LogicBio Therapeutics Q1 2024 Earnings Report

LogicBio Therapeutics EPS Results

• Actual EPS: -$2.43
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

LogicBio Therapeutics Revenue Results

• Actual Revenue: $36.00 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

LogicBio Therapeutics Announcement Details

• Quarter: Q1 2024
• Date: 5/8/2024
• Time: N/A
• Conference Call Date: Wednesday, May 8, 2024
• Conference Call Time: 5:00PM ET

LogicBio Therapeutics (NASDAQ:LOGC), a genetic medicine company, focuses on developing and commercializing genome editing and gene therapy treatments using its GeneRide and sAAVy platforms. The company's GeneRide technology is a new approach to precise gene insertion harnessing a cell's natural deoxyribonucleic acid; and gene delivery platform, sAAVy is an adeno-associated virus, which is designed to optimize gene delivery for treatments in a range of indications and tissues. Its lead product candidate is LB-001 that is in Phase I/II clinical trials for the treatment of methylmalonic acidemia. The company has a collaboration with Children's Medical Research Institute to develop next-generation capsids for gene therapy and gene editing applications in the liver, as well as additional tissues; and a collaboration agreement with Takeda Pharmaceutical Company Limited to develop LB-301, an investigational therapy for the treatment of Crigler-Najjar syndrome. The company also has a research collaboration, license, and option agreement with CANbridge Care Pharma Hong Kong Limited; and collaboration agreement with Daiichi Sankyo Company. The company was incorporated in 2014 and is headquartered in Lexington, Massachusetts.

LogicBio Therapeutics Q1 2024 Earnings Call Transcript

[Operator]

Thank you for standing by, and welcome to the ContextLogix First Quarter 2024 Earnings Conference Call. During the program today, all participants are in a listen only mode. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Ralph Fong, Director of Investor Relations.

[Speaker 1]

Thanks, Jonathan. Good afternoon, everyone, and welcome to ContextLogic's First Quarter 2024 Update Conference Call. I'm Ralph Fung, Director of Investor Relations. And providing remarks on the call today are Chairman, Chairperson and CEO, Rishi Bajaj and our CFO, Rajesh. The remarks made today may include forward looking statements, including with respect to the recent asset sale to Q10 and related matters.

[Speaker 1]

Our actual results may differ materially from the results implied by these forward looking statements if certain risks materialize or assumptions prove incorrect. Forward looking statements are based on our current expectations and assumptions and involve risks and uncertainties that could cause actual results or events to be materially different from those anticipated. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements are and will be contained from time to time in our SEC filings, including on Forms 10Q, 10 ks and 8 ks. Any forward looking statements that we make today are only as of today's date, and we undertake no obligation to update or revise any such statements as a result of new information, future events or otherwise. Also, please keep in mind that included in the financial statements in management's prepared remarks during the call are both GAAP and non GAAP financial numbers and metrics.

[Speaker 1]

A reconciliation of non GAAP to GAAP results is included in today's earnings release, which you can find on our Investor Relations website and which is also filed with the SEC. A replay of this call will be posted to our Investor Relations website. With that, let me now turn the call over to our CFO, Burgess, to provide a financial overview. Fred?

[Speaker 2]

Thank you, Ralph. For this quarter, our financial presentation will be a little different. Our earnings press release describes our earnings for the Q1. If you want additional details, I encourage you to review that release. However, all of the revenues and earnings disclosed in that release were generated by assets that we no longer own.

[Speaker 2]

Q10 now owns those assets. Significantly, Q10 also has assumed substantially all of the liabilities associated with those assets. So instead of discussing historical results, I thought it would be more helpful to talk about our financial picture today. After the asset sale to Q10 closed on April 19, ContextLogic had approximately $2,700,000,000 of NOL carryforwards and approximately $161,000,000 in cash, cash equivalents and marketable securities, which consist of government securities. Combined, this represents the net proceeds from the sale.

[Speaker 2]

We have no debt. We have gone from nearly 500 employees worldwide at December 31 to 12 full time and part time employees, including some temporary or contract employees. We are no longer liable for any of our old leases, including our former corporate headquarters in San Francisco. We have moved across the Bay and are now leasing a small space in Oakland with our workforce totally remote. So we are starting our next chapter on strong financial footing, which is intended to give us flexibility to pursue strategic transactions that will utilize our assets.

[Speaker 2]

For additional information on that important topic, I will now turn the call over to ContextLogic's Chairperson and CEO, Rishi Bajaj.

[Speaker 3]

Thank you, Brett. I would like to thank everyone for joining our Q1 2024 update call. First and foremost, we are pleased to have completed the previously announced sale of the Wish e commerce platform to Q10. On behalf of the entire ContentLogic team, I would like to thank our stockholders for their support of this value maximizing transaction. I would also like to thank our employees for their hard work and dedication.

[Speaker 3]

With the transaction now behind us, we are excited to start this new chapter. We have begun reviewing strategic opportunities for the use of our post closing cash. Looking ahead, our reconstituted Board along with our management team will develop a process and procedure for evaluating alternatives for the use of our post closing cash and reviewing, identifying and executing strategic opportunities for the benefit of ContentLogic and its stockholders. Furthermore, as Brett noted, our overhead is very small. Simply put, we expect ContactLogic to have low operating expenses and significant opportunities for value creation.

[Speaker 3]

I'm energized by the opportunities ahead of us. We have the right strategy in place and an outstanding new leadership team to implement it. In sum, we have turned the page to begin a new chapter in the life of the company. We're excited about our future and we look forward to updating you on our progress in a few months. Again, thank you very much for joining us today and goodbye.

[Operator]

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.