Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 30, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | LOGC | |
Entity Registrant Name | LogicBio Therapeutics, Inc. | |
Entity Central Index Key | 1,664,106 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 22,176,129 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 12,877 | $ 24,575 |
Prepaid expenses and other current assets | 1,726 | 1,118 |
Total current assets | 14,603 | 25,693 |
Property and equipment, net | 487 | 232 |
Other assets | 1,906 | 249 |
TOTAL ASSETS | 16,996 | 26,174 |
CURRENT LIABILITIES: | ||
Accounts payable | 983 | 1,112 |
Accrued expenses and other current liabilities | 1,566 | 599 |
Total current liabilities | 2,549 | 1,711 |
Total liabilities | 2,549 | 1,711 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT: | ||
Common stock, par value of $0.0001 per share; 47,493,828 and 45,493,828 shares authorized as of September 30, 2018 and December 31, 2017, respectively; 2,176,075 and 1,606,358 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively | 1 | 1 |
Additional paid-in capital | 1,566 | 1,035 |
Accumulated other comprehensive loss | (1) | (14) |
Accumulated deficit | (20,181) | (9,621) |
Total stockholders' deficit | (18,615) | (8,599) |
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT | 16,996 | 26,174 |
Series A Convertible Preferred Stock [Member] | ||
CURRENT LIABILITIES: | ||
Convertible preferred stock, value | 4,359 | 4,359 |
Series B Convertible Preferred Stock [Member] | ||
CURRENT LIABILITIES: | ||
Convertible preferred stock, value | $ 28,703 | $ 28,703 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 47,493,828 | 45,493,828 |
Common stock, shares issued | 2,176,075 | 1,606,358 |
Common stock, shares outstanding | 2,176,075 | 1,606,358 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 3,645,848 | 3,645,848 |
Preferred stock, shares issued | 2,976,190 | 2,976,190 |
Preferred stock, shares outstanding | 2,976,190 | 2,976,190 |
Preferred stock, aggregate liquidation preference | $ 5,403 | $ 5,137 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 30,063,791 | 30,063,791 |
Preferred stock, shares issued | 19,541,465 | 19,541,465 |
Preferred stock, shares outstanding | 19,541,465 | 19,541,465 |
Preferred stock, aggregate liquidation preference | $ 32,175 | $ 30,428 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
OPERATING EXPENSES: | ||||
Research and development | $ 2,432 | $ 580 | $ 6,113 | $ 1,467 |
General and administrative | 2,119 | 470 | 4,453 | 1,303 |
Total operating expenses | 4,551 | 1,050 | 10,566 | 2,770 |
LOSS FROM OPERATIONS | (4,551) | (1,050) | (10,566) | (2,770) |
OTHER (EXPENSE) INCOME, NET: | ||||
Interest income (expense), net | 74 | (2) | 202 | (13) |
Other (expense) income, net | (154) | 37 | (158) | 49 |
Total other (expense) income, net | (80) | 35 | 44 | 36 |
Loss before income taxes | (4,631) | (1,015) | (10,522) | (2,734) |
Income tax provision | (38) | (29) | (38) | (48) |
Net loss | (4,669) | (1,044) | (10,560) | (2,782) |
Net loss attributable to common stockholders-basic and diluted (Note 9) | $ (8,621) | $ (2,306) | $ (14,512) | $ (4,044) |
Net loss per share attributable to common stockholders-basic and diluted | $ (4.03) | $ (1.55) | $ (7.39) | $ (3.07) |
Weighted-average common stock outstanding-basic and diluted | 2,138,160 | 1,483,268 | 1,963,976 | 1,319,192 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net loss | $ (4,669) | $ (1,044) | $ (10,560) | $ (2,782) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 5 | 33 | 13 | (9) |
Comprehensive loss | $ (4,664) | $ (1,011) | $ (10,547) | $ (2,791) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning Balance, Shares at Dec. 31, 2016 | 2,976,190 | ||||||
Issuance of Series B convertible preferred stock | $ 28,703 | ||||||
Issuance of Series B convertible preferred stock, Shares | 19,541,465 | ||||||
Ending Balance at Jun. 30, 2017 | $ 4,359 | $ 28,703 | |||||
Ending Balance, Shares at Jun. 30, 2017 | 2,976,190 | 19,541,465 | |||||
Beginning Balance at Dec. 31, 2016 | $ (3,250) | $ 1 | $ 628 | $ (3,879) | |||
Beginning Balance, Shares at Dec. 31, 2016 | 978,881 | ||||||
Vesting of restricted stock | 0 | $ 0 | 0 | $ 0 | 0 | ||
Vesting of restricted stock, Shares | 333,563 | ||||||
Foreign currency translation adjustment | (42) | (42) | |||||
Stock-based compensation expense | 101 | 101 | |||||
Adoption of ASU 2018-07 | (53) | 53 | |||||
Net loss | (1,738) | (1,738) | |||||
Ending Balance at Jun. 30, 2017 | (4,929) | $ 1 | 676 | (42) | (5,564) | ||
Ending Balance, Shares at Jun. 30, 2017 | 1,312,444 | ||||||
Beginning Balance, Shares at Dec. 31, 2016 | 2,976,190 | ||||||
Ending Balance at Sep. 30, 2017 | $ 4,359 | $ 28,703 | |||||
Ending Balance, Shares at Sep. 30, 2017 | 2,976,190 | 19,541,465 | |||||
Beginning Balance at Dec. 31, 2016 | (3,250) | $ 1 | 628 | (3,879) | |||
Beginning Balance, Shares at Dec. 31, 2016 | 978,881 | ||||||
Foreign currency translation adjustment | (9) | ||||||
Net loss | (2,782) | ||||||
Ending Balance at Sep. 30, 2017 | (5,892) | $ 1 | 724 | (9) | (6,608) | ||
Ending Balance, Shares at Sep. 30, 2017 | 1,459,402 | ||||||
Beginning Balance at Jun. 30, 2017 | $ 4,359 | $ 28,703 | |||||
Beginning Balance, Shares at Jun. 30, 2017 | 2,976,190 | 19,541,465 | |||||
Ending Balance at Sep. 30, 2017 | $ 4,359 | $ 28,703 | |||||
Ending Balance, Shares at Sep. 30, 2017 | 2,976,190 | 19,541,465 | |||||
Beginning Balance at Jun. 30, 2017 | (4,929) | $ 1 | 676 | (42) | (5,564) | ||
Beginning Balance, Shares at Jun. 30, 2017 | 1,312,444 | ||||||
Vesting of restricted stock | 0 | $ 0 | 0 | 0 | 0 | ||
Vesting of restricted stock, Shares | 146,958 | ||||||
Foreign currency translation adjustment | 33 | 33 | |||||
Stock-based compensation expense | 48 | 48 | |||||
Net loss | (1,044) | (1,044) | |||||
Ending Balance at Sep. 30, 2017 | (5,892) | $ 1 | 724 | (9) | (6,608) | ||
Ending Balance, Shares at Sep. 30, 2017 | 1,459,402 | ||||||
Beginning Balance at Dec. 31, 2017 | $ 4,359 | $ 28,703 | |||||
Beginning Balance, Shares at Dec. 31, 2017 | 2,976,190 | 19,541,465 | |||||
Ending Balance at Jun. 30, 2018 | $ 4,359 | $ 28,703 | |||||
Ending Balance, Shares at Jun. 30, 2018 | 2,976,190 | 19,541,465 | |||||
Beginning Balance at Dec. 31, 2017 | (8,599) | $ 1 | 1,035 | (14) | (9,621) | ||
Beginning Balance, Shares at Dec. 31, 2017 | 1,606,360 | ||||||
Vesting of restricted stock | 0 | $ 0 | 0 | 0 | 0 | ||
Vesting of restricted stock, Shares | 336,286 | ||||||
Foreign currency translation adjustment | 8 | 8 | |||||
Stock-based compensation expense | 233 | 233 | |||||
Net loss | (5,891) | (5,891) | |||||
Ending Balance at Jun. 30, 2018 | (14,249) | $ 1 | 1,268 | (6) | (15,512) | ||
Ending Balance, Shares at Jun. 30, 2018 | 1,942,646 | ||||||
Beginning Balance at Dec. 31, 2017 | $ 4,359 | $ 28,703 | |||||
Beginning Balance, Shares at Dec. 31, 2017 | 2,976,190 | 19,541,465 | |||||
Ending Balance at Sep. 30, 2018 | $ 4,359 | $ 28,703 | |||||
Ending Balance, Shares at Sep. 30, 2018 | 2,976,190 | 19,541,465 | |||||
Beginning Balance at Dec. 31, 2017 | (8,599) | $ 1 | 1,035 | (14) | (9,621) | ||
Beginning Balance, Shares at Dec. 31, 2017 | 1,606,360 | ||||||
Foreign currency translation adjustment | 13 | ||||||
Net loss | (10,560) | ||||||
Ending Balance at Sep. 30, 2018 | (18,615) | $ 1 | 1,566 | (1) | (20,181) | ||
Ending Balance, Shares at Sep. 30, 2018 | 2,176,075 | ||||||
Beginning Balance at Jun. 30, 2018 | $ 4,359 | $ 28,703 | |||||
Beginning Balance, Shares at Jun. 30, 2018 | 2,976,190 | 19,541,465 | |||||
Ending Balance at Sep. 30, 2018 | $ 4,359 | $ 28,703 | |||||
Ending Balance, Shares at Sep. 30, 2018 | 2,976,190 | 19,541,465 | |||||
Beginning Balance at Jun. 30, 2018 | (14,249) | $ 1 | 1,268 | (6) | (15,512) | ||
Beginning Balance, Shares at Jun. 30, 2018 | 1,942,646 | ||||||
Vesting of restricted stock | 0 | $ 0 | 0 | 0 | 0 | ||
Vesting of restricted stock, Shares | 160,329 | ||||||
Exercise of options | 11 | 11 | |||||
Exercise of options, Shares | 17,003 | ||||||
Issuance of common stock | 0 | $ 0 | 0 | 0 | 0 | ||
Issuance of common stock, Shares | 56,097 | ||||||
Foreign currency translation adjustment | 5 | 5 | |||||
Stock-based compensation expense | 287 | 287 | |||||
Net loss | (4,669) | (4,669) | |||||
Ending Balance at Sep. 30, 2018 | $ (18,615) | $ 1 | $ 1,566 | $ (1) | $ (20,181) | ||
Ending Balance, Shares at Sep. 30, 2018 | 2,176,075 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended |
Jun. 30, 2017 | Sep. 30, 2017 | |
Net of issuance costs | $ 478 | |
Series B Convertible Preferred Stock [Member] | ||
Net of issuance costs | $ 478 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (10,560) | $ (2,782) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 49 | 30 |
Loss on disposal of property and equipment | 142 | |
Stock-based compensation expense | 520 | 149 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (608) | (258) |
Other non-current assets | 225 | (10) |
Accounts payable | (570) | 129 |
Accrued expenses and other current liabilities | 175 | (215) |
Net cash used in operating activities | (10,627) | (2,957) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (362) | (36) |
Dispsosal of property and equipment | 35 | |
Net cash used in investing activities | (327) | (36) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of issuance costs | (478) | |
Proceeds from exercise of stock options | 11 | |
Payment of deferred initial public offering costs | (775) | |
Net cash (used in) provided by financing activities | (764) | 28,703 |
Effect on foreign exchange rates on cash and cash equivalents | 20 | (26) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (11,698) | 25,684 |
Cash and cash equivalents at beginning of year | 24,575 | 1,728 |
Cash and cash equivalents at end of year | 12,877 | 27,412 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 13 | |
Cash paid for taxes | 100 | 4 |
Property and equipment purchases in accounts payable and accrued expenses | 126 | 30 |
Deferred initial offering costs in accounts payable and accrued expenses | $ 1,107 | 0 |
Series B Convertible Preferred Stock [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of preferred stock | $ 29,181 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2018 | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION LogicBio Therapeutics, Inc. (“LogicBio” or the “Company”) was incorporated in 2014 as a Delaware corporation. Its principal offices are in Cambridge, Massachusetts. The Company is a genome editing company focused on developing medicines to durably treat rare diseases in patients with significant unmet medical need, using GeneRide, its proprietary technology platform. GeneRide technology is designed to precisely and stably integrate corrective genes into a patient’s genome to provide a durable therapeutic effect. The Company has demonstrated proof of concept of its therapeutic platform in animal models for a number of diseases and is focusing on its lead product candidate, LB-001, Since its inception, the Company has devoted the majority of its efforts to business planning, research and development, developing markets, raising capital, recruiting management and technical staff. The Company is subject to a number of risks similar to those of other companies conducting high-risk, early-stage research and development of product candidates. Principal among these risks are a dependency on key individuals and intellectual property, competition from other products and companies, and the technical risks associated with the successful research, development and clinical manufacturing of its product candidates. The Company’s success is dependent upon its ability to continue to raise additional capital in order to fund ongoing research and development, meet its obligations and, ultimately, obtain regulatory approval of its products, successfully commercialize its products, generate revenue and, attain profitable operations. Through September 30, 2018, the Company had funded its operations primarily with proceeds from the sale of convertible preferred stock (see Note 6). On October 23, 2018, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 8,050,000 shares of its common stock, including 1,050,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $10.00 per share, for aggregate gross proceeds of $80,500. The Company received approximately $72,400 in net proceeds after deducting underwriting discounts and commissions and offering costs. In connection with the IPO, the Company effected a one-for-1.90993 Upon the closing of the IPO, all of the outstanding shares of convertible preferred stock automatically converted into 11,789,775 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. The financial statements as of September 30, 2018, including share and per share amounts, do not give effect to the IPO, as it closed subsequent to September 30, 2018. Management believes that the Company’s existing cash and cash equivalents, together with the net proceeds from the IPO, will allow the Company to continue its operations through 2020. In the absence of a significant source of recurring revenue, the continued viability of the Company beyond that point is dependent on its ability to continue to raise additional capital to finance its operations. There can be no assurance that the Company will be able to obtain sufficient capital to cover its costs on acceptable terms, if at all. The accompanying unaudited condensed consolidated financial statements as of September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2017 included in the Company’s final prospectus that forms a part of the Company’s Registration Statement on Form S-1 No. 333-227523), The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary for a fair statement of the Company’s financial position as of September 30, 2018, consolidated results of operations for the three and nine months ended September 30, 2018 and 2017 and cash flows for the nine months ended September 30, 2018 and 2017. Such adjustments are of a normal and recurring nature. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2018. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2017 and the notes thereto, which are included in the Company’s Prospectus. Since the date of those financial statements, there have been no material changes to its significant accounting policies. Principles of Consolidation In January 2016, the Company formed LogicBio Research, a wholly owned Israeli subsidiary, for the purpose of conducting research and development activities on the Company’s behalf. As of September 30, 2018, all operations had ceased for LogicBio Research. In April 2018, the Company formed LogicBio Australia Pty Limited (“LogicBio Australia”), a wholly owned Australian subsidiary, for the purpose of conducting research and development activities on the Company’s behalf. As of September 30, 2018, no activity had commenced for LogicBio Australia. The accompanying condensed consolidated financial statements include the accounts of the Company and LogicBio Research. All intercompany accounts and transactions have been eliminated in consolidation. Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process Should a planned equity financing be abandoned, the deferred offering costs would be expensed immediately as a charge to operating expenses in the condensed consolidated statement of operations. The Company recorded deferred offering costs, related to the IPO, of $1,882 as of September 30, 2018 and are included in other assets. Upon closing the IPO in October 2018, deferred offering costs were derecognized and recorded against the IPO proceeds as a debit to additional paid-in Recently Adopted Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, No. 2014-09),” No. 2014-09 No. 2014-09 catch-up In August 2015, the FASB issued ASU No. 2015-14, No. 2015-14),” No. 2014-09 No. 2014-09, No. 2014-09 In May 2017, the FASB issued ASU No. 2017-09, 2017-09 In June 2018, the FASB issued ASU No. 2018-07, 505-50, Non-Employees. No. 2014-09 No. 2018-07 Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02 No. 2016-02 In December 2016, the FASB issued ASU No. 2016-18, No. 2016-18 No. 2016-18 No. 2016-18 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2018 | |
FAIR VALUE MEASUREMENTS | 3. FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Description September 30, 2018 Quoted Prices in Significant Other (Level 2) Significant Other (Level 3) Assets Sweep bank account $ 12,600 $ 12,600 $ — $ — Total financial assets $ 12,600 $ 12,600 $ — $ — Description December 31, 2017 Quoted Prices in Significant Other (Level 2) Significant Other (Level 3) Assets Sweep bank account $ 24,415 $ 24,415 $ — $ — Total financial assets $ 24,415 $ 24,415 $ — $ — There have been no transfers between fair value measure levels during the three and nine months ended September 30, 2018. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 9 Months Ended |
Sep. 30, 2018 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities at September 30, 2018 and December 31, 2017 consisted of the following: September 30, December 31, Accrued compensation and benefits $ 143 $ 290 Accrued insurance 32 20 Accrued professional services 998 64 Other 393 225 Total accrued expenses and other current liabilities $ 1,566 $ 599 Accrued compensation and benefits consists primarily of accrued bonuses, accrued commissions, and accrued vacation. Accrued professional services consists primarily of consulting services and legal services. |
SIGNIFICANT AGREEMENTS
SIGNIFICANT AGREEMENTS | 9 Months Ended |
Sep. 30, 2018 | |
SIGNIFICANT AGREEMENTS | 5. SIGNIFICANT AGREEMENTS Research Agreement In August 2018, the Company entered into a new research agreement with a contract research organization to pay for services related to certain research and development activities relevant to its programs to be identified in supplements to the research agreement. In September 2018, two supplements to the research agreement were entered into. The Company recorded $258 as deferred research and development expenses related to this agreement as of September 30, 2018, included in prepaid expenses and other current assets. |
CONVERTIBLE PREFERRED STOCK
CONVERTIBLE PREFERRED STOCK | 9 Months Ended |
Sep. 30, 2018 | |
CONVERTIBLE PREFERRED STOCK | 6. CONVERTIBLE PREFERRED STOCK Series A Preferred Stock and Series B convertible preferred stock (“Series B Preferred Stock”) is collectively referred to as “Preferred Stock.” As of September 30, 2018 and December 31, 2017, Preferred Stock consisted of the following: September 30, 2018 Preferred Preferred Issued and Carrying Liquidation Common stock Series A Preferred Stock 3,645,848 2,976,190 $ 4,359 $ 5,403 1,558,271 Series B Preferred Stock 30,063,791 19,541,465 $ 28,703 $ 32,175 10,231,504 33,709,639 22,517,655 $ 33,062 $ 37,578 11,789,775 December 31, 2017 Preferred Preferred Issued and Carrying Liquidation Common stock Series A Preferred Stock 3,645,848 2,976,190 $ 4,359 $ 5,137 1,558,271 Series B Preferred Stock 30,063,791 19,541,465 28,703 30,428 10,231,504 33,709,639 22,517,655 $ 33,062 $ 35,565 11,789,775 On October 23, 2018, upon the closing of the Company’s IPO, all outstanding shares of Preferred Stock converted into 11,789,775 shares of the Company’s common stock. The following is a summary of the rights and privileges of the preferred stockholders as of September 30, 2018. Conversion one-for-1.90993 non-Qualified Liquidation Preference Dividends: Voting Rights: |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2018 | |
STOCK-BASED COMPENSATION | 7. STOCK-BASED COMPENSATION 2014 Plan On June 25, 2018, the Company increased the number of shares available for future grant under the 2014 Plan. At September 30, 2018, there were 977,522 shares available for future grant under the 2014 Plan. Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees Three Months Ended September Nine Months Ended September 2018 2017 2018 2017 Research and development $ 51 $ 41 $ 147 $ 119 General and administrative 236 7 373 30 Total stock-based compensation expense $ 287 $ 48 $ 520 $ 149 During the nine months ended September 30, 2018, the Company granted options to purchase 596,394 shares of common stock. The Company recorded stock-based compensation expense for options granted of $207 and $292 during the three and nine months ended September 30, 2018, respectively. During the nine months ended September 30, 2018, the Company granted 107,054 shares of restricted stock. The Company recorded stock-based compensation expense for restricted stock granted of $80 and $228 during the three and nine months ended September 30, 2018, respectively. As of September 30, 2018, there were 2,009,671 options outstanding. The weighted-average grant date fair value per share of options granted during the nine months ended September 30, 2018 was $4.20. As of September 30, 2018, there was $2,583 of unrecognized stock-based compensation expense related to unvested stock options. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 2.4 years at September 30, 2018. As of September 30, 2018, there were 1,045,050 shares of unvested restricted stock outstanding. The weighted-average grant date fair value per share of restricted stock granted during the nine months ended September 30, 2018 was $4.02. As of September 30, 2018, there was $604 of unrecognized stock-based compensation expense related to unvested restricted stock. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 1.1 years at September 30, 2018. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2018 | |
INCOME TAXES | 8. INCOME TAXES During the nine months ended September 30, 2018 and year ended December 31, 2017, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a profitable position in the near future. |
LOSS PER SHARE
LOSS PER SHARE | 9 Months Ended |
Sep. 30, 2018 | |
LOSS PER SHARE | 9. LOSS PER SHARE Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Net loss $ (4,669 ) $ (1,044 ) $ (10,560 ) $ (2,782 ) Less: Accruals of dividends of preferred stock (3,952 ) (1,262 ) (3,952 ) (1,262 ) Net loss attributable to common stockholders - basic and diluted (8,621 ) (2,306 ) (14,512 ) (4,044 ) Denominator: Weighted-average common stock outstanding 2,138,160 1,483,268 1,963,976 1,319,192 Net loss per share attributable to common stockholders - basic and diluted $ (4.03 ) $ (1.55 ) $ (7.39 ) $ (3.07 ) The Company’s potential dilutive securities, which included Preferred Stock, restricted stock, and stock options, were excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on the amounts into which the outstanding shares will convert at September 30, 2018 and 2017, respectively, from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: September 30, 2018 2017 Preferred Stock 11,789,775 11,789,775 Unvested restricted stock 1,045,050 1,474,512 Options to purchase common stock 2,009,671 13,715 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2018 | |
SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS In November 2018, LogicBio Australia entered into a collaboration and license agreement (the “CMRI Agreement”) with Children’s Medical Research Institute (“CMRI”), a private research institution, pursuant to which LogicBio Australia and CMRI will work together to develop new viral vectors over a two-year |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2017 and the notes thereto, which are included in the Company’s Prospectus. Since the date of those financial statements, there have been no material changes to its significant accounting policies. |
Principles of Consolidation | Principles of Consolidation In January 2016, the Company formed LogicBio Research, a wholly owned Israeli subsidiary, for the purpose of conducting research and development activities on the Company’s behalf. As of September 30, 2018, all operations had ceased for LogicBio Research. In April 2018, the Company formed LogicBio Australia Pty Limited (“LogicBio Australia”), a wholly owned Australian subsidiary, for the purpose of conducting research and development activities on the Company’s behalf. As of September 30, 2018, no activity had commenced for LogicBio Australia. The accompanying condensed consolidated financial statements include the accounts of the Company and LogicBio Research. All intercompany accounts and transactions have been eliminated in consolidation. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process Should a planned equity financing be abandoned, the deferred offering costs would be expensed immediately as a charge to operating expenses in the condensed consolidated statement of operations. The Company recorded deferred offering costs, related to the IPO, of $1,882 as of September 30, 2018 and are included in other assets. Upon closing the IPO in October 2018, deferred offering costs were derecognized and recorded against the IPO proceeds as a debit to additional paid-in |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, No. 2014-09),” No. 2014-09 No. 2014-09 catch-up In August 2015, the FASB issued ASU No. 2015-14, No. 2015-14),” No. 2014-09 No. 2014-09, No. 2014-09 In May 2017, the FASB issued ASU No. 2017-09, 2017-09 In June 2018, the FASB issued ASU No. 2018-07, 505-50, Non-Employees. No. 2014-09 No. 2018-07 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02 No. 2016-02 In December 2016, the FASB issued ASU No. 2016-18, No. 2016-18 No. 2016-18 No. 2016-18 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Description September 30, 2018 Quoted Prices in Significant Other (Level 2) Significant Other (Level 3) Assets Sweep bank account $ 12,600 $ 12,600 $ — $ — Total financial assets $ 12,600 $ 12,600 $ — $ — Description December 31, 2017 Quoted Prices in Significant Other (Level 2) Significant Other (Level 3) Assets Sweep bank account $ 24,415 $ 24,415 $ — $ — Total financial assets $ 24,415 $ 24,415 $ — $ — |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities at September 30, 2018 and December 31, 2017 consisted of the following: September 30, December 31, Accrued compensation and benefits $ 143 $ 290 Accrued insurance 32 20 Accrued professional services 998 64 Other 393 225 Total accrued expenses and other current liabilities $ 1,566 $ 599 |
CONVERTIBLE PREFERRED STOCK (Ta
CONVERTIBLE PREFERRED STOCK (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Convertible Preferred Stock | As of September 30, 2018 and December 31, 2017, Preferred Stock consisted of the following: September 30, 2018 Preferred Preferred Issued and Carrying Liquidation Common stock Series A Preferred Stock 3,645,848 2,976,190 $ 4,359 $ 5,403 1,558,271 Series B Preferred Stock 30,063,791 19,541,465 $ 28,703 $ 32,175 10,231,504 33,709,639 22,517,655 $ 33,062 $ 37,578 11,789,775 December 31, 2017 Preferred Preferred Issued and Carrying Liquidation Common stock Series A Preferred Stock 3,645,848 2,976,190 $ 4,359 $ 5,137 1,558,271 Series B Preferred Stock 30,063,791 19,541,465 28,703 30,428 10,231,504 33,709,639 22,517,655 $ 33,062 $ 35,565 11,789,775 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Stock-Based Compensation Expense | Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees Three Months Ended September Nine Months Ended September 2018 2017 2018 2017 Research and development $ 51 $ 41 $ 147 $ 119 General and administrative 236 7 373 30 Total stock-based compensation expense $ 287 $ 48 $ 520 $ 149 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Computation of Basic and Diluted Net Loss Per Share | Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Net loss $ (4,669 ) $ (1,044 ) $ (10,560 ) $ (2,782 ) Less: Accruals of dividends of preferred stock (3,952 ) (1,262 ) (3,952 ) (1,262 ) Net loss attributable to common stockholders - basic and diluted (8,621 ) (2,306 ) (14,512 ) (4,044 ) Denominator: Weighted-average common stock outstanding 2,138,160 1,483,268 1,963,976 1,319,192 Net loss per share attributable to common stockholders - basic and diluted $ (4.03 ) $ (1.55 ) $ (7.39 ) $ (3.07 ) |
Computation of Potentially Anti-Dilutive Securities | The Company’s potential dilutive securities, which included Preferred Stock, restricted stock, and stock options, were excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on the amounts into which the outstanding shares will convert at September 30, 2018 and 2017, respectively, from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: September 30, 2018 2017 Preferred Stock 11,789,775 11,789,775 Unvested restricted stock 1,045,050 1,474,512 Options to purchase common stock 2,009,671 13,715 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Oct. 23, 2018USD ($)$ / sharesshares | Oct. 08, 2018 | Sep. 30, 2018shares | Dec. 31, 2017shares |
Organization And Nature Of Business [Line Items] | ||||
Conversion of preferred stock shares into common stock shares | 11,789,775 | 11,789,775 | ||
Convertible preferred stock outstanding | 22,517,655 | 22,517,655 | ||
Series B Convertible Preferred Stock [Member] | ||||
Organization And Nature Of Business [Line Items] | ||||
Conversion of preferred stock shares into common stock shares | 10,231,504 | 10,231,504 | ||
Convertible preferred stock outstanding | 19,541,465 | 19,541,465 | ||
Subsequent Event [Member] | ||||
Organization And Nature Of Business [Line Items] | ||||
Number of common shares sold | 1,050,000 | |||
Conversion of preferred stock shares into common stock shares | 11,789,775 | |||
Subsequent Event [Member] | Series B Convertible Preferred Stock [Member] | ||||
Organization And Nature Of Business [Line Items] | ||||
Convertible preferred stock outstanding | 0 | |||
IPO [Member] | Subsequent Event [Member] | ||||
Organization And Nature Of Business [Line Items] | ||||
Number of common shares sold | 8,050,000 | |||
Stock issued, price per share | $ / shares | $ 10 | |||
Proceeds from issuance of common stock | $ | $ 80,500 | |||
Proceeds after underwriting discounts and commissions and offering costs | $ | $ 72,400 | |||
Reverse stock split ratio | 0.5235 | |||
Conversion of preferred stock shares into common stock shares | 11,789,775 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
IPO [Member] | |
Significant Accounting Policies [Line Items] | |
Deferred offering costs | $ 1,882 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | $ 12,600 | $ 24,415 |
Sweep Bank Account [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 12,600 | 24,415 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 12,600 | 24,415 |
Fair Value, Inputs, Level 1 [Member] | Sweep Bank Account [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | $ 12,600 | $ 24,415 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Transfers between fair value measure levels | $ 0 | $ 0 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accrued compensation and benefits | $ 143 | $ 290 |
Accrued insurance | 32 | 20 |
Accrued professional services | 998 | 64 |
Other | 393 | 225 |
Total accrued expenses and other current liabilities | $ 1,566 | $ 599 |
Significant Agreements - Additi
Significant Agreements - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Offsetting Assets [Line Items] | |
Number of supplements to the research agreement were entered into | 2 |
Prepaid Expenses and Other Current Assets [Member] | |
Offsetting Assets [Line Items] | |
Deferred research and development expenses | $ 258 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Schedule of Convertible Preferred Stock (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Preferred Stock Authorized | 33,709,639 | 33,709,639 |
Preferred Stock Issued | 22,517,655 | 22,517,655 |
Preferred Stock Outstanding | 22,517,655 | 22,517,655 |
Carrying Value | $ 33,062 | $ 33,062 |
Liquidation Value | $ 37,578 | $ 35,565 |
Common stock Issuable Upon Conversion | 11,789,775 | 11,789,775 |
Series A Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock Authorized | 3,645,848 | 3,645,848 |
Preferred Stock Issued | 2,976,190 | 2,976,190 |
Preferred Stock Outstanding | 2,976,190 | 2,976,190 |
Carrying Value | $ 4,359 | $ 4,359 |
Liquidation Value | $ 5,403 | $ 5,137 |
Common stock Issuable Upon Conversion | 1,558,271 | 1,558,271 |
Series B Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock Authorized | 30,063,791 | 30,063,791 |
Preferred Stock Issued | 19,541,465 | 19,541,465 |
Preferred Stock Outstanding | 19,541,465 | 19,541,465 |
Carrying Value | $ 28,703 | $ 28,703 |
Liquidation Value | $ 32,175 | $ 30,428 |
Common stock Issuable Upon Conversion | 10,231,504 | 10,231,504 |
Convertible Preferred Stock - C
Convertible Preferred Stock - Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Oct. 23, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Conversion of preferred stock shares into common stock shares | 11,789,775 | 11,789,775 | |
Common stock conversion ratio | 52.35% | ||
Shares issued price per share | $ 1.4933 | ||
Conversion price per share | $ 0.78186 | ||
Maximum voting power percentage upon liquidation | 50.00% | ||
Preferred stock accrued dividend rate percentage | 8.00% | ||
Dividend description | Dividends on other classes of the Company's stock were not to be declared or paid unless the Preferred Stockholders were first paid (i) all dividends accrued and not yet paid plus (ii) the product of (a) dividends declared on an as converted basis and (b) Preferred Stock on an as converted basis. | ||
Dividends declared | $ 0 | ||
Maximum [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock accrued dividend rate percentage upon liquidation | 40.00% | ||
Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Conversion of preferred stock shares into common stock shares | 11,789,775 | ||
IPO [Member] | Minimum [Member] | |||
Class of Stock [Line Items] | |||
Stockholders approval percentage | 60.00% | ||
IPO [Member] | Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Conversion of preferred stock shares into common stock shares | 11,789,775 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Related Costs Share based Payments - Additional Information (Detail) - 2014 Plan - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant | 977,522 | 977,522 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 596,394 | |||
Stock- based compensation expense for options granted | $ 287,000 | $ 48,000 | $ 520,000 | $ 149,000 |
Options to Purchase Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock- based compensation expense for options granted | 207,000 | $ 292,000 | ||
Weighted-average grant-date fair values of options granted | $ 4.20 | |||
Unrecognized compensation cost, recognition period | 2 years 15 days | |||
Unrecognized compensation cost | $ 2,583 | $ 2,583 | ||
Stock options outstanding | 2,009,671 | 2,009,671 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock- based compensation expense for options granted | $ 80,000 | $ 228,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 107,054 | |||
Unrecognized compensation cost, recognition period | 1 year 4 days | |||
Weighted-average grant-date fair values of restricted stock granted | $ 4.02 | |||
Unrecognized compensation cost | $ 604 | $ 604 | ||
Stock options outstanding, unvested | 1,045,050 | 1,045,050 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - 2014 Plan - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
stock-based compensation expense | $ 287 | $ 48 | $ 520 | $ 149 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
stock-based compensation expense | 51 | 41 | 147 | 119 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
stock-based compensation expense | $ 236 | $ 7 | $ 373 | $ 30 |
Loss Per Share - Computation of
Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | ||||||
Net loss | $ (4,669) | $ (1,044) | $ (5,891) | $ (1,738) | $ (10,560) | $ (2,782) |
Less: Accruals of dividends of preferred stock | (3,952) | (1,262) | (3,952) | (1,262) | ||
Net loss attributable to common stockholders - basic and diluted | $ (8,621) | $ (2,306) | $ (14,512) | $ (4,044) | ||
Denominator: | ||||||
Weighted-average common stock outstanding | 2,138,160 | 1,483,268 | 1,963,976 | 1,319,192 | ||
Net loss per share attributable to common stockholders - basic and diluted | $ (4.03) | $ (1.55) | $ (7.39) | $ (3.07) |
Loss Per Share - Computation _2
Loss Per Share - Computation of Potentially Anti-Dilutive Securities (Detail) - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Preferred Stock | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 11,789,775 | 11,789,775 |
Restricted Stock | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 1,045,050 | 1,474,512 |
Options to Purchase Common Stock | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 2,009,671 | 13,715 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | Nov. 30, 2018USD ($) |
Children Medical Research Institute Agreement [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Research fund payable | $ 2 |