$LRMR
Larimar Therapeutics, Inc.

2016 Q1 Form 10-K Financial Statement

#000119312516505173 Filed on March 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2014 Q4 2014 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 $5.360M $3.320M $2.290M
YoY Change 76.9% 167.74% 112.04%
% of Gross Profit
Research & Development $12.50M $7.350M $12.08M
YoY Change 22.34% 191.67% 394.11%
% of Gross Profit
Depreciation & Amortization $50.00K $10.00K $0.00
YoY Change 900.0%
% of Gross Profit
Operating Expenses $17.86M $10.66M $14.36M
YoY Change 34.87% 183.54% 307.52%
Operating Profit -$17.86M -$14.36M
YoY Change 34.87% 307.52%
Interest Expense $160.0K -$270.0K $213.0K
YoY Change -24.88% 200.0%
% of Operating Profit
Other Income/Expense, Net $121.0K -$328.0K
YoY Change -152.16% -1740.0%
Pretax Income -$17.74M -$10.93M -$14.69M
YoY Change 31.7% 183.9% 319.71%
Income Tax
% Of Pretax Income
Net Earnings -$17.74M -$10.93M -$14.69M
YoY Change 31.65% 183.9% 319.21%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$7.815M -$5.723M -$7.772M
COMMON SHARES
Basic Shares Outstanding 27.27M shares 22.71M shares 22.71M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $166.2M $115.5M $127.0M
YoY Change -29.04% 225.25% 2545.83%
Cash & Equivalents $31.45M $58.10M $127.0M
Short-Term Investments $134.7M $57.36M
Other Short-Term Assets $1.300M $1.300M $1.200M
YoY Change -23.53% 550.0% 500.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $168.8M $117.2M $129.5M
YoY Change -28.55% 213.72% 1803.96%
LONG-TERM ASSETS
Property, Plant & Equipment $954.0K $79.00K $69.00K
YoY Change 844.55% 113.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $90.00K $242.0K $98.00K
YoY Change 1.12% -67.43% -51.0%
Total Long-Term Assets $1.188M $321.0K $167.0K
YoY Change 200.76% -58.85% -16.5%
TOTAL ASSETS
Total Short-Term Assets $168.8M $117.2M $129.5M
Total Long-Term Assets $1.188M $321.0K $167.0K
Total Assets $170.0M $117.5M $129.6M
YoY Change -28.17% 208.14% 1751.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.146M $2.348M $1.052M
YoY Change -7.58% 16.53% -24.86%
Accrued Expenses $6.739M $3.172M $9.885M
YoY Change 67.06% 252.44% 559.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $1.400M $700.0K
YoY Change 42.86%
Total Short-Term Liabilities $12.88M $6.901M $11.62M
YoY Change 35.15% 136.74% 300.72%
LONG-TERM LIABILITIES
Long-Term Debt $2.700M $6.200M $6.800M
YoY Change -50.91%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.700M $6.200M $6.800M
YoY Change -50.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.88M $6.901M $11.62M
Total Long-Term Liabilities $2.700M $6.200M $6.800M
Total Liabilities $15.60M $13.08M $18.44M
YoY Change 3.67% 348.64% 535.86%
SHAREHOLDERS EQUITY
Retained Earnings -$197.4M -$105.4M -$94.45M
YoY Change 66.09% 52.94%
Common Stock $351.8M $209.9M $205.7M
YoY Change 3.31% 62921.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $154.4M $104.4M $111.2M
YoY Change
Total Liabilities & Shareholders Equity $170.0M $117.5M $129.6M
YoY Change -28.17% 208.14% 1751.94%

Cashflow Statement

Concept 2016 Q1 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$17.74M -$10.93M -$14.69M
YoY Change 31.65% 183.9% 319.21%
Depreciation, Depletion And Amortization $50.00K $10.00K $0.00
YoY Change 900.0%
Cash From Operating Activities -$17.76M -$11.71M -$6.280M
YoY Change 60.14% 183.54% 82.56%
INVESTING ACTIVITIES
Capital Expenditures $400.0K -$20.00K -$30.00K
YoY Change 1381.48% 100.0%
Acquisitions
YoY Change
Other Investing Activities $14.67M -$57.20M $0.00
YoY Change -121.05%
Cash From Investing Activities $14.27M -$57.22M -$30.00K
YoY Change -120.46% 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 -660.0K 0.000 -890.0K
YoY Change -100.51% -100.0% 423.53%
NET CHANGE
Cash From Operating Activities -17.76M -11.71M -6.280M
Cash From Investing Activities 14.27M -57.22M -30.00K
Cash From Financing Activities -660.0K 0.000 -890.0K
Net Change In Cash -4.150M -68.93M -7.200M
YoY Change -108.5% -324.75% 99.45%
FREE CASH FLOW
Cash From Operating Activities -$17.76M -$11.71M -$6.280M
Capital Expenditures $400.0K -$20.00K -$30.00K
Free Cash Flow -$18.16M -$11.69M -$6.250M
YoY Change 63.35% 183.74% 81.69%

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FY
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CY2015 us-gaap Line Of Credit Facility Description
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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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2015
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false
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CY2015 dei Entity Filer Category
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Accelerated Filer
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CY2015 dei Document Type
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10-K
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0001374690
CY2015 dei Entity Incorporation Date Of Incorporation
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2005-11-22
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CY2015 us-gaap Concentration Risk Credit Risk
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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 and marketable securities. The Company has all cash and cash equivalents and marketable securities balances at two accredited financial institutions 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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2014-03-31
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--12-31
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Yes
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2017-12-01
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Zafgen, Inc.
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No
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No
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2015-12-31
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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 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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ZFGN
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438000
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195987000
CY2015 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4914000
CY2015 us-gaap Paid In Kind Interest
PaidInKindInterest
62000
CY2015 us-gaap Depreciation
Depreciation
70000
CY2015 zfgn Valuation Allowance Deferred Tax Asset Change In Amount Increase
ValuationAllowanceDeferredTaxAssetChangeInAmountIncrease
32143000
CY2015 zfgn Line Of Credit Facility Additional Fee Percentage
LineOfCreditFacilityAdditionalFeePercentage
0.060 pure
CY2015 zfgn Financial Covenants Under Credit Facility
FinancialCovenantsUnderCreditFacility
0
CY2015 zfgn Likelihood Percentage Minimum
LikelihoodPercentageMinimum
0.50 pure
CY2015 zfgn Valuation Allowance Deferred Tax Asset Change In Amount Decrease
ValuationAllowanceDeferredTaxAssetChangeInAmountDecrease
0
CY2015 zfgn Increase Decrease In Tax Incentives Receivable
IncreaseDecreaseInTaxIncentivesReceivable
1014000
CY2015 zfgn Stock Issued During Period Value Stock Options Exercised And Employee Stock Purchase Plan
StockIssuedDuringPeriodValueStockOptionsExercisedAndEmployeeStockPurchasePlan
974000
CY2015 zfgn Premium On Marketable Securities
PremiumOnMarketableSecurities
2036000
CY2015 zfgn Deposits For Leased Property
DepositsForLeasedProperty
19000
CY2015 zfgn Effective Income Tax Rate Reconciliation Orphan Drug Tax Credits
EffectiveIncomeTaxRateReconciliationOrphanDrugTaxCredits
0.035 pure
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-6.18
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
729391 shares
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4507000
CY2014Q1 us-gaap Revenues
Revenues
0
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
10664000
CY2015Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.85
CY2015Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27238079 shares
CY2015Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-23174000
CY2015Q4 us-gaap Revenues
Revenues
0
CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
23246000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
4521000
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.53
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25615282 shares
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13472000
CY2015Q1 us-gaap Revenues
Revenues
0
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
13240000
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 Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6443000
CY2014Q2 us-gaap Revenues
Revenues
0
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
5986000
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 Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17756000
CY2015Q2 us-gaap Revenues
Revenues
0
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
17610000
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.65
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22707012 shares
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14689000
CY2014Q3 us-gaap Revenues
Revenues
0
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
14361000
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.73
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27138667 shares
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19884000
CY2015Q3 us-gaap Revenues
Revenues
0
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
19717000
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.48
CY2014Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22783817 shares
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10931000
CY2014Q4 us-gaap Revenues
Revenues
0

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