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Wave Life Sciences (WVE)

Wave Life Sciences is a clinical-stage genetic medicines company committed to delivering life-changing treatments for people battling devastating diseases. Wave aspires to develop best-in-class medicines across multiple therapeutic modalities using PRISM, the company's proprietary discovery and drug development platform that enables the precise design, optimization and production of stereopure oligonucleotides. Driven by a resolute sense of urgency, the Wave team is targeting a broad range of genetically defined diseases so that patients and families may realize a brighter future.

WVE stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

11 Aug 22
16 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 123.16M 123.16M 123.16M 123.16M 123.16M 123.16M
Cash burn (monthly) (no burn) 1.72M 14.05M 10.33M 9.61M 8.66M
Cash used (since last report) n/a 2.7M 22.01M 16.18M 15.05M 13.56M
Cash remaining n/a 120.46M 101.15M 106.98M 108.11M 109.6M
Runway (months of cash) n/a 69.9 7.2 10.4 11.3 12.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
25 Jul 22 Chandra Vargeese Share Option Ordinary Shares Grant Acquire A No No 2.83 60,000 169.8K 60,000
25 Jul 22 Michael A. Panzara Share Option Ordinary Shares Grant Acquire A No No 2.83 60,000 169.8K 60,000
25 Jul 22 Paul Bolno Share Option Ordinary Shares Grant Acquire A No No 2.83 180,000 509.4K 180,000
25 Jul 22 Chris Francis Share Option Ordinary Shares Grant Acquire A No No 2.83 45,000 127.35K 45,000
25 Jul 22 Kyle Moran Share Option Ordinary Shares Grant Acquire A No No 2.83 60,000 169.8K 60,000
65.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 87 96 -9.4%
Opened positions 8 18 -55.6%
Closed positions 17 15 +13.3%
Increased positions 21 41 -48.8%
Reduced positions 33 18 +83.3%
13F shares Current Prev Q Change
Total value 149.45M 233.92M -36.1%
Total shares 56.74M 56.38M +0.6%
Total puts 0 29.7K EXIT
Total calls 25.2K 64.5K -60.9%
Total put/call ratio 0.5
Largest owners Shares Value Change
Ra Capital Management 7.78M $15.55M 0.0%
M28 Capital Management 5.85M $11.7M +55.4%
Maverick Capital 5.59M $11.19M 0.0%
BBBOF BB Biotech 4.6M $14.45M 0.0%
BLVGF Bellevue 4.56M $9.13M -0.9%
Primecap Management 4.56M $9.12M -0.7%
BLK Blackrock 2.94M $5.88M +1.5%
Kagoshima Shinsangyo Sousei Investment Limited Partnership 2.02M $32M 0.0%
Kynam Capital Management 1.91M $3.82M +27.9%
PFE Pfizer 1.88M $5.89M 0.0%
Largest transactions Shares Bought/sold Change
M28 Capital Management 5.85M +2.08M +55.4%
Logos Global Management 0 -800K EXIT
Deerfield Management 0 -552.69K EXIT
Kynam Capital Management 1.91M +417.13K +27.9%
SG Americas Securities 486.05K -330.69K -40.5%
Millennium Management 766.06K -326.04K -29.9%
GS Goldman Sachs 421.41K +308.97K +274.8%
683 Capital Management 462.05K +274.92K +146.9%
MS Morgan Stanley 109.51K -241.47K -68.8%
Renaissance Technologies 205.19K +167.89K +450.1%

Financial report summary

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Risks
  • We are a clinical-stage genetic medicines company with a history of losses, and we expect to continue to incur losses for the foreseeable future, and we may never achieve or maintain profitability.
  • We will require substantial additional funding, which may not be available on acceptable terms, or at all.
  • Our management has broad discretion over the use of proceeds received from sales of our securities and our collaborations with third parties and the proceeds may not be used effectively.
  • Our short operating history may make it difficult for shareholders to evaluate the success of our business to date and to assess our future viability.
  • The approach we are taking to discover and develop oligonucleotides is novel and may never lead to marketable products.
  • Because we are developing oligonucleotides, which are considered a relatively new class of drugs, there is increased risk that the outcome of our clinical trials will not be sufficient to obtain regulatory approval.
  • Our preclinical studies and clinical trials may not be successful. If we are unable to commercialize our product candidates or experience significant delays in doing so, our business will be materially harmed.
  • We may not be able to conduct clinical trials successfully due to various process-related factors that could negatively impact our business plans.
  • If we cannot successfully manufacture our product candidates for our research and development and preclinical activities, or manufacture sufficient amounts of our product candidates to meet our clinical requirements and timelines, our business may be materially harmed.
  • The process of manufacturing oligonucleotides is complex and we may encounter difficulties in production, particularly with respect to process development or scaling-up of our manufacturing capabilities.
  • We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • Any product candidates we develop may fail in development or be delayed to a point where they do not become commercially viable.
  • Results of preclinical studies and early clinical trials may not be predictive of results of future clinical trials.
  • If we experience delays or difficulties in the enrollment of patients in clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented.
  • If we are unable to successfully develop or obtain regulatory approval for companion diagnostic tests for our product candidates, or experience significant delays in doing so, our clinical trials may be delayed and our business could be materially harmed.
  • We may be unable to obtain regulatory approval in the United States or foreign jurisdictions and, as a result, be unable to commercialize our product candidates and our ability to generate revenue will be materially impaired.
  • If we are granted orphan drug designations in the United States for any of our product candidates, there can be no guarantee that we will maintain orphan status for these product candidates or receive approval for any product candidate with an orphan drug designation.
  • Even if we obtain regulatory approvals, our marketed drugs will be subject to ongoing regulatory oversight. If we fail to comply with continuing U.S. and foreign requirements, our approvals, if obtained, could be limited or withdrawn, we could be subject to other penalties, and our business would be seriously harmed.
  • Even if we receive regulatory approval to market our product candidates, the market may not be receptive to our product candidates upon their commercial introduction, which will prevent us from becoming profitable.
  • The pharmaceutical industry is intensely competitive. If we are unable to compete effectively with existing drugs, new treatment methods and new technologies, we may be unable to commercialize successfully any drugs that we develop.
  • Any drugs we develop may become subject to unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives, thereby harming our business.
  • Changes in laws and regulations affecting the healthcare industry could adversely affect our business.
  • Risks associated with our operations outside of the United States and developments in international trade by the U.S. and foreign governments could adversely affect our business.
  • There is a substantial risk of product liability claims in our business. If we are unable to obtain or maintain sufficient insurance, a product liability claim against us could adversely affect our business.
  • If we do not comply with laws regulating the protection of the environment and health and human safety, our business could be adversely affected.
  • We depend on collaborations with third parties for the development and commercialization of certain of our product candidates.
  • We may not be able to execute our business strategy optimally if we are unable to maintain our existing collaborations or enter into new collaborations with partners that can provide sales, marketing and distribution capabilities and funds for the development and commercialization of our product candidates.
  • We rely, and expect to continue to rely, on third parties to conduct some aspects of our compound formulation, research, preclinical studies and clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such formulation, research or testing.
  • If we are unable to attract and retain qualified key management and scientists, staff, consultants and advisors, our ability to implement our business plan may be adversely affected.
  • As we continue our preclinical studies and clinical trials and advance to further clinical development, we may experience difficulties in managing our growth and expanding our operations.
  • Our employees, consultants and collaborators may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • Security breaches, cyber security threats, loss of data and other disruptions could compromise sensitive information related to our business, prevent us from accessing critical information or expose us to liability, which could adversely affect our business and our reputation.
  • Foreign currency exchange rates may adversely affect our results.
  • The U.S. tax legislation and future changes to applicable U.S. or foreign tax laws and regulations may have a material adverse effect on our business, financial condition and results of operations.
  • Inadequate funding for the FDA, the SEC and other government agencies, or a work slowdown or stoppage at those agencies as part of a broader federal government shutdown, could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner, or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • If we are not able to obtain and enforce market exclusivity for our technologies or product candidates, development and commercialization of our product candidates may be adversely affected.
  • We license patent rights from third-party owners or licensees. If such owners or licensees do not properly or successfully obtain, maintain or enforce the patents underlying such licenses, or if they retain or license to others any competing rights, our competitive position and business prospects may be adversely affected.
  • Other companies or organizations may challenge our or our licensors’ patent rights or may assert patent rights that prevent us from developing and commercializing our products.
  • We may not be able to protect our intellectual property rights throughout the world.
  • We or our licensors, collaborators or any future strategic partners may become subject to third party claims or litigation alleging infringement of patents or other proprietary rights or seeking to invalidate patents or other proprietary rights, and we may need to resort to litigation to protect or enforce our patents or other proprietary rights, all of which could be costly and time consuming, or delay or prevent the development and commercialization of our product candidates, or put our patents and other proprietary rights at risk.
  • Intellectual property rights of third parties could adversely affect our ability to commercialize our product candidates, and we might be required to litigate or obtain licenses from third parties in order to develop or market our product candidates. Such litigation or licenses could be costly or not available on commercially reasonable terms.
  • If we fail to comply with our obligations under any license, collaboration or other agreement, we may be required to pay damages and could lose intellectual property rights that are necessary for developing and protecting our product candidates, or we could lose certain rights to grant sublicenses.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • We may be subject to claims that we or our employees or consultants have wrongfully used or disclosed alleged trade secrets of our employees’ or consultants’ former employers or their clients. These claims may be costly to defend and if we do not successfully do so, we may be required to pay monetary damages and may lose valuable intellectual property rights or personnel.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • We are a Singapore incorporated company and it may be difficult to enforce a judgment of U.S. courts for civil liabilities under U.S. federal securities laws against us, our directors or our officers in Singapore.
  • We are incorporated in Singapore and our shareholders may have more difficulty in protecting their interests than they would as shareholders of a corporation incorporated in the United States.
  • We are subject to the laws of Singapore, which differ in certain material respects from the laws of the United States.
  • We are subject to the Singapore Takeover Code, which requires a person acquiring 30% or more of our voting shares to conduct a takeover offer for all of our voting shares. This could have the effect of discouraging, delaying or preventing a merger or acquisition and limit the market price of our ordinary shares.
  • For a limited period of time, our directors have general authority to allot and issue new ordinary shares on terms and conditions and for such purposes as may be determined by our board of directors in its sole discretion.
  • We may be or become a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. Holders.
  • Singapore taxes may differ from the tax laws of other jurisdictions.
  • We may become subject to unanticipated tax liabilities.
  • Tax authorities could challenge the allocation of income and deductions among our subsidiaries, which could increase our overall tax liability.
  • Our financial results reflect the effect of certain tax credits and the operation of certain tax regimes within the United Kingdom. Recently enacted legislation in the United Kingdom will limit the amount we may be able to claim as a payable tax credit in the future which could impact our financial condition, results of operations and cash flows.
  • The public market for our ordinary shares may not be liquid enough for our shareholders to sell their ordinary shares quickly or at market price, or at all.
  • The market price of our ordinary shares is likely to be highly volatile, and our shareholders may lose some or all of their investment.
  • Our principal shareholders and management own a significant percentage of our ordinary shares and will be able to exert significant control over matters subject to shareholder approval.
  • We incur significant costs due to operating as a public company, and our management is required to devote substantial time to compliance initiatives.
  • The estimates and judgments we make, or the assumptions on which we rely, in preparing our consolidated financial statements could prove inaccurate.
  • We do not anticipate paying any cash dividends on our ordinary shares in the foreseeable future.
  • We may incur significant costs from class action litigation due to share volatility.
  • Sales of additional ordinary shares could cause the price of our ordinary shares to decline.

Content analysis

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Positive
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Legalese
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Readability
H.S. sophomore Avg
New words: adjoining, anniversary, Avenue, average, bank, began, beneficially, blocker, borrowing, case, Concord, copy, deducting, feet, foregoing, holder, improvement, inflationary, intention, King, labor, landlord, lieu, negligible, notified, Owner, paragraph, power, proportionate, purport, RA, remeasured, renewal, resale, sense, square, Street, submit, summary, text, translated, underwriting, voting, warrant
Removed: correcting, language, record