Wave Life Sciences (WVE) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	WVE
Entity Registrant Name	WAVE LIFE SCIENCES LTD.
Entity Incorporation, State or Country Code	U0
Entity Central Index Key	0001631574
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		86,820,111
Entity Shell Company	false
Entity Tax Identification Number	00-0000000
Entity File Number	001-37627
Entity Address, Address Line One	7 Straits View #12-00
Entity Address, Address Line Two	Marina One
Entity Address, City or Town	East Tower
Entity Address, Country	SG
Entity Address, Postal Zip Code	018936
City Area Code	+65
Local Phone Number	6236 3388
Title of 12(b) Security	$0 Par Value Ordinary Shares
Security Exchange Name	NASDAQ

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 123,163	$ 150,564
Short term investments	25,000
Prepaid expenses	5,396	6,584
Other current assets	6,555	5,416
Total current assets	160,114	162,564
Long-term assets:
Property and equipment, net	19,808	22,266
Operating lease right-of-use assets	28,791	18,378
Restricted cash	3,651	3,651
Other assets	955	148
Total long-term assets	53,205	44,443
Total assets	213,319	207,007
Current liabilities:
Accounts payable	11,168	7,281
Accrued expenses and other current liabilities	11,085	14,861
Current portion of deferred revenue	37,466	37,098
Current portion of operating lease liability	4,363	4,961
Total current liabilities	64,082	64,201
Long-term liabilities:
Deferred revenue, net of current portion	75,256	77,479
Operating lease liability, net of current portion	35,160	24,955
Total long-term liabilities	110,416	102,434
Total liabilities	174,498	166,635
Series A preferred shares, no par value; 3,901,348 shares issued and outstanding at June 30, 2022 and December 31, 2021	7,874	7,874
Shareholders' equity:
Ordinary shares, no par value; 86,724,658 and 59,841,116 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	802,449	749,851
Additional paid-in capital	113,169	87,980
Accumulated other comprehensive income (loss)	(47)	181
Accumulated deficit	(884,624)	(805,514)
Total shareholders' equity	30,947	32,498
Total liabilities, Series A preferred shares and shareholders' equity	$ 213,319	$ 207,007

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	$ 0	$ 0
Common stock, shares issued	86,724,658	59,841,116
Common stock, shares outstanding	86,724,658	59,841,116

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 375,000	$ 2,776,000	$ 2,125,000	$ 2,776,000
Operating expenses:
Research and development	29,733,000	31,635,000	57,203,000	65,028,000
General and administrative	12,806,000	10,969,000	25,180,000	21,047,000
Total operating expenses	42,539,000	42,604,000	82,383,000	86,075,000
Loss from operations	(42,164,000)	(39,828,000)	(80,258,000)	(83,299,000)
Other income, net:
Dividend income and interest income, net	124,000	8,000	150,000	19,000
Other income, net	744,000	1,054,000	998,000	2,050,000
Total other income, net	868,000	1,062,000	1,148,000	2,069,000
Loss before income taxes	(41,296,000)	(38,766,000)	(79,110,000)	(81,230,000)
Income tax provision	0	0	0	0
Net loss	$ (41,296,000)	$ (38,766,000)	$ (79,110,000)	$ (81,230,000)
Net loss per share attributable to ordinary shareholders basic	$ (0.62)	$ (0.78)	$ (1.25)	$ (1.65)
Net loss per share attributable to ordinary shareholders diluted.	$ (0.62)	$ (0.78)	$ (1.25)	$ (1.65)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders basic.	66,479,293	49,973,185	63,514,426	49,220,140
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders diluted	66,479,293	49,973,185	63,514,426	49,220,140
Other comprehensive loss:
Net loss	$ (41,296,000)	$ (38,766,000)	$ (79,110,000)	$ (81,230,000)
Foreign currency translation	(142,000)		(228,000)	(120,000)
Comprehensive loss	$ (41,438,000)	$ (38,766,000)	$ (79,338,000)	$ (81,350,000)

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Series A Preferred Shares and Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	At-The-Market Equity Program [Member]	Series A Preferred Shares [Member]	Ordinary Shares [Member]	Ordinary Shares [Member] At-The-Market Equity Program [Member]	Additional Paid-In-Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2020	$ 82,778			$ 694,085		$ 71,573	$ 389	$ (683,269)
Beginning balance, shares at Dec. 31, 2020				48,778,678
Temporary equity, Beginning balance at Dec. 31, 2020			$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2020			3,901,348
Issuance of ordinary shares		$ 8,028			$ 8,028
Issuance of ordinary shares, shares					844,796
Share-based compensation	4,063					4,063
Vesting of RSUs, shares				155,184
Option exercises	200			$ 200
Option exercises, shares				31,957
Issuance of ordinary shares under the ESPP	336			$ 336
Issuance of ordinary shares under ESPP, shares				44,036
Other comprehensive loss	(120)						(120)
Net loss	(42,464)							(42,464)
Ending balance at Mar. 31, 2021	52,821			$ 702,649		75,636	269	(725,733)
Ending balance, shares at Mar. 31, 2021				49,854,651
Temporary equity, Ending balance at Mar. 31, 2021			$ 7,874
Temporary equity, Ending balance, shares at Mar. 31, 2021			3,901,348
Beginning balance at Dec. 31, 2020	82,778			$ 694,085		71,573	389	(683,269)
Beginning balance, shares at Dec. 31, 2020				48,778,678
Temporary equity, Beginning balance at Dec. 31, 2020			$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2020			3,901,348
Net loss	(81,230)
Ending balance at Jun. 30, 2021	21,842			$ 707,714		78,358	269	(764,499)
Ending balance, shares at Jun. 30, 2021				50,576,466
Temporary equity, Ending balance at Jun. 30, 2021			$ 7,874
Temporary equity, Ending balance, shares at Jun. 30, 2021			3,901,348
Beginning balance at Mar. 31, 2021	52,821			$ 702,649		75,636	269	(725,733)
Beginning balance, shares at Mar. 31, 2021				49,854,651
Temporary equity, Beginning balance at Mar. 31, 2021			$ 7,874
Temporary equity, Beginning balance, shares at Mar. 31, 2021			3,901,348
Issuance of ordinary shares		5,065			$ 5,065
Issuance of ordinary shares, shares					718,179
Share-based compensation	2,722					2,722
Vesting of RSUs, shares				3,636
Net loss	(38,766)							(38,766)
Ending balance at Jun. 30, 2021	21,842			$ 707,714		78,358	269	(764,499)
Ending balance, shares at Jun. 30, 2021				50,576,466
Temporary equity, Ending balance at Jun. 30, 2021			$ 7,874
Temporary equity, Ending balance, shares at Jun. 30, 2021			3,901,348
Beginning balance at Dec. 31, 2021	32,498			$ 749,851		87,980	181	(805,514)
Beginning balance, shares at Dec. 31, 2021				59,841,116
Temporary equity, Beginning balance at Dec. 31, 2021	$ 7,874		$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2021	3,901,348		3,901,348
Issuance of ordinary shares		$ 1,167			$ 1,167
Issuance of ordinary shares, shares					458,092
Share-based compensation	$ 3,971					3,971
Vesting of RSUs, shares				468,226
Option exercises	37			$ 37
Option exercises, shares				15,000
Issuance of ordinary shares under the ESPP	174			$ 174
Issuance of ordinary shares under ESPP, shares				77,534
Other comprehensive loss	(86)						(86)
Net loss	(37,814)							(37,814)
Ending balance at Mar. 31, 2022	(53)			$ 751,229		91,951	95	(843,328)
Ending balance, shares at Mar. 31, 2022				60,859,968
Temporary equity, Ending balance at Mar. 31, 2022			$ 7,874
Temporary equity, Ending balance, shares at Mar. 31, 2022			3,901,348
Beginning balance at Dec. 31, 2021	32,498			$ 749,851		87,980	181	(805,514)
Beginning balance, shares at Dec. 31, 2021				59,841,116
Temporary equity, Beginning balance at Dec. 31, 2021	$ 7,874		$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2021	3,901,348		3,901,348
Net loss	$ (79,110)
Ending balance at Jun. 30, 2022	30,947			$ 802,449		113,169	(47)	(884,624)
Ending balance, shares at Jun. 30, 2022				86,724,658
Temporary equity, Ending balance at Jun. 30, 2022	$ 7,874		$ 7,874
Temporary equity, Ending balance, shares at Jun. 30, 2022	3,901,348		3,901,348
Beginning balance at Mar. 31, 2022	$ (53)			$ 751,229		91,951	95	(843,328)
Beginning balance, shares at Mar. 31, 2022				60,859,968
Temporary equity, Beginning balance at Mar. 31, 2022			$ 7,874
Temporary equity, Beginning balance, shares at Mar. 31, 2022			3,901,348
Issuance of ordinary shares	51,220			$ 51,220
Issuance of ordinary shares, shares				25,464,483
Issuance of pre-funded warrants , net of offering costs.	14,268					14,268
Share-based compensation	6,950					6,950
Vesting of RSUs, shares				400,207
Other comprehensive loss	(142)						(142)
Net loss	(41,296)							(41,296)
Ending balance at Jun. 30, 2022	30,947			$ 802,449		$ 113,169	$ (47)	$ (884,624)
Ending balance, shares at Jun. 30, 2022				86,724,658
Temporary equity, Ending balance at Jun. 30, 2022	$ 7,874		$ 7,874
Temporary equity, Ending balance, shares at Jun. 30, 2022	3,901,348		3,901,348

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (79,110)	$ (81,230)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of right-of-use assets	1,593	1,043
Depreciation of property and equipment	3,425	3,857
Share-based compensation expense	10,921	6,785
Changes in operating assets and liabilities:
Accounts receivable		30,000
Prepaid expenses	1,188	1,246
Other assets	(1,946)	(3,475)
Accounts payable	3,264	(5,251)
Accrued expenses and other current liabilities	(3,776)	(2,048)
Deferred revenue	(1,855)	(2,776)
Operating lease liabilities	(2,399)	(1,792)
Other non-current liabilities	0	(135)
Net cash used in operating activities	(68,695)	(53,776)
Cash flows from investing activities
Purchases of property and equipment	(700)	(447)
Proceeds from the sale of property and equipment	106
Purchase of short-term investments	(50,000)
Proceeds from the maturity of short-term investments	25,000
Net cash used in investing activities	(25,594)	(447)
Cash flows from financing activities
Proceeds from issuance of ordinary shares, net of offering costs	51,464
Proceeds from issuance pre-funded warrants, net of offering costs	14,336
Proceeds from the exercise of share options	37	200
Proceeds from the ESPP	174	336
Net cash provided by financing activities	67,116	13,686
Effect of foreign exchange rates on cash, cash equivalents and restricted cash	(228)	(120)
Net decrease in cash, cash equivalents and restricted cash	(27,401)	(40,657)
Cash, cash equivalents and restricted cash, beginning of period	154,215	188,148
Cash, cash equivalents and restricted cash, end of period	126,814	147,491
Supplemental disclosure of cash flow information:
Increase in operating lease right-of-use assets and lease liabilities related to lease extension	12,006
Offering costs in accounts payable at period end	311	57
At-The-Market Equity Program [Member]
Cash flows from financing activities
Proceeds from issuance of ordinary shares, net of offering costs	$ 1,105	$ 13,150

The Company

The Company	6 Months Ended
	Jun. 30, 2022
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 the precise design, optimization and production of novel stereopure oligonucleotides. Wave has built a genetic toolkit comprised of multiple therapeutic modalities, including RNase-H mediated silencing, RNAi, splicing, and RNA base editing, all of which leverage learnings and optimizations from the PRISM platform and allow Wave to design built-for-purpose molecules to optimally address disease biology. 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 and evolving PRISM to design, develop and commercialize oligonucleotide therapeutics, advancing the Company’s differentiated neurology portfolio, as well as exploring other therapeutic areas of interest, building the Company’s research, development and manufacturing capabilities, advancing programs into the clinic, furthering clinical development of such clinical-stage programs, building the Company’s intellectual property, and assuring adequate capital to support these activities. Liquidity Since its inception, the Company has not generated any product revenue and has incurred recurring net losses. To date, the Company has primarily funded its operations through private placements of debt and equity securities, public and other registered offerings of its equity securities and collaborations with third parties. Until the Company can generate significant revenue from product sales, if ever, the Company expects to continue to finance operations through a combination of public or private equity or debt financings or other sources, which may include 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 June 30, 2022 , the Company had cash, cash equivalents and short-term investments of $ 148.2 million. The Company expects that its existing cash, cash equivalents and short-term investments 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.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	2. SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies described in the Company’s audited financial statements as of and for the year ended December 31, 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on March 3, 2022, as amended (the “2021 Annual Report on Form 10-K”), have had no material changes during the six months ended June 30, 2022, except as described below. 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 and 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 and cash equivalents are comprised of funds in cash and money market accounts. Short-Term Investments The Company considers all time deposits with original maturities of more than three months from the date of purchase to be short-term investments. Concentration of Credit Risk Cash, cash equivalents, restricted cash and short-term investments are financial instruments that potentially subject the Company to concentration of credit risk. The Company uses several financial institutions to maintain its cash, cash equivalents, restricted cash and short-term investments, all of which are high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no financial instruments with off-balance sheet risk of loss. Unaudited Interim Financial Data The accompanying interim consolidated balance sheet as of June 30, 2022, the related interim consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the consolidated statements of Series A preferred shares and shareholders’ equity (deficit) for the three months ended March 31, and June 30, 2022 and 2021, the consolidated statements of cash flows for the six months ended June 30, 2022 and 2021, and the related interim information contained within the notes to the unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2022 and 2021 are unaudited. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and six months ended June 30, 2022 and 2021. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other interim period or future year or period.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. FAIR VALUE MEASUREMENTS The following table sets forth the Company’s financial assets that are measured at fair value on a recurring basis: Total Level 1 Level 2 Level 3 (in thousands) June 30, 2022 Cash and cash equivalents $ 123,163 $ 123,163 $ — $ — Short-term investments 25,000 — 25,000 — Restricted cash 3,651 3,651 — — Total $ 151,814 $ 126,814 $ 25,000 $ — December 31, 2021 Cash and cash equivalents $ 150,564 $ 150,564 $ — $ — Short-term investments — — — — Restricted cash 3,651 3,651 — — Total $ 154,215 $ 154,215 $ — $ — T here have been no transfers between fair value levels during the three months ended June 30, 2022. Cash, cash equivalents and restricted cash are Level 1 assets which are comprised of funds held in checking and money market accounts. Short-term investments are Level 2 assets which are comprised of time deposits with original maturities of more than three months. The Company determined that the fair value of its short-term investments is $ 25.0 million as of June 30, 2022 , which approximates the carrying value of the term deposits. There were no short-term investments as of December 31, 2021, as the term deposits that constitute the Company’s short-term investments were purchased during the six months ended June 30, 2022 . The carrying amounts of accounts payable and accrued expenses approximate their fair values due to their short-term maturities.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	4. SHARE-BASED COMPENSATION The Wave Life Sciences Ltd. 2021 Equity Incentive Plan (the “2021 Plan”) was approved by the Company’s shareholders and went into effect on August 10, 2021. The 2021 Plan serves as the successor to the Wave Life Sciences Ltd. 2014 Equity Incentive Plan, as amended (the “2014 Plan”), such that outstanding awards granted under the 2014 Plan continue to be governed by the terms of the 2014 Plan, but no awards may be made under the 2014 Plan after August 10, 2021. The aggregate number of ordinary shares authorized for issuance of awards under the 2021 Plan is 5,450,000 ordinary shares, plus the number of ordinary shares underlying any awards under the 2014 Plan that are forfeited, cancelled or otherwise terminated (other than by exercise or withheld by the Company to satisfy any tax withholding obligation) on or after August 10, 2021. The 2021 Plan authorizes (and the 2014 Plan previously authorized) the Company’s board of directors or a committee of the board of directors to, among other things, grant non-qualified share options, restricted awards, which include restricted shares and restricted share units (“RSUs”), and performance awards to eligible employees and directors of the Company. Options generally vest over periods of one to four years , and any options that are forfeited or cancelled are available to be granted again. The contractual life of options is generally five or ten years from the grant date. RSUs can be time-based or performance-based. Time-based RSUs generally vest over a period of one to four years . The vesting of performance-based RSUs is contingent on the achievement of certain performance milestones. Any RSUs that are forfeited are available to be granted again. In March 2021, the compensation committee of the Company’s board of directors approved an amendment and restatement of the Company’s outstanding 2019 performance-based RSUs to add an additional milestone to the existing milestones. In 2021, the Company also granted performance-based RSUs with the same terms to certain employees who did not receive the 2019 performance-based RSUs. This modification did not result in any incremental expense. In April 2022 , the Company determined that a performance-based RSU milestone was achieved and consequently 50 % of the outstanding performance-based RSUs vested, which resulted in the issuance of 384,646 ordinary shares. During the three months ended June 30, 2022, the Company recorded share-based compensation expense of approximately $ 3.8 million, which represents all of the expense related to the achievement of this performance-based RSU milestone. The Company did not recognize any expense related to the other performance-based RSU milestones, as the remaining milestones were not considered probable of achievement as of June 30, 2022. During the six months ended June 30, 2022, the Company granted 2,037,175 options and 55,075 time-based RSUs to employees. As of June 30, 2022 , 1,561,172 ordinary shares remained available for future grant under the 2021 Plan. The Wave Life Sciences Ltd. 2019 Employee Share Purchase Plan (“ESPP”) allows all full-time and certain part-time employees to purchase the Company’s ordinary shares at a discount to fair market value. Eligible employees may enroll in a six-month offering period beginning on or about January 15 th and July 15 th every year. Shares are purchased at a price equal to 85 % of the lower of the fair market value of the Company’s ordinary shares on the first business day or the last business day of an offering period. During the six months ended June 30, 2022, 77,534 ordinary shares were issued under the ESPP. As of June 30, 2022 , there were 804,940 ordinary shares available for issuance under the ESPP.

Collaboration Agreements

Collaboration Agreements	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration Agreements	5. COLLABORATION AGREEMENTS Takeda Collaboration and Equity Agreements In February 2018 , Wave USA and Wave UK entered into a global strategic collaboration (the “Takeda Collaboration”) with Takeda Pharmaceutical Company Limited (“Takeda”), pursuant to which Wave USA, Wave UK and Takeda agreed to collaborate on the research, development and commercialization of oligonucleotide therapeutics for disorders of the Central Nervous System (“CNS”). The Takeda Collaboration provides the Company with at least $ 230.0 million in committed cash and Takeda with the option to co-develop and co-commercialize the Company’s CNS development programs in (1) Huntington’s disease (“HD”); (2) amyotrophic lateral sclerosis (“ALS”) and frontotemporal dementia (“FTD”); and (3) the Company’s discovery-stage program targeting ATXN3 for the treatment of spinocerebellar ataxia 3 (“SCA3”) (collectively, “Category 1 Programs”). In addition, the Takeda Collaboration provided Takeda the right to exclusively license multiple preclinical programs for CNS disorders, including Alzheimer’s disease and Parkinson’s disease (collectively, “Category 2 Programs”). In April 2018, the Takeda Collaboration became effective and Takeda paid the Company $ 110.0 million as an upfront payment. Takeda also agreed to fund the Company’s research and preclinical activities in the amount of $ 60.0 million during the four-year research term and to reimburse the Company for any collaboration-budgeted research and preclinical expenses incurred by the Company 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, the Company will be responsible for researching and developing products and companion diagnostics for Category 1 Programs through completion of the first proof of mechanism study for such products. Takeda will have an exclusive option for each target and all associated products and companion diagnostics for such target, which it may exercise at any time through completion of the proof of mechanism study. If Takeda exercises this option, the Company will receive an opt-in payment and will lead manufacturing and joint clinical co-development activities and Takeda will lead joint co-commercial activities in the United States and all commercial activities outside of the United States. Global costs and potential profits will be shared 50 : 50 and the Company will be eligible to receive development and commercial milestone payments. In addition to its 50% profit share, the Company is eligible to receive option exercise fees and development and commercial milestone payments for each of the Category 1 Programs. With respect to Category 2 Programs, the Company granted Takeda the right to exclusively license multiple preclinical programs during a four-year research term (subject to limited extension for programs that were initiated prior to the expiration of the research term, in accordance with the Takeda Collaboration Agreement) (“Category 2 Research Term”). During that term, the Takeda Collaboration provided that the parties may collaborate on preclinical programs for up to six targets at any one time . The Company was responsible for researching and preclinically developing products and companion diagnostics directed to the agreed upon targets through completion of Investigational New Drug application (“IND”)-enabling studies in the first major market country. Thereafter, Takeda would have an exclusive worldwide license to develop and commercialize products and companion diagnostics directed to such targets, subject to the Company’s retained rights to lead manufacturing activities for products directed to such targets. Takeda agreed to fund the Company’s research and preclinical activities in the amount of $ 60.0 million during the research term and reimburse the Company for any collaboration-budgeted research and preclinical expenses incurred by the Company that exceeded that amount. The Company was also eligible to receive tiered high single-digit to mid-teen royalties on Takeda’s global commercial sales of products from each Category 2 Program. Under the Takeda Collaboration Agreement, each party granted to the other party specific intellectual property licenses to enable the other party to perform its obligations and exercise its rights under the Takeda Collaboration Agreement, including license grants to enable each party to conduct research, development and commercialization activities pursuant to the terms of the Takeda Collaboration Agreement. The term of the Takeda Collaboration Agreement commenced on April 2, 2018 and, unless terminated earlier, will continue until the date on which: (i) with respect to each Category 1 Program target for which Takeda does not exercise its option, the expiration or termination of the development program with respect to such target; (ii) with respect to each Category 1 Program target for which Takeda exercises its option, the date on which neither party is researching, developing or manufacturing any products or companion diagnostics directed to such target; or (iii) with respect to each Category 2 Program target, the date on which royalties are no longer payable with respect to products directed to such target. Takeda may terminate the Takeda Collaboration Agreement for convenience on 180 days’ notice, in its entirety or on a target-by-target basis. Subject to certain exceptions, each party has the right to terminate the Takeda Collaboration Agreement on a target-by-target basis if the other party, or a third party related to such party, challenges the patentability, enforceability or validity of any patents within the licensed technology that cover any product or companion diagnostic that is subject to the Takeda Collaboration Agreement. In the event of any material breach of the Takeda Collaboration Agreement by a party, subject to cure rights, the other party may terminate the Takeda Collaboration Agreement in its entirety if the breach relates to all targets or on a target-by-target basis if the breach relates to a specific target. In the event that Takeda and its affiliates cease development, manufacturing and commercialization activities with respect to compounds or products subject to the Takeda Collaboration Agreement and directed to a particular target, the Company may terminate the Takeda Collaboration Agreement with respect to such target. Either party may terminate the Takeda Collaboration Agreement for the other party’s insolvency. In certain termination circumstances, the Company would receive a license from Takeda to continue researching, developing and manufacturing certain products, and companion diagnostics. The Takeda Collaboration is managed by a joint steering committee (“JSC”) in which both parties are represented equally. The JSC is tasked with overseeing the scientific progression of each Category 1 Program and, prior to the Amendment (discussed below), the Category 2 Programs. The Company assessed this arrangement in accordance with ASC Topic 606, Revenue from Contracts with Customers (“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. On October 15, 2021 , Wave USA, Wave UK and Takeda entered into the Second Amendment to the Takeda Collaboration Agreement (the “Amendment”), which discontinued the Category 2 component of the Takeda Collaboration. Pursuant to the Amendment, Takeda agreed to pay the Company an additional $ 22.5 million as full payment for reimbursable Category 2 Program collaboration-budgeted research and preclinical expenses. The Category 1 Programs under the Takeda Collaboration Agreement remain in effect and are unchanged by the Amendment. Through June 30, 2022 , the Company had recognized revenue of approximately $ 79.8 million as collaboration revenue under the Takeda Collaboration Agreement. During the three and six months ended June 30, 2022 , the Company recognized revenue of $ 0.3 million and $ 1.9 million under the Takeda Collaboration Agreement, respectively. During the three and six months ended June 30, 2021, the Company recognized revenue of approximately $ 2.8 million under the Takeda Collaboration Agreement. The aggregate amount of the transaction price allocated to the Company’s unsatisfied and partially unsatisfied performance obligations and recorded in deferred revenue as of December 31, 2021 was $ 114.2 million, of which $ 37.1 million was included in current liabilities. The aggregate amount of the transaction price allocated to the Company’s unsatisfied and partially unsatisfied performance obligations and recorded in deferred revenue at June 30, 2022 is $ 112.7 million, of which $ 37.5 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 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.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Shareholders' Equity	6. SHAREHOLDERS’ EQUITY June 2022 Offering On June 16, 2022, the Company closed an underwritten offering (the “June 2022 Offering”) in which the Company issued and sold 25,464,483 of the Company’s ordinary shares at a price of $ 2.15 per share and pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 7,093,656 of the Company’s ordinary shares at an offering price of $ 2.1499 per Pre-Funded Warrant, which represents the per share offering price for the ordinary shares less the $ 0.0001 per share exercise price for each Pre-Funded Warrant. These Pre-Funded Warrants were recorded as a component of shareholders’ equity within additional paid-in capital. The gross proceeds to the Company were $ 70.0 million before deducting underwriting discounts and commissions and other offering expenses . The net proceeds of the June 2022 Offering were approximately $ 65.5 million. The Pre-Funded Warrants are exercisable at any time after their original issuance and on or prior to the five-year anniversary of the original issuance date. A holder of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 19.99 % of the number of ordinary shares outstanding or more than 19.99 % of the combined voting power of the Company’s securities outstanding immediately after giving effect to such exercise, unless and until shareholder approval is obtained.

Net Loss Per Ordinary Share

Net Loss Per Ordinary Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Ordinary Share	7. NET LOSS PER ORDINARY SHARE The Company applies the two-class method to calculate its basic and diluted net loss per share attributable to ordinary shareholders, as its Series A preferred shares are participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to ordinary shareholders. As of June 30, 2022, there are 7,093,656 vested and exercisable Pre-Funded Warrants outstanding to purchase ordinary shares for the exercise price of $ 0.0001 per share. The Pre-Funded Warrants are included in the weighted-average shares outstanding used in the calculation of basic net loss per share as the exercise price is negligible and the warrants are fully vested and exercisable. Basic loss per share is computed by dividing net loss attributable to ordinary shareholders and Pre-Funded Warrant holders by the weighted-average number of ordinary shares and Pre-Funded Warrants outstanding. The Company’s potentially dilutive shares, which include outstanding share options to purchase ordinary shares, RSUs, and Series A preferred shares, are considered to be ordinary share equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following ordinary share equivalents, 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 June 30, 2022 2021 Options to purchase ordinary shares 8,526,312 4,584,490 RSUs 979,850 2,027,019 Series A preferred shares 3,901,348 3,901,348 Additionally, for the periods presented, the two-class method does not impact the net loss per ordinary share as the Company was in a net loss position for each of the periods presented and holders of Series A preferred shares do not participate in losses.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES During the three and six months ended June 30, 2022 and 2021 , the Company recorded no income tax provision. The Company maintained a full valuation allowance for the three and six months ended June 30, 2022 and 2021 in all jurisdictions due to uncertainty regarding future taxable income. The Company’s utilization of its net operating loss carryforwards and general business credit carryforwards in the United States may be subject to a substantial annual limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. As of June 30, 2022 , the Company is evaluating whether an ownership change occurred during 2022. Should an ownership change have occurred or occur in the future, the Company’s ability to utilize its net operating losses and general business credit carryforwards may be limited.

Geographic Data

Geographic Data	6 Months Ended
	Jun. 30, 2022
Geographic Data [Abstract]
Geographic Data	9. GEOGRAPHIC DATA Substantially all of the Company’s long-lived assets were located in the United States as of June 30, 2022 and December 31, 2021 .

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Parties	10. RELATED PARTIES The Company had the following related party transaction for the periods presented in the accompanying consolidated financial statements: • In 2012, the Company entered into a consulting agreement for scientific advisory services with Dr. Gregory L. Verdine, one of the Company’s founders and a member of the Company’s board of directors. The consulting agreement does not have a specific term and may be terminated by either party upon 14 days’ prior written notice. Pursuant to the consulting agreement, the Company pays Dr. Verdine approximately $ 13 thousand per month, plus reimbursement for certain expenses.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: June 30, 2022 December 31, 2021 (in thousands) Accrued compensation $ 6,574 $ 10,181 Accrued expenses related to CROs and CMOs 3,473 3,571 Accrued expenses and other current liabilities 1,038 1,109 Total accrued expenses and other current liabilities $ 11,085 $ 14,861

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	12. LEASES Lease Arrangements The Company enters into lease arrangements for its facilities. A summary of the arrangements is as follows: Operating Leases Lexington On September 26, 2016, and as amended on December 31, 2016, the Company entered into a 10 year and 9-month lease , which includes two successive five-year renewal options , for its facility in Lexington, Massachusetts (the “Lexington Lease”), 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 Lexington 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 Lexington Lease, the Company had restricted cash of approximately $ 2.7 million in a separate bank account as of June 30, 2022 and December 31, 2021. Cambridge In April 2015, the Company entered into a lease agreement for an office and laboratory facility in Cambridge, Massachusetts (the “Cambridge Lease”), which commenced in October 2015 with a term of 7.5 years with a five-year renewal option to extend the lease. Throughout the term of the Cambridge 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 Cambridge Lease, the Company had restricted cash of $ 1.0 million in a separate bank account as of June 30, 2022 and December 31, 2021. In December 2020, the Company exercised its option under the Cambridge Lease to lease additional office and laboratory space at the adjoining facility . The combined space constitutes the entire building located at 733 Concord Avenue. The lease for the additional space commenced on October 1, 2021, with a term of five years and, for accounting purposes, is considered a separate lease from the Cambridge Lease (the “Additional Cambridge Lease”). On the commencement date of the Additional Cambridge Lease, the Company recorded a right-of-use asset and corresponding operating lease liability of $ 4.5 million and began recognizing straight-line rent expense under ASC 842. Throughout the term of the Additional Cambridge Lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities. In June 2022, the Company notified the landlord of its intention to exercise the five-year renewal option under the Cambridge Lease to extend the lease term through March 2028 (the “Cambridge Lease Extension”). In June 2022, the Company calculated an incremental borrowing rate of 10.53 % and remeasured the right-of-use asset and the lease liabilities related to the Cambridge Lease Extension. As of June 30, 2022, the Company recorded an additional $ 12.0 million of operating right-of-use asset and corresponding operating lease liabilities relating to the Cambridge Lease Extension. In August 2022, the Company executed the second amendment to the Cambridge Lease with respect to the Cambridge Lease Extension.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Fair Value of Financial Instruments	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 and Cash Equivalents	Cash and 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 and cash equivalents are comprised of funds in cash and money market accounts.
Short-Term Investments	Short-Term Investments The Company considers all time deposits with original maturities of more than three months from the date of purchase to be short-term investments.
Concentration of Credit Risk	Concentration of Credit Risk Cash, cash equivalents, restricted cash and short-term investments are financial instruments that potentially subject the Company to concentration of credit risk. The Company uses several financial institutions to maintain its cash, cash equivalents, restricted cash and short-term investments, all of which are high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no financial instruments with off-balance sheet risk of loss.
Unaudited Interim Financial Data	Unaudited Interim Financial Data The accompanying interim consolidated balance sheet as of June 30, 2022, the related interim consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the consolidated statements of Series A preferred shares and shareholders’ equity (deficit) for the three months ended March 31, and June 30, 2022 and 2021, the consolidated statements of cash flows for the six months ended June 30, 2022 and 2021, and the related interim information contained within the notes to the unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2022 and 2021 are unaudited. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and six months ended June 30, 2022 and 2021. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other interim period or future year or period.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Company's Financial Assets Measurement at Fair Value on Recurring Basis	The following table sets forth the Company’s financial assets that are measured at fair value on a recurring basis: Total Level 1 Level 2 Level 3 (in thousands) June 30, 2022 Cash and cash equivalents $ 123,163 $ 123,163 $ — $ — Short-term investments 25,000 — 25,000 — Restricted cash 3,651 3,651 — — Total $ 151,814 $ 126,814 $ 25,000 $ — December 31, 2021 Cash and cash equivalents $ 150,564 $ 150,564 $ — $ — Short-term investments — — — — Restricted cash 3,651 3,651 — — Total $ 154,215 $ 154,215 $ — $ —

Net Loss Per Ordinary Share (Ta

Net Loss Per Ordinary Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Anti-Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Ordinary Share	The following ordinary share equivalents, 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 June 30, 2022 2021 Options to purchase ordinary shares 8,526,312 4,584,490 RSUs 979,850 2,027,019 Series A preferred shares 3,901,348 3,901,348

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: June 30, 2022 December 31, 2021 (in thousands) Accrued compensation $ 6,574 $ 10,181 Accrued expenses related to CROs and CMOs 3,473 3,571 Accrued expenses and other current liabilities 1,038 1,109 Total accrued expenses and other current liabilities $ 11,085 $ 14,861

The Company - Additional Inform

The Company - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 123,163	$ 150,564
Short term investments	25,000
Cash equivalents and short-term investments	$ 148,200

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Company's Financial Assets Measurement at Fair Value on Recurring Basis (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value Inputs Level 2 [Member] | Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 25,000,000	$ 0
Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	123,163,000	150,564,000
Total	151,814,000	154,215,000
Fair Value Measurements Recurring [Member] | Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	25,000,000
Fair Value Measurements Recurring [Member] | Restricted Cash [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	3,651,000	3,651,000
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	123,163,000	150,564,000
Total	126,814,000	154,215,000
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 1 [Member] | Restricted Cash [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	3,651,000	$ 3,651,000
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	25,000,000
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 2 [Member] | Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 25,000,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Assets Level1 To Level2 Transfer Amount	$ 0
Fair Value Assets Level2 To Level1 Transfer Amount	0
Short-Term Investments [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 25,000,000	$ 0

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			6 Months Ended
	Apr. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022
Ordinary Shares [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Number of shares issued			77,534	44,036
Issuance of ordinary shares, shares		25,464,483
Options [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Options granted to employees					2,037,175
Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees					55,075
Performance-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting percentage	50%
Share-based compensation expense not yet recognized		$ 3.8			$ 3.8
Performance-based RSUs [Member] | Ordinary Shares [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Issuance of ordinary shares, shares	384,646
2019 ESPP [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Ordinary shares reserved for issuance		804,940			804,940
Share purchase price at equal to fair market value percentage					85%
Number of shares issued					77,534
2021 Plan [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Ordinary shares authorized for issuance		5,450,000			5,450,000
Ordinary shares available for future grant		1,561,172			1,561,172
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] | RSUs to Employees [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] | RSUs to Employees [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Vesting period					4 years

Collaboration Agreements - Addi

Collaboration Agreements - Additional Information (Detail) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended		6 Months Ended		50 Months Ended
	Oct. 15, 2021 USD ($)	Apr. 02, 2018	Apr. 30, 2018 USD ($) Target $ / shares shares	Feb. 28, 2018 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from issuance of ordinary shares, net of offering costs							$ 51,464
Collaboration revenue recognized					$ 375	$ 2,776	2,125	$ 2,776
Collaboration and license agreement, deferred revenue current					37,466		37,466			$ 37,098
Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Fund receivable for research and preclinical activities			$ 60,000
Up-front consideration received			$ 110,000
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%
Collaboration And License Agreement [Member] | Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment under collaboration agreement			$ 110,000
Collaboration and license agreement month and year			2018-02
Fund receivable for research and preclinical activities			$ 60,000
Research term under collaboration and license agreement			4 years
Collaboration agreement commencement date		Apr. 02, 2018
Collaboration agreement termination period		180 days
Collaboration And License Agreement [Member] | Takeda [Member] | Minimum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement, committed cash				$ 230,000
Collaboration And License Agreement [Member] | Takeda [Member] | Category One Programs [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of global costs and potential profits sharing ratio			50%
Collaboration and License Agreement Date	Oct. 15, 2021
Collaboration revenue recognized					300	$ 2,800	1,900	$ 2,800	$ 79,800
Collaboration and license agreement, deferred revenue					112,700		112,700			114,200
Collaboration and license agreement, deferred revenue current					$ 37,500		$ 37,500			$ 37,100
Collaboration And License Agreement [Member] | Takeda [Member] | Category Two Programs [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Fund receivable for research and preclinical activities			$ 60,000
Research term under collaboration and license agreement			4 years
Maximum targets for preclinical programs | Target			6
Option to reach maximum targets for preclinical programs							any one time
Collaboration-budgeted research and preclinical expenses	$ 22,500
Collaboration and Share Purchase Agreements [Member] | Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Shares issued under equity agreement | shares			1,096,892
Purchase price per share | $ / shares			$ 54.70
Proceeds from issuance of ordinary shares, net of offering costs			$ 60,000
Equity investment agreement official closure month and year			2018-04

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jun. 16, 2022	Jun. 30, 2022	Jun. 30, 2021
Equity [Line Items]
Proceeds from issuance of ordinary shares, net		$ 51,464
Warrant or Right, Original issuance date, description		On June 16, 2022, the Company closed an underwritten offering (the “June 2022 Offering”) in which the Company issued and sold 25,464,483 of the Company’s ordinary shares at a price of $2.15 per share and pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 7,093,656 of the Company’s ordinary shares at an offering price of $2.1499 per Pre-Funded Warrant, which represents the per share offering price for the ordinary shares less the $0.0001 per share exercise price for each Pre-Funded Warrant. These Pre-Funded Warrants were recorded as a component of shareholders’ equity within additional paid-in capital. The gross proceeds to the Company were $70.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds of the June 2022 Offering were approximately $65.5 million. The Pre-Funded Warrants are exercisable at any time after their original issuance and on or prior to the five-year anniversary of the original issuance date. A holder of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 19.99% of the number of ordinary shares outstanding or more than 19.99% of the combined voting power of the Company’s securities outstanding immediately after giving effect to such exercise, unless and until shareholder approval is obtained.
At-The-Market Equity Program [Member]
Equity [Line Items]
Proceeds from issuance of ordinary shares, net		$ 1,105	$ 13,150
June 2022 Offering [Member]
Equity [Line Items]
Issuance of ordinary shares, shares	25,464,483
Purchase price per share	$ 2.15
Gross proceeds from sale of ordinary shares	$ 70,000
Proceeds from issuance of ordinary shares, net	$ 65,500
Pre Funded Warrants (Member)
Equity [Line Items]
Purchase price per share	$ 2.1499
Pre-funded warrant exercise price per share	$ 0.0001
Minimum percentage of combined voting power of securities outstanding immediate effect of exercise	19.99%
Pre Funded Warrants (Member) | Minimum [Member]
Equity [Line Items]
Percentage of ownership interest in ordinary shares outstanding	19.99%
Pre Funded Warrants (Member) | Maximum [Member]
Equity [Line Items]
Purchase price of pre-funded warrants	7,093,656

Net Loss Per Ordinary Share (Ad

Net Loss Per Ordinary Share (Additional Information) (Details) - Pre Funded Warrants (Member)	Jun. 30, 2022 $ / shares shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Pre-funded warrant outstanding | shares	7,093,656
Warrant Exercise Price Per Share | $ / shares	$ 0.0001

Net Loss Per Ordinary Share - A

Net Loss Per Ordinary Share - Anti-Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Ordinary Share (Detail) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
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	8,526,312	4,584,490
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	979,850	2,027,019
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 - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax benefit (provision)	$ 0	$ 0	$ 0	$ 0

Related Parties - Additional In

Related Parties - Additional Information (Detail) - Scientific Advisor [Member] - Consulting Agreement [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Consulting agreement termination notice period	14 days
Consulting service expenses	$ 13

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 6,574	$ 10,181
Accrued expenses related to CROs and CMOs	3,473	3,571
Accrued expenses and other current liabilities	1,038	1,109
Total accrued expenses and other current liabilities	$ 11,085	$ 14,861

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Oct. 01, 2021	Sep. 26, 2016	Apr. 30, 2015
Operating Leased Assets [Line Items]
Lease agreement term			5 years
Restricted cash	$ 3,651	$ 3,651
Lease option to extend description	In August 2022, the Company executed the second amendment to the Cambridge Lease with respect to the Cambridge Lease Extension.
Description of additional lease space	The lease for the additional space commenced on October 1, 2021, with a term of five years and, for accounting purposes, is considered a separate lease from the Cambridge Lease (the “Additional Cambridge Lease”).
Operating lease right-of-use assets	$ 28,791	18,378	$ 4,500
Operating lease liability			$ 4,500
Lexington, Massachusetts [Member]
Operating Leased Assets [Line Items]
Lease agreement term				10 years 9 months
Renewal options	10 year and 9-month lease , which includes two successive five-year renewal options
Restricted cash	$ 2,700	2,700
Lease renewal term				5 years
Cambridge, Massachusetts [Member]
Operating Leased Assets [Line Items]
Lease agreement term					7 years 6 months
Restricted cash	$ 1,000	$ 1,000
Lease option to extend description	five-year renewal option to extend the lease.
Option to extend the lease	true
Operating lease right-of-use assets	$ 12,000
Operating lease liability	$ 12,000
Incremental borrowing rate	10.53%
Lease renewal term	5 years				5 years