ContextLogic (LOGC) 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 10, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	LOGC
Entity Registrant Name	LogicBio Therapeutics, Inc.
Entity Central Index Key	0001664106
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		22,494,299

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 27,870	$ 80,906
Short-term investments	44,666
Prepaid expenses and other current assets	1,763	1,268
Total current assets	74,299	82,174
Property and equipment, net	880	590
Restricted cash	146	146
Operating lease right-of-use asset	1,259
Other assets	57
TOTAL ASSETS	76,641	82,910
CURRENT LIABILITIES:
Accounts payable	1,413	1,168
Accrued expenses and other current liabilities	2,354	1,517
Total current liabilities	3,767	2,685
Other liabilities	58
Total liabilities	3,825	2,685
STOCKHOLDERS' EQUITY:
Common stock, par value of $0.0001 per share; 175,000,000 shares authorized as of March 31, 2019 and December 31, 2018, respectively; 22,348,730 and 22,188,393 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	3	3
Additional paid-in capital	107,749	107,473
Accumulated other comprehensive income (loss)	3	(9)
Accumulated deficit	(34,939)	(27,242)
Total stockholders' equity	72,816	80,225
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 76,641	$ 82,910

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	175,000,000	175,000,000
Common stock, shares issued	22,348,730	22,188,393
Common stock, shares outstanding	22,348,730	22,188,393

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
OPERATING EXPENSES:
Research and development	$ 5,486	$ 1,455
General and administrative	2,632	918
Total operating expenses	8,118	2,373
LOSS FROM OPERATIONS	(8,118)	(2,373)
OTHER INCOME, NET:
Interest income, net	443	68
Other income, net		3
Total other income, net	443	71
Loss before income taxes	(7,675)	(2,302)
Income tax provision	(22)	(2)
Net loss	(7,697)	(2,304)
Net loss attributable to common stockholders-basic and diluted (Note 9)	$ (7,697)	$ (4,907)
Net loss per share attributable to common stockholders-basic and diluted	$ (0.34)	$ (2.75)
Weighted-average common stock outstanding-basic and diluted	22,313,129	1,787,342

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net loss	$ (7,697)	$ (2,304)
Other comprehensive income:
Unrealized gain on investments	9
Foreign currency translation adjustment	3	7
Comprehensive loss	$ (7,685)	$ (2,297)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (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) Income [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2017	$ (8,599)	$ 4,359	$ 28,703	$ 1	$ 1,035	$ (14)	$ (9,621)
Beginning Balance, Shares at Dec. 31, 2017		2,976,190	19,541,465	1,606,360
Vesting of restricted stock	0	$ 0	$ 0	$ 0	0	0	0
Vesting of restricted stock, Shares				173,717
Foreign currency translation adjustment	7					7
Stock-based compensation expense	88				88
Net loss	(2,304)						(2,304)
Ending Balance at Mar. 31, 2018	(10,808)	$ 4,359	$ 28,703	$ 1	1,123	(7)	(11,925)
Ending Balance, Shares at Mar. 31, 2018		2,976,190	19,541,465	1,780,077
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	0	$ 0	$ 0	$ 0	0	0	0
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

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (7,697)	$ (2,304)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	39	9
Net amortization of premiums and discounts on investments	(95)
Stock-based compensation expense	276	88
Non-cash lease expense	274
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(498)	50
Other assets	(57)	(1)
Accounts payable	201	(670)
Accrued expenses and other current liabilities	(675)	(326)
Net cash used in operating activities	(8,232)	(3,154)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	(44,562)
Purchase of property and equipment	(247)	(3)
Net cash used in investing activities	(44,809)	(3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash provided by financing activities	0	0
Effect on foreign exchange rates on cash and cash equivalents	5	7
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(53,036)	(3,150)
Cash, cash equivalents and restricted cash at beginning of year	81,052	24,575
Cash, cash equivalents and restricted cash at end of period	28,016	21,425
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	27,870	21,425
Restricted cash	146
Cash, cash equivalents and restricted cash at end of period	28,016	21,425
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for taxes	31	102
Right-of-use assets obtained in exchange for operating lease obligation	1,323
Property and equipment purchases in accounts payable and accrued expenses	$ 81	$ 2

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2019
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, 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 $72,300 in net proceeds after deducting underwriting discounts and commissions and offering costs. Upon the closing of the IPO, all 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. Management believes that the Company’s existing cash, cash equivalents and investments 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 March 31, 2019 and for the three months ended March 31, 2019 and 2018 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 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 March 31, 2019, consolidated results of operations for the three months ended March 31, 2019 and 2018 and cash flows for the three months ended March 31, 2019 and 2018. Such adjustments are of a normal and recurring nature. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
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 Leases Effective January 1, 2019, the Company adopted ASC Topic 842, Leases (“ASC 842”), using the modified retrospective method and utilized the effective date as its date of initial application, with prior periods presented in accordance with the previous guidance under ASC 840, Leases (“ASC 840”). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Most leases with a term greater than one year are recognized on the balance sheet as a right-of-use non-current Operating lease liabilities and their corresponding right-of-use right-of-use In accordance with ASC 842, components of a lease should be split into three categories: lease components (e.g., land, building, etc.), non-lease non-components in-substance non-components) non-lease Although separation of lease and non-lease non-lease non-lease non-lease Investments The Company determines the appropriate classification of its investments in debt securities at the time of purchase. All of the Company’s securities are classified as available-for-sale Available-for-sale Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, No. 2016-02 2019-01, Leases No. 2019-01”). No. 2019-01 In adopting Topic 842, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election to keep leases with a term of 12 months or less off its balance sheet. Adoption of this standard resulted in the recording of operating lease liabilities and a right-of-use right-of-use Recently Issued Accounting Pronouncements There have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2019, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report on Form 10-K

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2019
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: Quoted Prices in Significant Other Significant Other Active Markets Observable Observable for Identical Inputs Inputs Description March 31, 2019 Assets (Level 1) (Level 2) (Level 3) Assets Sweep bank account $ 2,305 $ 2,305 $ — $ — Money market funds 24,963 24,963 — — U.S. Treasury securities 44,666 44,666 — — Total financial assets $ 71,934 $ 71,934 $ — $ — Quoted Prices in Significant Other Significant Other Active Markets Observable Observable for Identical Inputs Inputs Description December 31, 2018 Assets (Level 1) (Level 2) (Level 3) Assets Sweep bank account $ 831 $ 831 $ — $ — Money market funds 79,212 79,212 — — Total financial assets $ 80,043 $ 80,043 $ — $ — The Company classifies its money market funds and U.S. Treasury securities as Level 1 assets under the fair value hierarchy as these assets have been valued using quoted market prices in active markets without any valuation adjustment.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2019
INVESTMENTS	4. INVESTMENTS The following table summarizes the Company’s investments, which are considered available-for-sale March 31, 2019 Cost Gross Gross Fair U.S. Treasury securities $ 44,657 $ 9 $ — $ 44,666 Total $ 44,657 $ 9 $ — $ 44,666 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 March 31, 2019, all investments have contractual maturities within one year. The Company had no investments as of December 31, 2018.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
	Mar. 31, 2019
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities at March 31, 2019 and December 31, 2018 consisted of the following: March 31, December 31, 2019 2018 Accrued compensation and benefits $ 281 $ 709 Accrued professional services 579 585 Lease liabilities 1,201 — Other 293 223 Total accrued expenses and other current liabilities $ 2,354 $ 1,517 Accrued compensation and benefits consists primarily of accrued bonuses and accrued vacation. Accrued professional services consists primarily of consulting services, legal services and services provided by contract research organizations (“CRO”) and contract manufacturing organizations (“CMO”).

CONVERTIBLE PREFERRED STOCK

CONVERTIBLE PREFERRED STOCK	3 Months Ended
	Mar. 31, 2019
CONVERTIBLE PREFERRED STOCK	6. CONVERTIBLE PREFERRED STOCK Series A convertible preferred stock and Series B convertible preferred stock is collectively referred to as “Preferred Stock.” 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. As such, there were no outstanding shares of Preferred Stock as of March 31, 2019 and December 31, 2018. The rights and privileges of the preferred stockholders were as follows: Conversion one-for-1.90993 non-Qualified Liquidation Preference Dividends: Voting Rights:

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2019
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. The 2018 Plan authorized up to 1,183,214 of shares of the Company’s common stock to be issued. In addition, 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, 2019, the Company increased the number of shares available for future grant under the 2018 Plan. At March 31, 2019, there were 1,286,336 shares available for future grant under the 2018 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 March 31, 2019 2018 Research and development $ 155 $ 48 General and administrative 121 40 Total stock-based compensation expense $ 276 $ 88 During the three months ended March 31, 2019 and 2018, the Company granted options to purchase 79,123 and 120,121 shares of common stock, respectively. The Company recorded stock-based compensation expense for options granted of $210 and $31 during the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019 and 2018, there were 2,429,562 and 1,521,184 options outstanding, respectively. The weighted-average grant date fair value per share of options granted during the three months ended March 31, 2019 and 2018 was $6.03 and $0.46, respectively. As of March 31, 2019 and 2018, there was $5,003 and $403 of unrecognized stock-based compensation expense related to unvested stock options to be recognized over a period of 2.2 and 2.3 years, respectively. During the three months ended March 31, 2019 and 2018, the Company did not grant any shares of restricted stock. The Company recorded stock-based compensation expense for restricted stock granted of $66 and $57 during the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019 and 2018, there were 724,383 and 1,260,892 shares of unvested restricted stock outstanding, respectively. As of March 31, 2019 and 2018, there was $463 and $344 of unrecognized stock-based compensation expense related to unvested restricted stock to be recognized over a period of 0.7 and 1.6 years, respectively.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2019
INCOME TAXES	8. INCOME TAXES During the three months ended March 31, 2019 and the year ended December 31, 2018, 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 related to tax expense of the wholly owned foreign subsidiary, LogicBio Therapeutics Research Ltd.

LOSS PER SHARE

LOSS PER SHARE	3 Months Ended
	Mar. 31, 2019
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, without consideration to common stock equivalents: Three Months Ended March 31, 2019 2018 Numerator: Net loss $ (7,697 ) $ (2,304 ) Less: accruals of dividends of Preferred Stock — (2,603 ) Net loss attributable to common stockholders—basic and diluted $ (7,697 ) $ (4,907 ) Denominator: Weighted-average common stock outstanding 22,313,129 1,787,342 Net loss per share attributable to common stockholders—basic and diluted $ (0.34 ) $ (2.75 ) The Company’s potentially dilutive shares, which include outstanding Preferred Stock and stock options as well as 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 common stock equivalent computation for Preferred Stock uses the applicable conversion rate then in effect for any outstanding shares of Preferred Stock. 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 months ended March 31, 2019 and 2018: March 31, March 31, 2019 2018 Preferred Stock — 11,789,775 Unvested restricted stock 724,383 1,260,892 Options to purchase common stock 2,429,562 1,521,184

LEASES

LEASES	3 Months Ended
	Mar. 31, 2019
LEASES	10. LEASES The Company has historically entered into lease arrangements for its facilities and certain equipment. As of March 31, 2019, the Company had three operating leases with required future minimum payments. In applying the transition guidance under ASC 842, the Company determined the classification of these leases to be operating leases and recorded a right-of-use asset and lease liabilities as of the effective date. The Company’s leases generally do not include termination or purchase options. From time to time, leases may include options to renew the lease after the expiration of the initial lease term. A renewal period is included in the lease term only when it reasonably certain that the Company will exercise such renewal options. As of March 31, 2019, no renewal options existed that the Company felt were reasonably certain of being exercised. Operating Leases In December 2018, the Company entered into an operating lease for laboratory and office space in Cambridge, Massachusetts for a 14-month The following table contains a summary of the lease costs recognized under Topic 842 and other information pertaining to the Company’s operating leases for the three months ended March 31, 2019: Operating leases Three Months Ended Lease cost Operating lease cost $ 274 Variable lease cost 42 Total lease cost $ 316 Other quarterly lease information Operating cash flows used for operating leases $ 199 Operating lease liabilities arising from obtaining right-of-use $ 1,323 Other operating lease information As of March 31, 2019 Operating lease liabilities—short term $ 1,201 Operating lease liabilities—long term $ 58 Weighted average remaining lease term 1.1 years Weighted average discount rate 7.04 % The variable lease costs for the quarter ended March 31, 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 we 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. As of March 31, 2019, the Company classified its short term and long term operating lease liabilities within accrued expenses and other current liabilities and other liabilities, respectively. Future minimum lease payments under the Company’s operating leases as of March 31, 2019 and December 31, 2018, were as follows: Maturity of lease liabilities As of As of (in thousands) December 31, 2018 March 31, 2019 2019 $ 1,028 $ 936 2020 223 377 Thereafter — — Total lease payments $ 1,251 $ 1,313 Less: imputed interest (54 ) Total operating lease liabilities at March 31, 2019 $ 1,259

RELATED PARTIES

RELATED PARTIES	3 Months Ended
	Mar. 31, 2019
RELATED PARTIES	11. RELATED PARTIES From time to time, the Company is or has been party to consulting service agreements with each of its three founders. Under the terms of each agreement, the Company pays an annual fee of $68 for research and development consulting services. For the three months ended March 31, 2019 and 2018, the Company has made payments totaling $51 and $34, respectively, under these consulting service agreements. In addition, each founder receives $5 annually for their participation on the scientific advisory board (the “SAB”), beginning in 2018. Each founder has also received stock options for their services as either a member of the Board or member of the SAB. In March 2017, the Company subleased to an affiliate certain space in Tel Aviv, Israel, through June 2018. For the three months ended March 31, 2018, the Company recognized income of $13 in other income, net.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
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
Leases	Leases Effective January 1, 2019, the Company adopted ASC Topic 842, Leases (“ASC 842”), using the modified retrospective method and utilized the effective date as its date of initial application, with prior periods presented in accordance with the previous guidance under ASC 840, Leases (“ASC 840”). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Most leases with a term greater than one year are recognized on the balance sheet as a right-of-use non-current Operating lease liabilities and their corresponding right-of-use right-of-use In accordance with ASC 842, components of a lease should be split into three categories: lease components (e.g., land, building, etc.), non-lease non-components in-substance non-components) non-lease Although separation of lease and non-lease non-lease non-lease non-lease
Investments	Investments The Company determines the appropriate classification of its investments in debt securities at the time of purchase. All of the Company’s securities are classified as available-for-sale Available-for-sale
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, No. 2016-02 2019-01, Leases No. 2019-01”). No. 2019-01 In adopting Topic 842, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election to keep leases with a term of 12 months or less off its balance sheet. Adoption of this standard resulted in the recording of operating lease liabilities and a right-of-use right-of-use
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements There have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2019, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report on Form 10-K

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
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: Quoted Prices in Significant Other Significant Other Active Markets Observable Observable for Identical Inputs Inputs Description March 31, 2019 Assets (Level 1) (Level 2) (Level 3) Assets Sweep bank account $ 2,305 $ 2,305 $ — $ — Money market funds 24,963 24,963 — — U.S. Treasury securities 44,666 44,666 — — Total financial assets $ 71,934 $ 71,934 $ — $ — Quoted Prices in Significant Other Significant Other Active Markets Observable Observable for Identical Inputs Inputs Description December 31, 2018 Assets (Level 1) (Level 2) (Level 3) Assets Sweep bank account $ 831 $ 831 $ — $ — Money market funds 79,212 79,212 — — Total financial assets $ 80,043 $ 80,043 $ — $ —

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Investments	The following table summarizes the Company’s investments, which are considered available-for-sale March 31, 2019 Cost Gross Gross Fair U.S. Treasury securities $ 44,657 $ 9 $ — $ 44,666 Total $ 44,657 $ 9 $ — $ 44,666

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities at March 31, 2019 and December 31, 2018 consisted of the following: March 31, December 31, 2019 2018 Accrued compensation and benefits $ 281 $ 709 Accrued professional services 579 585 Lease liabilities 1,201 — Other 293 223 Total accrued expenses and other current liabilities $ 2,354 $ 1,517

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 Research and development $ 155 $ 48 General and administrative 121 40 Total stock-based compensation expense $ 276 $ 88

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
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, without consideration to common stock equivalents: Three Months Ended March 31, 2019 2018 Numerator: Net loss $ (7,697 ) $ (2,304 ) Less: accruals of dividends of Preferred Stock — (2,603 ) Net loss attributable to common stockholders—basic and diluted $ (7,697 ) $ (4,907 ) Denominator: Weighted-average common stock outstanding 22,313,129 1,787,342 Net loss per share attributable to common stockholders—basic and diluted $ (0.34 ) $ (2.75 )
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 months ended March 31, 2019 and 2018: March 31, March 31, 2019 2018 Preferred Stock — 11,789,775 Unvested restricted stock 724,383 1,260,892 Options to purchase common stock 2,429,562 1,521,184

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Lease Costs	The following table contains a summary of the lease costs recognized under Topic 842 and other information pertaining to the Company’s operating leases for the three months ended March 31, 2019: Operating leases Three Months Ended Lease cost Operating lease cost $ 274 Variable lease cost 42 Total lease cost $ 316 Other quarterly lease information Operating cash flows used for operating leases $ 199 Operating lease liabilities arising from obtaining right-of-use $ 1,323 Other operating lease information As of March 31, 2019 Operating lease liabilities—short term $ 1,201 Operating lease liabilities—long term $ 58 Weighted average remaining lease term 1.1 years Weighted average discount rate 7.04 %
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments under the Company’s operating leases as of March 31, 2019 and December 31, 2018, were as follows: Maturity of lease liabilities As of As of (in thousands) December 31, 2018 March 31, 2019 2019 $ 1,028 $ 936 2020 223 377 Thereafter — — Total lease payments $ 1,251 $ 1,313 Less: imputed interest (54 ) Total operating lease liabilities at March 31, 2019 $ 1,259

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
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
Series B Convertible Preferred Stock [Member]
Organization And Nature Of Business [Line Items]
Convertible preferred stock outstanding	0
IPO [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 | $	$ 72,300
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	Mar. 31, 2019USD ($)
Significant Accounting Policies [Line Items]
Operating lease liabilities	$ 1,259
Operating lease right-of-use asset	1,259
Accounting Standards Update 2016-02 [Member]
Significant Accounting Policies [Line Items]
Operating lease liabilities	210
Operating lease right-of-use asset	$ 210

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	Mar. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	$ 71,934	$ 80,043
U.S. Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	44,666
Sweep Bank Account [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	2,305	831
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	24,963	79,212
Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	71,934	80,043
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	44,666
Fair Value, Inputs, Level 1 [Member] | Sweep Bank Account [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	2,305	831
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	$ 24,963	$ 79,212

Investments - Summary of Invest

Investments - Summary of Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Cost Basis	$ 44,657
Gross Unrealized Gains	9
Gross Unrealized Losses	0
Fair Value	44,666	$ 0
U.S. Treasury Securities [Member]
Schedule of Investments [Line Items]
Cost Basis	44,657
Gross Unrealized Gains	9
Gross Unrealized Losses	0
Fair Value	$ 44,666

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments	$ 44,666	$ 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	Mar. 31, 2019	Dec. 31, 2018
Accrued compensation and benefits	$ 281	$ 709
Accrued professional services	579	585
Lease liabilities	1,201
Other	293	223
Total accrued expenses and other current liabilities	$ 2,354	$ 1,517

Convertible Preferred Stock - C

Convertible Preferred Stock - Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Oct. 23, 2018	Mar. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Conversion of preferred stock shares into common stock shares	11,789,775
Common stock conversion ratio		52.35%
Shares issued price per share		$ 1.4933
Conversion price per share		$ 0.78186
Minimum voting power percentage upon liquidation		50.00%
Preferred stock accrued dividend rate percentage		8.00%
Dividends declared	$ 0
Maximum [Member]
Class of Stock [Line Items]
Preferred stock accrued dividend rate percentage upon liquidation		40.00%
IPO [Member]
Class of Stock [Line Items]
Conversion of preferred stock shares into common stock shares	11,789,775
Convertible preferred stock shares outstanding		0	0
IPO [Member] | Minimum [Member]
Class of Stock [Line Items]
Stockholders approval percentage		60.00%

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Related Costs Share based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Oct. 31, 2018
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized				1,183,214
Percentage of shares issued on common stock outstanding			4.00%
Number of shares available for future grant	1,286,336
Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	79,123	120,121
Stock- based compensation expense for options granted	$ 276	$ 88
Plans | Options to Purchase Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock- based compensation expense for options granted	210	31
Plans | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock- based compensation expense for options granted	$ 66	$ 57
Unrecognized compensation cost, recognition period	8 months 12 days	1 year 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	0
Stock options outstanding, unvested	724,383	1,260,892
Unrecognized compensation cost	$ 463	$ 344
2014 Plan | Options to Purchase Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair values of options granted	$ 6.03	$ 0.46
Unrecognized compensation cost, recognition period	2 years 2 months 12 days	2 years 3 months 18 days
Unrecognized compensation cost	$ 5,003	$ 403
Stock options outstanding	2,429,562	1,521,184

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - Plans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 276	$ 88
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	155	48
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 121	$ 40

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
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net loss	$ (7,697)	$ (2,304)
Less: accruals of dividends of Preferred Stock		(2,603)
Net loss attributable to common stockholders - basic and diluted	$ (7,697)	$ (4,907)
Denominator:
Weighted - average common stock outstanding	22,313,129	1,787,342
Net loss per share attributable to common stockholders - basic and diluted	$ (0.34)	$ (2.75)

Loss Per Share - Computation _2

Loss Per Share - Computation of Potentially Anti-Dilutive Securities (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
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
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	724,383	1,260,892
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	2,429,562	1,521,184

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2018USD ($)	Mar. 31, 2019USD ($)
Number of operating leases		3
Restricted cash	$ 146	$ 146
Massachusetts
Operating lease expiration date	2020-03
Operating lease expiration period	14 months

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Operating lease cost	$ 274
Variable lease cost	42
Total lease cost	316
Operating cash flows used for operating leases	199
Operating lease liabilities arising from obtaining right-of-use assets	1,323
Operating lease liabilities-short term	1,201
Operating lease liabilities-long term	$ 58
Weighted average remaining lease term	1 year 1 month 6 days
Weighted average discount rate	7.04%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
2019	$ 936	$ 1,028
2020	377	223
Thereafter	0	0
Total lease payments	1,313	$ 1,251
Less: imputed interest	(54)
Total operating lease liabilities at March 31, 2019	$ 1,259

Related Parties - Additional In

Related Parties - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2019USD ($)Founders	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Israel
Schedule of Other Related Party Transactions [Line Items]
Subleases expiration month	2018-06
Sublease income			$ 13
Consulting Agreements [Member]
Schedule of Other Related Party Transactions [Line Items]
Number of founders | Founders		3
Consulting Agreements [Member] | Founder One [Member]
Schedule of Other Related Party Transactions [Line Items]
Consulting agreement annual fee		$ 68
Consulting fee		51	34
Consulting Agreements [Member] | Founder One [Member] | Scientific Advisory Board [Member]
Schedule of Other Related Party Transactions [Line Items]
Consulting fee				$ 5
Consulting Agreements [Member] | Founder Two [Member]
Schedule of Other Related Party Transactions [Line Items]
Consulting agreement annual fee		68
Consulting fee		51	34
Consulting Agreements [Member] | Founder Two [Member] | Scientific Advisory Board [Member]
Schedule of Other Related Party Transactions [Line Items]
Consulting fee				5
Consulting Agreements [Member] | Founder Three [Member]
Schedule of Other Related Party Transactions [Line Items]
Consulting agreement annual fee		68
Consulting fee		$ 51	$ 34
Consulting Agreements [Member] | Founder Three [Member] | Scientific Advisory Board [Member]
Schedule of Other Related Party Transactions [Line Items]
Consulting fee				$ 5