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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, 2021

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)

 

65 Hayden Avenue, 2nd Floor, Lexington, MA

(Address of principal executive offices)

 

(I.R.S. Employer

Identification No.)

02421

(Zip code)

 

(617) 245-0399

(Registrant’s telephone number, including area code)

 

n/a

(Former name, former address and formal fiscal year, if changed since last report)

 

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

 

The 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 8, 2021, the registrant had 32,956,794 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

 

Table of Contents

 

 

Page  

PART I.

FINANCIAL INFORMATION

7

Item 1.

Financial Statements (Unaudited)

7

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

7

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020

8

 

Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2021 and 2020

9

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2021 and 2020

10

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

11

 

Notes to Unaudited Condensed Consolidated Financial Statements

12

Item 2.

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

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

33

Item 4.

Controls and Procedures

33

 

 

 

PART II.        

OTHER INFORMATION

35

Item 1.

Legal Proceedings

35

Item 1A.

Risk Factors

35

Item 6.

Exhibits

85

Signatures

86

 

 

2


 

 

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 “anticipate,” “approach,” “believe,” “continue,” “could,” “designed,” “estimate,” “expect,”  “goal,” “intend,” “may,” “plan,” “potential,” “project,” “strategy,” “will,” “would,” “should,” “seek,” “likely,” “become,” “develop,” “engage,” “execute,” “expand,” “goal,” “leverage,” “future,” “vision” or similar expressions, or the negative or plural of these words or expressions. These forward-looking statements may include statements concerning the following:

 

the design, cost, initiation, timing, progress and results of our current and future research and development activities, including statements with respect to our Phase 1/2 SUNRISE clinical trial and other development activities for our product candidate, LB-001, in methylmalonic acidemia, or MMA;  

 

early clinical results and the significance and interpretation thereof and the expected timing of announcing additional interim clinical data in the SUNRISE trial;

 

potential attributes and benefits of our GeneRide™ and sAAVy platforms and our existing or future product candidates, including any potential benefit of such platforms over competing platforms;

 

our plans to continue to enroll patients in our SUNRISE trial;

 

the direct or indirect impacts of the COVID-19 pandemic on our business, operations and the markets and communities in which we and our partners, collaborators and vendors operate;

 

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 our collaboration and license agreements and our ability to enter into future collaboration and licensing 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 obtain the funding for our operations necessary to continue the advancement of any product candidates;

 

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

 

our intellectual property position, including obtaining and maintaining patents, the duration of our patent protection and trade secret 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.

Any or all of these forward-looking statements in this Quarterly Report on Form 10-Q may turn out to be inaccurate. These forward-looking statements involve risks and uncertainties, including those that are discussed below under the heading “Risk Factors Summary”, and the risk factors identified further in Part II, Item 1A. "Risk Factors" included in this Quarterly Report on Form 10-Q and elsewhere in this Quarterly Report on Form 10-Q, that could cause our actual results, financial condition, performance or achievements to be materially different from those indicated in these forward-looking statements. 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 advance and complete our Phase 1/2 SUNRISE 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. In addition we are subject to the following risks: existing preclinical data may not be predictive of the results of ongoing or later clinical trials; clinical trials may not be successful or may be discontinued or delayed for any reason; manufacturing and process development risks, including delays relating to continuously improving our manufacturing processes; risks associated with management and key personnel changes and transitional periods; the actual funding required to develop and commercialize product candidates, including for safety, tolerability, enrollment, manufacturing or economic reasons; the timing and content of decisions made by regulatory authorities; the actual time it takes to initiate and complete preclinical and clinical studies; the competitive landscape; changes in our economic and financial conditions; and our ability to obtain, maintain and enforce patent and other intellectual property protection for LB-001 and any other product candidates. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason. Unless otherwise stated, our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

3


 

In this Quarterly Report on Form 10-Q, 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.

LOGICBIO™, GENERIDE™, SAAVY™ and any associated logos are trademarks of LogicBio and/or its affiliates. All other trademarks, trade names and service marks appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. The use or display of other parties’ trademarks, trade dress or products in this Quarterly Report on Form 10-Q does not imply that we have a relationship with, or endorsement or sponsorship of, the trademark or trade dress owners. Any website addresses given in this Quarterly Report on Form 10-Q are for information only and are not intended to be an active link or to incorporate any website information into this document.

 


4


 

 

RISK FACTORS SUMMARY

The following is a summary of the principal risks that could adversely affect our business, financial condition and results of operations:

Risks Related to Our Financial Position and Need for Additional Capital

 

We have incurred significant losses since inception and anticipate that we will incur continued losses for the foreseeable future. We may never achieve or maintain profitability.

 

Under our ASC 205-40 analysis, there is “substantial doubt” that we will have sufficient funds to satisfy our obligations through the next twelve months from the date of issuance of this Quarterly Report on Form 10-Q.

 

We will require additional capital to fund our operations, and if we fail to obtain necessary financing, we may not be able to complete the development and commercialization of any product candidates.

Risks Related to Discovery, Development, Clinical Testing, Manufacturing and Regulatory Approval

 

We intend to identify and develop product candidates based on our novel GeneRide and sAAVy technology platforms, which makes it difficult to predict the time and cost of product candidate development.

 

Because gene delivery is novel and the regulatory landscape that governs any product candidates we may develop is uncertain and may change, we cannot predict the time and cost of obtaining regulatory approval, if we receive it at all, for any product candidates we may develop.

 

Some or all of our preclinical programs may experience delays or may never advance to clinical trials, which would adversely affect our ability to obtain regulatory approvals or commercialize these product candidates on a timely basis or at all.

 

Clinical trials are expensive, time-consuming, difficult to design and implement and involve an uncertain outcome.

 

If we encounter difficulties enrolling patients in our clinical trials, particularly in light of the COVID-19 pandemic, our clinical development activities could be delayed or otherwise adversely affected.

 

Even if we complete the necessary clinical trials, we cannot predict when, or if, we will obtain regulatory approval to commercialize a product candidate we may develop, and any such approval may be for a more narrow indication than we seek.

 

Our product candidates may cause serious adverse events or undesirable side effects or have other properties that may delay or prevent their regulatory approval, limit the commercial profile of an approved label or result in significant negative consequences following marketing approval, if any.

 

We may not be successful in our efforts to identify additional product candidates.

 

The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.

 

We are heavily dependent on the success of LB-001 and if LB-001 does not receive regulatory approval in the United States or other jurisdictions, or is not successfully commercialized, our business will be harmed.

 

Interim “top-line” and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.

Risks Related to Our Dependence on Third Parties

 

Reliance on third-party manufacturers increases the risk that we will not have sufficient quantities of testing materials, product candidates or any medicines that we may develop and commercialize, or that such supply will not be available to us at an acceptable cost.

 

If the third parties that conduct, supervise and monitor our clinical trials do not successfully carry out their contractual duties, or if they perform in an unsatisfactory manner, it may harm our business.

5


 

 

Collaborations we enter into with third parties for the research, development and commercialization of certain of our product candidates may not be successful, we may not be able to capitalize on the market potential of those product candidates.

 

Our collaborators or strategic partners may decide to adopt alternative technologies or may be unable to develop commercially viable products with our technology, which would negatively impact our revenues and our strategy to develop these products.

 

If we fail to comply with obligations in agreements under which we in-license or acquire development or commercialization rights to products, technology or data from third parties, including our agreements with Stanford University, or Stanford, and the University of Texas through which we license our core technology or our agreement with the NIH for development and commercial rights to the transgene for LB-001, we could lose such rights that are important to our business, and we may be unable to continue our development or commercialization programs as a result, which would be harmful to our business.

Risks Related to Our Intellectual Property

 

If we are unable to obtain and maintain sufficient patent protection for any product candidates and for our technology, our competitors could develop and commercialize products and technology similar or identical to ours.

 

If we fail to comply with our obligations in the agreements under which we license intellectual property rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose license rights that are important to our business.

 

Patent terms and market exclusivity for our product candidates may be inadequate to protect our competitive position for an adequate amount of time.

 

The intellectual property landscape around genome editing technology is highly dynamic, and third parties may initiate legal proceedings alleging that we are infringing, misappropriating, or otherwise violating their intellectual property rights, the outcome of which would be uncertain.

 

We may be subject to claims challenging the inventorship of our patents and other intellectual property.

Risks Related to Healthcare Laws and Other Legal Compliance Matters

 

Our current and future business operations are and will be subject to applicable healthcare regulatory laws, which could expose us to penalties and other sanctions.

 

We are subject to stringent privacy laws, information security laws, regulations, policies and contractual obligations related to data privacy and security and changes in such laws, regulations, policies and contractual obligations could adversely affect our business.

 

Risks Related to Employee Matters and Managing Growth

 

Our future success depends on our ability to retain our key personnel and to attract, retain and motivate qualified personnel.

 

We may encounter difficulties in managing our growth, which could disrupt our operations.

 

6


 

 

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, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

59,581

 

 

$

70,075

 

Accounts receivable

 

 

119

 

 

 

263

 

Prepaid expenses and other current assets

 

 

985

 

 

 

2,205

 

Total current assets

 

 

60,685

 

 

 

72,543

 

Property and equipment, net

 

 

2,028

 

 

 

1,815

 

Restricted cash

 

 

622

 

 

 

622

 

Operating lease right-of-use asset

 

 

4,851

 

 

 

5,660

 

TOTAL ASSETS

 

$

68,186

 

 

$

80,640

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$

903

 

 

$

447

 

Accrued expenses and other current liabilities

 

 

3,466

 

 

 

2,701

 

Operating lease liabilities

 

 

1,193

 

 

 

1,094

 

Current portion of long-term debt

 

 

3,291

 

 

 

1,910

 

Current portion of deferred revenue

 

 

4,837

 

 

 

 

Total current liabilities

 

 

13,690

 

 

 

6,152

 

Long-term debt, net of issuance costs and discount

 

 

5,790

 

 

 

8,109

 

Operating lease liabilities, net of current portion

 

 

4,046

 

 

 

4,952

 

Deferred revenue, net of current portion

 

 

5,896

 

 

 

 

Total liabilities

 

 

29,422

 

 

 

19,213

 

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, 2021 and December 31, 2020.

 

 

 

 

 

 

Common stock, par value of $0.0001 per share; 175,000,000 shares authorized; 32,945,616 and 31,775,748 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

169,718

 

 

 

161,415

 

Accumulated other comprehensive income

 

 

 

 

 

 

Accumulated deficit

 

 

(130,957

)

 

 

(99,991

)

Total stockholders’ equity

 

 

38,764

 

 

 

61,427

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

68,186

 

 

$

80,640

 

 

See notes to unaudited condensed consolidated financial statements.

 

7


 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration and service revenue

 

$

2,120

 

 

$

926

 

 

$

3,383

 

 

$

2,912

 

Total revenue

 

 

2,120

 

 

 

926

 

 

 

3,383

 

 

 

2,912

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

7,806

 

 

 

5,492

 

 

 

21,482

 

 

 

18,560

 

General and administrative

 

 

4,257

 

 

 

3,200

 

 

 

12,081

 

 

 

9,421

 

Total operating expenses

 

 

12,063

 

 

 

8,692

 

 

 

33,563

 

 

 

27,981

 

LOSS FROM OPERATIONS

 

 

(9,943

)

 

 

(7,766

)

 

 

(30,180

)

 

 

(25,069

)

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

3

 

 

 

2

 

 

 

13

 

 

 

179

 

Interest expense

 

 

(270

)

 

 

(276

)

 

 

(824

)

 

 

(821

)

Other (expense) income, net

 

 

(3

)

 

 

1

 

 

 

(3

)

 

 

(10

)

Total other expense, net

 

 

(270

)

 

 

(273

)

 

 

(814

)

 

 

(652

)

Loss before income taxes

 

 

(10,213

)

 

 

(8,039

)

 

 

(30,994

)

 

 

(25,721

)

Income tax benefit

 

 

28

 

 

 

 

 

 

28

 

 

 

 

Net loss

 

$

(10,185

)

 

$

(8,039

)

 

$

(30,966

)

 

$

(25,721

)

Net loss per share—basic and diluted

 

$

(0.31

)

 

$

(0.34

)

 

$

(0.96

)

 

$

(1.10

)

Weighted-average common stock outstanding—basic and diluted

 

 

32,443,960

 

 

 

23,599,052

 

 

 

32,181,912

 

 

 

23,367,804

 

 

See notes to unaudited condensed consolidated financial statements.

 

8


 

 

LogicBio Therapeutics, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(10,185

)

 

$

(8,039

)

 

$

(30,966

)

 

$

(25,721

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on investments

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

$

(10,185

)

 

$

(8,039

)

 

$

(30,966

)

 

$

(25,721

)

 

See notes to unaudited condensed consolidated financial statements.

 

9


 

 

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

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

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 related to at-the-market offerings, 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 related to at-the-market offerings, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, January 1, 2021

 

 

31,775,748

 

 

$

3

 

 

$

161,415

 

 

$

 

 

$

(99,991

)

 

$

61,427

 

Vesting of restricted stock

 

 

31,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock related to at-the-market offerings, net of issuance costs of $65

 

 

251,086

 

 

 

 

 

 

2,091

 

 

 

 

 

 

 

 

 

2,091

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

989

 

 

 

 

 

 

 

 

 

989

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,282

)

 

 

(10,282

)

BALANCE, March 31, 2021

 

 

32,058,206

 

 

 

3

 

 

 

164,495

 

 

 

 

 

 

(110,273

)

 

 

54,225

 

Vesting of restricted stock

 

 

84,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of options

 

 

70,620

 

 

 

 

 

 

52

 

 

 

 

 

 

 

 

 

52

 

Issuance of common stock related to at-the-market offerings, net of issuance costs of $1

 

 

9,156

 

 

 

 

 

 

45

 

 

 

 

 

 

 

 

 

45

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

997

 

 

 

 

 

 

 

 

 

997

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,499

)

 

 

(10,499

)

BALANCE, June 30, 2021

 

 

32,222,366

 

 

 

3

 

 

 

165,589

 

 

 

 

 

 

(120,772

)

 

 

44,820

 

Vesting of restricted stock

 

 

11,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of options

 

 

49,926

 

 

 

 

 

 

 

35

 

 

 

 

 

 

 

 

 

 

 

35

 

Issuance of common stock, net of issuance costs of $92

 

 

661,835

 

 

 

 

 

 

2,962

 

 

 

 

 

 

 

 

 

2,962

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,132

 

 

 

 

 

 

 

 

 

1,132

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,185

)

 

 

(10,185

)

BALANCE, September 30, 2021

 

 

32,945,616

 

 

$

3

 

 

$

169,718

 

 

$

 

 

$

(130,957

)

 

$

38,764

 

 

See notes to unaudited condensed consolidated financial statements.

 

10


 

 

LogicBio Therapeutics, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net loss

 

$

(30,966

)

 

$

(25,721

)

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

 

 

 

 

 

 

 

 

Depreciation expense

 

 

451

 

 

 

349

 

Net amortization of premiums and discounts on investments

 

 

 

 

 

26

 

Stock-based compensation expense

 

 

3,118

 

 

 

2,428

 

Non-cash interest expense

 

 

173

 

 

 

156

 

Non-cash lease expense

 

 

811

 

 

 

1,366

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

1,220

 

 

 

917

 

Accounts receivable

 

 

144

 

 

 

 

Accounts payable

 

 

456

 

 

 

411

 

Accrued expenses and other current liabilities

 

 

26

 

 

 

(1,368

)

Deferred revenue

 

 

10,733

 

 

 

 

Net cash used in operating activities

 

 

(13,834

)

 

 

(21,436

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Maturities of investments

 

 

 

 

 

17,500

 

Purchase of property and equipment

 

 

(734

)

 

 

(343

)