LogicBio Therapeutics Reports Full Year 2020 Financial Results and Provides Business Update
"The fourth quarter of 2020 marked a continuation of strong momentum for LogicBio which has also extended into 2021," said
Anticipated LogicBio Milestones for 2021:
LB-001 for MMA
- Early 2021: Enrollment of first patient in Phase 1/2 SUNRISE trial
- Mid 2021: Operational update from enrollment of additional patients, including dose escalation and age de-escalation
- Mid 2021: Retrospective natural history study in MMA data evaluating disease progression, the impact of a liver transplant on the outcomes of MMA patients and potential endpoints.
- Late 2021: SUNRISE trial interim data
Pipeline
- 2021: Nomination of next development candidate
Full Year 2020 Financial Results
Twelve Months Ended
- R&D Expenses: Research and development expenses for the year ended
December 31, 2020 were$22.8 million , including$1.0 million in stock-based compensation expense, compared to$30.7 million for year endedDecember 31, 2019 , including$0.8 million in stock-based compensation expense. The decrease of$7.9 million was primarily due to a decrease of approximately$9.2 million in LB-001 external development and manufacturing costs as the majority of our clinical supply for use in the SUNRISE trial was manufactured in prior years. The decrease in manufacturing costs was partially offset by an increase of$1.1 million in other R&D expenses as we increased our activities related to GeneRide and sAAVy, our next generation capsids platform. - G&A Expenses: General and administrative expenses were
$12.2 million for the year endedDecember 31, 2020 , including$2.1 million in stock-based compensation expense, compared to$10.4 million for the year endedDecember 31, 2019 , including$1.0 million in stock- based compensation expense. The increase of approximately$1.8 million was primarily due to a$1.1 million increase in stock-based compensation and the remainder due to increases in professional fees, facilities cost and insurance and partially offset by decreases in travel costs and other personnel expenses. - Net Loss: Net loss was
$32.6 million , or$1.29 per share, for the year endedDecember 31, 2020 , compared to a net loss of$40.1 million , or$1.78 per share, for the year endedDecember 31, 2019 . - Cash Position and Financial Guidance: As of
December 31, 2020 , we had cash and cash equivalents of$70.1 million , which we believe will be sufficient to fund our operating expenses and capital expenditures for at least the next twelve months from the date of this press release.
About
Forward Looking Statements
This press release contains "forward-looking" statements within the meaning of the federal securities laws, including those related to the Company's plans to enroll patients in, advance and complete its planned Phase 1/2 SUNRISE clinical trial of LB-001 in MMA and the potential benefits to patients of LB-001; the timing, progress and results of the Company's research and development activities, including those related to the GeneRide technology platform and sAAVy, our next generation capsids program; and the sufficiency of our cash on hand to fund our operating expenses and capital expenditures. These are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available. They are subject to risks and uncertainties that could cause the actual results and the implementation of the Company's plans to vary materially, including the risks associated with the initiation, cost, timing, progress and results of the Company's current and future research and development activities and preclinical studies and potential future clinical trials. In particular, the impact of the COVID-19 pandemic on the Company's ability to progress with its research, development, manufacturing and regulatory efforts, including the Company's plans to enroll patients in, advance and complete its Phase 1/2 clinical trial for LB-001 in MMA, and the value of and market for the Company's common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in
|
||||
Condensed Consolidated Statements of Operations |
||||
(In thousands, except share and per share data) |
||||
Year Ended |
||||
2020 |
2019 |
|||
REVENUE |
||||
Service revenue |
$ 3,454 |
$ — |
||
Total revenue |
3,454 |
— |
||
OPERATING EXPENSES |
||||
Research and development |
22,753 |
30,656 |
||
General and administrative |
12,212 |
10,385 |
||
Total operating expenses |
34,965 |
41,041 |
||
LOSS FROM OPERATIONS |
(31,511) |
(41,041) |
||
OTHER (EXPENSE) INCOME, NET: |
||||
Interest income |
181 |
1,500 |
||
Interest expense |
(1,098) |
(546) |
||
Other expense, net |
(5) |
(19) |
||
Total other (expense) income, net |
(922) |
935 |
||
Loss before income taxes |
(32,433) |
(40,106) |
||
Income tax provision |
(188) |
(22) |
||
Net loss |
$ (32,621) |
$ (40,128) |
||
Net loss per share—basic and diluted |
$ (1.29) |
$ (1.78) |
||
Weighted-average common stock outstanding—basic and diluted |
25,364,453 |
22,602,954 |
|
||||
Condensed Consolidated Balance Sheets |
||||
(In thousands) |
||||
As of |
||||
December 31, 2020 |
December 31, 2019 |
|||
Cash, cash equivalents and investments |
$ 70,075 |
$ 50,647 |
||
Other assets |
10,565 |
5,013 |
||
TOTAL ASSETS |
$ 80,640 |
$ 55,660 |
||
Accounts payable, accrued expenses and other liabilities |
$ 19,213 |
$ 13,373 |
||
Stockholders' equity |
61,427 |
42,287 |
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 80,640 |
$ 55,660 |
Contact: |
|
Cecilia Jones |
|
Chief Financial Officer |
|
Media Contacts: |
|
|
|
Berry & Company Public Relations |
Berry & Company Public Relations |
W: 212-253-8881 |
W: 212-253-8881 |
C: 614-580-2048 |
C: 203-218-9180 |
Investor Contacts: |
|
|
|
|
|
617-901-7698 |
|
View original content:http://www.prnewswire.com/news-releases/logicbio-therapeutics-reports-full-year-2020-financial-results-and-provides-business-update-301247699.html
SOURCE