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Larimar Therapeutics(LRMR) - 2024 Q4 - Annual Results
LRMRLarimar Therapeutics(LRMR)2025-03-24 11:03

Financial Performance - The company reported a net loss of 28.8million,or28.8 million, or 0.45 per share, for Q4 2024, compared to a net loss of 13.0million,or13.0 million, or 0.30 per share, for Q4 2023[7]. - For the full year 2024, the company reported a net loss of 80.6million,or80.6 million, or 1.32 per share, compared to a net loss of 36.9million,or36.9 million, or 0.84 per share, for 2023[10]. - Net loss for the year was 80,604,000in2024comparedto80,604,000 in 2024 compared to 36,949,000 in 2023, reflecting a 118.5% increase in losses[21]. - The company reported a net loss per share of 1.32in2024,comparedto1.32 in 2024, compared to 0.84 in 2023, indicating a worsening loss per share by 57.1%[21]. Research and Development - Research and development expenses for Q4 2024 were 26.7million,asignificantincreasefrom26.7 million, a significant increase from 10.6 million in Q4 2023, primarily due to a 15.0millionriseinnomlabofuspmanufacturingcosts[8].−Researchanddevelopmentexpensesforthefullyear2024were15.0 million rise in nomlabofusp manufacturing costs[8]. - Research and development expenses for the full year 2024 were 73.3 million, up from 27.7millionin2023,drivenbya27.7 million in 2023, driven by a 36.1 million increase in nomlabofusp manufacturing costs[11]. - Research and development expenses rose significantly to 73,278,000in2024from73,278,000 in 2024 from 27,670,000 in 2023, an increase of 164.5%[21]. Cash and Assets - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities totaling 183.5million,withaprojectedcashrunwayintothesecondquarterof2026[5].−Totalassetsincreasedto183.5 million, with a projected cash runway into the second quarter of 2026[5]. - Total assets increased to 200,225,000 in 2024 from 95,935,000in2023,representingagrowthof108.595,935,000 in 2023, representing a growth of 108.5%[19]. - Total current assets surged to 195,304,000 in 2024, up from 90,175,000in2023,markinga116.590,175,000 in 2023, marking a 116.5% increase[19]. Equity and Liabilities - Total stockholders' equity increased to 171,812,000 in 2024 from 81,720,000in2023,agrowthof109.881,720,000 in 2023, a growth of 109.8%[19]. - Total liabilities rose to 28,413,000 in 2024 from 14,215,000in2023,anincreaseof100.014,215,000 in 2023, an increase of 100.0%[19]. Income and Other Financial Metrics - Other income for the full year 2024 was 10.3 million, compared to 4.8millionin2023,primarilyduetoincreasedinterestincome[13].−Otherincome,net,improvedto4.8 million in 2023, primarily due to increased interest income[13]. - Other income, net, improved to 10,286,000 in 2024 from 4,809,000in2023,anincreaseof114.54,809,000 in 2023, an increase of 114.5%[21]. - General and administrative expenses increased to 17,612,000 in 2024 from $14,088,000 in 2023, a rise of 25.5%[21]. Future Plans and Studies - The company plans to submit a Biologics License Application (BLA) seeking accelerated approval by the end of 2025[5]. - The ongoing open label extension (OLE) study continues to enroll participants, with data from the 50 mg dose expected to be reported in September 2025[6]. - The company is on track to initiate a global Phase 3 study in mid-2025, with feedback obtained from both FDA and EMA on the study protocol[6]. - The FDA has indicated openness to considering skin FXN concentration as a surrogate endpoint for accelerated approval, which could support the BLA submission[6]. Shareholder Information - The weighted average common shares outstanding increased to 61,256,084 in 2024 from 43,901,241 in 2023, a growth of 39.5%[21].