Wave Life Sciences (WVE) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	WVE
Entity Registrant Name	WAVE LIFE SCIENCES LTD.
Entity Incorporation, State or Country Code	U0
Entity Central Index Key	0001631574
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		58,832,518
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	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 123,896	$ 184,497
Accounts receivable	22,500	30,000
Prepaid expenses	7,627	10,434
Other current assets	3,964	5,111
Total current assets	157,987	230,042
Long-term assets:
Property and equipment, net	24,020	29,198
Operating lease right-of-use assets	14,639	16,232
Restricted cash	3,651	3,651
Other assets	215	115
Total long-term assets	42,525	49,196
Total assets	200,512	279,238
Current liabilities:
Accounts payable	7,443	13,795
Accrued expenses and other current liabilities	11,364	11,971
Current portion of deferred revenue	8,736	91,560
Current portion of operating lease liability	4,097	3,714
Total current liabilities	31,640	121,040
Long-term liabilities:
Deferred revenue, net of current portion	107,606	41,481
Operating lease liability, net of current portion	22,477	25,591
Other liabilities	1,014	474
Total long-term liabilities	131,097	67,546
Total liabilities	162,737	188,586
Series A preferred shares, no par value; 3,901,348 shares issued and outstanding at September 30, 2021 and December 31, 2020	7,874	7,874
Shareholders’ equity:
Ordinary shares, no par value; 51,998,032 and 48,778,678 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	716,118	694,085
Additional paid-in capital	84,254	71,573
Accumulated other comprehensive income	258	389
Accumulated deficit	(770,729)	(683,269)
Total shareholders’ equity	29,901	82,778
Total liabilities, Series A preferred shares and shareholders’ equity	$ 200,512	$ 279,238

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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	51,998,032	48,778,678
Common stock, shares outstanding	51,998,032	48,778,678

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 36,423,000	$ 3,450,000	$ 39,199,000	$ 10,638,000
Operating expenses:
Research and development	31,086,000	28,275,000	96,114,000	100,911,000
General and administrative	12,944,000	9,590,000	33,991,000	32,791,000
Total operating expenses	44,030,000	37,865,000	130,105,000	133,702,000
Loss from operations	(7,607,000)	(34,415,000)	(90,906,000)	(123,064,000)
Other income, net:
Dividend income and interest income, net	6,000	23,000	25,000	544,000
Other income, net	1,371,000	1,292,000	3,421,000	1,399,000
Total other income, net	1,377,000	1,315,000	3,446,000	1,943,000
Loss before income taxes	(6,230,000)	(33,100,000)	(87,460,000)	(121,121,000)
Income tax provision	0	0	0	0
Net loss	$ (6,230,000)	$ (33,100,000)	$ (87,460,000)	$ (121,121,000)
Net loss per share attributable to ordinary shareholders—basic and diluted	$ (0.12)	$ (0.86)	$ (1.75)	$ (3.36)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders—basic and diluted	50,709,877	38,364,224	50,017,521	36,021,256
Other comprehensive income (loss):
Net loss	$ (6,230,000)	$ (33,100,000)	$ (87,460,000)	$ (121,121,000)
Foreign currency translation	(11,000)	23,000	(131,000)	34,000
Comprehensive loss	$ (6,241,000)	$ (33,077,000)	$ (87,591,000)	$ (121,087,000)

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Series A Preferred Shares and Shareholders' Equity - 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 [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2019	$ 63,732			$ 539,547		$ 57,277	$ 267	$ (533,359)
Beginning balance, shares at Dec. 31, 2019				34,340,690
Temporary equity, Beginning balance at Dec. 31, 2019			$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2019			3,901,348
Issuance of ordinary shares		$ 604			$ 604
Issuance of ordinary shares, shares					59,690
Share-based compensation	3,999					3,999
Vesting of RSUs, shares				198,202
Option exercises	10			$ 10
Option exercises, shares				3,000
Other comprehensive income (loss)	6						6
Net loss	(47,493)							(47,493)
Ending balance at Mar. 31, 2020	20,858			$ 540,161		61,276	273	(580,852)
Ending balance, shares at Mar. 31, 2020				34,601,582
Temporary equity, Ending balance at Mar. 31, 2020			$ 7,874
Temporary equity, Ending balance, shares at Mar. 31, 2020			3,901,348
Beginning balance at Dec. 31, 2019	63,732			$ 539,547		57,277	267	(533,359)
Beginning balance, shares at Dec. 31, 2019				34,340,690
Temporary equity, Beginning balance at Dec. 31, 2019			$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2019			3,901,348
Net loss	(121,121)
Ending balance at Sep. 30, 2020	108,241			$ 694,066		68,354	301	(654,480)
Ending balance, shares at Sep. 30, 2020				48,769,049
Temporary equity, Ending balance at Sep. 30, 2020			$ 7,874
Temporary equity, Ending balance, shares at Sep. 30, 2020			3,901,348
Beginning balance at Mar. 31, 2020	20,858			$ 540,161		61,276	273	(580,852)
Beginning balance, shares at Mar. 31, 2020				34,601,582
Temporary equity, Beginning balance at Mar. 31, 2020			$ 7,874
Temporary equity, Beginning balance, shares at Mar. 31, 2020			3,901,348
Issuance of ordinary shares		11,372			$ 11,372
Issuance of ordinary shares, shares					1,123,156
Share-based compensation	3,794					3,794
Vesting of RSUs, shares				3,569
Option exercises	10			$ 10
Option exercises, shares				3,847
Other comprehensive income (loss)	5						5
Net loss	(40,528)							(40,528)
Ending balance at Jun. 30, 2020	(4,489)			$ 551,543		65,070	278	(621,380)
Ending balance, shares at Jun. 30, 2020				35,732,154
Temporary equity, Ending balance at Jun. 30, 2020			$ 7,874
Temporary equity, Ending balance, shares at Jun. 30, 2020			3,901,348
Issuance of ordinary shares	93,744	47,906		$ 93,744	$ 47,906
Issuance of ordinary shares, shares				8,333,334	4,400,176
Share-based compensation	3,284					3,284
Vesting of RSUs, shares				4,513
Option exercises	702			$ 702
Option exercises, shares				273,633
Issuance of ordinary shares under the ESPP	171			$ 171
Issuance of ordinary shares under ESPP, shares				25,239
Other comprehensive income (loss)	23						23
Net loss	(33,100)							(33,100)
Ending balance at Sep. 30, 2020	108,241			$ 694,066		68,354	301	(654,480)
Ending balance, shares at Sep. 30, 2020				48,769,049
Temporary equity, Ending balance at Sep. 30, 2020			$ 7,874
Temporary equity, Ending balance, shares at Sep. 30, 2020			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		$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2020	3,901,348		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 income (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		$ 7,874
Temporary equity, Beginning balance, shares at Dec. 31, 2020	3,901,348		3,901,348
Issuance of ordinary shares, shares		2,908,805
Net loss	$ (87,460)
Ending balance at Sep. 30, 2021	29,901			$ 716,118		84,254	258	(770,729)
Ending balance, shares at Sep. 30, 2021				51,998,032
Temporary equity, Ending balance at Sep. 30, 2021	$ 7,874		$ 7,874
Temporary equity, Ending balance, shares at Sep. 30, 2021	3,901,348		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
Issuance of ordinary shares		$ 8,082			$ 8,082
Issuance of ordinary shares, shares					1,345,830
Share-based compensation	5,896					5,896
Vesting of RSUs, shares				7,485
Option exercises	50			$ 50
Option exercises, shares				20,000
Issuance of ordinary shares under the ESPP	272			$ 272
Issuance of ordinary shares under ESPP, shares				48,251
Other comprehensive income (loss)	(11)						(11)
Net loss	(6,230)							(6,230)
Ending balance at Sep. 30, 2021	29,901			$ 716,118		$ 84,254	$ 258	$ (770,729)
Ending balance, shares at Sep. 30, 2021				51,998,032
Temporary equity, Ending balance at Sep. 30, 2021	$ 7,874		$ 7,874
Temporary equity, Ending balance, shares at Sep. 30, 2021	3,901,348		3,901,348

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (87,460)	$ (121,121)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of right-of-use assets	1,593	1,376
Depreciation of property and equipment	5,704	6,097
Share-based compensation expense	12,681	11,077
Changes in operating assets and liabilities:
Accounts receivable	7,500	20,000
Prepaid expenses	2,807	1,660
Other assets	1,047	15,106
Accounts payable	(6,335)	562
Accrued expenses and other current liabilities	(607)	(6,003)
Deferred revenue	(16,699)	(10,638)
Operating lease liabilities	(2,731)	(2,382)
Other non-current liabilities	540	(301)
Net cash used in operating activities	(81,960)	(84,567)
Cash flows from investing activities
Purchases of property and equipment	(545)	(781)
Net cash used in investing activities	(545)	(781)
Cash flows from financing activities
Proceeds from issuance of ordinary shares, net of offering costs		93,744
Proceeds from the exercise of share options	250	722
Proceeds from the employee share purchase plan	608	171
Net cash provided by financing activities	22,035	154,519
Effect of foreign exchange rates on cash, cash equivalents and restricted cash	(131)	34
Net increase (decrease) in cash, cash equivalents and restricted cash	(60,601)	69,205
Cash, cash equivalents and restricted cash, beginning of period	188,148	150,808
Cash, cash equivalents and restricted cash, end of period	127,547	220,013
At-The-Market Equity Program [Member]
Cash flows from financing activities
Proceeds from issuance of ordinary shares, net of offering costs	$ 21,177	$ 59,882

The Company

The Company	9 Months Ended
	Sep. 30, 2021
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 - - 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 and development 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 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 September 30, 2021, the Company had cash and cash equivalents of $123.9 million. Subsequent to September 30, 2021, the Company received $22.5 million from Takeda (as defined in Note 5), which was included in accounts receivable as of September 30, 2021 related to the Amendment (as defined in Note 5) to the Takeda Collaboration Agreement (as defined in Note 5), and $29.6 million in net proceeds under the Company’s at-the-market equity program. 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.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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, 2020, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on March 4, 2021, as amended (the “2020 Annual Report on Form 10-K”), Unaudited Interim Financial Data The accompanying interim consolidated balance sheet as of September 30, 2021, the related interim consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020, the consolidated statements of Series A preferred shares and shareholders’ equity for the three months ended March 31, June 30, and September 30, 2021 and 2020, the consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020, and the related interim information contained within the notes to the consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2021 and 2020 are unaudited. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and nine months ended September 30, 2021 and 2020. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or any other interim period or future year or period. 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. Recently Issued Accounting Pronouncements The recently issued accounting pronouncements described in the Company’s audited financial statements as of and for the year ended December 31, 2020, and the notes thereto, which are included in the 2020 Annual Report on Form 10-K, have had no material changes during the nine months ended September 30, 2021, except as described below. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board finalized Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Shareholders' Equity	3. SHAREHOLDERS’ EQUITY The Company entered into an open market sales agreement with Jefferies LLC in May 2019, as amended in March 2020, for its at-the-market equity program. D the Company sold 2,908,805 ordinary shares under its at-the-market equity program for aggregate net proceeds of $21.2 million. Subsequent to September 30, 2021, the Company sold 6,832,110 ordinary shares under its at-the-market equity program for aggregate net proceeds of $29.6 million.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [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”), 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 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 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 and the Company did not recognize any expense related to the performance-based RSUs during the nine months ended September 30, 2021, September 30, 2021 During the nine months ended September 30, 2021, the Company granted 1,253,741 options As of September 30, 2021, 5,277,236 ordinary shares remained available for future grant under the 2021 Plan. Employee Share Purchase Plan The Wave Life Sciences Ltd. 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. th th September 30, 2021

Collaboration Agreements

Collaboration Agreements	9 Months Ended
	Sep. 30, 2021
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”). The research term for the Pfizer Collaboration Agreement commenced in May 2016 and ended by its original terms in May 2020. 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, 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 was entitled to earn potential research, development and commercial milestone payments. 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 During the nine months ended September 30, 2020, the Company recognized revenue of $1.5 million under the Pfizer Collaboration Agreement. During the research term that ran from May 2016 to May 2020, the Company recognized revenue of $18.5 million under the Pfizer Collaboration Agreement. 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 four-year 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 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 exceed ed 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 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 Collaboration Agreement remain in effect and are unchanged by the Amendment. The Company recognized collaboration revenue of $36.4 million for the three months ended September 30, 2021, as a result of unconstraining certain variable consideration and recognizing the reimbursement of collaboration-budgeted research and preclinical expenses. Through September 30, 2021, the Company had recognized revenue of approximately $76.2 million as collaboration revenue under the Takeda Collaboration Agreement. During the three and nine months ended September 30, 2021, the Company recognized revenue of $36.4 million and $39.2 million, respectively, under the Takeda Collaboration Agreement. During the three and nine months ended September 30, 2020, the Company recognized revenue of $3.4 million and $9.1 million, respectively, 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 at September 30, 2021 is $116.3 million, of which $8.7 million is included in current liabilities, all of which relates to Category 1 Programs. 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.

Net Loss Per Ordinary Share

Net Loss Per Ordinary Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Ordinary Share	6. 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. Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares 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 September 30, 2021 2020 Options to purchase ordinary shares 4,765,701 3,912,647 RSUs 1,974,767 1,179,380 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 d o not participate in losses.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	7. INCOME TAXES During the three and nine months ended September 30, 2021 and 2020, the Company recorded no income tax provision . The Company maintained a full valuation allowance for the three and nine months ended September 30, 2021 and 2020 in all jurisdictions due to uncertainty regarding future taxable income.

Geographic Data

Geographic Data	9 Months Ended
	Sep. 30, 2021
Geographic Data [Abstract]
Geographic Data	8. GEOGRAPHIC DATA Substantially all of the Company’s long-lived assets were located in the United States as of September 30, 2021 and December 31, 2020.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Parties	9. 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

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: September 30, 2021 December 31, 2020 (in thousands) Accrued compensation $ 7,485 $ 9,003 Accrued expenses related to CROs and CMOs 3,384 2,143 Accrued expenses and other current liabilities 495 825 Total accrued expenses and other current liabilities $ 11,364 $ 11,971

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Unaudited Interim Financial Data	Unaudited Interim Financial Data The accompanying interim consolidated balance sheet as of September 30, 2021, the related interim consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020, the consolidated statements of Series A preferred shares and shareholders’ equity for the three months ended March 31, June 30, and September 30, 2021 and 2020, the consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020, and the related interim information contained within the notes to the consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2021 and 2020 are unaudited. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and nine months ended September 30, 2021 and 2020. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or any other interim period or future year or period.
Principles of Consolidation	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.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements The recently issued accounting pronouncements described in the Company’s audited financial statements as of and for the year ended December 31, 2020, and the notes thereto, which are included in the 2020 Annual Report on Form 10-K, have had no material changes during the nine months ended September 30, 2021, except as described below. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board finalized Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Net Loss Per Ordinary Share (Ta

Net Loss Per Ordinary Share (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 2020 Options to purchase ordinary shares 4,765,701 3,912,647 RSUs 1,974,767 1,179,380 Series A preferred shares 3,901,348 3,901,348

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: September 30, 2021 December 31, 2020 (in thousands) Accrued compensation $ 7,485 $ 9,003 Accrued expenses related to CROs and CMOs 3,384 2,143 Accrued expenses and other current liabilities 495 825 Total accrued expenses and other current liabilities $ 11,364 $ 11,971

The Company - Additional Inform

The Company - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Cash and cash equivalents		$ 123,896		$ 184,497
Accounts receivable		22,500		$ 30,000
Proceeds from issuance of ordinary shares, net of offering costs			$ 93,744
At-The-Market Equity Program [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from issuance of ordinary shares, net of offering costs		21,177	$ 59,882
Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable		$ 22,500
Subsequent Event [Member] | At-The-Market Equity Program [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from issuance of ordinary shares, net of offering costs	$ 29,600
Subsequent Event [Member] | Takeda [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable	$ 22,500

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 01, 2021	Sep. 30, 2021	Sep. 30, 2020
Equity [Line Items]
Proceeds from issuance of ordinary shares, net			$ 93,744
At-The-Market Equity Program [Member]
Equity [Line Items]
Issuance of ordinary shares, shares		2,908,805
Proceeds from issuance of ordinary shares, net		$ 21,177	$ 59,882
At-The-Market Equity Program [Member] | Subsequent Event [Member]
Equity [Line Items]
Issuance of ordinary shares, shares	6,832,110
Proceeds from issuance of ordinary shares, net	$ 29,600

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021shares
RSUs to Employees [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees	1,078,959
Options [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Options granted to employees	1,253,741
Time-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees	908,059
Performance-based RSUs [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Shares granted to employees	170,900
ESPP [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Ordinary shares reserved for issuance	882,474
Share purchase price at equal to fair market value percentage	85.00%
Number of shares issued	92,287
2021 Plan [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Ordinary shares authorized for issuance	5,450,000
Ordinary shares available for future grant	5,277,236
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

Oct. 15, 2021USD ($)

Apr. 02, 2018

Apr. 30, 2018USD ($)Target$ / sharesshares

Feb. 28, 2018USD ($)

May 31, 2016USD ($)Program$ / sharesshares

Sep. 30, 2021USD ($)

Sep. 30, 2020USD ($)

Sep. 30, 2021USD ($)

Sep. 30, 2020USD ($)

Sep. 30, 2021USD ($)

May 31, 2020USD ($)

Oct. 01, 2021USD ($)

Dec. 31, 2020USD ($)

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Equity investment aggregate purchase price

$ 93,744

Proceeds from issuance of ordinary shares, net of offering costs

$ 93,744

Collaboration revenue recognized

$ 36,423

3,450

$ 39,199

10,638

Accounts receivable

22,500

22,500

$ 22,500

$ 30,000

Collaboration and license agreement, deferred revenue current

8,736

$ 8,736

8,736

$ 91,560

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, which ended by its original terms in May 2020. During the research term, the Company was responsible to use its commercially reasonable efforts to advance up to five programs through to the selection of clinical candidates.

Revenue recognized

1,500

$ 18,500

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

Accounts receivable

22,500

$ 22,500

22,500

Takeda [Member] | Subsequent Event [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Accounts receivable

$ 22,500

Research, License and Option Agreement [Member] | Pfizer Inc. [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront payment under collaboration agreement

$ 10,000

Shares issued under equity agreement | shares

1,875,000

Equity investment aggregate purchase price

$ 30,000

Purchase price per share | $ / shares

$ 16

Collaborative agreement research term

4 years

Collaboration And License Agreement [Member] | Category One Programs [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Percentage of global costs and potential profits sharing ratio

50.00%

Collaboration And License Agreement [Member] | Takeda [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront payment under collaboration agreement

$ 110,000

Collaboration and license agreement month and year

2018-02

Fund receivable for research and preclinical activities

$ 60,000

Research term under collaboration and license agreement

4 years

Collaboration agreement commencement date

Apr. 2, 2018

Collaboration agreement termination period

180 days

Collaboration revenue recognized

36,400

Collaboration And License Agreement [Member] | Takeda [Member] | Minimum [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaboration agreement, committed cash

$ 230,000

Collaboration And License Agreement [Member] | Takeda [Member] | Category One Programs [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Percentage of global costs and potential profits sharing ratio

50.00%

Collaboration revenue recognized

36,400

$ 3,400

39,200

$ 9,100

76,200

Collaboration and license agreement, deferred revenue

116,300

116,300

116,300

Collaboration and license agreement, deferred revenue current

$ 8,700

$ 8,700

$ 8,700

Collaboration And License Agreement [Member] | Takeda [Member] | Category One Programs [Member] | Subsequent Event [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaboration and License Agreement Date

Oct. 15, 2021

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 And License Agreement [Member] | Takeda [Member] | Category Two Programs [Member] | Subsequent Event [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

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

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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
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	4,765,701	3,912,647
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	1,974,767	1,179,380
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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	9 Months Ended
	Sep. 30, 2021USD ($)
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	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued compensation	$ 7,485	$ 9,003
Accrued expenses related to CROs and CMOs	3,384	2,143
Accrued expenses and other current liabilities	495	825
Total accrued expenses and other current liabilities	$ 11,364	$ 11,971