Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 06, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Registrant Name | LogicBio Therapeutics, Inc. | |
Entity Central Index Key | 0001664106 | |
Trading Symbol | LOGC | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38707 | |
Entity Tax Identification Number | 47-1514975 | |
Entity Address, Address Line One | 65 Hayden Avenue, 2nd Floor, | |
Entity Address, City or Town | Lexington | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02421 | |
City Area Code | 617 | |
Local Phone Number | 245-0399 | |
Entity Common Stock, Shares Outstanding | 23,642,009 | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 36,697 | $ 33,107 |
Short-term investments | 17,540 | |
Prepaid expenses and other current assets | 1,949 | 2,045 |
Restricted cash | 146 | |
Total current assets | 38,646 | 52,838 |
Property and equipment, net | 1,788 | 1,696 |
Restricted cash | 622 | 622 |
Operating lease right-of-use asset | 6,287 | 504 |
TOTAL ASSETS | 47,343 | 55,660 |
CURRENT LIABILITIES: | ||
Accounts payable | 564 | 624 |
Accrued expenses and other current liabilities | 2,214 | 2,435 |
Operating lease liabilities | 1,147 | 504 |
Deferred revenue | 101 | |
Total current liabilities | 4,026 | 3,563 |
Long-term debt, net of issuance costs and discount | 9,641 | 9,810 |
Operating lease liabilities, net of current portion | 5,520 | 0 |
Total liabilities | 19,187 | 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 June 30, 2020 and December 31, 2019. | ||
Common stock, par value of $0.0001 per share; 175,000,000 shares authorized; 23,504,843 and 23,036,943 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively | 3 | 3 |
Additional paid-in capital | 113,205 | 109,640 |
Accumulated other comprehensive income | 14 | |
Accumulated deficit | (85,052) | (67,370) |
Total stockholders’ equity | 28,156 | 42,287 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 47,343 | $ 55,660 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 23,504,843 | 23,036,943 |
Common stock, shares outstanding | 23,504,843 | 23,036,943 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUE | ||||
Total revenue | $ 965 | $ 1,986 | ||
Revenue, Product and Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
OPERATING EXPENSES | ||||
Research and development | $ 5,895 | $ 7,934 | $ 13,068 | $ 13,420 |
General and administrative | 3,029 | 2,524 | 6,221 | 5,156 |
Total operating expenses | 8,924 | 10,458 | 19,289 | 18,576 |
LOSS FROM OPERATIONS | (7,959) | (10,458) | (17,303) | (18,576) |
OTHER INCOME (EXPENSE), NET: | ||||
Interest income | 10 | 411 | 177 | 854 |
Interest expense | (273) | (545) | ||
Other expense, net | (5) | (1) | (11) | (1) |
Total other (expense) income, net | (268) | 410 | (379) | 853 |
Loss before income taxes | (8,227) | (10,048) | (17,682) | (17,723) |
Income tax provision | (22) | |||
Net loss | $ (8,227) | $ (10,048) | $ (17,682) | $ (17,745) |
Net loss per share—basic and diluted | $ (0.35) | $ (0.45) | $ (0.76) | $ (0.79) |
Weighted-average common stock outstanding—basic and diluted | 23,326,018 | 22,479,511 | 23,250,910 | 22,396,780 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (8,227) | $ (10,048) | $ (17,682) | $ (17,745) |
Other comprehensive income: | ||||
Unrealized gain on investments | 27 | 36 | ||
Foreign currency translation adjustment | 3 | 6 | ||
Comprehensive loss | $ (8,227) | $ (10,018) | $ (17,682) | $ (17,703) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2018 | $ 80,225 | $ 3 | $ 107,473 | $ (9) | $ (27,242) |
Beginning Balance, Shares at Dec. 31, 2018 | 22,188,393 | ||||
Vesting of restricted stock, Shares | 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) | |||
Ending Balance at Mar. 31, 2019 | 72,816 | $ 3 | 107,749 | 3 | (34,939) |
Ending Balance, Shares at Mar. 31, 2019 | 22,348,730 | ||||
Beginning Balance at Dec. 31, 2018 | 80,225 | $ 3 | 107,473 | (9) | (27,242) |
Beginning Balance, Shares at Dec. 31, 2018 | 22,188,393 | ||||
Unrealized gain on investments | 36 | ||||
Foreign currency translation adjustment | 6 | ||||
Net loss | (17,745) | ||||
Ending Balance at Jun. 30, 2019 | 63,411 | $ 3 | 108,362 | 33 | (44,987) |
Ending Balance, Shares at Jun. 30, 2019 | 22,522,516 | ||||
Beginning Balance at Mar. 31, 2019 | 72,816 | $ 3 | 107,749 | 3 | (34,939) |
Beginning Balance, Shares at Mar. 31, 2019 | 22,348,730 | ||||
Vesting of restricted stock, Shares | 160,332 | ||||
Unrealized gain on investments | 27 | 27 | |||
Foreign currency translation adjustment | 3 | 3 | |||
Exercise of options | 82 | 82 | |||
Exercise of options, Shares | 13,454 | ||||
Stock-based compensation expense | 531 | 531 | |||
Net loss | (10,048) | (10,048) | |||
Ending Balance at Jun. 30, 2019 | 63,411 | $ 3 | 108,362 | 33 | (44,987) |
Ending Balance, Shares at Jun. 30, 2019 | 22,522,516 | ||||
Beginning Balance at Dec. 31, 2019 | 42,287 | $ 3 | 109,640 | 14 | (67,370) |
Beginning Balance, Shares at Dec. 31, 2019 | 23,036,943 | ||||
Vesting of restricted stock, Shares | 160,340 | ||||
Exercise of options | 84 | 84 | |||
Exercise of options, Shares | 19,378 | ||||
Realized gain on investments | (14) | (14) | |||
Stock-based compensation expense | 805 | 805 | |||
Net loss | (9,455) | (9,455) | |||
Ending Balance at Mar. 31, 2020 | 33,707 | $ 3 | 110,529 | (76,825) | |
Ending Balance, Shares at Mar. 31, 2020 | 23,216,661 | ||||
Beginning Balance at Dec. 31, 2019 | 42,287 | $ 3 | 109,640 | $ 14 | (67,370) |
Beginning Balance, Shares at Dec. 31, 2019 | 23,036,943 | ||||
Net loss | (17,682) | ||||
Ending Balance at Jun. 30, 2020 | 28,156 | $ 3 | 113,205 | (85,052) | |
Ending Balance, Shares at Jun. 30, 2020 | 23,504,843 | ||||
Beginning Balance at Mar. 31, 2020 | 33,707 | $ 3 | 110,529 | (76,825) | |
Beginning Balance, Shares at Mar. 31, 2020 | 23,216,661 | ||||
Vesting of restricted stock, Shares | 18,642 | ||||
Issuance of common stock | 1,907 | 1,907 | |||
Issuance of common stock, Shares | 269,540 | ||||
Stock-based compensation expense | 769 | 769 | |||
Net loss | (8,227) | (8,227) | |||
Ending Balance at Jun. 30, 2020 | $ 28,156 | $ 3 | $ 113,205 | $ (85,052) | |
Ending Balance, Shares at Jun. 30, 2020 | 23,504,843 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Stock Issuance Costs | $ 33 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (17,682) | $ (17,745) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 226 | 104 |
Net amortization of premiums and discounts on investments | 26 | (337) |
Stock-based compensation expense | 1,574 | 807 |
Non-cash interest expense | 103 | |
Non-cash lease expense | 1,025 | 567 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 96 | (683) |
Accounts payable | (113) | 448 |
Accrued expenses and other current liabilities | (1,201) | (123) |
Deferred revenue | 101 | |
Net cash used in operating activities | (15,845) | (16,962) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investments | (48,028) | |
Maturities of investments | 17,500 | 10,200 |
Purchase of property and equipment | (202) | (749) |
Net cash provided by (used in) investing activities | 17,298 | (38,577) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 84 | 82 |
Net proceeds from stock issuances | 1,907 | |
Net cash provided by financing activities | 1,991 | 82 |
Effect on foreign exchange rates on cash and cash equivalents | 7 | |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3,444 | (55,450) |
Cash, cash equivalents and restricted cash at beginning of year | 33,875 | 81,052 |
Cash, cash equivalents and restricted cash at end of period | 37,319 | 25,602 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash and cash equivalents | 36,697 | 25,456 |
Short-term restricted cash | 146 | |
Long-term restricted cash | 622 | |
Cash, cash equivalents and restricted cash at end of period | 37,319 | 25,602 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 442 | |
Cash paid for income taxes | 4 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | ||
Right-of-use assets obtained in exchange for operating lease obligation | 6,428 | 1,323 |
Property and equipment purchases in accounts payable and accrued expenses | $ 116 | 56 |
Deferred financing costs in accounts payable and accrued expenses | $ 39 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION Business Overview LogicBio Therapeutics, Inc. (“LogicBio” or the “Company”) was incorporated in 2014 as a Delaware corporation. Its principal offices are in Lexington, Massachusetts. LogicBio is a company dedicated to extending the reach of genetic medicine with pioneering targeted delivery platforms. The Company’s proprietary genome editing technology platform, GeneRide, enables the site-specific integration of a therapeutic transgene without nucleases or exogenous promoters by harnessing the native process of homologous recombination. LogicBio is developing LB-001, a wholly owned genome editing program leveraging GeneRide for the treatment of methylmalonic acidemia (“MMA”). In addition, the Company has a research collaboration with Takeda to develop LB-301, an investigational therapy leveraging GeneRide for the treatment of the rare pediatric disease Crigler-Najjar syndrome (“CN”). LogicBio is also developing a Next Generation Capsid platform for use in gene editing and gene therapy. Data presented have shown that the capsids deliver highly efficient functional transduction of human hepatocytes with improved manufacturability with low levels of pre-existing neutralizing antibodies in human samples. Top-tier capsid candidates from this effort demonstrated significant improvements over benchmark AAVs currently in clinical development. The Company is developing these highly potent vectors for internal development candidates and potentially for business development collaborations. Based on the Company’s GeneRide technology, LogicBio is developing its lead product candidate, LB-001, to treat MMA. In August 2020, the Company announced the clearance of an investigational new drug application, or IND, to support the initiation of a Phase 1/2 clinical trial on LB-001 in pediatric patients with MMA. LogicBio expects to enroll the first patient in early 2021. LogicBio believes that achieving clinical proof of concept in an inherited liver disease such as MMA will validate the Company’s platform technology, including its potential application to other organs and diseases. In addition to MMA and CN, LogicBio has demonstrated proof of concept of its platform in hemophilia B and alpha-1-antitrypsin deficiency (“A1ATD”) animal disease models. The Company expects to select future product candidates from these and other genetic diseases addressed by targeting the liver initially, and later by targeting the central nervous system, or CNS, and muscle. Since its inception, the Company has devoted the majority of its efforts to business planning, research and development, developing markets, raising capital, and 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. COVID-19 Impact The Company is closely monitoring the COVID-19 pandemic in order to ensure the safety of its personnel and to continue advancing its research and development activities. Since mid-March, the Company has ceased all business travel and most of its non-laboratory employees have been working remotely. After being limited to working in shifts on-premises through early July, the Company’s laboratory employees have returned to normal working schedules on-premises to conduct in-house research and development activities with social distancing and other protective measures. The Company plans to maintain these or similar restrictions until it believes employees can fully resume such activities in accordance with federal, state and local requirements and guidelines. The COVID-19 pandemic did not have a material impact on the Company’s results of operations, cash flow and financial position as of and for the three and six months ended June 30, 2020. However, the full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial position will depend on future developments that are uncertain and cannot be accurately predicted. Liquidity and Capital Resources The Company has had recurring losses and incurred a loss of $17,682 during the six months ended June 30, 2020. Net cash used in operations for the six months ended June 30, 2020 was $15,845. The Company expects to continue to generate operating losses and use cash in operations for the foreseeable future. As of June 30 , 2020, the Company had cash and cash equivalents of $ 36,697 which management believes will be sufficient to fund its operating expenses and capital expenditure requirements into the third quarter of 2021 . However, based on the Company’s operating losses since inception, the expectation of continued operating losses for the foreseeable future, and the need to raise additional capital to finance its future operations, it has been deemed there is substantial doubt about the Company’s ability to continue as a going concern within one year from the date these condensed consolidated financial statements are issued. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. Management’s plans to mitigate this risk include raising additional capital through equity or debt financings, or through strategic transactions. These plans may also include the possible deferral of certain operating expenses unless and until additional capital is received. There can be no assurance that the Company will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to the Company, or that the Company will be successful in deferring certain operating expenses. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Basis of Presentation The accompanying condensed consolidated financial statements 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020. 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 June 30, 2020 , consolidated results of operations for the three and six months ended June 30, 2020 and 2019 and cash flows for the six months ended June 30, 2020 and 2019. Such adjustments are of a normal and recurring nature. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
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 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020. Since the date of those financial statements, there have been no material changes to its significant accounting policies other than the Company’s significant accounting policy over revenue recognition under ASC 606 (defined below) which is discussed in this note. Revenue Recognition To date the Company’s only revenue has consisted of service revenue, all of which is attributable to research cost reimbursement under the Company’s January 2020 research agreement with Takeda Pharmaceutical Company Limited (“Takeda”) for the development of product candidate LB-301 to treat Crigler-Najjar Syndrome (the “Takeda Agreement”). The Company has not generated any revenue from product sales and does not expect to generate any revenue from product sales for the foreseeable future. The Company recognizes revenue in accordance with Accounting Standards Codification (“ ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) each performance obligation is satisfied. If a contract is determined to be within the scope of ASC 606 at inception, the Company assesses the goods or services promised within such contract, determines which of those goods and services are performance obligations, and assesses whether each promised good or service is distinct. The Company may provide options to additional items in such arrangements, which are accounted for as separate contracts when the customer elects to exercise such options, unless the option provides a material right to the customer. The Company determines transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. The Company then allocates the transaction price to each performance obligation based on the relative standalone selling price and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s condensed consolidated balance sheets. If the related performance obligation is expected to be satisfied within the next twelve months this will be classified in current liabilities. Amounts recognized as revenue prior to receipt are recorded as contract assets in the Company's balance sheets. If the Company expects to have an unconditional right to receive the consideration in the next twelve months, this will be classified in current assets. A net contract asset or liability is presented for each contract with a customer. Recently Adopted Accounting Pronouncements On January 1, 2020, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13 , Measurement of Credit Losses on Financial Instruments . This ASU requires that credit losses be reported using an expected losses model rather than the incurred losses model that was previously used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard requires allowances to be recorded instead of reducing the amortized cost of the investment. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 3. FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Description June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Observable Inputs (Level 3) Assets Money market funds and other cash equivalents $ 36,697 $ 36,697 $ — $ — Total financial assets $ 36,697 $ 36,697 $ — $ — Description December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Observable Inputs (Level 3) Assets Overnight repurchase agreements $ 30,001 $ — $ 30,001 $ — U.S. Treasury securities 17,540 17,540 — — Money market funds and other cash equivalents 1,093 1,093 — — Total financial assets $ 48,634 $ 18,633 $ 30,001 $ — When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. The Company did not have any transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the six months ended June 30, 2020 . |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
INVESTMENTS | 4. INVESTMENTS As of June 30, 2020, the Company did not hold any short-term or long-term investments. As of December 31, 2019, the Company held available-for-sale investments which were included in short-term investments on the condensed consolidated balance sheet and summarized in the table below: December 31, 2019 Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 17,526 $ 14 $ — $ 17,540 Total $ 17,526 $ 14 $ — $ 17,540 Certain short-term debt securities with original maturities of less than 90 days are included in cash and cash equivalents on the condensed consolidated balance sheet and are not included in the table above. As of December 31, 2019, all investments had a contractual maturity within one year. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities at June 30, 2020 and December 31, 2019 consisted of the following: June 30, 2020 December 31, 2019 Accrued compensation and benefits $ 458 $ 1,155 Accrued professional services 1,310 1,004 Other 446 276 Total accrued expenses and other current liabilities $ 2,214 $ 2,435 Accrued compensation and benefits consists primarily of accrued bonuses. Accrued professional services consists primarily of consulting services, legal services and services provided by contract research organizations (“CRO”) and contract manufacturing organizations (“CMO”). Other primarily consists of the short-term portion of the Company’s loan and security agreement. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | 6. DEBT On July 2, 2019 (the “Closing Date”), the Company entered into a loan and security agreement (the “Loan Agreement”), for term loans with Oxford Finance LLC (“Oxford”) and Horizon Technology Finance Corporation (“Horizon,” and, together with Oxford, the “Lenders”). The Loan Agreement allows the Company to borrow up to $20,000 issuable in two equal tranches (the “Term Loans”). On the Closing Date, the first tranche of $10,000 was drawn down by the Company (the “Term A Loan”). The second tranche of $10,000 will be available to the Company through September 30, 2020, subject to certain clinical milestones (the “Term B Loan”). The outstanding loan balance will accrue interest at the greater of (i) the rate of the one-month U.S. LIBOR rate plus 6.25% and (ii) 8.75%. The Loan Agreement provides for an interest only period until July 1, 2021, followed by thirty-six equal monthly payments of principal and interest continuing through June 1, 2024 (the “Maturity Date”). The Company has the option to prepay the outstanding balance prior to maturity, subject to a prepayment fee of 1.0% to 3.0% depending upon when the prepayment occurs. Upon repayment of the Term Loans, the Company is required to make a final payment to the Lenders equal to 4.5% of the original principal amount of the Term Loans funded which will be accrued by charges to interest expense over the term of the loans using the effective interest method. In conjunction with the Loan Agreement, the Company issued 15,686 of common stock warrants (“Warrants”) to the Lenders at a per share exercise price of $12.75, a maximum contractual term of 10 years and exercisable immediately. The fair value of the Warrants was accounted for as a debt discount and calculated to be approximately $136 using the Black-Scholes method. The Company determined the Warrants met the criteria for equity classification, and, as such, the fair value of the Warrants is recorded as additional paid-in capital on the condensed consolidated balance sheets. Finally, the Company incurred issuance costs of approximately $150. Both the debt discount and issuance costs will be accreted to Notes payable by charges to interest expense over the term of the Term A Loan using the effective interest method. The Loan Agreement contains customary representations, warranties and covenants and also includes customary events of default. Events of default include, among other things, the Company’s failure to pay amounts due, a breach of certain covenants, a material adverse change event, misrepresentations and judgments. Upon the occurrence of an event of default, a default interest rate of an additional 5.00% per annum may be applied to the outstanding loan balances, and the Lenders may declare all outstanding obligations immediately due and payable. Borrowings under the Loan Agreement are collateralized by substantially all the Company’s assets, other than its intellectual property, which include maintaining certain cash balances in controlled accounts. Interest expense was $273 and $545 for the three and six months ended June 30, 2020, respectively. The effective rate on the Loan Agreement, including the amortization of the debt discount and issuance costs, and accretion of the final payment, was 9.7% at June 30, 2020. The components of the long-term debt balance are as follows: June 30, 2020 December 31, 2019 Notes payable, gross $ 10,000 $ 10,000 Less: Unamortized debt discount and issuance costs (216 ) (254 ) Accretion of final payment fee 129 64 Carrying value of notes payable 9,913 9,810 Less: Current portion of long-term debt (272 ) — Long-term debt, net of issuance costs and discount $ 9,641 $ 9,810 As of June 30, 2020, the estimated future principal payments due were as follows: As of June 30, 2020 2020 — 2021 1,945 2022 3,333 2023 3,333 2024 1,389 Total principal payments $ 10,000 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK-BASED COMPENSATION | 7. STOCK-BASED COMPENSATION Equity Incentive Plans In December 2014, the Company adopted the LogicBio Therapeutics, Inc. 2014 Equity Incentive Plan, as amended (the “2014 Plan”), for the issuance of stock options and other stock-based awards. In October 2018, the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) became effective and as a result, no further awards will be made under the 2014 Plan. The 2018 Plan was established to provide equity-based ownership opportunities for employees and directors, as well as outside consultants and advisors. Any previously granted awards under the 2014 Plan will remain outstanding in accordance with their respective terms. Under the 2018 Plan, there is an annual increase on January 1 of each year from 2019 until 2028, by the lesser of (i) 4% of the number of shares of common stock outstanding on December 31 of the prior year and (ii) an amount determined by the Board. On January 1, 2020, the Company increased the number of shares available for future grant under the 2018 Plan by 926,786 shares. At June 30, 2020, there were 1,308,921 shares available for future grant under the 2018 Plan. The 2018 Plan is administered by the Board. The exercise prices, vesting and other restrictions are determined at the discretion of the Board, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the common stock on the date of grant. Stock options awarded under the 2018 Plan expire 10 years after the grant date, unless the Board sets a shorter term. Vesting periods for awards under the 2018 Plan are determined at the discretion of the Board. Incentive stock options granted to employees and shares of restricted stock granted to employees, officers, members of the Board, advisors, and consultants of the Company typically vest over four years. Non-statutory options, shares of restricted stock and restricted stock units (“RSU”) granted to employees, officers, members of the Board, advisors, and consultants of the Company typically vest over one to four years. Stock Options During the six months ended June 30, 2020 and 2019, the Company granted options to purchase 785,203 and 174,591 shares of common stock, respectively, with a weighted-average grant date fair value per share of $4.76 and $6.34, respectively. The Company recorded stock-based compensation expense for options granted of $1,382 and $674 during the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, there were 2,815,612 outstanding options, of which 1,450,910 were unvested corresponding to $6,062 of unrecognized stock-based compensation expense related to unvested stock options to be recognized over a weighted-average period of 2.8 years. Restricted Common Stock The Company has granted shares of restricted common stock with time-based and performance-based vesting conditions from time to time. The Company did not grant any restricted common stock during the six months ended June 30, 2020 or 2019. The Company recorded stock-based compensation expense for restricted common stock granted of $77 and $133 during the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, there were 64,681 shares of unvested restricted common stock outstanding and $183 of unrecognized stock-based compensation expense related to unvested restricted common stock to be recognized over a weighted-average period of 1.5 years. Restricted Stock Units The Company has granted restricted stock units (“RSUs”) with time-based conditions from time to time. Each RSU represents the right to receive one share of the Company’s common stock upon vesting. The Company has issued RSUs that vest based on the passage of time assuming continued service with the Company. The fair value is calculated based upon the Company’s closing stock price on the date of grant, and the stock-based compensation expense is recognized over the vesting period. During the six months ended June 30, 2020, the Company granted 120,939 RSUs. There were no RSUs granted during the six months ended June 30, 2019. The Company recorded stock-based compensation for RSUs granted of $115 and $0 during the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, there were 115,639 RSUs outstanding and $541 of unrecognized stock-based compensation expense related to unvested RSUs to be recognized over a weighted-average period of 0.7 years. 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 for the six months ended June 30, 2020 and 2019 is as follows: Six Months Ended June 30, 2020 2019 Research and development $ 575 $ 352 General and administrative 999 455 Total stock-based compensation expense $ 1,574 $ 807 |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders Equity [Abstract] | |
STOCKHOLDERS EQUITY | 8. STOCKHOLDERS’ EQUITY Open Market Sale Agreement On November 15, 2019, the Company entered into an Open Market Sale Agreement (the “Open Market Sale Agreement”) with Jefferies LLC, as agent (“Jefferies”), pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $50,000 (the “Open Market Shares”) from time to time through Jefferies (the “Open Market Offering”). Under the Open Market Sale Agreement, Jefferies may sell the Open Market Shares by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Exchange Act of 1934, as amended. The Company may sell the Open Market Shares in amounts and at times to be determined by the Company from time to time subject to the terms and conditions of the Open Market Sale Agreement, but it has no obligation to sell any of the Open Market Shares in the Open Market Offering. The Company or Jefferies may suspend or terminate the offering of Open Market Shares upon notice to the other party and subject to other conditions. The Company has agreed to pay Jefferies commissions for its services in acting as agent in the sale of the Open Market Shares in the amount of up to 3.0% of gross proceeds from the sale of the Open Market Shares pursuant to the Open Market Sale Agreement. The Company has also agreed to provide Jefferies with customary indemnification and contribution rights. During the six months ended June 30, 2020, the Company issued 269,540 shares of its common stock at a weighted-average price of $7.20 per share, resulting in net proceeds to the Company of $1,907. At June 30, 2020, the Company had $48,060 in aggregate gross offering amount available under the Open Market Sale Agreement. In July 2020, the Company issued 66,335 shares of its common stock at an average weighted price of $8.64 per share, resulting in net proceeds to the Company of $556. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE | 9. REVENUE In January 2020, the Company entered into a research agreement with Takeda for the development of product candidate LB-301 to treat Crigler-Najjar Syndrome. Under the terms of the Takeda Agreement, Takeda will fund all research and development activities related to the development of LB-301 under a pre-agreed upon research plan (the “Research Plan”). The Takeda Agreement also provides Takeda with an exclusive, non-binding option to enter into a license agreement to the LB-301 program upon the exercise of an option (the “License Option”). The Company assessed the Takeda Agreement in accordance with ASC 606 and concluded that it represents a contract with a customer and is within the scope of ASC 606. The promised goods and services represent one combined performance obligation and the entire transaction price will be allocated to that single combined performance obligation. In addition, the Company concluded that the License Option does not provide any discounts or other rights. Terms related to an exclusive license negotiated after Under the Takeda Agreement, Takeda is obligated to reimburse the Company for the costs incurred under the Research Plan. Costs incurred are billed by the Company to Takeda from time to time. The Company elected to recognize revenue under the "right to invoice" practical expedient based on the Company's right to invoice Takeda at an amount that approximates the value to the customer and the performance completed to date. T of June 30, 2020, the Company recorded $101 as deferred revenue within current liabilities on the Company’s condensed consolidated balance sheets related to the Takeda Agreement. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 10. INCOME TAXES For the six months ended June 30, 2020 and the year ended December 31, 2019, the Company maintained 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. The income tax provision within the condensed consolidated statements of operations for the six months ended June 30, 2019 related to tax expense of the wholly owned foreign subsidiary, LogicBio Therapeutics Research Ltd, which ceased operations in 2018 and was formally dissolved in November 2019. |
LOSS PER SHARE
LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | 11. LOSS PER SHARE Basic loss per share is computed by dividing net loss by the weighted-average shares of common stock outstanding, without consideration to common stock equivalents: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net loss $ (8,227 ) $ (10,048 ) $ (17,682 ) $ (17,745 ) Denominator: Weighted-average common stock outstanding 23,326,018 22,479,511 23,250,910 22,396,780 Net loss per share — basic and diluted $ (0.35 ) $ (0.45 ) $ (0.76 ) $ (0.79 ) The Company’s potentially dilutive shares, which include any outstanding stock options, warrants and unvested restricted stock, are considered to be common stock equivalents and are only included in the calculation of diluted net loss when their effect is dilutive. The Company excluded the following potential common stock equivalents from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect for the three and six months ended June 30, 2020 and 2019. June 30, 2020 June 30, 2019 Unvested restricted common stock 64,681 564,027 Unvested restricted stock units 115,639 — Options to purchase common stock 2,815,612 2,509,572 Term A Loan warrants 15,686 — |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
LEASES | 12. LEASES The Company has historically entered into lease arrangements for its facilities and certain equipment. As of June 30, 2020, the Company had two operating leases with required future minimum payments. In applying the guidance under ASC Topic 842 Leases In November 2019, the Company entered into a lease agreement for office, laboratory and vivarium space located at 65 Hayden Avenue Lexington, Massachusetts (“65 Hayden Ave Lease”) to replace the Company’s prior headquarters located at 99 Erie Street Cambridge, Massachusetts. Under the terms of the 65 Hayden Ave Lease, the Company leases approximately 23,901 square feet of space and pays an initial annual base rent of approximately $1,494, which is subject to scheduled annual increases, plus certain operating expenses and taxes. The Company took possession of the space on April 1, 2020 (“Lease Commencement Date”) and the lease will continue through July 1, 2025 (“Lease Termination Date”). The Company has an option to extend the lease for a single additional term of 5 years. Upon execution of the 65 Hayden Ave Lease, the Company executed a $622 cash-collateralized letter of credit. Lease payments are anticipated to begin three months after the Lease Commencement Date and will continue in monthly installments through the Lease Termination Date. At the Lease Commencement Date, the Company performed a lease assessment under the guidance prescribed in ASC 842 and concluded that the 65 Hayden Ave Lease was an operating lease. As such, the Company recorded an operating lease right-of-use asset and corresponding operating lease liability on the consolidated balance sheets of $6,428 which reflected the net present value of future payments under the lease. The discount rate used to calculate the net present value of future payments was the Company’s incremental borrowing rate at the Lease Commencement Date, which was 7.6%. Operating Leases The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating leases Lease cost Operating lease cost $ 464 $ 315 $ 789 $ 589 Variable lease cost 186 92 284 134 Total lease cost $ 650 $ 407 $ 1,073 $ 723 Other year-to-date lease information Operating cash flows used for operating leases $ 496 $ 521 Operating lease liabilities arising from obtaining right-of-use assets $ 6,428 $ 1,323 The following table contains a summary of the lease liabilities recognized on the Company’s condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019: As of June 30, 2020 As of December 31, 2019 Other operating lease information Operating lease liabilities — short-term $ 1,147 $ 504 Operating lease liabilities — long-term $ 5,520 $ — Weighted-average remaining lease term 4.9 years 0.7 years Weighted-average discount rate 7.59 % 7.04 % The variable lease costs for the three and six months ended June 30, 2020 and 2019 include common area maintenance and other operating charges. As the Company’s leases do not provide an implicit rate, the Company utilized its incremental borrowing rate based on what it would normally pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments at the commencement date in determining the present value of lease payments. Future minimum lease payments under the Company’s operating leases as of June 30, 2020 and December 31, 2019, were as follows: As of June 30, 2020 As of December 31, 2019 Maturity of lease liabilities 2020 $ 864 $ 523 2021 1,516 — 2022 1,562 — 2023 1,609 — 2024 1,657 — Thereafter 841 — Total lease payments $ 8,049 $ 523 Less: imputed interest (1,382 ) (19 ) Total operating lease liabilities $ 6,667 $ 504 |
RELATED PARTIES
RELATED PARTIES | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | 13. RELATED PARTIES From time to time, the Company is or has been party to consulting service agreements with each of its three co-founders. Under the terms of each agreement, the Company pays an annual fee of $68 for research and development consulting services. For the three and six months ended June 30, 2020, the Company recorded research and development expense of $17 and $34, respectively, related to consulting services received from Mark Kay, who is one of the co-founders and a member of the Board. For the three and six months ended June 30, 2019, the Company recorded $34 and $84, respectively, to research and development expenses under consulting service agreements with its three co-founders. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES Litigation On March 18, 2020, a purported shareholder class action, John R. Afinowicz v. LogicBio Therapeutics, Inc., et al., No. 2:20-cv-03009, was filed in the United States District Court for the District of New Jersey, naming the Company and certain of its officers as defendants. The lawsuit alleges that the Company made material misrepresentations and/or omissions of material fact relating to its Investigational New Drug submission for LB-001 in its public disclosures, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The complaint seeks certification of a class of purchasers of the Company’s common stock during the period from December 3, 2018 through February 10, 2020. The plaintiff seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including attorney’s fees. On May 13, 2020, the defendants moved to transfer the action from the District of New Jersey to the District of Massachusetts, and on May 18, 2020, shareholder John R. Afinowicz moved for appointment as lead plaintiff. The Court granted Defendants’ motion to transfer on June 2, 2020, and the case was transferred to the District of Massachusetts (No. 1:20-cv-11158) on June 18, 2020. The motion for appointment as lead plaintiff remains outstanding. The Company believes that this action is without merit and intends to defend it vigorously. At this time, no assessment can be made as to the likely outcome of this lawsuit or whether the outcome will be material to the Company. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020. Since the date of those financial statements, there have been no material changes to its significant accounting policies other than the Company’s significant accounting policy over revenue recognition under ASC 606 (defined below) which is discussed in this note. |
Revenue Recognition | Revenue Recognition To date the Company’s only revenue has consisted of service revenue, all of which is attributable to research cost reimbursement under the Company’s January 2020 research agreement with Takeda Pharmaceutical Company Limited (“Takeda”) for the development of product candidate LB-301 to treat Crigler-Najjar Syndrome (the “Takeda Agreement”). The Company has not generated any revenue from product sales and does not expect to generate any revenue from product sales for the foreseeable future. The Company recognizes revenue in accordance with Accounting Standards Codification (“ ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) each performance obligation is satisfied. If a contract is determined to be within the scope of ASC 606 at inception, the Company assesses the goods or services promised within such contract, determines which of those goods and services are performance obligations, and assesses whether each promised good or service is distinct. The Company may provide options to additional items in such arrangements, which are accounted for as separate contracts when the customer elects to exercise such options, unless the option provides a material right to the customer. The Company determines transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. The Company then allocates the transaction price to each performance obligation based on the relative standalone selling price and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s condensed consolidated balance sheets. If the related performance obligation is expected to be satisfied within the next twelve months this will be classified in current liabilities. Amounts recognized as revenue prior to receipt are recorded as contract assets in the Company's balance sheets. If the Company expects to have an unconditional right to receive the consideration in the next twelve months, this will be classified in current assets. A net contract asset or liability is presented for each contract with a customer. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2020, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13 , Measurement of Credit Losses on Financial Instruments . This ASU requires that credit losses be reported using an expected losses model rather than the incurred losses model that was previously used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard requires allowances to be recorded instead of reducing the amortized cost of the investment. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Description June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Observable Inputs (Level 3) Assets Money market funds and other cash equivalents $ 36,697 $ 36,697 $ — $ — Total financial assets $ 36,697 $ 36,697 $ — $ — Description December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Observable Inputs (Level 3) Assets Overnight repurchase agreements $ 30,001 $ — $ 30,001 $ — U.S. Treasury securities 17,540 17,540 — — Money market funds and other cash equivalents 1,093 1,093 — — Total financial assets $ 48,634 $ 18,633 $ 30,001 $ — |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
Summary of Investments | As of December 31, 2019, the Company held available-for-sale investments which were included in short-term investments on the condensed consolidated balance sheet and summarized in the table below: December 31, 2019 Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 17,526 $ 14 $ — $ 17,540 Total $ 17,526 $ 14 $ — $ 17,540 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities at June 30, 2020 and December 31, 2019 consisted of the following: June 30, 2020 December 31, 2019 Accrued compensation and benefits $ 458 $ 1,155 Accrued professional services 1,310 1,004 Other 446 276 Total accrued expenses and other current liabilities $ 2,214 $ 2,435 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The components of the long-term debt balance are as follows: June 30, 2020 December 31, 2019 Notes payable, gross $ 10,000 $ 10,000 Less: Unamortized debt discount and issuance costs (216 ) (254 ) Accretion of final payment fee 129 64 Carrying value of notes payable 9,913 9,810 Less: Current portion of long-term debt (272 ) — Long-term debt, net of issuance costs and discount $ 9,641 $ 9,810 |
Schedule of Estimated Future Principal Payments | As of June 30, 2020, the estimated future principal payments due were as follows: As of June 30, 2020 2020 — 2021 1,945 2022 3,333 2023 3,333 2024 1,389 Total principal payments $ 10,000 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
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 for the six months ended June 30, 2020 and 2019 is as follows: Six Months Ended June 30, 2020 2019 Research and development $ 575 $ 352 General and administrative 999 455 Total stock-based compensation expense $ 1,574 $ 807 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | Basic loss per share is computed by dividing net loss by the weighted-average shares of common stock outstanding, without consideration to common stock equivalents: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net loss $ (8,227 ) $ (10,048 ) $ (17,682 ) $ (17,745 ) Denominator: Weighted-average common stock outstanding 23,326,018 22,479,511 23,250,910 22,396,780 Net loss per share — basic and diluted $ (0.35 ) $ (0.45 ) $ (0.76 ) $ (0.79 ) |
Computation of Potentially Anti-Dilutive Securities | The Company excluded the following potential common stock equivalents from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect for the three and six months ended June 30, 2020 and 2019. June 30, 2020 June 30, 2019 Unvested restricted common stock 64,681 564,027 Unvested restricted stock units 115,639 — Options to purchase common stock 2,815,612 2,509,572 Term A Loan warrants 15,686 — |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Summary of Lease Costs | The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating leases Lease cost Operating lease cost $ 464 $ 315 $ 789 $ 589 Variable lease cost 186 92 284 134 Total lease cost $ 650 $ 407 $ 1,073 $ 723 Other year-to-date lease information Operating cash flows used for operating leases $ 496 $ 521 Operating lease liabilities arising from obtaining right-of-use assets $ 6,428 $ 1,323 The following table contains a summary of the lease liabilities recognized on the Company’s condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019: As of June 30, 2020 As of December 31, 2019 Other operating lease information Operating lease liabilities — short-term $ 1,147 $ 504 Operating lease liabilities — long-term $ 5,520 $ — Weighted-average remaining lease term 4.9 years 0.7 years Weighted-average discount rate 7.59 % 7.04 % |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under the Company’s operating leases as of June 30, 2020 and December 31, 2019, were as follows: As of June 30, 2020 As of December 31, 2019 Maturity of lease liabilities 2020 $ 864 $ 523 2021 1,516 — 2022 1,562 — 2023 1,609 — 2024 1,657 — Thereafter 841 — Total lease payments $ 8,049 $ 523 Less: imputed interest (1,382 ) (19 ) Total operating lease liabilities $ 6,667 $ 504 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Organization And Nature Of Business Textual [Abstract] | |||||||
Net loss | $ 8,227 | $ 9,455 | $ 10,048 | $ 7,697 | $ 17,682 | $ 17,745 | |
Net cash used in operating activities | 15,845 | 16,962 | |||||
Accumulated deficit | 85,052 | 85,052 | $ 67,370 | ||||
Cash and cash equivalents | $ 36,697 | $ 25,456 | $ 36,697 | $ 25,456 | $ 33,107 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | $ 36,697 | $ 48,634 |
U.S. Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 17,540 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 36,697 | 18,633 |
Fair Value, Inputs, Level 1 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 17,540 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 30,001 | |
Money Market Funds And Other Cash Equivalents [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 36,697 | 1,093 |
Money Market Funds And Other Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | $ 36,697 | 1,093 |
Overnight Repurchase Agreements [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 30,001 | |
Overnight Repurchase Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | $ 30,001 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |
Transfers between fair value measure levels | $ 0 |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |
Transfers between fair value measure levels | $ 0 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Investments [Abstract] | ||
Short term Investments | $ 0 | $ 17,540 |
Long term Investments | $ 0 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Investments [Line Items] | ||
Cost Basis | $ 17,526 | |
Gross Unrealized Gains | 14 | |
Short term Investments | $ 0 | 17,540 |
U.S. Treasury Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Cost Basis | 17,526 | |
Gross Unrealized Gains | 14 | |
Short term Investments | $ 17,540 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued compensation and benefits | $ 458 | $ 1,155 |
Accrued professional services | 1,310 | 1,004 |
Other | 446 | 276 |
Total accrued expenses and other current liabilities | $ 2,214 | $ 2,435 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jul. 02, 2019USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2019Payment |
Debt Instrument [Line Items] | ||||
Debt instrument interest rate final payment fee percentage | 9.70% | 9.70% | ||
Interest expense | $ 273,000 | $ 545,000 | ||
Oxford Finance LLC And Technology Finance Corporation [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 20,000,000 | |||
Interest rate description | The outstanding loan balance will accrue interest at the greater of (i) the rate of the one-month U.S. LIBOR rate plus 6.25% and (ii) 8.75%. The Loan Agreement provides for an interest only period until July 1, 2021, followed by thirty-six equal monthly payments of principal and interest continuing through June 1, 2024 (the “Maturity Date”). | |||
Number of monthly payments | Payment | 36 | |||
Debt instruments maturity date | Jun. 1, 2024 | |||
Debt instrument interest rate final payment fee percentage | 4.50% | |||
Debt instrument, interest rate, stated percentage | 8.75% | |||
Term loan event of default description | Events of default include, among other things, the Company’s failure to pay amounts due, a breach of certain covenants, a material adverse change event, misrepresentations and judgments. | |||
Term loan default interest rate | 5.00% | |||
Oxford Finance LLC And Technology Finance Corporation [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, percentage of pre payment fees | 1.00% | |||
Oxford Finance LLC And Technology Finance Corporation [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, percentage of pre payment fees | 3.00% | |||
Oxford Finance LLC And Technology Finance Corporation [Member] | Term Loan [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 6.25% | |||
Oxford Finance LLC And Technology Finance Corporation [Member] | Term A Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from term loan | $ 10,000,000 | |||
Debt Issuance Costs | $ 150,000 | |||
Number of securities called by warrants | shares | 15,686 | |||
Exercise price of warrants | $ / shares | $ 12.75 | |||
Warrants maximum contractual term | 10 years | |||
Warrant, fair value | $ 136,000 | |||
Oxford Finance LLC And Technology Finance Corporation [Member] | Term B Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Remaining borrowing capacity | $ 10,000,000 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Notes payable, gross | $ 10,000 | $ 10,000 |
Less: Unamortized debt discount and issuance costs | (216) | (254) |
Accretion of final payment fee | 129 | 64 |
Carrying value of notes payable | 9,913 | 9,810 |
Less: Current portion of long-term debt | (272) | |
Long-term debt, net of issuance costs and discount | $ 9,641 | $ 9,810 |
Debt - Schedule of Estimated Fu
Debt - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 1,945 |
2022 | 3,333 |
2023 | 3,333 |
2024 | 1,389 |
Total principal payments | $ 10,000 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Related Costs Share based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jan. 01, 2020 | |
2018 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of shares issued on common stock outstanding | 4.00% | |||
Number of shares available for future grant | 1,308,921 | 926,786 | ||
Stock option expiration period | 10 years | |||
2018 Plan | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price per share of stock options as percentage of fair market value of common stock | 100.00% | |||
Plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option vesting period | 4 years | |||
Stock- based compensation expense | $ 1,574 | $ 807 | ||
Plans | Non Statutory Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option vesting period | 1 year | |||
Plans | Options to Purchase Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option outstanding | 2,815,612 | |||
Shares, Granted | 785,203 | 174,591 | ||
Stock- based compensation expense | $ 1,382 | $ 674 | ||
Weighted-average grant-date fair values of options granted | $ 4.76 | $ 6.34 | ||
Unrecognized compensation cost, recognized cost | 2 years 9 months 18 days | |||
Unrecognized compensation cost | $ 6,062 | |||
Plans | Unvested Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option outstanding | 1,450,910 | |||
Plans | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock- based compensation expense | $ 77 | $ 133 | ||
Unrecognized compensation cost, recognized cost | 1 year 6 months | |||
Stock options outstanding, unvested | 64,681 | |||
Unrecognized compensation cost | $ 183 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | ||
Plans | Restricted Stock Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock- based compensation expense | $ 115 | $ 0 | ||
Unrecognized compensation cost, recognized cost | 8 months 12 days | |||
Stock options outstanding, unvested | 115,639 | |||
Unrecognized compensation cost | $ 541 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 120,939 | 0 | ||
Plans | Maximum [Member] | Non Statutory Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option vesting period | 4 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - Plans - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,574 | $ 807 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 575 | 352 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 999 | $ 455 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 31, 2020 | Nov. 15, 2019 | Jun. 30, 2020 |
Stockholders' Equity | |||
Net proceeds from stock issuances | $ 1,907 | ||
Jefferies LLC [Member] | Open Market Sale Agreement [Member] | |||
Stockholders' Equity | |||
Common stock, aggregate offering price | $ 50,000 | ||
Issuance of common stock, shares | 269,540 | ||
Weighted average price per share of stock issued | $ 7.20 | ||
Net proceeds from stock issuances | $ 1,907 | ||
Common stock, aggregate offering price | $ 48,060 | ||
Jefferies LLC [Member] | Open Market Sale Agreement [Member] | Subsequent Event [Member] | |||
Stockholders' Equity | |||
Issuance of common stock, shares | 66,335 | ||
Weighted average price per share of stock issued | $ 8.64 | ||
Net proceeds from stock issuances | $ 556 | ||
Jefferies LLC [Member] | Open Market Sale Agreement [Member] | Maximum [Member] | |||
Stockholders' Equity | |||
Percentage of commissions and fees on selling shares | 3.00% |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | |
Deferred Revenue Arrangement [Line Items] | ||
Revenue | $ 965 | $ 1,986 |
Deferred revenue | 101 | 101 |
Takeda [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 101 | 101 |
Service [Member] | Takeda [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue | $ 965 | $ 1,986 |
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 | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||||
Net loss | $ (8,227) | $ (9,455) | $ (10,048) | $ (7,697) | $ (17,682) | $ (17,745) |
Denominator: | ||||||
Weighted-average common stock outstanding | 23,326,018 | 22,479,511 | 23,250,910 | 22,396,780 | ||
Net loss per share—basic and diluted | $ (0.35) | $ (0.45) | $ (0.76) | $ (0.79) |
Loss Per Share - Computation _2
Loss Per Share - Computation of Potentially Anti-Dilutive Securities (Detail) - shares | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Restricted Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 64,681 | 564,027 |
Restricted Stock Unit [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 115,639 | |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 2,815,612 | 2,509,572 |
Term A Loan Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 15,686 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($)ft² | Jun. 30, 2019USD ($) | |
Number of operating leases | 2 | |
Right-of-use assets obtained in exchange for operating lease obligation | $ 6,428 | $ 1,323 |
Massachusetts | ||
Operating lease expiration date | Jul. 1, 2025 | |
Operating lease commencement date | Apr. 1, 2020 | |
Leased square feet | ft² | 23,901 | |
Payments for base rent | $ 1,494 | |
Lease extend term | 5 years | |
Letters of credit outstanding, amount | $ 622 | |
Right-of-use assets obtained in exchange for operating lease obligation | $ 6,428 | |
Discount rate | 7.60% |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||||
Operating lease cost | $ 464 | $ 315 | $ 789 | $ 589 | |
Variable lease cost | 186 | 92 | 284 | 134 | |
Total lease cost | 650 | $ 407 | 1,073 | 723 | |
Operating cash flows used for operating leases | 496 | 521 | |||
Operating lease liabilities arising from obtaining right-of-use assets | 6,428 | $ 1,323 | |||
Operating lease liabilities — short-term | 1,147 | 1,147 | $ 504 | ||
Operating lease liabilities, net of current portion | $ 5,520 | $ 5,520 | $ 0 | ||
Weighted-average remaining lease term | 4 years 10 months 24 days | 4 years 10 months 24 days | 8 months 12 days | ||
Weighted-average discount rate | 7.59% | 7.59% | 7.04% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 864 | $ 523 |
2021 | 1,516 | |
2022 | 1,562 | |
2023 | 1,609 | |
2024 | 1,657 | |
Thereafter | 841 | 0 |
Total lease payments | 8,049 | 523 |
Less: imputed interest | (1,382) | (19) |
Total operating lease liabilities | $ 6,667 | $ 504 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - Consulting Agreements [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Founder | Jun. 30, 2019USD ($) | |
Related Party Transaction [Line Items] | ||||
Number of founders | Founder | 3 | |||
Consulting agreement annual fee | $ 68 | |||
Consulting fee | $ 17 | $ 34 | $ 34 | $ 84 |