$LRMR
Larimar Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024056965 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.917M $3.795M
YoY Change 31.3% 23.41%
% of Gross Profit
Research & Development $19.68M $12.94M
YoY Change 235.01% 183.63%
% of Gross Profit
Depreciation & Amortization $87.00K $80.00K
YoY Change 14.47% 2.56%
% of Gross Profit
Operating Expenses $24.60M $16.73M
YoY Change 155.71% 119.12%
Operating Profit -$24.60M -$16.73M
YoY Change 155.71% 119.12%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.972M $2.080M
YoY Change 137.0% 87.22%
Pretax Income -$21.63M -$14.65M
YoY Change 158.51% 124.55%
Income Tax
% Of Pretax Income
Net Earnings -$21.63M -$14.70M
YoY Change 158.51% 126.15%
Net Earnings / Revenue
Basic Earnings Per Share -$0.34 -$0.27
Diluted Earnings Per Share -$0.34 -$0.27
COMMON SHARES
Basic Shares Outstanding 63.80M 63.80M
Diluted Shares Outstanding 63.80M 53.55M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $226.1M $227.3M
YoY Change 116.95% 103.85%
Cash & Equivalents $32.31M $110.1M
Short-Term Investments $193.8M $117.2M
Other Short-Term Assets $4.315M $2.578M
YoY Change 89.42% 32.89%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $231.1M $231.0M
YoY Change 117.07% 103.55%
LONG-TERM ASSETS
Property, Plant & Equipment $844.0K $604.0K
YoY Change 24.67% -19.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.71M
YoY Change
Other Assets $636.0K $678.0K
YoY Change -1.24% 7.28%
Total Long-Term Assets $6.032M $17.25M
YoY Change 15.16% 216.96%
TOTAL ASSETS
Total Short-Term Assets $231.1M $231.0M
Total Long-Term Assets $6.032M $17.25M
Total Assets $237.2M $248.2M
YoY Change 112.29% 108.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.917M $1.918M
YoY Change 24.45% 175.97%
Accrued Expenses $17.25M $10.10M
YoY Change 295.1% 50.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.16M $12.84M
YoY Change 190.79% 60.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.603M $4.520M
YoY Change 2.04% -2.92%
Total Long-Term Liabilities $4.603M $4.520M
YoY Change 2.04% -2.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.16M $12.84M
Total Long-Term Liabilities $4.603M $4.520M
Total Liabilities $25.76M $17.36M
YoY Change 118.55% 37.07%
SHAREHOLDERS EQUITY
Retained Earnings -$224.8M -$203.2M
YoY Change 35.02% 28.53%
Common Stock $436.4M $434.1M
YoY Change 63.8% 64.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $211.4M $230.8M
YoY Change
Total Liabilities & Shareholders Equity $237.2M $248.2M
YoY Change 112.29% 108.74%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$21.63M -$14.70M
YoY Change 158.51% 126.15%
Depreciation, Depletion And Amortization $87.00K $80.00K
YoY Change 14.47% 2.56%
Cash From Operating Activities -$13.99M -$10.41M
YoY Change 89.93% 37.88%
INVESTING ACTIVITIES
Capital Expenditures $274.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$63.22M -$68.36M
YoY Change 542.59% -174.11%
Cash From Investing Activities -$63.49M -$68.36M
YoY Change 545.38% -174.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -334.0K 162.2M
YoY Change
NET CHANGE
Cash From Operating Activities -13.99M -10.41M
Cash From Investing Activities -63.49M -68.36M
Cash From Financing Activities -334.0K 162.2M
Net Change In Cash -77.81M 83.38M
YoY Change 352.33% -1.56%
FREE CASH FLOW
Cash From Operating Activities -$13.99M -$10.41M
Capital Expenditures $274.0K
Free Cash Flow -$14.26M
YoY Change 93.65%

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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of condensed consolidated 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. This process involves reviewing open contracts and purchase orders, communicating with our personnel and outside vendors to identify services that have been performed on our behalf and estimating the level of service performed and the associated costs incurred for the services when we have not yet been invoiced or otherwise notified of the actual costs. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expense, the recording as prepaid expense of payments made in advance of the actual provision of goods or services, 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></p>
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AvailableForSaleDebtSecuritiesAmortizedCostBasis
128907000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
34000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
128882000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
59960000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
81000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
60041000
CY2024Q1 lrmr Marketable Securities With Remaining Maturities Greater Than Two Years
MarketableSecuritiesWithRemainingMaturitiesGreaterThanTwoYears
0
CY2023Q4 lrmr Marketable Securities With Remaining Maturities Greater Than Two Years
MarketableSecuritiesWithRemainingMaturitiesGreaterThanTwoYears
0
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2024Q1 lrmr Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
1786000
CY2023Q4 lrmr Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
1994000
CY2024Q1 us-gaap Interest Receivable Current
InterestReceivableCurrent
1079000
CY2023Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
332000
CY2024Q1 us-gaap Prepaid Insurance
PrepaidInsurance
448000
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
682000
CY2024Q1 lrmr Other Prepaid Expense And Other Current Assets
OtherPrepaidExpenseAndOtherCurrentAssets
344000
CY2023Q4 lrmr Other Prepaid Expense And Other Current Assets
OtherPrepaidExpenseAndOtherCurrentAssets
377000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3657000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3385000
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1909000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1909000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1305000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1225000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
604000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
684000
CY2024Q1 lrmr Depreciation Expense Excluding Leased Assets
DepreciationExpenseExcludingLeasedAssets
100000
CY2023Q1 lrmr Depreciation Expense Excluding Leased Assets
DepreciationExpenseExcludingLeasedAssets
100000
CY2024Q1 lrmr Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
8804000
CY2023Q4 lrmr Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
4594000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
788000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2365000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
506000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
427000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10098000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7386000
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
115000000
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
63800017
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
63800017
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q1 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.
CY2024Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0406
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.96
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4273502
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.06
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M18D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1580377
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.42
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
356
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.95
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
5000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
11.38
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5848523
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.81
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M6D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11000000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2419698
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.39
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y8M12D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1500000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5848523
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.81
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y1M6D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
11000000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2128000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1833000
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M12D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1036000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1403000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1328000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1118000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1136000
CY2024Q1 lrmr Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
959000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6980000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1635000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5345000

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