<SEC-DOCUMENT>0001193125-18-004508.txt : 20180223
<SEC-HEADER>0001193125-18-004508.hdr.sgml : 20180223
<ACCEPTANCE-DATETIME>20180105163602
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-004508
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			resTORbio, Inc.
		CENTRAL INDEX KEY:			0001720580
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				813305277
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		501 BOYLSTON STREET
		STREET 2:		SUITE 6102
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		617-482-2333

	MAIL ADDRESS:	
		STREET 1:		501 BOYLSTON STREET
		STREET 2:		SUITE 6102
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Goodwin Procter <SMALL>LLP</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">100 Northern Avenue<BR>Boston, MA 02210</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">goodwinlaw.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">+1 617 570
1000</P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN PORTIONS OF THIS LETTER HAVE BEEN OMITTED FROM THE</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VERSION FILED VIA EDGAR. CONFIDENTIAL TREATMENT HAS BEEN</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. INFORMATION</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THAT WAS OMITTED IN THE EDGAR VERSION HAS BEEN NOTED IN THIS</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LETTER WITH A PLACEHOLDER IDENTIFIED BY THE MARK &#147;[***].&#148;</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">January&nbsp;5, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>FOIA Confidential Treatment Request </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Pursuant to Rule 83 by resTORbio, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA FEDERAL EXPRESS AND EDGAR </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Irene Paik </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>resTORbio, Inc. </B></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-222373</FONT> </B></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>CIK No.&nbsp;0001720580 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Paik: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is being submitted on behalf of resTORbio, Inc. (the &#147;<U>Company</U>&#148;) to supplement the Company&#146;s prior response to
comment 6 contained in the letter dated November&nbsp;22, 2017 from the staff (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) to Chen Schor, Chief Executive Officer of the Company
with respect to the Company&#146;s Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1,</FONT> originally confidentially submitted to the Commission on October&nbsp;27, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the convenience of the Staff, we have recited the prior comment from the Staff in italicized type and have followed the comment with the
Company&#146;s response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Determination of Estimated Offering Price, page 93 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>6. Once you have an estimated offering price or range, please explain to us how you determined the fair value of the common stock underlying
your equity issuances and the reasons for any differences between the recent valuations of your common stock leading up to the IPO and the estimated offering price. This information will help facilitate our review of your accounting for equity
issuances including stock compensation and beneficial conversion features. </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Irene Paik </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 5, 2018 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, we have enclosed the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">A <I>bona fide</I> estimate of the range of the offering price for the shares of the Company&#146;s common stock offered by the Registration Statement (before giving effect to a contemplated reverse stock split of the
Company&#146;s common stock in connection with the offering), and a discussion of the factors that the Company believes led to the increase in the value of its common stock between the recent valuations of its common stock and the estimated price
range for the offering, attached hereto as <U>Exhibit A</U>. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">An updated table summarizing stock options granted between January&nbsp;1, 2017 and the date hereof, which updated table reflects the issuance of options to purchase shares of common stock granted by the Company, and
which the Company intends to include in a subsequent amendment to the Registration Statement, in the form attached hereto as <U>Exhibit B</U>. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Proposed language that the Company intends to include in a subsequent amendment to the Registration Statement listing the significant factors contributing to any difference between its most recent common stock
valuations on March&nbsp;23, 2017, September&nbsp;8, 2017 and November&nbsp;30, 2017, and the midpoint of the estimated price range for this offering (before giving effect to a contemplated reverse stock split of the Company&#146;s common stock in
connection with the offering). The Company expects that such disclosure would be generally consistent with the currently contemplated disclosure attached hereto as <U>Exhibit C</U>. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that the general approach taken by the Company in determining the fair value of its common stock, including as
of March&nbsp;23, 2017, which the Company&#146;s board of directors considered for option grants on June&nbsp;12, 2017, as of September&nbsp;8, 2017, which the Company&#146;s board of directors considered for option grants on September&nbsp;14, 2017
and as of November&nbsp;30, 2017, which the Company&#146;s board of directors considered for option grants on December&nbsp;5, 2017, are set forth beginning on page 92 of the prospectus included in the Registration Statement. Additional factors
considered in the fair value assessments as of March&nbsp;23, 2017, September&nbsp;8, 2017 and November&nbsp;30, 2017 are described below: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March&nbsp;23, 2017 Valuation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of the
Company&#146;s common stock of $0.62 per share at March&nbsp;23, 2017 was determined by the Company&#146;s board of directors with the assistance of an independent third-party valuation firm. This valuation was used to support the fair value of the
Company&#146;s common stock with respect to options granted in June 2017. As described in the Registration Statement, this valuation utilized the option pricing method (&#147;OPM&#148;). The OPM treats common securities and preferred securities as
call options on the total equity value of a company, with exercise prices based on the value thresholds at which the allocation among the various holders </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Irene Paik </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 5, 2018 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of a company&#146;s securities changes. Under this method, the common and preferred shares have value only if the funds available for distribution to stockholders are expected to exceed the value
of the preferred security liquidation preference at the time of the liquidity event, such as a strategic sale or a merger. The value of the Company&#146;s common stock was based in part on the consideration paid by the Company&#146;s preferred stock
investors on March&nbsp;23, 2017, which was $1.932 per share of Series A Preferred Stock. The valuation assumed a 50% probability of an initial public offering (&#147;IPO&#148;) and a 50% probability of
<FONT STYLE="white-space:nowrap">non-IPO</FONT> liquidity event, such as a strategic sale or merger. The <FONT STYLE="white-space:nowrap">non-IPO</FONT> scenario reflected the senior liquidation preferences of the Series A Preferred Stock in the
event the preferred stock is not converted to common stock, and additionally a discount for lack of marketability was applied to the <FONT STYLE="white-space:nowrap">non-IPO</FONT> scenario of 49.3%. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>September&nbsp;8, 2017 Valuation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of the
Company&#146;s common stock of $0.78 per share at September&nbsp;8, 2017 was determined by the Company&#146;s board of directors with the assistance of an independent third-party valuation firm. This valuation was used to support the fair value of
the Company&#146;s common stock with respect to options granted in September 2017. As described in the Registration Statement, this valuation utilized the OPM. The value of the Company&#146;s common stock was based in part on the consideration paid
by the Company&#146;s preferred stock investors on March&nbsp;23, 2017, which was $1.932 per share of Series A Preferred Stock. In August 2017, the Company sold an additional approximately 7.8&nbsp;million shares of Series A Preferred Stock at the
same price per share of $1.932 per share. The valuation assumed a 60% probability of an IPO and a 40% probability of a <FONT STYLE="white-space:nowrap">non-IPO</FONT> liquidity event. The <FONT STYLE="white-space:nowrap">non-IPO</FONT> scenario
reflected the senior liquidation preferences of the Series A Preferred Stock in the event the preferred stock is not converted to common stock, and additionally a discount for lack of marketability was applied to the
<FONT STYLE="white-space:nowrap">non-IPO</FONT> scenario of 49.4%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>November&nbsp;30, 2017 Valuation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of the Company&#146;s common stock of $7.29 per share at November&nbsp;30, 2017 was determined by the Company&#146;s board of directors with the
assistance of an independent third-party valuation firm. This valuation was used to support the fair value of the Company&#146;s common stock with respect to options granted in December 2017. This valuation utilized the OPM. The value of the
Company&#146;s common stock was based in part on the consideration paid by the Company&#146;s preferred stock investors on November&nbsp;29, 2017, which was $8.346 per share of Series B Preferred Stock. The valuation assumed a 75% probability of an
IPO and a 25% probability of a <FONT STYLE="white-space:nowrap">non-IPO</FONT> liquidity event. The <FONT STYLE="white-space:nowrap">non-IPO</FONT> scenario reflected the senior liquidation preferences of the Series A Preferred Stock and Series B
Preferred Stock in the event the preferred stock is not converted to common stock, and additionally a discount for lack of marketability was applied to the <FONT STYLE="white-space:nowrap">non-IPO</FONT> scenario of 20%. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Irene Paik </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 5, 2018 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The weighting attributed to the IPO scenarios reflected assessments as to the likelihood of an IPO, despite
the confidential submission of the Registration Statement in October 2017, the uncertainty regarding the Company&#146;s ongoing Phase 2b clinical trial of RTB101 alone and in combination with everolimus, and the uncertainty concerning whether
investors might be receptive to making an investment in the Company. The Company also considered macroeconomic and overall market conditions, including the Company&#146;s subjective assessment of market conditions for IPOs of companies similarly
situated to the Company and the Company&#146;s subjective assessment as to the likelihood of successfully executing an IPO in the coming months, among other factors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully requests that the Staff return to us this letter and the information provided pursuant to <U>Exhibits A</U>, <U>B</U> and <U>C</U>
pursuant to Rule 418 of the Securities Act of 1933, as amended, once the Staff has completed its review. We have provided a self-addressed stamped envelope for this purpose. In addition, the Company requests confidential treatment under 17 C.F.R.
&#167; 200.83 (1992) for this letter and the information provided pursuant to <U>Exhibits</U><U></U><U>&nbsp;A</U>, <U>B</U> and <U>C</U> of this letter and has submitted a separate request for confidential treatment in accordance therewith to the
Commission&#146;s Office of Freedom and Information Privacy Act Operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions or comments regarding the foregoing, or if there is
any additional information that we might provide to assist the Staff&#146;s review, please contact the undersigned at (617) <FONT STYLE="white-space:nowrap">570-1955.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">/s/ Danielle Lauzon</TD></TR>
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<TD HEIGHT="8"></TD></TR>
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<TD VALIGN="bottom">Danielle Lauzon</TD></TR>
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<TD HEIGHT="8"></TD></TR>
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<TD VALIGN="bottom">Goodwin Procter LLP</TD></TR>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Rolf Sundwall, <I>United States Securities and Exchange Commission</I> </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Lisa Vanjoske, <I>United States Securities and Exchange Commission</I> </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Suzanne Hayes, <I>United States Securities and Exchange Commission</I> </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Chen Schor, Chief Executive Officer, <I>resTORbio, Inc.</I> </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">John McCabe, VP, Finance, <I>resTORbio, Inc.</I> </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Mitchell Bloom, <I>Goodwin Procter LLP</I> </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Irene Paik </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 5, 2018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Exhibit A </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company supplementally advises the Staff that the underwriters in the initial public offering have communicated to the Company that they
expect the proposed price range for the common stock to be between $[***] to $[***] per share. Please note that while the Company expects to effect a reverse stock split prior to the initial public offering, the price range above does not reflect
the impact of the anticipated reverse stock split. This estimated <I>bona fide</I> price range is based on a number of factors, including the prevailing market conditions and estimates of the Company&#146;s business potential, the general condition
of the securities market, the recent market prices of, and the demand for, publicly-traded common stock of generally comparable companies and preliminary discussions with the underwriters for this offering regarding potential valuations of the
Company. The actual <I>bona fide</I> price range to be included in a subsequent amendment to the Registration Statement has not yet been determined and remains subject to adjustment based on factors outside of the Company&#146;s control. However,
the Company believes that the actual <I>bona fide</I> price range will be within this estimated <I>bona fide</I> price range. In addition, the actual price range to be included in such amendment will comply with the Staff&#146;s interpretation
regarding the parameters of a <I>bona fide</I> price range. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to the price range set forth above, the Company notes that, as
is typical in initial public offerings, the estimated price range for its offering was not derived using a formal determination of fair value, but was determined based upon discussions between the Company and the underwriters. Among the factors
considered in setting the estimated range were prevailing market conditions, estimates of the Company&#146;s business potential, progress in its clinical trials and developments in its business, the general condition of the securities market and the
market prices of, and demand for, publicly-traded common stock of generally comparable companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Company believes the
difference in value reflected between the estimated range and the determination of the fair value of its common stock on June 12, 2017, September 14, 2017 and December 5, 2017 is primarily the result of the following factors: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In October 2017, an independent data monitoring committee completed its review of interim analysis of data from the first part of the Company&#146;s ongoing Phase 2b clinical trial of RTB101 alone and in combination
with everolimus. Following this interim analysis, the Company commenced the second part of this Phase 2b clinical trial in the fourth quarter of 2017. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In October 2017, the Company confidentially submitted and, subsequently, on December 29, 2017, the Company publicly filed, the registration statement for its initial public offering. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In November 2017, the Company applied for the listing of its common stock on The Nasdaq Global Market. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Irene Paik </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 5, 2018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In November 2017, the Company conducted several dozen &#147;testing the waters&#148; meetings with prospective investors and received favorable feedback, as a result of which the Company elected to continue with this
offering. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In November 2017, the Company completed its financing of Series B preferred stock, with a per-share purchase price of $8.346 per share, compared to the $1.932 per-share purchase price paid by investors in the
Company&#146;s March 2017 Series A preferred stock financing. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Since June 2017, at least 23 biotechnology companies successfully completed initial public offerings, suggesting a potentially favorable market for companies similar to the Company in pursuing and completing initial
public offerings. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The valuation used to support the fair value of the grants in June 2017 contains multiple liquidity event scenarios, including an initial public offering, or IPO, and a non-IPO liquidity event, to which probability
weightings of 50% and 50% were assigned, respectively. The valuation used to support the fair value of the grants in September 2017 also contained multiple liquidity event scenarios, including an initial public offering and a non-IPO liquidity
event, to which probability weightings of 60% and 40% were assigned. The valuation used to support the fair value of the grants in December 2017 also contained multiple liquidity event scenarios, including an initial public offering and a non-IPO
liquidity event, to which probability weightings of 75% and 25% were assigned. The consideration of different liquidity event scenarios accounts for some but not all of the difference between the estimated price range for this offering and the fair
value of the Company&#146;s common stock at the recent grant dates. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The valuation used to support the fair value of the grants in June 2017, and September 2017 and December 2017 took into account the uncertainty surrounding an initial public offering in terms of the likelihood of
success, timing and price. The estimated price range for this offering necessarily assumes that this offering has occurred and that a public market for the Company&#146;s common stock has been created, and therefore excludes any discount for lack of
marketability of our common stock. The fair value of the Company&#146;s common stock in June 2017, September 2017 and December 2017 reflected discounts for lack of marketability, of 49.3%, 49.4% and 20%, respectively. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company&#146;s currently outstanding convertible preferred stock has substantial economic rights and preferences superior to the Company&#146;s common stock. The estimated offering price assumes the conversion of
all of the Company&#146;s outstanding convertible preferred stock to common stock upon the completion of this offering and the corresponding elimination of such superior economic rights and preferences. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The proceeds of a successful initial public offering would substantially strengthen the Company&#146;s balance sheet by increasing its cash and cash equivalents. Additionally, the completion of this offering would
provide the Company with access to the public company debt and equity markets and a lower cost of capital following the public offering, and is expected to increase the attractiveness of the Company&#146;s equity as a currency to raise capital,
compensate employees and other strategic transactions. These projected improvements in the Company&#146;s financial position influenced the estimated price range described above. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Irene Paik </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 5, 2018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The price that investors are willing to pay in this offering, for which the price range is intended to serve as an estimate, may take into account other factors that have not been expressly considered in prior
valuations of the Company&#146;s common stock, but are significant to investors in their own subjective and qualitative assessment of the Company, and thus may not be objectively determinable or quantifiable under the above-described valuation
models. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In the public markets, the Company believes there are investors who may apply more qualitative valuation criteria to certain of the Company&#146;s assets than the above-described valuation methods applied in the
historical valuations of the Company&#146;s common stock. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Irene Paik </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 5, 2018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Exhibit B </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth by grant date the number of shares subject to options granted between January&nbsp;1, 2017 and the date of this
prospectus, the per share exercise price of the options, the fair value of common stock per share on each grant date, and the per share estimated fair value of the options: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:38.85pt; font-size:8pt; font-family:Times New Roman"><B>Grant Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Type&nbsp;of&nbsp;Award</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Purchase&nbsp;or<BR>Exercise&nbsp;Price&nbsp;per<BR>Share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Estimate&nbsp;of&nbsp;Common<BR>Stock&nbsp;Fair&nbsp;Value&nbsp;per<BR>Share&nbsp;on&nbsp;Grant&nbsp;Date</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March&nbsp;1, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Common&nbsp;shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,415,300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.0001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.0001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June&nbsp;12, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Options</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">130,535</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September&nbsp;14, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Options</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&nbsp;5, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Options</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Irene Paik </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 5, 2018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 9
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Exhibit C </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We and our underwriters determined the estimated price range set forth on the cover of this preliminary prospectus, which is $[***] to $[***] per share. In
comparison, our estimate of the fair value of our common stock was $0.62 per share at June&nbsp;12, 2017, which was determined by our board of directors with the assistance of a third-party valuation of our common stock as of March&nbsp;23, 2017,
$0.78 per share at September&nbsp;14, 2017, which was determined by our board of directors with the assistance of a third-party valuation of our common stock as of September&nbsp;8, 2017, and $7.29 per share at December&nbsp;5, 2017, which was
determined by our board of directors with the assistance of a third-party valuation of our common stock as of November&nbsp;30, 2017. These valuations utilized the option pricing method, or OPM. The valuation for our June 2017 option grants
attributed a 50% probability to an initial public offering, or IPO, and a 50% probability of a <FONT STYLE="white-space:nowrap">non-IPO</FONT> liquidity event, and reflected a discount for lack of marketability of 49.3%. The valuation for our
September 2017 option grants attributed a 60% probability to an initial public offering and a 40% probability of a <FONT STYLE="white-space:nowrap">non-IPO</FONT> liquidity event and reflected a discount for lack of marketability of 49.4%. The
valuation for our December 2017 option grants attributed a 75% probability to an initial public offering and a 25% probability of a <FONT STYLE="white-space:nowrap">non-IPO</FONT> liquidity event, and reflected a discount for lack of marketability
of 20%. In addition to quantitative analysis from third-party valuations of our common stock, we also considered macro-economic and market conditions, including our subjective assessment of market conditions for initial public offerings of companies
similarly situated to ours and our subjective assessment as to the likelihood of successfully executing an initial public offering in the coming months, among other factors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We note that, as is typical in initial public offerings, the estimated price range for this offering was not derived using a formal determination of fair
value, but was determined based upon discussions between us and the underwriters. Among the factors considered in setting the estimated range were prevailing market conditions, estimates of our business potential, progress in our clinical trials and
developments in our business, the general condition of the securities market and the market prices of, and demand for, publicly-traded common stock of generally comparable companies. </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
