$LRMR
Larimar Therapeutics, Inc.

2015 Q3 Form 10-Q Financial Statement

#000119312515291736 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.550M $5.080M $1.290M
YoY Change 142.36% 293.8% 27.72%
% of Gross Profit
Research & Development $14.17M $12.53M $4.695M
YoY Change 17.35% 166.79% 139.42%
% of Gross Profit
Depreciation & Amortization $20.00K $0.00 $10.00K
YoY Change -100.0% 0.0%
% of Gross Profit
Operating Expenses $19.72M $17.61M $5.986M
YoY Change 37.3% 194.19% 101.21%
Operating Profit -$19.72M -$17.61M -$5.986M
YoY Change 37.3% 194.19% 101.21%
Interest Expense $200.0K $213.0K $443.0K
YoY Change -6.1% -51.92% -376.88%
% of Operating Profit
Other Income/Expense, Net -$167.0K -$146.0K -$414.0K
YoY Change -49.09% -64.73% 157.14%
Pretax Income -$19.88M -$17.76M -$6.400M
YoY Change 35.33% 177.5% 103.82%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$19.88M -$17.76M -$6.400M
YoY Change 35.37% 177.44% 104.08%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$8.796M -$7.893M -$3.699M
COMMON SHARES
Basic Shares Outstanding 27.12M shares 26.89M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $204.0M $220.1M $134.2M
YoY Change 60.59% 64.01%
Cash & Equivalents $38.76M $83.57M $134.2M
Short-Term Investments $165.2M $136.5M
Other Short-Term Assets $1.800M $1.100M $1.400M
YoY Change 50.0% -21.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $206.1M $221.6M $136.8M
YoY Change 59.18% 61.98%
LONG-TERM ASSETS
Property, Plant & Equipment $303.0K $215.0K $42.00K
YoY Change 339.13% 411.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $79.00K $84.00K $104.0K
YoY Change -19.39% -19.23%
Total Long-Term Assets $1.357M $972.0K $146.0K
YoY Change 712.57% 565.75%
TOTAL ASSETS
Total Short-Term Assets $206.1M $221.6M $136.8M
Total Long-Term Assets $1.357M $972.0K $146.0K
Total Assets $207.4M $222.6M $137.0M
YoY Change 60.02% 62.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.151M $4.297M $2.057M
YoY Change 294.58% 108.9%
Accrued Expenses $6.556M $4.441M $2.045M
YoY Change -33.68% 117.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.900M $2.800M
YoY Change 314.29%
Total Short-Term Liabilities $13.58M $11.56M $4.102M
YoY Change 16.89% 181.76%
LONG-TERM LIABILITIES
Long-Term Debt $4.200M $4.900M $7.400M
YoY Change -38.24% -33.78%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.200M $4.900M $7.400M
YoY Change -38.24% -33.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.58M $11.56M $4.102M
Total Long-Term Liabilities $4.200M $4.900M $7.400M
Total Liabilities $17.75M $16.41M $11.55M
YoY Change -3.76% 42.08%
SHAREHOLDERS EQUITY
Retained Earnings -$156.5M -$136.6M -$79.77M
YoY Change 65.69% 71.27%
Common Stock $346.2M $342.9M $205.2M
YoY Change 68.36% 67.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $189.7M $206.2M $125.4M
YoY Change
Total Liabilities & Shareholders Equity $207.4M $222.6M $137.0M
YoY Change 60.02% 62.52%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$19.88M -$17.76M -$6.400M
YoY Change 35.37% 177.44% 104.08%
Depreciation, Depletion And Amortization $20.00K $0.00 $10.00K
YoY Change -100.0% 0.0%
Cash From Operating Activities -$16.14M -$14.38M -$6.230M
YoY Change 157.01% 130.82% 46.59%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$120.0K $0.00
YoY Change 133.33% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$28.43M -$9.220M -$60.00K
YoY Change 15266.67%
Cash From Investing Activities -$28.51M -$9.340M -$60.00K
YoY Change 94933.33% 15466.67% 500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -160.0K 360.0K 102.0M
YoY Change -82.02% -99.65%
NET CHANGE
Cash From Operating Activities -16.14M -14.38M -6.230M
Cash From Investing Activities -28.51M -9.340M -60.00K
Cash From Financing Activities -160.0K 360.0K 102.0M
Net Change In Cash -44.81M -23.36M 95.75M
YoY Change 522.36% -124.4% -2347.65%
FREE CASH FLOW
Cash From Operating Activities -$16.14M -$14.38M -$6.230M
Capital Expenditures -$70.00K -$120.0K $0.00
Free Cash Flow -$16.07M -$14.26M -$6.230M
YoY Change 157.12% 128.89% 46.93%

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dei Document Type
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dei Entity Central Index Key
EntityCentralIndexKey
0001374690
dei Entity Incorporation Date Of Incorporation
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dei Entity Filer Category
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Zafgen, Inc.
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments 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, assumptions and judgments reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, the valuation of common stock prior to the IPO and the valuation of 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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25470000
us-gaap Operating Expenses
OperatingExpenses
30850000
us-gaap Interest Expense
InterestExpense
426000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-79065000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
130009000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22741000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
79000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1442000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2996000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
438000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8109000
us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
426000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
79717000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
130044000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2014000
us-gaap Paid In Kind Interest
PaidInKindInterest
33000
us-gaap Depreciation
Depreciation
14000
zfgn Effective Income Tax Rate Reconciliation Tax Refunds Related To Research And Development
EffectiveIncomeTaxRateReconciliationTaxRefundsRelatedToResearchAndDevelopment
0.45 pure
zfgn Research And Development Expenses Reduction
ResearchAndDevelopmentExpensesReduction
687000
zfgn Increase Decrease In Tax Incentives Receivable
IncreaseDecreaseInTaxIncentivesReceivable
687000
zfgn Premium On Marketable Securities
PremiumOnMarketableSecurities
675000
CY2015Q1 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2017-07-31
CY2015Q1 zfgn Operating Lease Option For Extension Period
OperatingLeaseOptionForExtensionPeriod
P3Y
CY2015Q1 zfgn Operating Leases Number Of Options To Extend Lease
OperatingLeasesNumberOfOptionsToExtendLease
2 Option
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.96
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2178465 shares
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-6400000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-17777000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6443000
CY2014Q2 us-gaap Revenues
Revenues
0
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5986000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-414000
CY2014Q2 us-gaap Investment Income Net
InvestmentIncomeNet
1000
CY2014Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
28000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6400000
CY2014Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
43000
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
27000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
5986000
CY2014Q2 us-gaap Interest Expense
InterestExpense
443000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4695000
CY2014Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
13000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
268000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1291000
CY2014Q2 us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
443000
CY2014Q2 zfgn Research And Development Expenses Reduction
ResearchAndDevelopmentExpensesReduction
47000
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.66
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27011960 shares
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-17756000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17756000
CY2015Q2 us-gaap Revenues
Revenues
0
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-17610000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-146000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-21000
CY2015Q2 us-gaap Investment Income Net
InvestmentIncomeNet
63000
CY2015Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
4000
CY2015Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-21000
CY2015Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
79000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
17610000
CY2015Q2 us-gaap Interest Expense
InterestExpense
213000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12526000
CY2015Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
34000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1939000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5084000
CY2015Q2 us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
213000
CY2015Q2 zfgn Research And Development Expenses Reduction
ResearchAndDevelopmentExpensesReduction
458000

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