Wave Life Sciences .(WVE) - 2023 Q4 - Annual Results

Financial Performance - Revenue for the fourth quarter of 2023 was $29.1 million, a significant increase from $1.2 million in the prior year quarter, with total revenue for 2023 reaching $113.3 million compared to $3.6 million in 2022[13] - Total revenue for Q4 2023 reached $29,056 thousand, a significant increase from $1,239 thousand in Q4 2022, representing a growth of 2,241%[18] - For the full year 2023, revenue was $113,305 thousand, up from $3,649 thousand in 2022, marking a growth of 3,008%[18] - The net loss for Q4 2023 was $16.3 million, significantly improved from a net loss of $43.7 million in the prior year quarter, with a total net loss of $57.5 million for 2023 compared to $161.8 million in 2022[13] - The net loss for Q4 2023 was $16,256 thousand, an improvement from a net loss of $43,709 thousand in Q4 2022, indicating a reduction of 63%[18] - The comprehensive loss for the full year 2023 was $57,608 thousand, a decrease from $162,033 thousand in 2022, showing a reduction of 64%[18] Research and Development - Research and development expenses were $34.1 million in Q4 2023, up from $31.1 million in Q4 2022, with total R&D expenses for 2023 at $130.0 million compared to $115.9 million in 2022[13] - Research and development expenses for the full year 2023 totaled $130,009 thousand, up from $115,856 thousand in 2022, reflecting a 12% increase[18] - Wave anticipates delivering proof-of-mechanism data for WVE-006 in AATD in 2024, which would unlock its pipeline of RNA editing candidates[6] - The FORWARD-53 trial for WVE-N531 in DMD is on track to deliver data, including dystrophin protein expression, in the third quarter of 2024, with industry-leading exon skipping levels of 53% reported[9] - WVE-003 has demonstrated a 35% reduction in mean mutant HTT in cerebrospinal fluid compared to placebo, with ongoing multi-dose evaluations expected to report data in Q2 2024[9] - The company expects to initiate a clinical trial for its INHBE candidate in the first quarter of 2025, with a potentially best-in-class profile for obesity[9] Cash and Assets - Cash and cash equivalents were $200.4 million as of December 31, 2023, compared to $88.5 million as of December 31, 2022, primarily due to $170.0 million received from the GSK collaboration and $93.6 million in net proceeds from the December 2023 offering[13] - Wave's current cash and cash equivalents are expected to fund operations into the fourth quarter of 2025, excluding potential future milestone payments[13] - The total assets as of December 31, 2023, were $274,949 thousand, compared to $146,386 thousand as of December 31, 2022, an increase of 87%[16] Liabilities and Equity - Current liabilities increased to $186,440 thousand in 2023 from $71,521 thousand in 2022, a rise of 161%[16] - Shareholders' equity improved to $39,630 thousand in 2023 from a deficit of $45,091 thousand in 2022, indicating a positive shift[16] Milestones and Payments - The company received a $20 million milestone payment from GSK in Q4 2023 following the initiation of dosing in the RestorAATion-1 clinical trial[6] - The company reported a weighted-average of 109,627,549 ordinary shares used in computing net loss per share for Q4 2023, compared to 93,993,638 in Q4 2022[18]