,000)	$ (146,653,000)	$ (101,980,000)
Net loss per share attributable to ordinary shareholders—basic and diluted	$ (5.72)	$ (5.06)	$ (3.85)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders—basic and diluted	33,866,487	28,970,404	26,513,382
Other comprehensive income (loss):
Net loss	$ (193,638,000)	$ (146,653,000)	$ (101,980,000)
Foreign currency translation	114,000	37,000	407,000
Comprehensive loss	$ (193,524,000)	$ (146,616,000)	$ (101,573,000)

Income Taxes - Deferred Components of Benefit (Provision) for Income Taxes (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current benefit (provision) for income taxes:
Total current benefit (provision) income taxes		$ (69,000)	$ 66,000
Deferred benefit (provision) for income taxes:
Total deferred benefit (provision) income taxes			(908,000)
Total benefit (provision) for income taxes	$ 0	(69,000)	(842,000)
Singapore [Member]
Current benefit (provision) for income taxes:
Total current benefit (provision) income taxes		(4,000)	199,000
Deferred benefit (provision) for income taxes:
Total deferred benefit (provision) income taxes			(134,000)
Total benefit (provision) for income taxes	$ 0	0	0
Rest Of World [Member]
Current benefit (provision) for income taxes:
Total current benefit (provision) income taxes		$ (65,000)	(133,000)
Deferred benefit (provision) for income taxes:
Total deferred benefit (provision) income taxes			$ (774,000)

Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Postemployment Benefits [Abstract]

Employee Benefit Plans

12. EMPLOYEE BENEFIT PLANS

The Company has a 401(k) retirement and savings plan (the “401(k) Plan”) covering employees of Wave USA. The 401(k) Plan allows employees to make contributions up to the maximum allowable amount set by the Internal Revenue Service. Under the 401(k) Plan, the Company may make discretionary contributions as approved by the board of directors. The Company made contributions of $1.0 million, $0.7 million, and $0.4 million in the years ended December 31, 2019, 2018, and 2017 respectively.

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Net operating loss carryforwards	$ 89,585	$ 58,661
Federal and state tax credits	31,336	13,783
Accrued expenses		4,276
Share-based compensation	6,342	3,811
Accumulated amortization	11,169	18,829
Operating lease liabilities	8,892
Deferred revenue	14,299
Other	424	1,267
Total deferred tax assets	162,047	100,627
Valuation allowance	(156,680)	(99,438)	$ (36,069)
Net deferred tax assets	5,367	1,189
Deferred tax liabilities:
Operating lease right-of-use assets	(4,945)
Accumulated depreciation	(422)	(1,155)
Other		(34)
Total deferred tax liabilities	$ (5,367)	$ (1,189)

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

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

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the year ended December 31, 2019:

	For the Year Ended December 31, 2019
	(in thousands)
Lease cost
Operating lease cost	$	4,472
Total lease cost	$	4,472

Other information
Operating cash flows used for operating leases	$	5,675
Operating lease liabilities arising from obtaining right-of-use assets	$	—
Weighted average remaining lease term	7.3 years
Weighted average discount rate		8.5	%

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

Future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2019, are as follows:

	As of December 31, 2019
	(in thousands)
2020	$	5,846
2021		6,021
2022		6,201
2023		5,236
2024		5,002
Thereafter		15,925
Total lease payments	$	44,231
Less: imputed interest		(11,684	)
Total operating lease liabilities	$	32,547

Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2018, are as follows:

	As of December 31, 2018
	(in thousands)
2019	$	5,675
2020		5,846
2021		6,021
2022		6,201
2023		5,236
Thereafter		20,927
Total lease payments	$	49,906

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Cash Equivalents

Principles of Consolidation

Use of Estimates

Reclassifications

Segment Data

Going Concern

Foreign Currency Translation

Fair Value of Financial Instruments

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

Concentration of Credit Risk

Restricted Cash

Property and Equipment

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

Impairment of Long-Lived Assets

Revenue Recognition

Consolidated Balance Sheets
	As of December 31, 2017
	As revised under ASC 606			As originally reported under ASC 605			Effect of change
	(in thousands)
Current portion of deferred revenue	$	1,275		$	2,705		$	(1,430	)
Deferred revenue, net of current portion		7,241			5,607			1,634
Accumulated deficit		(192,716	)		(192,512	)		(204	)

Consolidated Statements of Operations and Comprehensive Loss

	For the Year Ended December 31, 2017
	As revised under ASC 606			As originally reported under ASC 605			Effect of change
	(in thousands, except per share data)
Revenue	$	3,893		$	3,704		$	189
Loss from operations		(102,391	)		(102,580	)		189
Income tax provision		(842	)		(708	)		(134	)
Net loss		(101,980	)		(102,035	)		55

Consolidated Statement of Cash Flows

	For the Year Ended December 31, 2017
	As revised under ASC 606			As originally reported under ASC 605			Effect of change
	(in thousands)
Net loss	$	(101,980	)	$	(102,035	)	$	55
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes		908			774			134
Changes in operating assets and liabilities:
Deferred revenue		(2,893	)		(2,704	)		(189	)

For additional discussion of accounting for collaboration revenues, see Note 5.

Product Revenue

The Company has had no product revenue to date.

Research and Development Expenses

License Agreements and Patent Costs

Refundable Tax Credits

Refundable tax credits are recorded as income and classified in other income (expense), net in the consolidated statements of operations and comprehensive loss.

Net Loss per Share

Share-Based Compensation

•

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

Income Taxes

The Company recognizes interest and penalties related to uncertain tax positions in the income tax provision on the consolidated statements of operations and comprehensive loss.

Leases

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2019

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:

	December 31,
	2019		2018
	(in thousands)
Accrued compensation	$	8,662	$	7,507
Accrued expenses related to CROs and CMOs		5,030		5,502
Accrued expenses and other current liabilities		2,493		1,727
Total accrued expenses and other current liabilities	$	16,185	$	14,736

Income Taxes - Reconciliation of Statutory Income Tax Rate (Detail) - Singapore [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Singapore statutory income tax rate	17.00%	17.00%	17.00%
Federal and state tax credits	9.40%	6.60%	5.70%
Permanent differences	(1.50%)	(0.30%)	(2.60%)
Changes in reserves for uncertain tax positions	(3.20%)	(2.30%)	(3.50%)
Foreign rate differential	7.00%	7.80%	2.80%
Tax rate change	(0.40%)	(0.30%)	(0.90%)
Other	1.30%	0.20%	0.40%
Change in deferred tax asset valuation allowance	(29.60%)	(28.70%)	(19.70%)
Effective income tax rate			(0.80%)

Share-Based Compensation - Summary of Share Option Activity (Detail) - 2014 Plan [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Outstanding, Number of Shares, Beginning Balance \| shares	4,016,590
Granted, Number of Shares \| shares	163,200
Exercised, Number of Shares \| shares	(213,556)
Forfeited or cancelled, Number of Shares \| shares	(127,685)
Outstanding, Number of Shares, Ending Balance \| shares	3,838,549
Options exercisable, Number of Shares \| shares	2,972,764
Outstanding, Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 19.47
Granted, Weighted Average Exercise Price \| $ / shares	21.89
Exercised, Weighted Average Exercise Price \| $ / shares	12.20
Forfeited or cancelled, Weighted Average Exercise Price \| $ / shares	32.47
Outstanding, Weighted Average Exercise Price, Ending Balance \| $ / shares	19.54
Options exercisable, Weighted Average Exercise Price \| $ / shares	$ 15.17
Outstanding, Weighted Average Remaining Contractual Term	6 years 1 month 17 days
Options exercisable, Weighted Average Remaining Contractual Term	5 years 9 months
Outstanding, Aggregate Intrinsic Value \| $	$ 7,530
Options exercisable, Aggregate Intrinsic Value \| $	$ 7,530

Net Loss Per Ordinary Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Ordinary Share Outstanding

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

	Year Ended December 31,
	2019			2018			2017
	(in thousands except share and per share data)
Numerator:
Net loss attributable to ordinary shareholders	$	(193,638	)	$	(146,653	)	$	(101,980	)
Denominator:
Weighted-average ordinary shares outstanding		33,866,487			28,970,404			26,513,382
Net loss per share, basic and diluted	$	(5.72	)	$	(5.06	)	$	(3.85	)

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

	As of December 31,
	2019		2018
Options to purchase ordinary shares		3,838,549		4,016,590
RSUs		1,751,862		408,521
Series A preferred shares		3,901,348		3,901,348

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Line Items]
Income tax benefit (provision)	$ 0	$ (69,000)	$ (842,000)
Net operating loss carryovers	89,585,000	58,661,000
Increase in valuation allowance	57,200,000	63,300,000	20,100,000
Gross unrecognized tax benefit	16,682,000	10,219,000	6,207,000	$ 2,343,000
Unrecognized tax benefit that could affect annual effective tax rate if recognized	1,000,000.0
Unrecognized tax benefits decrease within next twelve months due to statute lapse	900,000
Subsidiaries Outside of Singapore [Member]
Income Taxes [Line Items]
Cash held by subsidiaries	17,200,000	53,000,000.0
Maximum [Member]
Income Taxes [Line Items]
Interest and penalties related to uncertain tax positions	100,000	100,000
Federal [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	137,100,000
Net operating loss carryforwards available to offset future income tax liabilities indefinitely	$ 135,100,000
Net operating loss carryforwards available to offset future income tax liabilities			2,000,000.0
Operating Loss Carry forward expiration year	2037
Federal [Member] \| Research and development
Income Taxes [Line Items]
Tax credit carryforward	$ 8,900,000	6,200,000
Research and development tax credit carryforward expiration year	2031
Federal [Member] \| Orphan Drug Credits [Member]
Income Taxes [Line Items]
Tax credit carryforward	$ 16,600,000
U.S.Orphan drug credit carryforward expiration year	2037
State [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	$ 127,800,000
Operating Loss Carry forward expiration year	2038
State [Member] \| Research and development
Income Taxes [Line Items]
Tax credit carryforward	$ 6,300,000	1,800,000
Research and development tax credit carryforward expiration year	2033
State [Member] \| Investment
Income Taxes [Line Items]
Tax credit carryforward	$ 1,100,000	900,000
Investment tax credit carryforward expiration year	2020
Singapore [Member]
Income Taxes [Line Items]
Income tax benefit (provision)	$ 0	0	0
Net operating loss carryovers	$ 171,600,000	161,300,000
Tax years open to examination	2015
United States [Member]
Income Taxes [Line Items]
Income tax benefit (provision)	$ 0	0
Tax years open to examination	2016
UK [Member]
Income Taxes [Line Items]
Income tax benefit (provision)	$ 0	0	0
Net operating loss carryovers	$ 133,100,000	46,400,000
Tax years open to examination	2017
Japan [Member]
Income Taxes [Line Items]
Income tax benefit (provision)		0
Net operating loss carryovers	$ 2,900,000	2,900,000
Operating loss carryforwards expiration year	2023
Tax years open to examination	2015
Ireland [Member]
Income Taxes [Line Items]
Income tax benefit (provision)	$ 0	$ 0	$ 0

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

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

Summary of Share Option Activity

Share option activity under the 2014 Plan is summarized as follows:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)⁽¹⁾
Outstanding as of January 1, 2019		4,016,590		$	19.47
Granted		163,200			21.89
Exercised		(213,556	)		12.20
Forfeited or cancelled		(127,685	)		32.47
Outstanding as of December 31, 2019		3,838,549		$	19.54		6.13	$	7,530
Options exercisable as of December 31, 2019		2,972,764		$	15.17		5.75	$	7,530

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

Summary of RSU Activity

RSU activity for the year ended December 31, 2019 is summarized as follows:

	RSUs			Average Grant Date Fair Value (in dollars per share)
Outstanding as of January 1, 2019		408,521		$	37.16
Granted		1,566,855			42.71
Vested		(112,437	)		36.61
Forfeited		(111,077	)		42.69
RSUs Outstanding at December 31, 2019		1,751,862		$	41.81

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

	For the Year Ended December 31,
	2019		2018		2017
	(in thousands)
Research and development expenses	$	9,479	$	9,172	$	7,670
General and administrative expenses		10,030		6,424		4,473
Total share-based compensation expense	$	19,509	$	15,596	$	12,143

Employee Stock Option [Member]

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

Summary of Fair Value of Share Options Granted

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

	For the Year Ended December 31,
	2019	2018	2017
Risk-free interest rate	1.34% – 2.62%	2.49% – 3.01%	1.49% – 2.23%
Expected term (in years)	3.00 – 6.11	3.00 – 6.25	3.00 – 6.25
Expected volatility	68% – 74%	64% – 71%	69% – 72%
Expected dividend yield	0%	0%	0%

Consolidated Statements of Series A Preferred Shares and Shareholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Ordinary Shares [Member]
Issuance costs	$ 491

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property Plant And Equipment [Abstract]
Depreciation expense	$ 7,588	$ 5,581	$ 2,155

The Company - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Cash and cash equivalents	$ 147,161	$ 174,819

Collaboration Agreements - Additional Information (Detail)			1 Months Ended			3 Months Ended								12 Months Ended			44 Months Ended
	Apr. 02, 2018	May 05, 2016 USD ($)	Apr. 30, 2018 USD ($) Target $ / shares shares	Feb. 28, 2018 USD ($)	May 31, 2016 USD ($) Program $ / shares shares	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Equity investment aggregate purchase price														$ 161,792,000	$ 60,000,000	$ 93,509,000
Proceeds from issuance of ordinary shares, net of offering costs														161,792,000	60,000,000	93,509,000
Collaboration revenue recognized						$ 2,400,000	$ 2,929,000	$ 7,628,000	$ 3,026,000	$ 3,620,000	$ 4,493,000	$ 4,879,000	$ 1,422,000	15,983,000	14,414,000	3,893,000
Collaboration and license agreement, deferred revenue current						89,652,000				$ 100,945,000				$ 89,652,000	100,945,000	1,275,000	$ 89,652,000
Pfizer Inc. [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of research programs, counterparty nomination \| Program					5
Research term, description														Under the Pfizer Collaboration Agreement, the parties agreed to collaborate during a four-year research term. During the research term, the Company is responsible to use its commercially reasonable efforts to advance up to five programs through to the selection of clinical candidates. At that stage, Pfizer may elect to license any of these Pfizer Programs exclusively and obtain exclusive rights to undertake the clinical development of the resulting clinical candidates into products and the potential commercialization of any such products thereafter.
Collaboration agreement, additional period after research program		2 years
Up-front consideration received		$ 10,000,000.0
Revenue recognized														$ 7,100,000	4,900,000	3,900,000	17,000,000.0
Collaboration and license agreement, deferred revenue						1,500,000								$ 1,500,000			1,500,000
Remaining research term														4 months
Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Up-front consideration received			$ 110,000,000.0
Research, License and Option Agreement [Member] \| Pfizer Inc. [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment under collaboration agreement					$ 10,000,000.0
Collaboration agreement refundable					$ 0
Shares issued under equity agreement \| shares					1,875,000
Equity investment aggregate purchase price					$ 30,000,000.0
Purchase price per share \| $ / shares					$ 16.00
Collaborative agreement research term					4 years
Collaboration agreement termination period		90 days
Collaboration And License Agreement [Member] \| Category One Programs [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of global costs and potential profits sharing ratio			50.00%
Collaboration And License Agreement [Member] \| Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment under collaboration agreement			$ 110,000,000.0
Collaboration agreement termination period	180 days
Collaboration and license agreement, deferred revenue						151,600,000								$ 151,600,000			151,600,000
Collaboration and license agreement month and year			2018-02
Fund receivable for research and preclinical activities			$ 60,000,000.0
Research term under collaboration and license agreement			4 years
Collaboration agreement commencement date	Apr. 02, 2018
Collaboration revenue recognized														8,800,000	$ 9,600,000	$ 0
Collaboration and license agreement, deferred revenue current						88,200,000								88,200,000			88,200,000
Collaboration and license agreement, accounts receivable						50,000,000.0								50,000,000.0			50,000,000.0
Collaboration and license agreement, accounts receivable current						$ 20,000,000.0								$ 20,000,000.0			$ 20,000,000.0
Collaboration And License Agreement [Member] \| Takeda [Member] \| Category One Programs [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of global costs and potential profits sharing ratio			50.00%
Collaboration And License Agreement [Member] \| Takeda [Member] \| Category Two Programs [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Fund receivable for research and preclinical activities			$ 60,000,000.0
Research term under collaboration and license agreement			4 years
Maximum targets for preclinical programs \| Target			6
Option to reach maximum targets for preclinical programs														any one time
Collaboration And License Agreement [Member] \| Takeda [Member] \| Minimum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement, committed cash				$ 230,000,000.0
Collaboration and Share Purchase Agreements [Member] \| Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Shares issued under equity agreement \| shares			1,096,892
Equity investment aggregate purchase price			$ 60,000,000.0
Purchase price per share \| $ / shares			$ 54.70
Proceeds from issuance of ordinary shares, net of offering costs			$ 60,000,000.0
Equity investment agreement official closure month and year			2018-04

Related Parties - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2017
Third-Party Investor [Member]
Related Party Transaction [Line Items]
Related party transaction amount			$ 100
Shin Nippon Biomedical Laboratories Ltd. (SNBL) [Member]
Related Party Transaction [Line Items]
Payment for contract research services	$ 1,300		$ 500
Scientific Advisor [Member] \| Consulting Agreement [Member]
Related Party Transaction [Line Items]
Consulting agreement termination notice period		14 days
Consulting service expenses		$ 13

Significant Accounting Policies - Summary of Result of Adopting ASC 606 on Financial Statement - Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Income Statements Captions [Line Items]
Revenue	$ 2,400,000	$ 2,929,000	$ 7,628,000	$ 3,026,000	$ 3,620,000	$ 4,493,000	$ 4,879,000	$ 1,422,000	$ 15,983,000	$ 14,414,000	$ 3,893,000
Loss from operations	(60,533,000)	(54,179,000)	(45,617,000)	(47,988,000)	(48,943,000)	(38,232,000)	(36,573,000)	(35,775,000)	(208,317,000)	(159,523,000)	(102,391,000)
Income tax provision									0	(69,000)	(842,000)
Net loss	$ (56,770,000)	$ (50,726,000)	$ (41,942,000)	$ (44,200,000)	$ (37,887,000)	$ (37,631,000)	$ (35,894,000)	$ (35,241,000)	$ (193,638,000)	$ (146,653,000)	(101,980,000)
As Originally Reported Under ASC 605 [Member] \| ASC 606 [Member]
Condensed Income Statements Captions [Line Items]
Revenue											3,704,000
Loss from operations											(102,580,000)
Income tax provision											(708,000)
Net loss											(102,035,000)
Effect of Change [Member] \| ASC 606 [Member]
Condensed Income Statements Captions [Line Items]
Revenue											189,000
Loss from operations											189,000
Income tax provision											(134,000)
Net loss											$ 55,000

- Definition

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

+ References + Details

Leases - Summary of Lease Costs Recognized and Other Information Pertaining to Operating Leases (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Lease cost
Operating lease cost	$ 4,472
Total lease cost	4,472
Other information
Operating cash flows used for operating leases	$ 5,675
Weighted average remaining lease term	7 years 3 months 18 days
Weighted average discount rate	8.50%

Income Taxes - Summary of Valuation Allowance (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets Net Of Valuation Allowance [Abstract]
Balance at beginning of year	$ 99,438	$ 36,069
Increase in valuation allowance	57,235	63,337
Effect of foreign currency translation	7	32
Balance at end of year	$ 156,680	$ 99,438

Property and Equipment, Net

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Property and Equipment, Net

3. PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consists of the following:

	December 31,
	2019			2018
	(in thousands)
Furniture and equipment	$	24,531		$	20,300
Software		524			435
Leasehold improvements		27,830			27,342
Fixed assets in progress		486			1,354
Total		53,371			49,431
Less accumulated depreciation		(17,003	)		(9,500	)
Property and equipment, net	$	36,368		$	39,931

Substantially all of the Company’s long-lived assets were located in the United States as of December 31, 2019 and 2018.

Depreciation expense was $7.6 million, $5.6 million and $2.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Significant Accounting Policies - Summary of Result of Adopting ASC 606 on Financial Statement - Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Cash Flow Statements Captions [Line Items]
Net loss	$ (193,638)	$ (146,653)	$ (101,980)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes			908
Changes in operating assets and liabilities:
Deferred revenue	$ (15,983)	$ 160,585	(2,893)
As Originally Reported Under ASC 605 [Member] \| ASC 606 [Member]
Condensed Cash Flow Statements Captions [Line Items]
Net loss			(102,035)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes			774
Changes in operating assets and liabilities:
Deferred revenue			(2,704)
Effect of Change [Member] \| ASC 606 [Member]
Condensed Cash Flow Statements Captions [Line Items]
Net loss			55
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes			134
Changes in operating assets and liabilities:
Deferred revenue			$ (189)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
401(k) Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Discretionary contributions to defined contribution pension plan	$ 1.0	$ 0.7	$ 0.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Components of Loss before Income Taxes

The components of loss before income taxes were as follows:

	Year Ended December 31,
	2019			2018			2017
	(in thousands)
Singapore	$	(5,931	)	$	(14,523	)	$	(76,696	)
Rest of world		(187,707	)		(132,061	)		(24,442	)
Loss before income taxes	$	(193,638	)	$	(146,584	)	$	(101,138	)

Deferred Components of Benefit (Provision) for Income Taxes

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

	Year Ended December 31,
	2019		2018			2017
	(in thousands)
Current benefit (provision) for income taxes:
Singapore	$	—	$	(4	)	$	199
Rest of world		—		(65	)		(133	)
Total current benefit (provision) for income taxes	$	—	$	(69	)	$	66
Deferred benefit (provision) for income taxes:
Singapore	$	—	$	—		$	(134	)
Rest of world		—		—			(774	)
Total deferred benefit (provision) for income taxes	$	—	$	—		$	(908	)
Total benefit (provision) for income taxes	$	—	$	(69	)	$	(842	)

Components of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows:

	December 31,
	2019			2018
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	89,585		$	58,661
Federal and state tax credits		31,336			13,783
Accrued expenses		—			4,276
Share-based compensation		6,342			3,811
Accumulated amortization		11,169			18,829
Operating lease liabilities		8,892			—
Deferred revenue		14,299			—
Other		424			1,267
Total deferred tax assets		162,047			100,627
Valuation allowance		(156,680	)		(99,438	)
Net deferred tax assets		5,367			1,189
Deferred tax liabilities:
Operating lease right-of-use assets		(4,945	)		—
Accumulated depreciation		(422	)		(1,155	)
Other		—			(34	)
Total deferred tax liabilities		(5,367	)		(1,189	)
Net deferred tax assets (liabilities)	$	—		$	—

Summary of Valuation Allowance

A roll-forward of the valuation allowance for the years ended December 31, 2019 and 2018 is as follows:

	Year Ended December 31,
	2019		2018
	(in thousands)
Balance at beginning of year	$	99,438	$	36,069
Increase in valuation allowance		57,235		63,337
Reversal of valuation allowance		—		—
Effect of foreign currency translation		7		32
Balance at end of year	$	156,680	$	99,438

Summary of Activity in Unrecognized Tax Benefits

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

	2019			2018		2017
	(in thousands)
Unrecognized tax benefit at the beginning of the year	$	10,219		$	6,207	$	2,343
Tax positions related to prior years		(14	)		430		—
Tax positions related to statute lapse		(23	)		—		—
Tax positions related to the current year		6,500			3,582		3,864
Unrecognized tax benefit at the end of the year	$	16,682		$	10,219	$	6,207

Singapore [Member]

Reconciliation of Statutory Income Tax Rate

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

	Year Ended December 31,
	2019			2018			2017
Singapore statutory income tax rate		17.0	%		17.0	%		17.0	%
Federal and state tax credits		9.4			6.6			5.7
Permanent differences		(1.5	)		(0.3	)		(2.6	)
Changes in reserves for uncertain tax positions		(3.2	)		(2.3	)		(3.5	)
Foreign rate differential		7.0			7.8			2.8
Tax rate change		(0.4	)		(0.3	)		(0.9	)
Other		1.3			0.2			0.4
Change in deferred tax asset valuation allowance		(29.6	)		(28.7	)		(19.7	)
Effective income tax rate		—			—			(0.8	)%

Collaboration Agreements

12 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaboration Agreements

5. COLLABORATION AGREEMENTS

Pfizer Collaboration and Equity Agreements

In May 2016, the Company entered into a Research, License and Option Agreement (as amended in November 2017, the “Pfizer Collaboration Agreement”) with Pfizer Inc. (“Pfizer”). Pursuant to the terms of the Pfizer Collaboration Agreement, the Company and Pfizer agreed to collaborate on the discovery, development and commercialization of stereopure oligonucleotide therapeutics for up to five programs (the “Pfizer Programs”), each directed at a genetically-defined hepatic target selected by Pfizer (the “Pfizer Collaboration”). The Company received $10.0 million as an upfront license fee under the Pfizer Collaboration Agreement. Subject to option exercises by Pfizer, the Company may earn potential research, development and commercial milestone payments, plus royalties, tiered up to low double-digits, on sales of any products that may result from the Pfizer Collaboration. None of the payments under the Pfizer Collaboration Agreement are refundable.

Simultaneously with the entry into the Pfizer Collaboration Agreement, the Company entered into a Share Purchase Agreement (the “Pfizer Equity Agreement,” and together with the Pfizer Collaboration Agreement, the “Pfizer Agreements”) with C.P. Pharmaceuticals International C.V., an affiliate of Pfizer (the “Pfizer Affiliate”). Pursuant to the terms of the Pfizer Equity Agreement, the Pfizer Affiliate purchased 1,875,000 of the Company’s ordinary shares (the “Shares”) at a purchase price of $16.00 per share, for an aggregate purchase price of $30.0 million. The Company did not incur any material costs in connection with the issuance of the Shares.

Under the Pfizer Collaboration Agreement, the parties agreed to collaborate during a four-year research term. During the research term, the Company is responsible to use its commercially reasonable efforts to advance up to five programs through to the selection of clinical candidates. At that stage, Pfizer may elect to license any of these Pfizer Programs exclusively and obtain exclusive rights to undertake the clinical development of the resulting clinical candidates into products and the potential commercialization of any such products thereafter. In addition, the Company received a non-exclusive, royalty-bearing sublicensable license to use Pfizer’s hepatic targeting technology in any of the Company’s own hepatic programs that are outside the scope of the Pfizer Collaboration (the “Wave Programs”). If the Company uses this technology on the Wave Programs, Pfizer is eligible to receive potential development and commercial milestone payments from the Company. Pfizer is also eligible to receive tiered royalties on sales of any products that include Pfizer’s hepatic targeting technology. The Company is not currently utilizing Pfizer’s hepatic targeting technology in any of its own hepatic programs that are outside of the scope of the Pfizer Collaboration Agreement.

The stated term of the Pfizer Collaboration Agreement commenced on May 5, 2016 and terminates on the date of the last to expire payment obligation with respect to each Pfizer Program and, with respect to each Wave Program, expires on a program-by-program basis accordingly. Pfizer may terminate its rights related to a Pfizer Program under the Pfizer Collaboration Agreement at its own convenience upon 90 days’ notice to the Company. The Company may also terminate its rights related to a Wave Program at its own convenience upon 90 days’ notice to Pfizer. The Pfizer Collaboration Agreement may also be terminated by either party in the event of an uncured material breach of the Pfizer Collaboration Agreement by the other party.

Pfizer nominated two hepatic targets upon entry into the Pfizer Collaboration in May 2016. The Pfizer Collaboration Agreement provides Pfizer with options to nominate up to three additional programs by making nomination milestone payments. Pfizer nominated the third, fourth and fifth hepatic targets in August 2016, March 2018 and April 2018, respectively.

The Pfizer Collaboration is managed by a joint steering committee in which both parties are represented equally, which will oversee the scientific progression of each Pfizer Program up to the clinical candidate stage. During the four-year research term and for a period of two years thereafter, the Company has agreed to work exclusively with Pfizer with respect to using any of the Company’s stereopure oligonucleotide technology that is specific for the applicable hepatic target which is the basis of any Pfizer Program. Within a specified period after receiving a data package for a candidate under each nominated program, Pfizer may exercise an option to obtain a license to develop, manufacture and commercialize the program candidate by paying an exercise price per program.

The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Pfizer, is a customer. The Company identified the following promises under the arrangement: (1) the non-exclusive, royalty-free research and development license; (2) the research and development services for Programs 1 and 2; (3) the program nomination options for Programs 3, 4 and 5; (4) the research and development services associated with Programs 3, 4 and 5; (5) the options to obtain a license to develop, manufacture and commercialize Programs 1 and 2; and (6) the options to obtain a license to develop, manufacture and commercialize Programs 3, 4 and 5. The research and development services for each of Programs 1 and 2 were determined to not be distinct from the research and development license and should be combined into a single performance obligation for each program. The promises under the Pfizer Collaboration Agreement relate primarily to the research and development required by the Company for each of the programs nominated by Pfizer.

Additionally, the Company determined that the program nomination options for Programs 3, 4 and 5 were priced at a discount and, as such, provide material rights to Pfizer, representing three separate performance obligations. The research and development services associated with Programs 3, 4 and 5 and the options to obtain a license to develop, manufacture and commercialize Programs 3, 4 and 5 are subject to Pfizer’s exercise of the program nomination options for such programs and therefore do not represent performance obligations at the outset of the arrangement. The options to obtain a license to develop, manufacture and commercialize Programs 1 and 2 do not represent material rights; as such, they are not representative of performance obligations at the outset of the arrangement. Based on these assessments, the Company identified five performance obligations in the Pfizer Collaboration Agreement: (1) research and development services and license for Program 1; (2) research and development services and license for Program 2; (3) material right provided for the option to nominate Program 3; (4) material right provided for the option to nominate Program 4; and (5) material right provided for the option to nominate Program 5.

At the outset of the arrangement, the transaction price included only the $10.0 million up-front consideration received. The Company determined that the Pfizer Collaboration Agreement did not contain a significant financing component. The program nomination option exercise fees for research and development services associated with Programs 3, 4 and 5 that may be received are excluded from the transaction price until each customer option is exercised. The potential milestone payments were excluded from the transaction price, as all milestone amounts were fully constrained at the inception of the Pfizer Collaboration Agreement. The exercise fees for the options to obtain a license to develop, manufacture and commercialize Programs 3, 4 and 5 that may be received are excluded from the transaction price until each customer option is exercised. 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, and, if necessary, will adjust its estimate of the transaction price.

During the year ended December 31, 2017, it became probable that a significant reversal of cumulative revenue would not occur for a developmental milestone under the Pfizer Collaboration Agreement. At such time, the associated consideration was added to the estimated transaction price and allocated to the existing performance obligations, and the Company recognized a cumulative catch-up to revenue for this developmental milestone, representing the amount that would have been recognized had the milestone payment been included in the transaction price from the outset of the arrangement. The remainder will be recognized in the same manner as the remaining, unrecognized transaction price over the remaining period until each performance obligation is satisfied.

Revenue associated with the performance obligations relating to Programs 1 and 2 is being recognized as revenue as the research and development services are provided using an input method, according to the full-time employee (“FTE”) hours incurred on each program and the FTE hours expected to be incurred in the future to satisfy the performance obligation. The transfer of control occurs over time and, in management’s judgment, this input method is the best measure of progress towards satisfying the performance obligation. The amount allocated to the three material rights will be recognized as the underlying research and development services are provided commencing from the date that Pfizer exercises each respective option, or immediately as each option expires unexercised. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s consolidated balance sheet.

Pfizer nominated the third, fourth and fifth hepatic targets in August 2016, March 2018 and April 2018, respectively. Upon each exercise, the Company allocated the transaction price amount allocated to the material right at inception of the arrangement plus the program nomination option exercise fee paid by Pfizer at the time of exercising the option to a new performance obligation, which will be recognized as revenue as the research and development services are provided using the same method as the performance obligations relating to Programs 1 and 2.

Through December 31, 2019, the Company had recognized revenue of $17.0 million as collaboration revenue in the Company’s consolidated statements of operations and comprehensive loss under the Pfizer Collaboration Agreement. During the years ended December 31, 2019, 2018 and 2017, the Company recognized revenue of $7.1 million, $4.9 million and $3.9 million, respectively, under the Pfizer Collaboration Agreement. The aggregate amount of the transaction price allocated to the Company’s partially unsatisfied performance obligations and recorded in deferred revenue at December 31, 2019 is $1.5 million, all of which is included in current liabilities. The Company expects to recognize the remaining deferred revenue according to FTE hours incurred, over the remaining research term, which is four months as of December 31, 2019.

Takeda Collaboration and Equity Agreements

In February 2018, Wave USA and Wave UK entered into a global strategic collaboration (the “Takeda Collaboration”) with Takeda Pharmaceutical Company Limited (“Takeda”), pursuant to which Wave USA, Wave UK and Takeda agreed to collaborate on the research, development and commercialization of oligonucleotide therapeutics for disorders of the Central Nervous System (“CNS”). The Takeda Collaboration provides Wave with at least $230.0 million in committed cash and Takeda with the option to co-develop and co-commercialize Wave’s CNS development programs in (1) Huntington’s disease (“HD”); (2) amyotrophic lateral sclerosis (“ALS”) and frontotemporal dementia (“FTD”); and (3) Wave’s discovery-stage program targeting ATXN3 for the treatment of spinocerebellar ataxia 3 (“SCA3”) (collectively, “Category 1 Programs”). In addition, Takeda will have the right to exclusively license multiple preclinical programs for CNS disorders, including Alzheimer’s disease and Parkinson’s disease (collectively, “Category 2 Programs”). In April 2018, the Takeda Collaboration became effective and Takeda paid Wave $110.0 million as an upfront payment. Takeda also agreed to fund Wave’s research and preclinical activities in the amount of $60.0 million during the four-year research term and to reimburse Wave for any collaboration-budgeted research and preclinical expenses incurred by Wave that exceed that amount.

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

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

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

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

The term of the Takeda Collaboration Agreement commenced on April 2, 2018 and, unless terminated earlier, will continue until the date on which: (i) with respect to each Category 1 Program target for which Takeda does not exercise its option, the expiration or termination of the development program with respect to such target; (ii) with respect to each Category 1 Program target for which Takeda exercises its option, the date on which neither party is researching, developing or manufacturing any products or companion

diagnostics directed to such target; or (iii) with respect to each Category 2 Program target, the date on which royalties are no longer payable with respect to products directed to such target.

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

The Takeda Collaboration is managed by a joint steering committee in which both parties are represented equally. The JSC is tasked with overseeing the scientific progression of each Category 1 Program and the Category 2 Programs.

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

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

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

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

Company estimated the standalone fair value of the option to license each Category 1 Program utilizing an adjusted market assessment approach, and determined that any standalone fair value in excess of the amounts to be paid by Takeda associated with each option represented a material right.

Revenue associated with the research and development services for each Category 1 Program performance obligation is being recognized as the research and development services are provided using an input method, according to the costs incurred on each Category 1 Program and the total costs expected to be incurred to satisfy each Category 1 Program performance obligation. Revenue associated with the research and preclinical development services for the Category 2 Programs performance obligation is being recognized as the research and preclinical development services are provided using an input method, according to the costs incurred on Category 2 Programs and the total costs expected to be incurred to satisfy the performance obligation. The transfer of control for these performance obligations occurs over time and, in management’s judgment, this input method is the best measure of progress towards satisfying the performance obligations. The amount allocated to the material right for each Category 1 Program option will be recognized on the date that Takeda exercises each respective option, or immediately as each option expires unexercised. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s consolidated balance sheet.

During the years ended December 31, 2019 and 2018, the Company recognized revenue of $8.8 million and $9.6 million, respectively, in the Company’s consolidated statements of operations and comprehensive loss under the Takeda Collaboration Agreement. No revenue was earned in 2017 under the Takeda Collaboration Agreement as it became effective in April 2018. The aggregate amount of the transaction price allocated to the Company’s unsatisfied and partially unsatisfied performance obligations and recorded in deferred revenue at December 31, 2019 is $151.6 million, of which $88.2 million is included in current liabilities. The Company expects to recognize revenue for the portion of the deferred revenue that relates to the research and development services for each Category 1 Program and the Category 2 Programs as costs are incurred over the remaining research term. The Company expects to recognize revenue for the portion of the deferred revenue that relates to the material right for each Category 1 Program option upon Takeda’s exercise of such option, or immediately as each option expires unexercised. The aggregate amount of the transaction price included in accounts receivable at December 31, 2019 is $50.0 million, of which $20.0 million is included in current assets.

Share Capital - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Feb. 28, 2019 USD ($) shares	Jan. 31, 2019 USD ($) $ / shares shares	Apr. 30, 2018 USD ($) $ / shares shares	Apr. 30, 2017 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) Vote $ / shares shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($)
Class of Stock [Line Items]
Net proceeds from sale of ordinary shares \| $					$ 161,792	$ 60,000	$ 93,509
Equity investment aggregate purchase price \| $					$ 161,792	$ 60,000	$ 93,509
Common stock, par value \| $ / shares
Ordinary share holder, voting right					One vote for each ordinary share
Voting rights, votes per share \| Vote					1
Preferred stock liquidation preference, per share \| $ / shares					$ 10
Singapore [Member]
Class of Stock [Line Items]
Common stock, par value \| $ / shares
Common stock, authorized \| shares					0
Series A Preferred Shares [Member] \| Singapore [Member]
Class of Stock [Line Items]
Preferred stock, par value \| $ / shares
Preferred stock, shares authorized \| shares					0
Collaboration and Share Purchase Agreements [Member] \| Takeda [Member]
Class of Stock [Line Items]
Shares issued under equity agreement \| shares			1,096,892
Net proceeds from sale of ordinary shares \| $			$ 60,000
Purchase price per share \| $ / shares			$ 54.70
Equity investment aggregate purchase price \| $			$ 60,000
Follow-On Underwritten Public Offering [Member]
Class of Stock [Line Items]
Shares issued under equity agreement \| shares	592,500	3,950,000		4,166,667
Purchase price per share \| $ / shares		$ 38.00		$ 24.00
Gross proceeds from sale of ordinary shares \| $	$ 22,500	$ 150,100		$ 100,000
Net proceeds from sale of ordinary shares \| $	$ 161,800			$ 93,500