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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 

Commission File Number: 001-38707

 

LogicBio Therapeutics, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

47-1514975

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

65 Hayden Avenue, 2nd Floor, Lexington, MA 02421

(Address of principal executive offices) (Zip code)

(617) 245-0399

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

 

LOGC

 

Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer                  

 

Non-accelerated filer

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No  

As of November 5, 2020, the registrant had 31,786,486 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

Page  

PART I.

FINANCIAL INFORMATION

4

Item 1.

Financial Statements (Unaudited)

4

 

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

4

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019

5

 

Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2020 and 2019

6

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019

7

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

8

 

Notes to Unaudited Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

Item 4.

Controls and Procedures

29

 

 

 

PART II.

OTHER INFORMATION

30

Item 1.

Legal Proceedings

30

Item 1A.

Risk Factors

30

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

Item 6.

Exhibits

31

Signatures

32

 

2


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of this Quarterly Report on Form 10-Q. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect,” or similar expressions, or the negative or plural of these words or expressions. These forward-looking statements include statements concerning the following:

 

the initiation, cost, timing, progress and results of our current and future research and development activities and preclinical studies and potential future clinical trials, including our plans to initiate, advance and complete our SUNRISE Phase 1/2 clinical trial and other development activities for LB-001 in methylmalonic acidemia, or MMA;  

 

potential attributes and benefits of our GeneRide technology platform and our existing or future product candidates;

 

our ability to take advantage of the modular nature of our GeneRide platform to simplify and accelerate development of new product candidates;

 

the potential benefits of strategic partnership agreements and our ability to enter into selective strategic partnership arrangements;

 

the timing of, and our ability to obtain and maintain, regulatory approvals for our existing or future product candidates;

 

our ability to quickly and efficiently identify and develop additional product candidates;

 

our ability to advance any product candidate into and successfully complete clinical trials;

 

our intellectual property position, including with respect to our trade secrets and the duration of our patent protection; and

 

our estimates regarding expenses, future revenues, capital requirements, the sufficiency of our current and expected cash resources and our need for additional financing.

These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. We discuss many of these risks in greater detail under Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission, or SEC, on March 16, 2020 and under Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 filed with the SEC on May 11, 2020, each as may be amended or updated in subsequent filings with the SEC. In particular, the impact of the ongoing COVID-19 pandemic on our ability to progress with our research, development, manufacturing and regulatory efforts, including our plans to initiate, advance and complete our SUNRISE Phase 1/2 clinical trial for LB-001 in MMA, and the value of and market for our 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 the United States and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Any forward-looking statement in this Quarterly Report on Form 10-Q reflects our current view with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, industry and future growth. Given these uncertainties, you should not rely on these forward-looking statements as predictions of future events. We cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

Unless the context otherwise requires, the terms “LogicBio,” “LogicBio Therapeutics, Inc.,” the “Company,” “we,” “us,” “our” and similar references in this Quarterly Report on Form 10-Q refer to LogicBio Therapeutics, Inc. and its subsidiaries.

 

3


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

LogicBio Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

32,285

 

 

$

33,107

 

Short-term investments

 

 

 

 

 

17,540

 

Prepaid expenses and other current assets

 

 

1,261

 

 

 

2,045

 

Restricted cash

 

 

 

 

 

146

 

Total current assets

 

 

33,546

 

 

 

52,838

 

Property and equipment, net

 

 

1,690

 

 

 

1,696

 

Restricted cash

 

 

622

 

 

 

622

 

Operating lease right-of-use asset

 

 

5,948

 

 

 

504

 

TOTAL ASSETS

 

$

41,806

 

 

$

55,660

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,035

 

 

$

624

 

Accrued expenses and other current liabilities

 

 

2,184

 

 

 

2,435

 

Operating lease liabilities

 

 

1,091

 

 

 

504

 

Current portion of long-term debt

 

 

1,089

 

 

 

 

Total current liabilities

 

 

5,399

 

 

 

3,563

 

Long-term debt, net of issuance costs and discount

 

 

8,877

 

 

 

9,810

 

Operating lease liabilities, net of current portion

 

 

5,239

 

 

 

 

Total liabilities

 

 

19,515

 

 

 

13,373

 

COMMITMENTS AND CONTINGENCIES (Note 14)

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

Preferred stock, par value of $0.0001 per share; 25,000,000 shares authorized;

   no shares issued and outstanding as of September 30, 2020 and December 31, 2019.

 

 

 

 

 

 

Common stock, par value of $0.0001 per share; 175,000,000 shares authorized;

   23,685,161 and 23,036,943 shares issued and outstanding as of September 30, 2020 and

   December 31, 2019, respectively

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

115,379

 

 

 

109,640

 

Accumulated other comprehensive income

 

 

 

 

 

14

 

Accumulated deficit

 

 

(93,091

)

 

 

(67,370

)

Total stockholders’ equity

 

 

22,291

 

 

 

42,287

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

41,806

 

 

$

55,660

 

 

See notes to unaudited condensed consolidated financial statements.

 

4


 

LogicBio Therapeutics, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue

 

$

926

 

 

$

 

 

$

2,912

 

 

$

 

Total revenue

 

 

926

 

 

 

 

 

 

2,912

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

5,492

 

 

 

8,858

 

 

 

18,560

 

 

 

22,278

 

General and administrative

 

 

3,200

 

 

 

2,175

 

 

 

9,421

 

 

 

7,331

 

Total operating expenses

 

 

8,692

 

 

 

11,033

 

 

 

27,981

 

 

 

29,609

 

LOSS FROM OPERATIONS

 

 

(7,766

)

 

 

(11,033

)

 

 

(25,069

)

 

 

(29,609

)

OTHER INCOME (EXPENSE), NET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

2

 

 

 

389

 

 

 

179

 

 

 

1,243

 

Interest expense

 

 

(276

)

 

 

(271

)

 

 

(821

)

 

 

(271

)

Other income (expense), net

 

 

1

 

 

 

(3

)

 

 

(10

)

 

 

(4

)

Total other (expense) income, net

 

 

(273

)

 

 

115

 

 

 

(652

)

 

 

968

 

Loss before income taxes

 

 

(8,039

)

 

 

(10,918

)

 

 

(25,721

)

 

 

(28,641

)

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

(22

)

Net loss

 

$

(8,039

)

 

$

(10,918

)

 

$

(25,721

)

 

$

(28,663

)

Net loss per share—basic and diluted

 

$

(0.34

)

 

$

(0.48

)

 

$

(1.10

)

 

$

(1.27

)

Weighted-average common stock outstanding—basic and diluted

 

 

23,599,052

 

 

 

22,677,205

 

 

 

23,367,804

 

 

 

22,491,282

 

 

See notes to unaudited condensed consolidated financial statements.

 

5


 

LogicBio Therapeutics, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(8,039

)

 

$

(10,918

)

 

$

(25,721

)

 

$

(28,663

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain on investments

 

 

 

 

 

(16

)

 

 

 

 

 

20

 

Foreign currency translation adjustment

 

 

 

 

 

2

 

 

 

 

 

 

8

 

Comprehensive loss

 

$

(8,039

)

 

$

(10,932

)

 

$

(25,721

)

 

$

(28,635

)

 

See notes to unaudited condensed consolidated financial statements.

 

6


 

LogicBio Therapeutics, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

$0.0001 Par Value

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss) Income

 

 

Deficit

 

 

Equity

 

BALANCE, January 1, 2019

 

 

22,188,393

 

 

$

3

 

 

$

107,473

 

 

$

(9

)

 

$

(27,242

)

 

$

80,225

 

Vesting of restricted stock

 

 

160,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

9

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

276

 

 

 

 

 

 

 

 

 

276

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,697

)

 

 

(7,697

)

BALANCE, March 31, 2019

 

 

22,348,730

 

 

 

3

 

 

 

107,749

 

 

 

3

 

 

 

(34,939

)

 

 

72,816

 

Vesting of restricted stock

 

 

160,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of options

 

 

13,454

 

 

 

 

 

 

82

 

 

 

 

 

 

 

 

 

82

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

27

 

 

 

 

 

 

27

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

531

 

 

 

 

 

 

 

 

 

531

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,048

)

 

 

(10,048

)

BALANCE, June 30, 2019

 

 

22,522,516

 

 

 

3

 

 

 

108,362

 

 

 

33

 

 

 

(44,987

)

 

 

63,411

 

Vesting of restricted stock

 

 

160,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of options

 

 

83,082

 

 

 

 

 

 

61

 

 

 

 

 

 

 

 

 

61

 

Issuance of warrants related to loan and security agreement

 

 

 

 

 

 

 

 

136

 

 

 

 

 

 

 

 

 

136

 

Unrealized loss on investments

 

 

 

 

 

 

 

 

 

 

 

(16

)

 

 

 

 

 

(16

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

2

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

522

 

 

 

 

 

 

 

 

 

522

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,918

)

 

 

(10,918

)

BALANCE, September 30, 2019

 

 

22,765,930

 

 

$

3

 

 

$

109,081

 

 

$

19

 

 

$

(55,905

)

 

$

53,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, January 1, 2020

 

 

23,036,943

 

 

$

3

 

 

$

109,640

 

 

$

14

 

 

$

(67,370

)

 

$

42,287

 

Vesting of restricted stock

 

 

160,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of options

 

 

19,378

 

 

 

 

 

 

84

 

 

 

 

 

 

 

 

 

84

 

Realized gain on investments

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

 

 

 

(14

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

805

 

 

 

 

 

 

 

 

 

805

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,455

)

 

 

(9,455

)

BALANCE, March 31, 2020

 

 

23,216,661

 

 

 

3

 

 

 

110,529

 

 

 

 

 

 

(76,825

)

 

 

33,707

 

Vesting of restricted stock

 

 

18,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock, net of issuance costs of $33

 

 

269,540

 

 

 

 

 

 

1,907

 

 

 

 

 

 

 

 

 

1,907

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

769

 

 

 

 

 

 

 

 

 

769

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,227

)

 

 

(8,227

)

BALANCE, June 30, 2020

 

 

23,504,843

 

 

 

3

 

 

 

113,205

 

 

 

 

 

 

(85,052

)

 

 

28,156

 

Vesting of restricted stock

 

 

13,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock, net of issuance costs of $41

 

 

166,937

 

 

 

 

 

 

1,320

 

 

 

 

 

 

 

 

 

1,320

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

854

 

 

 

 

 

 

 

 

 

854

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,039

)

 

 

(8,039

)

BALANCE, September 30, 2020

 

 

23,685,161

 

 

$

3

 

 

$

115,379

 

 

$

 

 

$

(93,091

)

 

$

22,291

 

 

See notes to unaudited condensed consolidated financial statements.

 

7


 

LogicBio Therapeutics, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net loss

 

$

(25,721

)

 

$

(28,663

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation expense

 

 

349

 

 

 

189

 

Net amortization of premiums and discounts on investments

 

 

26

 

 

 

(371

)

Stock-based compensation expense

 

 

2,428

 

 

 

1,329

 

Non-cash interest expense

 

 

156

 

 

 

50

 

Non-cash lease expense

 

 

1,366

 

 

 

865

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

917

 

 

 

(354

)

Accounts payable

 

 

411

 

 

 

779

 

Accrued expenses and other current liabilities

 

 

(1,368

)

 

 

(872

)

Net cash used in operating activities

 

 

(21,436

)

 

 

(27,048

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of investments

 

 

 

 

 

(58,490

)

Maturities of investments

 

 

17,500

 

 

 

34,400

 

Purchase of property and equipment

 

 

(343

)

 

 

(1,084

)

Net cash provided by (used in) investing activities

 

 

17,157

 

 

 

(25,174

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from borrowings under loan and security agreement, net of issuance costs

 

 

 

 

 

9,845

 

Proceeds from exercise of stock options

 

 

84

 

 

 

143

 

Net proceeds from stock issuances

 

 

3,227

 

 

 

 

Net cash provided by financing activities

 

 

3,311

 

 

 

9,988

 

Effect on foreign exchange rates on cash and cash equivalents

 

 

 

 

 

 

8

 

NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED

   CASH

 

 

(968

)

 

 

(42,226