$LRMR
Larimar Therapeutics, Inc.

2021 Q4 Form 10-Q Financial Statement

#000095017021004331 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.794M $2.702M $3.420M
YoY Change -26.86% -20.99% -5.79%
% of Gross Profit
Research & Development $6.292M $14.03M $6.919M
YoY Change -40.47% 102.75% 31.54%
% of Gross Profit
Depreciation & Amortization $88.00K $100.0K $50.00K
YoY Change 76.0% 100.0% -37.5%
% of Gross Profit
Operating Expenses $9.086M $16.73M $10.34M
YoY Change -36.9% 61.88% -19.92%
Operating Profit -$16.73M -$10.34M
YoY Change 61.88%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$48.00K -$75.00K $61.00K
YoY Change -125.26% -222.95% -862.5%
Pretax Income -$9.134M -$16.81M -$10.27M
YoY Change -35.68% 63.63% -20.45%
Income Tax
% Of Pretax Income
Net Earnings -$9.134M -$16.81M -$10.27M
YoY Change -35.68% 63.57% -20.44%
Net Earnings / Revenue
Basic Earnings Per Share -$0.92 -$0.64
Diluted Earnings Per Share -$497.7K -$0.92 -$0.64
COMMON SHARES
Basic Shares Outstanding 17.71M 18.29M 15.98M
Diluted Shares Outstanding 18.29M 15.98M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.10M $78.02M $102.3M
YoY Change -24.33% -23.73% 24.76%
Cash & Equivalents $70.10M $71.53M $102.6M
Short-Term Investments $0.00 $6.499M $1.000M
Other Short-Term Assets $1.899M $3.010M $5.500M
YoY Change -64.17% -45.27% 358.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $72.20M $81.25M $107.8M
YoY Change -26.29% -24.63% 29.26%
LONG-TERM ASSETS
Property, Plant & Equipment $1.049M $1.135M $4.700M
YoY Change 0.87% -75.85% -41.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $669.0K $671.0K $1.400M
YoY Change 59.67% -52.07% 0.0%
Total Long-Term Assets $6.463M $6.685M $6.200M
YoY Change -4.02% 7.82% -34.74%
TOTAL ASSETS
Total Short-Term Assets $72.20M $81.25M $107.8M
Total Long-Term Assets $6.463M $6.685M $6.200M
Total Assets $78.67M $87.94M $114.0M
YoY Change -24.85% -22.86% 22.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.660M $1.766M $1.300M
YoY Change -36.98% 35.85% -60.61%
Accrued Expenses $6.592M $7.966M $3.900M
YoY Change 12.82% 104.26% -31.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.846M $10.31M $5.200M
YoY Change -1.62% 98.19% -68.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $5.408M $5.565M $6.100M
YoY Change -9.87% -8.77% -6.15%
Total Long-Term Liabilities $5.408M $5.565M $6.100M
YoY Change -9.87% -8.77% -63.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.846M $10.31M $5.200M
Total Long-Term Liabilities $5.408M $5.565M $6.100M
Total Liabilities $14.25M $15.87M $11.30M
YoY Change -4.94% 40.45% -65.76%
SHAREHOLDERS EQUITY
Retained Earnings -$116.3M -$107.1M
YoY Change 77.17%
Common Stock $180.7M $179.2M
YoY Change 16.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.41M $72.07M $102.6M
YoY Change
Total Liabilities & Shareholders Equity $78.67M $87.94M $114.0M
YoY Change -24.85% -22.86% 22.73%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$9.134M -$16.81M -$10.27M
YoY Change -35.68% 63.57% -20.44%
Depreciation, Depletion And Amortization $88.00K $100.0K $50.00K
YoY Change 76.0% 100.0% -37.5%
Cash From Operating Activities -$7.918M -$12.20M -$11.22M
YoY Change -19.7% 8.73% 45.15%
INVESTING ACTIVITIES
Capital Expenditures -$9.000K -$293.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $6.499M -$6.498M $0.00
YoY Change -127.6% -100.0%
Cash From Investing Activities $6.490M -$6.791M $0.00
YoY Change -127.56% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 19.89M -130.0K
YoY Change -100.0% -15396.15% -92.7%
NET CHANGE
Cash From Operating Activities -7.918M -12.20M -11.22M
Cash From Investing Activities 6.490M -6.791M 0.000
Cash From Financing Activities 0.000 19.89M -130.0K
Net Change In Cash -1.428M 895.0K -11.35M
YoY Change -95.69% -107.89% -286.37%
FREE CASH FLOW
Cash From Operating Activities -$7.918M -$12.20M -$11.22M
Capital Expenditures -$9.000K -$293.0K $0.00
Free Cash Flow -$7.909M -$11.91M -$11.22M
YoY Change -19.79% 6.11% 46.48%

Facts In Submission

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us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expense, valuation of stock-based awards and valuation of leases. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Concentrations of Credit Risk and Significant Suppliers</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable debt securities. The Company generally maintains cash balances in various operating accounts at financial institutions that management believes to be of high credit quality in amounts that may exceed federally insured limits. The Company has not experienced losses related to its cash, cash equivalents or marketable debt securities.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company is highly dependent on third-party manufacturers to supply products for research and development activities in its programs, to scale and optimize their manufacturing processes and, ultimately, to provide commercial supply. The Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for drug substance and formulated drugs related to these programs. The drug substance which is in frozen liquid form for CTI-1601 is currently manufactured for the Company by a third-party manufacturer, and the frozen liquid form of drug product is made at another manufacturer. The Company is undertaking a program with a third manufacturer to begin to produce a lyophilized version of the drug product from the same drug substance, that, once available, the Company intends to use in certain of its future planned clinical trials. The Company’s research and development programs could be adversely affected by a significant interruption in these manufacturing services or in the supply of drug substance and formulated drugs.</span></p>
lrmr Likelihood Percentage Minimum
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CY2021Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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CY2021Q3 us-gaap Available For Sale Securities Debt Securities Current
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CY2021Q3 lrmr Prepaid Research And Development Expenses
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CY2021Q3 lrmr Payroll Taxes Receivable
PayrollTaxesReceivable
219000
CY2020Q4 lrmr Payroll Taxes Receivable
PayrollTaxesReceivable
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CY2021Q3 lrmr Other Prepaid Expense And Other Current Assets
OtherPrepaidExpenseAndOtherCurrentAssets
115000
CY2020Q4 lrmr Other Prepaid Expense And Other Current Assets
OtherPrepaidExpenseAndOtherCurrentAssets
251000
CY2021Q3 us-gaap Prepaid Expense And Other Assets Current
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CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5314000
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1645000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1375000
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1135000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2021Q3 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
100000
CY2021Q3 lrmr Accrued Research And Development Expense Current
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6406000
CY2020Q4 lrmr Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
3409000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
963000
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EmployeeRelatedLiabilitiesCurrent
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151000
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160000
CY2021Q3 us-gaap Accrued Liabilities Current
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7966000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5843000
CY2021Q3 us-gaap Common Stock Shares Authorized
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115000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021Q3 us-gaap Common Stock Shares Issued
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CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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80090
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders
CY2021Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0088
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0.0037
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P6Y2M8D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.91
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.91
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2008902
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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22.31
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
617150
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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15.62
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
62.42
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2545962
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.43
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M18D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
400000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
944249
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
29.29
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M18D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2545962
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
19.43
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y9M18D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
400000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1463000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
370000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3993000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1151000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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16200000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M17D
CY2021Q3 lrmr Milestone Liability
MilestoneLiability
0
lrmr Milestone Expenses
MilestoneExpenses
0
CY2021Q3 lrmr Milestone Expenses
MilestoneExpenses
0
CY2021Q3 us-gaap Operating Lease Expense
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100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y10M24D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y7M6D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.110
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.110
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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297000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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1197000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1146000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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1065000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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1083000
CY2021Q3 lrmr Lessee Operating Lease Liability Payments Due After Year Four
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4314000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9102000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2963000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
6139000

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