$LRMR
Larimar Therapeutics, Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514411306 Filed on November 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 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 $3.320M $2.290M $1.080M
YoY Change 167.74% 112.04%
% of Gross Profit
Research & Development $7.350M $12.08M $2.444M
YoY Change 191.67% 394.11%
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $10.66M $14.36M $3.524M
YoY Change 183.54% 307.52%
Operating Profit -$14.36M -$3.524M
YoY Change 307.52%
Interest Expense -$270.0K $213.0K
YoY Change 200.0%
% of Operating Profit
Other Income/Expense, Net -$328.0K $20.00K
YoY Change -1740.0%
Pretax Income -$10.93M -$14.69M -$3.500M
YoY Change 183.9% 319.71%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$10.93M -$14.69M -$3.504M
YoY Change 183.9% 319.21%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$5.723M -$7.772M -$2.023M
COMMON SHARES
Basic Shares Outstanding 22.71M shares 22.71M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.5M $127.0M $4.800M
YoY Change 225.25% 2545.83%
Cash & Equivalents $58.10M $127.0M $4.845M
Short-Term Investments $57.36M
Other Short-Term Assets $1.300M $1.200M $200.0K
YoY Change 550.0% 500.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $117.2M $129.5M $6.800M
YoY Change 213.72% 1803.96%
LONG-TERM ASSETS
Property, Plant & Equipment $79.00K $69.00K $0.00
YoY Change 113.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $242.0K $98.00K $200.0K
YoY Change -67.43% -51.0%
Total Long-Term Assets $321.0K $167.0K $200.0K
YoY Change -58.85% -16.5%
TOTAL ASSETS
Total Short-Term Assets $117.2M $129.5M $6.800M
Total Long-Term Assets $321.0K $167.0K $200.0K
Total Assets $117.5M $129.6M $7.000M
YoY Change 208.14% 1751.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.348M $1.052M $1.400M
YoY Change 16.53% -24.86%
Accrued Expenses $3.172M $9.885M $1.500M
YoY Change 252.44% 559.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.400M $700.0K
YoY Change
Total Short-Term Liabilities $6.901M $11.62M $2.900M
YoY Change 136.74% 300.72%
LONG-TERM LIABILITIES
Long-Term Debt $6.200M $6.800M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $6.200M $6.800M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.901M $11.62M $2.900M
Total Long-Term Liabilities $6.200M $6.800M $0.00
Total Liabilities $13.08M $18.44M $2.900M
YoY Change 348.64% 535.86%
SHAREHOLDERS EQUITY
Retained Earnings -$105.4M -$94.45M
YoY Change 52.94%
Common Stock $209.9M $205.7M
YoY Change 62921.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $104.4M $111.2M $4.100M
YoY Change
Total Liabilities & Shareholders Equity $117.5M $129.6M $7.000M
YoY Change 208.14% 1751.94%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$10.93M -$14.69M -$3.504M
YoY Change 183.9% 319.21%
Depreciation, Depletion And Amortization $10.00K $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$11.71M -$6.280M -$3.440M
YoY Change 183.54% 82.56% -66.14%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$30.00K $0.00
YoY Change 100.0%
Acquisitions
YoY Change
Other Investing Activities -$57.20M $0.00 $0.00
YoY Change
Cash From Investing Activities -$57.22M -$30.00K $0.00
YoY Change 572100.0%
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 -890.0K -170.0K
YoY Change -100.0% 423.53% -101.69%
NET CHANGE
Cash From Operating Activities -11.71M -6.280M -3.440M
Cash From Investing Activities -57.22M -30.00K 0.000
Cash From Financing Activities 0.000 -890.0K -170.0K
Net Change In Cash -68.93M -7.200M -3.610M
YoY Change -324.75% 99.45% 3510.0%
FREE CASH FLOW
Cash From Operating Activities -$11.71M -$6.280M -$3.440M
Capital Expenditures -$20.00K -$30.00K $0.00
Free Cash Flow -$11.69M -$6.250M -$3.440M
YoY Change 183.74% 81.69% -66.14%

Facts In Submission

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dei Entity Registrant Name
EntityRegistrantName
Zafgen, Inc.
dei Trading Symbol
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dei Entity Filer Category
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<div> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Use of Estimates</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; 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, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock prior to the IPO and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company&#x2019;s estimates.</p> </div>
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The Company was obligated to make monthly, interest-only payments on any term loans funded under the Credit Facility until December 1, 2014 and, thereafter, to pay 36 consecutive, equal monthly installments of principal and interest from January 1, 2015 through December 1, 2017. As per the terms of the agreement, in June 2014, upon the completion of the Company’s IPO, the term of monthly, interest-only payments were extended until June 1, 2015.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentration of Credit Risk and of Significant Suppliers</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company has all cash and cash equivalents balances at one accredited financial institution, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.</p> </div>
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4822000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-416000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
102672000
us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
658000
zfgn Effective Income Tax Rate Reconciliation Tax Refunds Related To Research And Development
EffectiveIncomeTaxRateReconciliationTaxRefundsRelatedToResearchAndDevelopment
0.45 pure
zfgn Likelihood Percentage Minimum
LikelihoodPercentageMinimum
0.5 pure
zfgn Financial Covenants Under Credit Facility
FinancialCovenantsUnderCreditFacility
0
zfgn Short Term Investment Maturity Period Description
ShortTermInvestmentMaturityPeriodDescription
Ninety days or less
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
729391 shares
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.88
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3524000
CY2013Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
20000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
20000
CY2013Q3 us-gaap Revenues
Revenues
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3557000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-3504000
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
99000
CY2013Q3 us-gaap Interest Expense
InterestExpense
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
3524000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2444000
CY2013Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
23000
CY2013Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
53000
CY2013Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
6000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1080000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22707012 shares
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.65
us-gaap Operating Income Loss
OperatingIncomeLoss
-14361000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-116000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-328000
us-gaap Revenues
Revenues
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14689000
us-gaap Net Income Loss
NetIncomeLoss
-14689000
us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
466000
us-gaap Interest Expense
InterestExpense
213000
us-gaap Operating Expenses
OperatingExpenses
14361000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12076000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
52000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
17000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2285000
us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
213000

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