ContextLogic (LOGC) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 07, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Period Focus	Q1
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		23,351,598
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	Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 43,153	$ 33,107
Short-term investments		17,540
Prepaid expenses and other current assets	3,038	2,045
Restricted cash	146	146
Total current assets	46,337	52,838
Property and equipment, net	1,591	1,696
Restricted cash	622	622
Operating lease right-of-use asset	199	504
TOTAL ASSETS	48,749	55,660
CURRENT LIABILITIES:
Accounts payable	2,181	624
Accrued expenses and other current liabilities	1,934	2,939
Deferred revenue	1,065
Total current liabilities	5,180	3,563
Long-term debt, net of issuance costs and discount	9,862	9,810
Total liabilities	15,042	13,373
STOCKHOLDERS’ EQUITY:
Preferred stock, par value of $0.0001 per share; 25,000,000 shares authorized; no shares issued and outstanding as of March 31, 2020 and December 31, 2019.
Common stock, par value of $0.0001 per share; 175,000,000 shares authorized; 23,216,661 and 23,036,943 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	3	3
Additional paid-in capital	110,529	109,640
Accumulated other comprehensive income		14
Accumulated deficit	(76,825)	(67,370)
Total stockholders’ equity	33,707	42,287
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 48,749	$ 55,660

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 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	23,216,661	23,036,943
Common stock, shares outstanding	23,216,661	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
	Mar. 31, 2020	Mar. 31, 2019
REVENUE
Total revenue	$ 1,021
Revenue, Product and Service [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember
OPERATING EXPENSES
Research and development	$ 7,173	$ 5,486
General and administrative	3,192	2,632
Total operating expenses	10,365	8,118
LOSS FROM OPERATIONS	(9,344)	(8,118)
OTHER INCOME (EXPENSE), NET:
Interest income	167	443
Interest expense	(272)
Other expense, net	(6)
Total other income (expense), net	(111)	443
Loss before income taxes	(9,455)	(7,675)
Income tax provision		(22)
Net loss	$ (9,455)	$ (7,697)
Net loss per share—basic and diluted	$ (0.41)	$ (0.34)
Weighted-average common stock outstanding—basic and diluted	23,175,802	22,313,129

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (9,455)	$ (7,697)
Other comprehensive income:
Unrealized gain on investments		9
Foreign currency translation adjustment		3
Comprehensive loss	$ (9,455)	$ (7,685)

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
Net loss	(40,128)
Ending Balance at Dec. 31, 2019	42,287	$ 3	109,640	14	(67,370)
Ending 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

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (9,455)	$ (7,697)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	105	39
Net amortization of premiums and discounts on investments	26	(95)
Stock-based compensation expense	805	276
Non-cash interest expense	52
Non-cash lease expense	305	274
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(993)	(498)
Other assets		(57)
Accounts payable	1,557	201
Accrued expenses and other current liabilities	(1,005)	(675)
Deferred revenue	1,065
Net cash used in operating activities	(7,538)	(8,232)	$ (38,750)	$ (15,267)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments		(44,562)
Maturities of investments	17,500
Purchase of property and equipment		(247)
Net cash provided by (used in) investing activities	17,500	(44,809)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	84
Net cash provided by financing activities	84
Effect on foreign exchange rates on cash and cash equivalents		5
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	10,046	(53,036)
Cash, cash equivalents and restricted cash at beginning of year	33,875	81,052	81,052
Cash, cash equivalents and restricted cash at end of period	43,921	28,016	33,875	81,052
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	43,153	27,870	33,107
Short-term restricted cash	146	146	146
Long-term restricted cash	622
Cash, cash equivalents and restricted cash at end of period	43,921	28,016	$ 33,875	$ 81,052
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$ 220
Cash paid for income taxes		31
Right-of-use assets obtained in exchange for operating lease obligation		1,323
Property and equipment purchases in accounts payable and accrued expenses		$ 81

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 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. The Company is a genome editing company focused on developing medicines to durably treat rare diseases in pediatric patients with significant unmet medical need, using GeneRide ™ In January 2020, the Company announced the submission of an investigational new drug application (“IND”) to support the initiation of a Phase 1/2 clinical trial for LB-001 in pediatric patients with MMA, which the FDA has placed on clinical hold. Subsequently, the Company received a letter from the FDA specifying its questions related to the clinical hold. The clinical hold was based on questions that were clinical and nonclinical in nature, including questions related to the studies conducted for the Company’s IND filing, but did not relate to chemistry, manufacturing, and controls. The Company expects to have interactions with the FDA regarding their questions through mid-2020, after which the Company plans to provide guidance on the anticipated timing for the initiation of the Phase 1/2 clinical trial for LB-001. 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, non-laboratory employees have been working remotely, and the Company has arranged laboratory employees to work in shifts to continue in-house research and development activities. 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 months ended March 31, 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 During the years ended December 31, 2019 and 2018, the Company incurred net losses of $40,128 and $17,621, respectively, and reported cash used in operations totaling $38,750 and $15,267, respectively. In addition, as of December 31, 2019, the Company had an accumulated deficit of $67,370. The Company expects to continue to generate operating losses and use cash in operations for the foreseeable future. As of March 31, 2020, the Company had cash and cash equivalents of $43,153 which management believes will be sufficient to fund its operating expenses and capital expenditure requirements through the second 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 March 31, 2020, consolidated results of operations for the three months ended March 31, 2020 and 2019 and cash flows for the three months ended March 31, 2020. Such adjustments are of a normal and recurring nature. The results of operations for the three months ended March 31, 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	3 Months Ended
	Mar. 31, 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”). (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 is currently 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 There have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2020, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which could be expected to materially impact the Company’s unaudited condensed consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 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 March 31, 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 $ 43,153 $ 43,153 $ — $ — Total financial assets $ 43,153 $ 43,153 $ — $ — 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 three months ended March 31, 2020 .

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
INVESTMENTS	4. INVESTMENTS As of March 31, 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	3 Months Ended
	Mar. 31, 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 March 31, 2020 and December 31, 2019 consisted of the following: March 31, 2020 December 31, 2019 Accrued compensation and benefits $ 551 $ 1,155 Accrued professional services 959 1,004 Lease liabilities 199 504 Other 225 276 Total accrued expenses and other current liabilities $ 1,934 $ 2,939 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”).

DEBT

DEBT	3 Months Ended
	Mar. 31, 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 $272 for the three months ended March 31, 2020. 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 March 31, 2020. The components of the long-term debt balance are as follows: March 31, 2020 December 31, 2019 Notes payable, gross $ 10,000 $ 10,000 Less: Unamortized debt discount and issuance costs (235 ) (254 ) Accretion of final payment fee 97 64 Carrying value of notes payable 9,862 9,810 Less: Current portion of long-term debt — — Long-term debt, net of issuance costs and discount $ 9,862 $ 9,810 As of March 31, 2020, the estimated future principal payments due were as follows: As of March 31, 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	3 Months Ended
	Mar. 31, 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 March 31, 2020, there were 1,309,885 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 and shares of restricted stock 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 three months ended March 31, 2020 and 2019, the Company granted options to purchase 714,203 and 79,123 shares of common stock, respectively, with a weighted-average grant date fair value per share of $4.74 and $6.03, respectively. The Company recorded stock-based compensation expense for options granted of $761 and $210 during the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there were 2,930,587 options outstanding and $7,268 of unrecognized stock-based compensation expense related to unvested stock options to be recognized over a weighted-average period of 3.1 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. During the three months ended March 31, 2020 and 2019, the Company did not grant any shares of restricted common stock. The Company recorded stock-based compensation expense for restricted common stock granted of $44 and $66 during the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there were 83,047 shares of unvested restricted common stock outstanding and $216 of unrecognized stock-based compensation expense related to unvested restricted common stock to be recognized over a weighted-average period of 1.8 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 three months ended March 31, 2020 and 2019 is as follows: Three Months Ended March 31, 2020 2019 Research and development $ 295 $ 155 General and administrative 510 121 Total stock-based compensation expense $ 805 $ 276

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	3 Months Ended
	Mar. 31, 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. The Company did not issue any shares under the Open Market Sales Agreement during the quarter ended March 31, 2020. From April 1 through May 7, 2020, the Company issued 51,889 shares of its common stock at an average weighted price of $5.76 per share, resulting in gross proceeds to the Company of $299. Costs associated with the proceeds consist of a 3% cash commission.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 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 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. of March 31, 2020, the Company recorded $1,065 as deferred revenue within current liabilities on the Company’s condensed consolidated balance sheets related to the Takeda Agreement.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES For the three months ended March 31, 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 three months ended March 31, 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	3 Months Ended
	Mar. 31, 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 March 31, 2020 2019 Numerator: Net loss $ (9,455 ) $ (7,697 ) Denominator: Weighted-average common stock outstanding 23,175,802 22,313,129 Net loss per share — basic and diluted $ (0.41 ) $ (0.34 ) 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 months ended March 31, 2020 and 2019. March 31, 2020 March 31, 2019 Unvested restricted stock 83,047 724,383 Options to purchase common stock 2,930,587 2,429,562 Term A Loan warrants 15,686 —

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	12. LEASES The Company has historically entered into lease arrangements for its facilities and certain equipment. As of March 31, 2020, the Company had one operating lease with required future minimum payments. In applying the guidance under ASC Topic 842 Leases 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 months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Operating leases Lease cost Operating lease cost $ 325 $ 274 Variable lease cost 98 42 Total lease cost $ 423 $ 316 Other year-to-date lease information Operating cash flows used for operating leases $ 321 $ 199 Operating lease liabilities arising from obtaining right-of-use assets $ — $ 1,323 The following table contains a summary of the lease liabilities recognized on the Company’s condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019: As of March 31, 2020 As of December 31, 2019 Other operating lease information Operating lease liabilities — short term $ 199 $ 504 Operating lease liabilities — long term $ — $ — Weighted average remaining lease term 0.6 years 0.7 years Weighted average discount rate 7.04 % 7.04 % The variable lease costs for the three months ended March 31, 2020 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. As of March 31, 2020, the Company classified its short-term operating lease liabilities within accrued expenses and other current liabilities. Future minimum lease payments under the Company’s operating leases as of March 31, 2020 and December 31, 2019, were as follows: As of March 31, 2020 As of December 31, 2019 Maturity of lease liabilities 2020 $ 204 $ 523 Thereafter — — Total lease payments $ 204 $ 523 Less: imputed interest (5 ) (19 ) Total operating lease liabilities $ 199 $ 504 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 will lease approximately 23,901 square feet of space and pay 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. The Company will assess the lease classification of the 65 Hayden Ave Lease and commence recognition of the associated rent expense as of the Lease Commencement Date.

RELATED PARTIES

RELATED PARTIES	3 Months Ended
	Mar. 31, 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 months ended March 31, 2020, the Company recorded research and development expense of $17 related to consulting services received from Mark Kay, who is one of the co-founders and a member of the Board. For the three months ended March 31, 2019, the Company recorded $51 to research and development expenses under consulting service agreements with its three co-founders.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 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”). (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 is currently 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 There have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2020, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which could be expected to materially impact the Company’s unaudited condensed consolidated financial statements.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 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 $ 43,153 $ 43,153 $ — $ — Total financial assets $ 43,153 $ 43,153 $ — $ — 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)	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Summary of Investments	As of March 31, 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:

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities at March 31, 2020 and December 31, 2019 consisted of the following: March 31, 2020 December 31, 2019 Accrued compensation and benefits $ 551 $ 1,155 Accrued professional services 959 1,004 Lease liabilities 199 504 Other 225 276 Total accrued expenses and other current liabilities $ 1,934 $ 2,939

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The components of the long-term debt balance are as follows: March 31, 2020 December 31, 2019 Notes payable, gross $ 10,000 $ 10,000 Less: Unamortized debt discount and issuance costs (235 ) (254 ) Accretion of final payment fee 97 64 Carrying value of notes payable 9,862 9,810 Less: Current portion of long-term debt — — Long-term debt, net of issuance costs and discount $ 9,862 $ 9,810
Schedule of Estimated Future Principal Payments	As of March 31, 2020, the estimated future principal payments due were as follows: As of March 31, 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)	3 Months Ended
	Mar. 31, 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 three months ended March 31, 2020 and 2019 is as follows: Three Months Ended March 31, 2020 2019 Research and development $ 295 $ 155 General and administrative 510 121 Total stock-based compensation expense $ 805 $ 276

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2020 2019 Numerator: Net loss $ (9,455 ) $ (7,697 ) Denominator: Weighted-average common stock outstanding 23,175,802 22,313,129 Net loss per share — basic and diluted $ (0.41 ) $ (0.34 )
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, 2020 and 2019. March 31, 2020 March 31, 2019 Unvested restricted stock 83,047 724,383 Options to purchase common stock 2,930,587 2,429,562 Term A Loan warrants 15,686 —

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 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 months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Operating leases Lease cost Operating lease cost $ 325 $ 274 Variable lease cost 98 42 Total lease cost $ 423 $ 316 Other year-to-date lease information Operating cash flows used for operating leases $ 321 $ 199 Operating lease liabilities arising from obtaining right-of-use assets $ — $ 1,323 The following table contains a summary of the lease liabilities recognized on the Company’s condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019: As of March 31, 2020 As of December 31, 2019 Other operating lease information Operating lease liabilities — short term $ 199 $ 504 Operating lease liabilities — long term $ — $ — Weighted average remaining lease term 0.6 years 0.7 years Weighted average discount rate 7.04 % 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, 2020 and December 31, 2019, were as follows: As of March 31, 2020 As of December 31, 2019 Maturity of lease liabilities 2020 $ 204 $ 523 Thereafter — — Total lease payments $ 204 $ 523 Less: imputed interest (5 ) (19 ) Total operating lease liabilities $ 199 $ 504

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Organization And Nature Of Business Textual [Abstract]
Net loss	$ 9,455	$ 7,697	$ 40,128	$ 17,621
Net cash used in operating activities	7,538	8,232	38,750	$ 15,267
Accumulated deficit	76,825		67,370
Cash and cash equivalents	$ 43,153	$ 27,870	$ 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	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	$ 43,153	$ 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	43,153	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	43,153	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	$ 43,153	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	3 Months Ended
	Mar. 31, 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 - Summary of Invest

Investments - Summary of Investments (Detail) $ in Thousands	Dec. 31, 2019USD ($)
Schedule Of Investments [Line Items]
Cost Basis	$ 17,526
Gross Unrealized Gains	14
Fair Value	17,540
U.S. Treasury Securities [Member]
Schedule Of Investments [Line Items]
Cost Basis	17,526
Gross Unrealized Gains	14
Fair Value	$ 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	Mar. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued compensation and benefits	$ 551	$ 1,155
Accrued professional services	959	1,004
Lease liabilities	199	504
Other	225	276
Total accrued expenses and other current liabilities	$ 1,934	$ 2,939

Debt - Additional Information (

Debt - Additional Information (Detail)	Jul. 02, 2019USD ($)$ / sharesshares	Mar. 31, 2020USD ($)	Sep. 30, 2019Payment
Debt Instrument [Line Items]
Debt instrument interest rate final payment fee percentage		9.70%
Interest expense		$ 272,000
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	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Notes payable, gross	$ 10,000	$ 10,000
Less: Unamortized debt discount and issuance costs	(235)	(254)
Accretion of final payment fee	97	64
Carrying value of notes payable	9,862	9,810
Long-term debt, net of issuance costs and discount	$ 9,862	$ 9,810

Debt - Schedule of Estimated Fu

Debt - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Mar. 31, 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	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 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	1,309,885			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	$ 805	$ 276
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	2,930,587
Shares, Granted	714,203	79,123
Stock- based compensation expense	$ 761	$ 210
Weighted-average grant-date fair values of options granted	$ 4.74	$ 6.03
Unrecognized compensation cost, recognized cost	3 years 1 month 6 days
Unrecognized compensation cost	$ 7,268
Plans | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock- based compensation expense	$ 44	$ 66
Unrecognized compensation cost, recognized cost	1 year 9 months 18 days
Stock options outstanding, unvested	83,047
Unrecognized compensation cost	$ 216
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 805	$ 276
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	295	155
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 510	$ 121

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - Jefferies LLC [Member] - Open Market Sale Agreement [Member] - USD ($)	Nov. 15, 2019	May 07, 2020	Mar. 31, 2020
Stockholders' Equity
Common stock, aggregate offering price	$ 50,000
Issuance of common stock, shares		51,889	0
Weighted average price per share of stock issued		$ 5.76
Proceeds from issuance of common stock		$ 299,000
Maximum [Member]
Stockholders' Equity
Percentage of commissions and fees on selling shares	3.00%	3.00%

Revenue - Additional Informatio

Revenue - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Deferred Revenue Arrangement [Line Items]
Revenue	$ 1,021
Deferred revenue	1,065
Takeda [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue	1,065
Service [Member] | Takeda [Member]
Deferred Revenue Arrangement [Line Items]
Revenue	$ 1,021

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		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss	$ (9,455)	$ (7,697)	$ (40,128)	$ (17,621)
Denominator:
Weighted-average common stock outstanding	23,175,802	22,313,129
Net loss per share—basic and diluted	$ (0.41)	$ (0.34)

Loss Per Share - Computation _2

Loss Per Share - Computation of Potentially Anti-Dilutive Securities (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Unvested Restricted 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	83,047	724,383
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	2,930,587	2,429,562
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	3 Months Ended
	Mar. 31, 2020USD ($)ft²
Number of operating leases	1
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

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 325	$ 274
Variable lease cost	98	42
Total lease cost	423	316
Operating cash flows used for operating leases	321	199
Operating lease liabilities arising from obtaining right-of-use assets		$ 1,323
Operating lease liabilities — short term	$ 199		$ 504
Operating lease liabilities — long term			$ 0
Weighted average remaining lease term	7 months 6 days		8 months 12 days
Weighted average discount rate	7.04%		7.04%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020	$ 204	$ 523
Thereafter	0	0
Total lease payments	204	523
Less: imputed interest	(5)	(19)
Total operating lease liabilities	$ 199	$ 504

Related Parties - Additional In

Related Parties - Additional Information (Detail) - Consulting Agreements [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Founder	Mar. 31, 2019USD ($)
Related Party Transaction [Line Items]
Number of founders | Founder	3
Consulting agreement annual fee	$ 68
Consulting fee	$ 17	$ 51