Workflow
Larimar Therapeutics(LRMR) - 2024 Q2 - Quarterly Results
LRMRLarimar Therapeutics(LRMR)2024-08-07 11:02

Financial Performance - The net loss for the second quarter of 2024 was 21.6million,or21.6 million, or 0.34 per share, compared to a net loss of 8.4million,or8.4 million, or 0.19 per share, for the same period in 2023[6]. - The company reported a net loss of 36.3million,or36.3 million, or 0.62 per share, for the first six months of 2024, compared to a net loss of 14.9million,or14.9 million, or 0.34 per share, for the same period in 2023[7]. - Net loss for Q2 2024 was 21,627,000,comparedtoanetlossof21,627,000, compared to a net loss of 8,366,000 in Q2 2023, representing an increase of 158%[14]. - Net loss per share for Q2 2024 was 0.34,comparedto0.34, compared to 0.19 in Q2 2023[14]. - Comprehensive loss for Q2 2024 was 21,752,000,comparedto21,752,000, compared to 8,354,000 in Q2 2023[14]. - Net loss for the six months ended June 30, 2024, was 36,281,000,comparedto36,281,000, compared to 14,892,000 for the same period in 2023[14]. Research and Development Expenses - Research and development expenses for the second quarter of 2024 were 19.7million,anincreaseof19.7 million, an increase of 13.8 million from 5.9millioninthesecondquarterof2023,primarilyduetoincreasedmanufacturingcostsfornomlabofusp[6].−Researchanddevelopmentexpensesforthefirstsixmonthsof2024were5.9 million in the second quarter of 2023, primarily due to increased manufacturing costs for nomlabofusp[6]. - Research and development expenses for the first six months of 2024 were 32.6 million, up from 10.4millioninthesameperiodof2023,reflectingincreasedcostsassociatedwithnomlabofusp[7].−ResearchanddevelopmentexpensesforQ22024were10.4 million in the same period of 2023, reflecting increased costs associated with nomlabofusp[7]. - Research and development expenses for Q2 2024 were 19,682,000, a significant increase of 234% compared to 5,875,000inQ22023[14].−ResearchanddevelopmentexpensesforthesixmonthsendedJune30,2024,totaled5,875,000 in Q2 2023[14]. - Research and development expenses for the six months ended June 30, 2024, totaled 32,621,000, up from 10,437,000inthesameperiodof2023[14].OperatingExpenses−Generalandadministrativeexpensesforthesecondquarterof2024were10,437,000 in the same period of 2023[14]. Operating Expenses - General and administrative expenses for the second quarter of 2024 were 4.9 million, compared to 3.7millioninthesecondquarterof2023,anincreaseof3.7 million in the second quarter of 2023, an increase of 1.2 million[6]. - Total operating expenses for Q2 2024 reached 24,599,000,up15624,599,000, up 156% from 9,620,000 in Q2 2023[14]. - Total operating expenses for the six months ended June 30, 2024, were 41,333,000,comparedto41,333,000, compared to 17,257,000 in the prior year[14]. Cash Position - As of June 30, 2024, Larimar Therapeutics reported cash, cash equivalents, and marketable securities totaling 226.1million,providingaprojectedcashrunwayinto2026[5].ClinicalDevelopment−Thecompanyplanstoinitiateapharmacokinetic(PK)run−instudyinadolescentsbyyear−end2024,withaninitialenrollmentof12−15patients[3].−All7sitesfortheopenlabelextension(OLE)studyhavebeenactivated,withinterimdataexpectedinQ42024[4].−LarimarhasbeenselectedbytheFDAtoparticipateintheSTARTpilotprogramfornomlabofusp,whichmayaidinachievingthetimelinefortheBiologicsLicenseApplication(BLA)submissiontargetedforthesecondhalfof2025[2].−Larimarplanstoinitiateaglobalconfirmatorystudybymid−2025,withpotentialsitesintheU.S.,Europe,U.K.,Canada,andAustralia[1].ShareholderInformation−Weightedaveragecommonsharesoutstandingincreasedto63,801,792inQ22024from43,897,603inQ22023[14].−Otherincome(expense),netforQ22024was226.1 million, providing a projected cash runway into 2026[5]. Clinical Development - The company plans to initiate a pharmacokinetic (PK) run-in study in adolescents by year-end 2024, with an initial enrollment of 12-15 patients[3]. - All 7 sites for the open label extension (OLE) study have been activated, with interim data expected in Q4 2024[4]. - Larimar has been selected by the FDA to participate in the START pilot program for nomlabofusp, which may aid in achieving the timeline for the Biologics License Application (BLA) submission targeted for the second half of 2025[2]. - Larimar plans to initiate a global confirmatory study by mid-2025, with potential sites in the U.S., Europe, U.K., Canada, and Australia[1]. Shareholder Information - Weighted average common shares outstanding increased to 63,801,792 in Q2 2024 from 43,897,603 in Q2 2023[14]. - Other income (expense), net for Q2 2024 was 2,972,000, compared to $1,254,000 in Q2 2023[14].