ContextLogic (LOGC) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
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		32,240,235
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 68,108	$ 70,075
Accounts receivable	77	263
Prepaid expenses and other current assets	1,839	2,205
Total current assets	70,024	72,543
Property and equipment, net	2,103	1,815
Restricted cash	622	622
Operating lease right-of-use asset	5,126	5,660
TOTAL ASSETS	77,875	80,640
CURRENT LIABILITIES:
Accounts payable	1,256	447
Accrued expenses and other current liabilities	3,613	2,701
Operating lease liabilities	1,159	1,094
Current portion of long-term debt	3,288	1,910
Current portion of deferred revenue	4,843
Total current liabilities	14,159	6,152
Long-term debt, net of issuance costs and discount	6,568	8,109
Operating lease liabilities, net of current portion	4,361	4,952
Deferred revenue, net of current portion	7,967
Total liabilities	33,055	19,213
COMMITMENTS AND CONTINGENCIES (Note 14)
STOCKHOLDERS’ EQUITY:
Preferred stock, par value of $0.0001 per share; 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2021 and December 31, 2020.
Common stock, par value of $0.0001 per share; 175,000,000 shares authorized; 32,222,366 and 31,775,748 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	3	3
Additional paid-in capital	165,589	161,415
Accumulated deficit	(120,772)	(99,991)
Total stockholders’ equity	44,820	61,427
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 77,875	$ 80,640

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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	32,222,366	31,775,748
Common stock, shares outstanding	32,222,366	31,775,748
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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUE
Total revenue	$ 802	$ 965	$ 1,263	$ 1,986
Revenue, Product and Service [Extensible List]	logc:CollaborationAndServiceRevenueMember	logc:CollaborationAndServiceRevenueMember	logc:CollaborationAndServiceRevenueMember	logc:CollaborationAndServiceRevenueMember
OPERATING EXPENSES
Research and development	$ 7,257	$ 5,895	$ 13,676	$ 13,068
General and administrative	3,765	3,029	7,824	6,221
Total operating expenses	11,022	8,924	21,500	19,289
LOSS FROM OPERATIONS	(10,220)	(7,959)	(20,237)	(17,303)
OTHER INCOME (EXPENSE):
Interest income	4	10	10	177
Interest expense	(283)	(273)	(554)	(545)
Other expense, net		(5)		(11)
Total other expense, net	(279)	(268)	(544)	(379)
Loss before income taxes	(10,499)	(8,227)	(20,781)	(17,682)
Net loss	$ (10,499)	$ (8,227)	$ (20,781)	$ (17,682)
Net loss per share—basic and diluted	$ (0.33)	$ (0.35)	$ (0.65)	$ (0.76)
Weighted-average common stock outstanding—basic and diluted	32,162,375	23,326,018	32,048,716	23,250,910

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (10,499)	$ (8,227)	$ (20,781)	$ (17,682)
Other comprehensive income:
Comprehensive loss	$ (10,499)	$ (8,227)	$ (20,781)	$ (17,682)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2019	$ 42,287	$ 3	$ 109,640	$ 14	$ (67,370)
Beginning Balance, Shares at Dec. 31, 2019		23,036,943
Vesting of restricted stock, Shares		160,340
Exercise of options	84		84
Exercise of options, Shares		19,378
Realized gain on investments	(14)			(14)
Stock-based compensation expense	805		805
Net loss	(9,455)				(9,455)
Ending Balance at Mar. 31, 2020	33,707	$ 3	110,529		(76,825)
Ending Balance, Shares at Mar. 31, 2020		23,216,661
Beginning Balance at Dec. 31, 2019	42,287	$ 3	109,640	$ 14	(67,370)
Beginning Balance, Shares at Dec. 31, 2019		23,036,943
Net loss	(17,682)
Ending Balance at Jun. 30, 2020	28,156	$ 3	113,205		(85,052)
Ending Balance, Shares at Jun. 30, 2020		23,504,843
Beginning Balance at Mar. 31, 2020	33,707	$ 3	110,529		(76,825)
Beginning Balance, Shares at Mar. 31, 2020		23,216,661
Vesting of restricted stock, Shares		18,642
Issuance of common stock related to at-the-market offerings, net of issuance costs	1,907		1,907
Issuance of common stock, Shares		269,540
Stock-based compensation expense	769		769
Net loss	(8,227)				(8,227)
Ending Balance at Jun. 30, 2020	28,156	$ 3	113,205		(85,052)
Ending Balance, Shares at Jun. 30, 2020		23,504,843
Beginning Balance at Dec. 31, 2020	61,427	$ 3	161,415		(99,991)
Beginning Balance, Shares at Dec. 31, 2020		31,775,748
Vesting of restricted stock, Shares		31,372
Issuance of common stock related to at-the-market offerings, net of issuance costs	2,091		2,091
Issuance of common stock, Shares		251,086
Stock-based compensation expense	989		989
Net loss	(10,282)				(10,282)
Ending Balance at Mar. 31, 2021	54,225	$ 3	164,495		(110,273)
Ending Balance, Shares at Mar. 31, 2021		32,058,206
Beginning Balance at Dec. 31, 2020	61,427	$ 3	161,415		(99,991)
Beginning Balance, Shares at Dec. 31, 2020		31,775,748
Net loss	(20,781)
Ending Balance at Jun. 30, 2021	44,820	$ 3	165,589		(120,772)
Ending Balance, Shares at Jun. 30, 2021		32,222,366
Beginning Balance at Mar. 31, 2021	54,225	$ 3	164,495		(110,273)
Beginning Balance, Shares at Mar. 31, 2021		32,058,206
Vesting of restricted stock, Shares		84,384
Exercise of options	52		52
Exercise of options, Shares		70,620
Issuance of common stock related to at-the-market offerings, net of issuance costs	45		45
Issuance of common stock, Shares		9,156
Stock-based compensation expense	997		997
Net loss	(10,499)				(10,499)
Ending Balance at Jun. 30, 2021	$ 44,820	$ 3	$ 165,589		$ (120,772)
Ending Balance, Shares at Jun. 30, 2021		32,222,366

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020
Stock Issuance Costs	$ 1	$ 65	$ 33

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (20,781)	$ (17,682)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	286	226
Net amortization of premiums and discounts on investments		26
Stock-based compensation expense	1,986	1,574
Non-cash interest expense	114	103
Non-cash lease expense	542	1,025
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	366	96
Accounts payable	502	(113)
Accrued expenses and other current liabilities	463	(1,201)
Net cash used in operating activities	(3,526)	(15,845)
Accounts receivable	186
Deferred revenue	12,810	101
CASH FLOWS FROM INVESTING ACTIVITIES:
Maturities of investments		17,500
Purchase of property and equipment	(352)	(202)
Net cash (used in) provided by investing activities	(352)	17,298
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	52	84
Net proceeds from at-the-market common stock issuances	2,136	1,907
Principal repayments on term loan	(277)
Net cash provided by financing activities	1,911	1,991
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(1,967)	3,444
Cash, cash equivalents and restricted cash at beginning of year	70,697	33,875
Cash, cash equivalents and restricted cash at end of period	68,730	37,319
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	68,108	36,697
Long-term restricted cash	622	622
Cash, cash equivalents and restricted cash at end of period	68,730	37,319
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	440	442
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Right-of-use assets obtained in exchange for operating lease obligation		6,428
Property and equipment purchases in accrued expenses and accounts payable	$ 340	$ 116

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION	1. NATURE OF BUSINESS AND BASIS OF PRESENTATION Business Overview LogicBio Therapeutics, Inc. (“LogicBio” or the “Company”) was incorporated in 2014 as a Delaware corporation. Its principal offices are in Lexington, Massachusetts. LogicBio is a clinical-stage genetic medicine company pioneering gene editing and gene delivery platforms to address rare and serious diseases from infancy through adulthood. The Company's gene editing platform, GeneRide™, is a new approach to precise gene insertion harnessing a cell's natural deoxyribonucleic acid (“DNA”) repair process potentially leading to durable therapeutic protein expression levels. The Company's gene delivery platform, sAAVy™, is an adeno-associated virus (“AAV”) capsid engineering platform designed to optimize gene delivery for treatments in a broad range of indications and tissues. Based on the Company’s GeneRide technology, LogicBio is developing its lead product candidate, LB-001, to treat methylmalonic acidemia (“MMA”) in pediatric patients. On June 2, 2021, the Company announced that the first patient was dosed with LB-001 in its SUNRISE clinical trial. The SUNRISE trial is a multi-center, open-label, Phase 1/2 clinical trial designed to assess the safety and tolerability of a single intravenous infusion of LB-001 in pediatric patients with MMA characterized by methylmalonyl-CoA mutase gene (“MMUT”) mutations. The Company expects seven centers in the United States and one center in Saudi Arabia to participate in the SUNRISE trial. In April 2021, the Company entered into an Exclusive Research Collaboration, License and Option Agreement with CANbridge Care Pharma Hong Kong Limited (“CANbridge”), pursuant to which LogicBio granted CANbridge (a) an exclusive worldwide license to certain of the Company’s intellectual property rights, including those relating to AAV sL65 (“sL65”), the first capsid produced from the sAAVy platform, to develop, manufacture and commercialize gene therapy candidates for the treatment of Fabry and Pompe diseases, (b) an option to obtain an exclusive worldwide license to certain of the Company’s intellectual property rights, including those relating to sL65, to develop and commercialize gene therapy candidates for the treatment of two additional indications, and (c) an exclusive option to obtain an exclusive license to develop and commercialize LB-001 for the treatment of MMA in China, Taiwan, Hong Kong and Macau. Since its inception, the Company has devoted the majority of its efforts to research and development, including its preclinical and clinical development activities and its manufacturing and process development activities, raising capital, and providing general and administrative support for these operations. 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 product candidates, successfully commercialize its products, if approved, generate revenue and attain profitable operations. COVID-19 Impact The Company is closely monitoring the COVID-19 pandemic in order to promote the safety of its personnel and to continue advancing its research and development activities. The Company is following federal, state and local requirements and guidelines with respect to the COVID-19 pandemic, and has allowed its employees to return to working on-premises in accordance with those 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 six months ended June 30, 2021. However, the Company is aware that certain of its third party vendors are being affected by import/export and other restrictions due to COVID-19, which are currently having an impact on certain of the Company’s research, development and manufacturing activities Liquidity and Capital Resources The Company has had recurring losses since inception and incurred a loss of $20,781 during the six months ended June 30, 2021. Net cash used in operations for the six months ended June 30, 2021 was $3,526. The Company expects to continue to generate operating losses and use cash in operations for the foreseeable future. As of June 30, 2021, the Company had cash and cash equivalents of $68,108. The Company believes that its cash and cash equivalents at June 30, 2021 will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next twelve months from the date these 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 address these requirements include financing future cash needs through equity or debt financings, 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. 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 U.S. 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, 2020, filed with the SEC on March 15, 2021. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary for a fair statement of the Company’s financial position as of June 30, 2021, consolidated results of operations for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020. Such adjustments are of a normal and recurring nature. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
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, 2020, filed with the SEC on March 15, 2021. Since the date of those financial statements, there have been no material changes to its significant accounting policies. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	3. FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Description June 30, 2021 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 $ 67,569 $ 67,569 $ — $ — Total financial assets $ 67,569 $ 67,569 $ — $ — Description December 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 $ 69,277 $ 69,277 $ — $ — Total financial assets $ 69,277 $ 69,277 $ — $ — 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 levels of the fair value measurement hierarchy during the six months ended June 30, 2021 .

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
INVESTMENTS	4. INVESTMENTS As of June 30, 2021 and December 31, 2020, the Company did not hold any short-term or long-term investments.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities at June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 Accrued compensation and benefits $ 1,208 $ 1,200 Accrued professional services 914 988 Accrued lab supplies 219 71 Accrued IP licensing fees 1,035 70 Other 237 372 Total accrued expenses and other current liabilities $ 3,613 $ 2,701 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”). Accrued lab supplies consists primarily of reagents and lab consumables. Accrued IP licensing fees consist of fees payable to certain of the Company’s existing licensors.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
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”). In September 2020 and March 2021, the Company entered into amendments to the Loan Agreement, each of which extended the availability of the $10,000 second tranche subject to certain conditions. In the second quarter of 2021, the Company met the conditions to initiate drawdown of the second tranche but did not exercise its right to do so. As of June 30, 2021, the option to draw down the second tranche of the Term Loans had expired. The outstanding balance of the Term Loans 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 the Maturity Date, 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 $283 and $554 for the three and six months ended June 30, 2021, respectively. Interest expense was $273 and $545 for the three and six months ended June 30, 2020, respectively. The effective interest rate on the Loan Agreement, including the amortization of the debt discount and issuance costs, and accretion of the final payment, was 11.34% at June 30, 2021. The components of the long-term debt balance are as follows: June 30, 2021 December 31, 2020 Notes payable, gross $ 9,723 $ 10,000 Less: Unamortized debt discount and issuance costs (133 ) (175 ) Accretion of final payment fee 266 194 Carrying value of notes payable 9,856 10,019 Less: Current portion of long-term debt (3,288 ) (1,910 ) Long-term debt, net of issuance costs and discount $ 6,568 $ 8,109 As of June 30, 2021, the estimated future principal payments due were as follows: As of June 30, 2021 2021 $ 1,668 2022 3,333 2023 3,333 2024 1,389 Thereafter — Total principal payments $ 9,723

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
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 awards granted under the 2014 Plan prior to the adoption of the 2018 Plan remained 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, 2021, the Company increased the number of shares available for future grant under the 2018 Plan by 1,272,547 shares. At June 30, 2021, there were 1,047,947 shares available for future grant under the 2018 Plan. The 2018 Plan is administered by the Compensation Committee of the Company’s Board of Directors (“Board”), except with respect to such matters that are not delegated to the Compensation Committee by the Board (the “Administrator”). The exercise prices, vesting and certain other restrictions are determined at the discretion of the Administrator, 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. The term of stock options awarded under the 2018 Plan may not exceed 10 years from the grant date. Stock options, shares of restricted stock and restricted stock units (“RSU”) granted to employees, officers, members of the Board, advisors, and consultants of the Company typically vest over one to four years. Stock Options During the six months ended June 30, 2021 and 2020, the Company granted options with time-based vesting to purchase 1,711,456 and 785,203 shares of common stock, respectively, with a weighted-average grant date fair value per share of $4.41 and $4.76, respectively. The Company recorded stock-based compensation expense for options granted of $1,771 and $1,382 during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there were 4,284,593 outstanding options, of which 2,456,736 were unvested, and $10,272 of unrecognized stock-based compensation expense 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. The Company did not grant any restricted common stock during the six months ended June 30, 2021 or 2020. The Company recorded stock-based compensation expense for restricted common stock granted of $57 and $77 during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there were 17,844 shares of unvested restricted common stock outstanding and $63 of unrecognized stock-based compensation expense related to unvested restricted common stock to be recognized over a weighted-average period of 0.6 years. Restricted Stock Units The Company has granted RSUs with time-based vesting conditions from time to time. Each RSU represents the right to receive one share of the Company’s common stock upon vesting. The fair value is calculated based upon the Company’s closing stock price on the date of grant, and the stock-based compensation expense is recognized over the vesting period. The Company granted 5,939 and 120,939 RSUs during the six months ended June 30, 2021 and 2020, respectively. The Company recorded stock-based compensation for RSUs granted of $158 and $115 during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there were 10,737 unvested RSUs outstanding and $30 of unrecognized stock-based compensation expense related to unvested RSUs to be recognized over a weighted-average period of 0.5 years. Stock-Based Compensation Expense Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees for the six months ended June 30, 2021 and 2020 is as follows: Six Months Ended June 30, 2021 2020 Research and development $ 662 $ 575 General and administrative 1,324 999 Total stock-based compensation expense $ 1,986 $ 1,574

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	6 Months Ended
	Jun. 30, 2021
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”), and filed a related prospectus supplement, pursuant to which the Company may issue and sell shares of its common stock at the then current market prices having an aggregate offering price of up to $50,000 (the “Open Market Shares”) from time to time through Jefferies (the “Open Market Offering”). Under the Open Market Sale Agreement, Jefferies may sell the Open Market Shares by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Exchange Act of 1934, as amended. The Company may sell the Open Market Shares in amounts and at times to be determined by the Company from time to time subject to the terms and conditions of the Open Market Sale Agreement, but it has no obligation to sell any of the Open Market Shares in the Open Market Offering. The Company or Jefferies may suspend or terminate the offering of Open Market Shares upon notice to the other party and subject to other conditions. The Company has agreed to pay Jefferies commissions for its services in acting as agent in the sale of the Open Market Shares in the amount of up to 3.0% of gross proceeds from the sale of the Open Market Shares pursuant to the Open Market Sale Agreement. The Company has also agreed to provide Jefferies with customary indemnification and contribution rights. During the six months ended June 30, 2021, the Company issued 260,242 Open Market Shares at a weighted-average price of $8.46 per share, resulting in net proceeds to the Company of $2,136. During the six months ended June 30, 2020, the Company issued 269,540 shares of its common stock at a weighted-average price of $7.20 per share, resulting in net proceeds to the Company of $1,907.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
REVENUE	9. REVENUE Service Revenue Takeda Agreement In January 2020, the Company entered into a Research Collaboration and Option Agreement with Takeda (“Takeda Agreement”), which is accounted for within the scope of ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). For further details on the terms and accounting treatment consideration for the Takeda Agreement, please refer to Note 10, “Revenue,” to the Company’s consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. During the three and six months ended June 30, 2021, the Company recognized $52 and $513, respectively, in service revenue under the Takeda Agreement. During the three and six months ended June 30, 2020, the Company recognized $965 and $1,986, respectively, in service revenue under the Takeda Agreement. As of June 30, 2021, there was $77 in accounts receivable on the consolidated balance sheet related to the Takeda Agreement. Daiichi Sankyo Agreement In April 2021, the Company entered into a Research Collaboration and Exclusive Option Agreement (the “Daiichi Agreement”) with Daiichi for the development of gene therapy candidates for two indications based on the GeneRide platform (each, a “Daiichi Candidates”). Under the terms of the Daiichi Agreement, Daiichi will fund all research and development activities related to the development of the Daiichi Candidates under a mutually agreed research plan (the “Daiichi Research Plan”). The Daiichi Agreement also provides Daiichi with an exclusive, non-binding option for each Daiichi Candidate to negotiate in good faith for a certain period of time to enter into a license agreement with respect to each such Daiichi Candidate (the “Daiichi License Options”). The Company assessed the Daiichi Agreement in accordance with 606 and concluded that it represents a contract with a customer and is within the scope of ASC 606. The Company concluded that . The Company determined the transaction price totaled $2,000, which included an upfront payment of $1,000 and an additional $1,000 prepayment of the first-year research and development fees. The entire transaction price will be allocated to the single combined performance obligation, which is transferred over the expected term of the conduct of the research services. Terms related to exclusive licenses negotiated after The upfront payment of $2,000 was recorded as deferred revenue and is being recognized as revenue over time in conjunction with the Company’s conduct of research services as the research services are the primary component of the combined performance obligation. Revenue associated with the upfront payment and ongoing research services will be recognized using an input-based measurement of actual costs incurred as a percentage of the estimated total costs expected to be incurred over the expected term of conduct of the research services. The Company believes this input-based method to recognize revenue best reflects the transfer of value to Daiichi. Collaboration Revenue CANbridge Agreement In April 2021, the Company entered into an Exclusive Research Collaboration, License and Option Agreement (the “CANbridge Agreement”) with CANbridge. Under the terms of the CANbridge Agreement, the Company granted CANbridge (a) an exclusive worldwide license to certain of the Company’s intellectual property rights, including those relating to sL65, the first capsid produced from the sAAVy platform, to develop, manufacture and commercialize gene therapy candidates for the treatment of Fabry and Pompe diseases (the “Fabry and Pompe License”), (b) an option to obtain an exclusive worldwide license to certain of the Company’s intellectual property rights, including those relating to sL65, to develop and commercialize gene therapy candidates for the treatment of two additional indications (the “Candidate Option”) and (c) an exclusive option to obtain an exclusive license to develop and commercialize LB-001 for the treatment of MMA (the “LB-001 Option”) in China, Taiwan, Hong Kong and Macau (“Greater China”) Pursuant to the CANbridge Agreement, LogicBio and CANbridge will collaborate to develop the gene therapy candidates referenced in (a) above for the treatment of Fabry and Pompe diseases plus, upon CANbridge’s exercise of the applicable option, two additional indications under a mutually agreed research plan. CANbridge agreed to provide funding for LogicBio’s activities under the research plan in accordance with a mutually agreed research budget. Under the CANbridge Agreement, the Company received an upfront, non-refundable and non-creditable payment of $10,000 from CANbridge. In addition, CANbridge is obligated to reimburse the Company for research and development costs incurred by the Company for activities related to the development of the gene therapy candidates for two indications, Pompe disease and Fabry disease, under a mutually agreed upon research plan (the “CANbridge Research Plan”). The Company is eligible to receive up to $542,000 in aggregate from CANbridge contingent on the achievement of specified clinical, regulatory and sales milestones relating to the named gene therapy candidates for Fabry disease and Pompe diseases, the additional indications for which CANbridge exercises the Candidate Option, and the payment of any option exercise fees. The Company is also eligible to receive up to $49,000 in aggregate clinical, regulatory and sales milestones for LB-001, subject to the exercise of the LB-001 Option, and the payment of the LB-001 Option fee. CANbridge is obligated to pay to the Company royalties based on an escalating tiered, mid- to high-single digit percentage of the annual worldwide net sales for each non-LB-001 indication pursued. In addition, CANbridge will pay to the Company royalties based on an escalating tiered, high-single digit to mid-double digit percentage of the annual Greater China net sales for LB-001 for the treatment of MMA, subject to the exercise of the LB-001 Option. The Company applied ASC Topic 808, Collaborative Arrangements Company determined that its grant of a license to CANbridge to certain of its intellectual property subject to certain conditions was not distinct as it does not have stand-alone value to CANbridge apart from the services to be performed by the Company pursuant to the CANbridge Agreement. A third party would not be able to provide research and development services due to the specific nature of the intellectual property and knowledge required to perform the services, and CANbridge could not benefit from the license without the corresponding services. The Company also concluded that the LB-001 Option and Candidate Options were not provided to CANbridge at a significant discount. The terms of the options, including the upfront exercise fee and applicable milestone payments, reflected applicable standalone selling prices at the time of the CANbridge Agreement. As such, the Company concluded that none of the options was considered to be material rights and, as such, were not performance obligations. Accordingly, the Company determined that its grant of a license to CANbridge and its conduct of research and development services under the research plan should be accounted for as one combined performance obligation, and that the combined performance obligation is transferred over the expected term of the conduct of the research and development services. In accordance with ASC 606, the Company determined that the initial transaction price under the CANbridge agreement was $10,878, consisting of the upfront, non-refundable and non-creditable payment of $10,000 and an upfront payment of estimated quarterly research costs $878. The upfront payment of $10,878 was initially recorded as deferred revenue and, along with payments related to the Company’s conduct of research services under the research plan, will be recognized as revenue using an input-based measurement of actual costs incurred as a percentage of the estimated total costs expected to be incurred o The Company recorded the initial $878 prepayment of the quarterly research and development fees as deferred revenue, and such fees will be recognized as revenue as the research services are delivered. The Company also assessed the effects of variable elements including the likelihood of receiving (i) various clinical, regulatory and commercial milestone payments, and (ii) royalties on net sales of any product candidate. Based on its assessment, the Company concluded that, based on the likelihood of these uncertain events occurring, there was not a significant variable element included in the transaction price. Accordingly, the Company has not assigned a transaction price to these variable elements given the substantial uncertainty related to their achievement and has not assigned a transaction price to any CANbridge milestone or royalties. The Company recognized revenue of $ 570 10,990 3,450

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES For the six months ended June 30, 2021 and the year ended December 31, 2020, 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 taxable position in the near future.

LOSS PER SHARE

LOSS PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
LOSS PER SHARE	11. LOSS PER SHARE Basic loss per share is computed by dividing net loss by the weighted-average shares of common stock outstanding, without consideration to common stock equivalents: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (10,499 ) $ (8,227 ) $ (20,781 ) $ (17,682 ) Denominator: Weighted-average common stock outstanding 32,162,375 23,326,018 32,048,716 23,250,910 Net loss per share — basic and diluted $ (0.33 ) $ (0.35 ) $ (0.65 ) $ (0.76 ) The Company’s potentially dilutive shares, which include any outstanding stock options, warrants and unvested restricted stock (which includes unvested restricted stock units and unvested restricted common stock), are considered to be common stock equivalents and are only included in the calculation of diluted net loss when their effect is dilutive. The Company excluded the following potential common stock equivalents from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect for the three and six months ended June 30, 2021 and 2020. June 30, 2021 June 30, 2020 Unvested restricted common stock 17,844 64,681 Unvested restricted stock units 10,737 115,639 Options to purchase common stock 4,284,593 2,815,612 Term A Loan warrants 15,686 15,686

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
LEASES	12. LEASES The Company has historically entered into lease arrangements for its facilities and certain equipment. As of June 30, 2021, the Company had one operating lease with required future minimum payments related to its headquarters in Lexington, MA. 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 in Cambridge, Massachusetts. Under the terms of the 65 Hayden Ave Lease, the Company leases approximately 23,901 square feet of space and is obligated to 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 due in monthly installments through the Lease Termination Date. At the Lease Commencement Date, the Company performed a lease assessment under the guidance prescribed in ASC Topic 842, Leases The discount rate used to calculate the net present value of future payments was the Company’s incremental borrowing rate at the Lease Commencement Date, which was 7.6%. The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating leases Lease cost Operating lease cost $ 378 $ 464 $ 756 $ 789 Variable lease cost 216 186 431 284 Total lease cost $ 594 $ 650 $ 1,187 $ 1,073 Other year-to-date lease information Operating cash flows used for operating leases $ 746 $ 496 Operating lease liabilities arising from obtaining right-of-use assets $ — $ 6,428 The following table contains a summary of the lease liabilities recognized on the Company’s condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020: As of June 30, 2021 As of December 31, 2020 Other operating lease information Operating lease liabilities — short-term $ 1,159 $ 1,094 Operating lease liabilities — long-term $ 4,361 $ 4,952 Weighted-average remaining lease term 4.0 years 4.5 years Weighted-average discount rate 7.60 % 7.60 % The variable lease costs for the three and six months ended June 30, 2021 and 2020 include common area maintenance and other operating charges. As the Company’s leases do not provide an implicit interest rate, the Company utilized its incremental borrowing interest rate based on what it would normally pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments at the commencement date in determining the present value of lease payments. Future minimum lease payments under the Company’s operating lease as of June 30, 2021 and December 31, 2020, were as follows: As of June 30, 2021 As of December 31, 2020 Maturity of lease liabilities 2021 $ 769 $ 1,516 2022 1,562 1,562 2023 1,609 1,609 2024 1,656 1,656 2025 841 841 Thereafter — — Total lease payments 6,437 7,184 Less: imputed interest (917 ) (1,138 ) Total operating lease liabilities $ 5,520 $ 6,046

RELATED PARTIES

RELATED PARTIES	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTIES	13. RELATED PARTIES The Company is party to a consulting service agreement with Mark Kay, who is a co-founder and a member of the Board. Under the terms of this agreement, the Company has agreed to pay an annual fee of $68 for research and development consulting services. For each of the three and six-month periods ended June 30, 2021 and 2020, the Company recorded research and development expense of $17 and $34, respectively, related to consulting services received from Mark Kay. In addition, as a result of his participation on the Scientific Advisory Board in June 2021, Mark Kay earned $5 and received a non-qualified stock option to purchase 5,000 shares of the Company’s common stock with a fair value of $ 13 , which will be expensed over a two-year vesting period. Expenses related to Mark Kay’s participation on the Scientific Advisory Board are recorded in research and development expense.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Litigation and Related Matters From time to time, the Company may become subject to legal proceedings and claims which arise in the ordinary course of its business. Consistent with ASC 450, Contingencies

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
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, 2020, filed with the SEC on March 15, 2021. Since the date of those financial statements, there have been no material changes to its significant accounting policies.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Financial Assets Measured at Fair Value on Recurring Basis	The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Description June 30, 2021 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 $ 67,569 $ 67,569 $ — $ — Total financial assets $ 67,569 $ 67,569 $ — $ — Description December 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 $ 69,277 $ 69,277 $ — $ — Total financial assets $ 69,277 $ 69,277 $ — $ —

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities at June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 Accrued compensation and benefits $ 1,208 $ 1,200 Accrued professional services 914 988 Accrued lab supplies 219 71 Accrued IP licensing fees 1,035 70 Other 237 372 Total accrued expenses and other current liabilities $ 3,613 $ 2,701

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The components of the long-term debt balance are as follows: June 30, 2021 December 31, 2020 Notes payable, gross $ 9,723 $ 10,000 Less: Unamortized debt discount and issuance costs (133 ) (175 ) Accretion of final payment fee 266 194 Carrying value of notes payable 9,856 10,019 Less: Current portion of long-term debt (3,288 ) (1,910 ) Long-term debt, net of issuance costs and discount $ 6,568 $ 8,109
Schedule of Estimated Future Principal Payments	As of June 30, 2021, the estimated future principal payments due were as follows: As of June 30, 2021 2021 $ 1,668 2022 3,333 2023 3,333 2024 1,389 Thereafter — Total principal payments $ 9,723

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock-Based Compensation Expense	Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees for the six months ended June 30, 2021 and 2020 is as follows: Six Months Ended June 30, 2021 2020 Research and development $ 662 $ 575 General and administrative 1,324 999 Total stock-based compensation expense $ 1,986 $ 1,574

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	Basic loss per share is computed by dividing net loss by the weighted-average shares of common stock outstanding, without consideration to common stock equivalents: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (10,499 ) $ (8,227 ) $ (20,781 ) $ (17,682 ) Denominator: Weighted-average common stock outstanding 32,162,375 23,326,018 32,048,716 23,250,910 Net loss per share — basic and diluted $ (0.33 ) $ (0.35 ) $ (0.65 ) $ (0.76 )
Computation of Potentially Anti-Dilutive Securities	The Company excluded the following potential common stock equivalents from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect for the three and six months ended June 30, 2021 and 2020. June 30, 2021 June 30, 2020 Unvested restricted common stock 17,844 64,681 Unvested restricted stock units 10,737 115,639 Options to purchase common stock 4,284,593 2,815,612 Term A Loan warrants 15,686 15,686

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Summary of Lease Costs	The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating leases Lease cost Operating lease cost $ 378 $ 464 $ 756 $ 789 Variable lease cost 216 186 431 284 Total lease cost $ 594 $ 650 $ 1,187 $ 1,073 Other year-to-date lease information Operating cash flows used for operating leases $ 746 $ 496 Operating lease liabilities arising from obtaining right-of-use assets $ — $ 6,428 The following table contains a summary of the lease liabilities recognized on the Company’s condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020: As of June 30, 2021 As of December 31, 2020 Other operating lease information Operating lease liabilities — short-term $ 1,159 $ 1,094 Operating lease liabilities — long-term $ 4,361 $ 4,952 Weighted-average remaining lease term 4.0 years 4.5 years Weighted-average discount rate 7.60 % 7.60 %
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments under the Company’s operating lease as of June 30, 2021 and December 31, 2020, were as follows: As of June 30, 2021 As of December 31, 2020 Maturity of lease liabilities 2021 $ 769 $ 1,516 2022 1,562 1,562 2023 1,609 1,609 2024 1,656 1,656 2025 841 841 Thereafter — — Total lease payments 6,437 7,184 Less: imputed interest (917 ) (1,138 ) Total operating lease liabilities $ 5,520 $ 6,046

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Organization And Nature Of Business Textual [Abstract]
Net loss	$ 10,499	$ 10,282	$ 8,227	$ 9,455	$ 20,781	$ 17,682
Net cash used in operating activities					3,526	15,845
Cash and cash equivalents	$ 68,108		$ 36,697		$ 68,108	$ 36,697	$ 70,075

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	$ 67,569	$ 69,277
Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	67,569	69,277
Money Market Funds And Other Cash Equivalents [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total financial assets	67,569	69,277
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	$ 67,569	$ 69,277

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Transfers between fair value measure levels	$ 0
Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Transfers between fair value measure levels	$ 0

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Investments [Abstract]
Short term Investments	$ 0	$ 0
Long term Investments	$ 0	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued compensation and benefits	$ 1,208	$ 1,200
Accrued professional services	914	988
Accrued lab supplies	219	71
Accrued IP licensing fees	1,035	70
Other	237	372
Total accrued expenses and other current liabilities	$ 3,613	$ 2,701

Debt - Additional Information (

Debt - Additional Information (Detail)	Jul. 02, 2019USD ($)$ / sharesshares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Payment	Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Debt instrument, effective interest rate		11.34%		11.34%
Interest expense		$ 283,000	$ 273,000	$ 554,000	$ 545,000
Oxford Finance LLC And Technology Finance Corporation [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 20,000,000
Interest rate description				The outstanding balance of the Term Loans 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, effective interest rate	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
Extended borrowing capacity						$ 10,000,000	$ 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

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Notes payable, gross	$ 9,723	$ 10,000
Less: Unamortized debt discount and issuance costs	(133)	(175)
Accretion of final payment fee	266	194
Carrying value of notes payable	9,856	10,019
Less: Current portion of long-term debt	(3,288)	(1,910)
Long-term debt, net of issuance costs and discount	6,568	8,109
Carrying value of notes payable	$ 9,856	$ 10,019

Debt - Schedule of Estimated Fu

Debt - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
2021	$ 1,668
2022	3,333
2023	3,333
2024	1,389
Total principal payments	$ 9,723

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Related Costs Share based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2021	Jan. 01, 2021
Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option outstanding				4,284,593
Shares, Granted	1,711,456	785,203
Stock- based compensation expense	$ 1,771	$ 1,382
Weighted-average grant-date fair values of options granted	$ 4.41	$ 4.76
Unrecognized compensation cost, recognized cost	3 years 1 month 6 days
Unrecognized compensation cost	$ 10,272
Unvested Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option outstanding	2,456,736
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	1,047,947				1,272,547
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- based compensation expense	$ 1,986	$ 1,574
Plans | Non Statutory Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	1 year
Plans | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock- based compensation expense	$ 57	$ 77
Unrecognized compensation cost, recognized cost	7 months 6 days
Stock options outstanding, unvested	17,844
Unrecognized compensation cost	$ 63
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	0
Plans | Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock- based compensation expense	$ 158	$ 115
Unrecognized compensation cost, recognized cost	6 months
Stock options outstanding, unvested	10,737
Unrecognized compensation cost	$ 30
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	5,939	120,939
Plans | Maximum [Member] | Non Statutory Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	4 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - Plans - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,986	$ 1,574
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	662	575
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,324	$ 999

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - Jefferies LLC [Member] - Open Market Sale Agreement [Member] - USD ($) $ / shares in Units, $ in Thousands	Nov. 15, 2019	Jun. 30, 2021	Jun. 30, 2020
Stockholders' Equity
Common stock, aggregate offering price	$ 50,000
Issuance of common stock, Shares		260,242	269,540
Weighted average price per share of stock issued		$ 8.46	$ 7.20
Proceeds from issuance of common stock		$ 2,136	$ 1,907
Common stock, aggregate offering price		$ 44,306
Maximum [Member]
Stockholders' Equity
Percentage of commissions and fees on selling shares	3.00%

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Deferred Revenue Arrangement [Line Items]
Revenue		$ 802	$ 965	$ 1,263	$ 1,986
Accounts Receivable						$ 77
Current portion of deferred revenue		4,843		4,843
Research and development fees		7,257	5,895	13,676	13,068
Research and development		7,257	5,895	13,676	13,068
Collaborative Arrangement [Member] | CANbridge [Member]
Deferred Revenue Arrangement [Line Items]
Revenue	$ 10,878	10,990		10,990
Upfront Payment	10,000
Current portion of deferred revenue		3,450		3,450
Research and development expense	878
Research and development fees		775		878
Deferred revenue recognized		570
Research and development		775		878
Daiichi [Member]
Deferred Revenue Arrangement [Line Items]
Revenue	2,000	1,820		1,820
Current portion of deferred revenue		1,393		1,393
Service [Member] | Takeda [Member]
Deferred Revenue Arrangement [Line Items]
Revenue		52	$ 965	513	$ 1,986
Service [Member] | Daiichi [Member]
Deferred Revenue Arrangement [Line Items]
Revenue		$ 180
Upfront Payment				1,000
Research And Development Expense				$ 1,000
Clinical Regulatory And Sales Relating To Gene Therapy Candidates For Fabry Disease And Pompe Diseases [Member] | Collaborative Arrangement [Member] | CANbridge [Member]
Deferred Revenue Arrangement [Line Items]
Milestone payment	542,000
Clinical, Regulatory and Sales For LB-001 [Member] | Collaborative Arrangement [Member] | CANbridge [Member]
Deferred Revenue Arrangement [Line Items]
Milestone payment	$ 49,000

Loss Per Share - Computation of

Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (10,499)	$ (10,282)	$ (8,227)	$ (9,455)	$ (20,781)	$ (17,682)
Denominator:
Weighted-average common stock outstanding	32,162,375		23,326,018		32,048,716	23,250,910
Net loss per share—basic and diluted	$ (0.33)		$ (0.35)		$ (0.65)	$ (0.76)

Loss Per Share - Computation _2

Loss Per Share - Computation of Potentially Anti-Dilutive Securities (Detail) - shares	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	17,844	64,681
Restricted Stock Unit [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	10,737	115,639
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	4,284,593	2,815,612
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	15,686

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)ft²	Jun. 30, 2020USD ($)
Number of operating leases	1
Right-of-use assets obtained in exchange for operating lease obligation		$ 6,428
Massachusetts
Operating lease expiration date	Jul. 1, 2025
Operating lease commencement date	Apr. 1, 2020
Leased square feet | ft²	23,901
Payments for base rent	$ 1,494
Lease extend term	5 years
Letters of credit outstanding, amount	$ 622
Right-of-use assets obtained in exchange for operating lease obligation	$ 6,428
Discount rate	7.60%

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 378	$ 464	$ 756	$ 789
Variable lease cost	216	186	431	284
Total lease cost	594	$ 650	1,187	1,073
Operating cash flows used for operating leases			746	496
Operating lease liabilities arising from obtaining right-of-use assets				$ 6,428
Operating lease liabilities — short-term	1,159		1,159		$ 1,094
Operating lease liabilities, net of current portion	$ 4,361		$ 4,361		$ 4,952
Weighted-average remaining lease term	4 years		4 years		4 years 6 months
Weighted-average discount rate	7.60%		7.60%		7.60%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021	$ 769	$ 1,516
2022	1,562	1,562
2023	1,609	1,609
2024	1,656	1,656
2025	841	841
Thereafter	0	0
Total lease payments	6,437	7,184
Less: imputed interest	(917)	(1,138)
Total operating lease liabilities	$ 5,520	$ 6,046

Related Parties - Additional In

Related Parties - Additional Information (Detail) - Consulting Agreements [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Consulting agreement annual fee			$ 68
Consulting fee	$ 17	$ 17	34	$ 34
Scientific Advisory Board [Member]
Related Party Transaction [Line Items]
Consulting fee			$ 5
Scientific Advisory Board [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Shares, Granted			5,000
Fair value			$ 13
Vesting period			2 years