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LogicBio Therapeutics, Inc. (LOGC) Stock Surged 5.15% Pre-Market, Here’s Why

LogicBio Therapeutics, Inc. (LOGC) stock soared 5.15% in the pre-market trading session at the price of $0.47 despite no fundamental reason.

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LogicBio is a leading genetic pharmaceutical firm. The company pioneers gene delivery and genome editing platforms to treat rare conditions. GeneRide, a genome editing forum, is a new technique of gene insertion harnessing a cell’s DNA repair method that leads toward long-lasting therapeutic protein expression levels.

LOGC Year 2021 Earnings Report

On 4th March 2022, LOGC published its financial results for the year ended on 31st December 2021. The company has also delivered its corporate updates. Revenue totaled US$5.4M for the year 2021, compared to US$3.5M last year. The gain of roughly US$1.9M resulted from service and collaboration revenue under the stock’s April 2021 contracts with several enterprises.

LOGC has R&D costs of US$28.2M for the year 2021, compared to US$22.8M the prior year. The surge of US$5.4M had caused by personnel-related charges associated with the advancement of both internal and partnered programs. G&A expenses totaled US$16.2M for the year 2021, compared to US$12.2M for the year 2020. The increment of US$4.0M had driven by higher personnel costs from research activities.

OGC calculated a net loss of US$40.0M, or per share of US$1.24, for the year 2021. Net loss was US$32.6M, or per share of US$1.29, for the year 2020. On 31st December 2021, the company had roughly 32,952,306 common stock shares outstanding with cash of US$53.5M. Cash and cash equivalents totaled US$59.6M on 30th September 2021.

LOGC Financial Outlook

Based on the current operating strategy, LOGC stock has cash and cash equivalents of US$53.5M on 31st December 2021. The management believes that the existing cash amount will be sufficient to support its operating capital expenses through Q1 of 2023. LOGC stock continues to advance its target to safely supply novel genetic drugs to patients affected by devastating diseases. 

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