$LRMR
Larimar Therapeutics, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019041090 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 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 $3.630M $3.340M $3.350M
YoY Change 8.68% 7.05% 11.3%
% of Gross Profit
Research & Development $5.260M $11.83M $12.21M
YoY Change -55.54% 21.67% 15.97%
% of Gross Profit
Depreciation & Amortization $80.00K $110.0K $50.00K
YoY Change -27.27% 120.0% 0.0%
% of Gross Profit
Operating Expenses $12.91M $15.17M $15.56M
YoY Change -14.92% 18.14% 14.95%
Operating Profit -$15.17M -$15.56M
YoY Change 18.14% 14.95%
Interest Expense $426.0K $475.0K $466.0K
YoY Change -10.32% 1432.26% 779.25%
% of Operating Profit
Other Income/Expense, Net -$8.000K $102.0K -$215.0K
YoY Change -107.84% -60.0% -213.76%
Pretax Income -$12.91M -$15.07M -$15.78M
YoY Change -14.33% 19.7% 18.2%
Income Tax
% Of Pretax Income
Net Earnings -$12.91M -$15.07M -$15.78M
YoY Change -14.29% 19.72% 18.19%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$4.151M -$4.941M -$6.861M
COMMON SHARES
Basic Shares Outstanding 36.81M shares 27.56M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.00M $127.8M $75.85M
YoY Change -35.85% 37.19% -28.44%
Cash & Equivalents $5.515M $45.14M $40.75M
Short-Term Investments $38.70M $82.69M $35.10M
Other Short-Term Assets $1.200M $2.400M $1.300M
YoY Change -50.0% 20.0% -18.75%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $83.40M $131.5M $78.03M
YoY Change -36.56% 37.44% -27.72%
LONG-TERM ASSETS
Property, Plant & Equipment $8.100M $419.0K $472.0K
YoY Change 1833.17% -23.96% -19.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.400M $57.00K $357.0K
YoY Change 2356.14% 0.0% 515.52%
Total Long-Term Assets $9.500M $476.0K $1.767M
YoY Change 1895.8% -21.71% 100.8%
TOTAL ASSETS
Total Short-Term Assets $83.40M $131.5M $78.03M
Total Long-Term Assets $9.500M $476.0K $1.767M
Total Assets $92.90M $131.9M $79.80M
YoY Change -29.59% 37.07% -26.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.300M $2.627M $3.010M
YoY Change 25.62% -1.83% -32.31%
Accrued Expenses $5.700M $4.901M $4.448M
YoY Change 16.3% 58.61% 64.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.300M $3.600M $1.800M
YoY Change 102.78% 176.92% -14.29%
Total Short-Term Liabilities $16.34M $11.16M $9.276M
YoY Change 46.35% 58.71% 0.62%
LONG-TERM LIABILITIES
Long-Term Debt $10.20M $16.80M $18.50M
YoY Change -39.29%
Other Long-Term Liabilities $6.500M
YoY Change
Total Long-Term Liabilities $16.70M $16.80M $18.50M
YoY Change -0.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.34M $11.16M $9.276M
Total Long-Term Liabilities $16.70M $16.80M $18.50M
Total Liabilities $33.00M $28.01M $27.78M
YoY Change 17.82% 298.18% 201.31%
SHAREHOLDERS EQUITY
Retained Earnings -$336.4M -$321.3M
YoY Change 21.66% 21.75%
Common Stock $440.3M $373.3M
YoY Change 20.39% 2.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.897M $103.9M $52.02M
YoY Change
Total Liabilities & Shareholders Equity $92.89M $131.9M $79.80M
YoY Change -29.6% 37.07% -26.68%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$12.91M -$15.07M -$15.78M
YoY Change -14.29% 19.72% 18.19%
Depreciation, Depletion And Amortization $80.00K $110.0K $50.00K
YoY Change -27.27% 120.0% 0.0%
Cash From Operating Activities -$7.730M -$13.07M -$13.31M
YoY Change -40.86% 8.11% 30.75%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$80.00K -$20.00K
YoY Change -12.5% 700.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $15.67M -$47.36M $8.360M
YoY Change -133.09% -15886.67% -40.24%
Cash From Investing Activities $15.60M -$47.43M $8.340M
YoY Change -132.89% -17039.29% -40.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.780M 64.91M -20.00K
YoY Change -102.74% -8991.78% -97.18%
NET CHANGE
Cash From Operating Activities -7.730M -13.07M -13.31M
Cash From Investing Activities 15.60M -47.43M 8.340M
Cash From Financing Activities -1.780M 64.91M -20.00K
Net Change In Cash 6.090M 4.410M -4.990M
YoY Change 38.1% -135.17% -260.97%
FREE CASH FLOW
Cash From Operating Activities -$7.730M -$13.07M -$13.31M
Capital Expenditures -$70.00K -$80.00K -$20.00K
Free Cash Flow -$7.660M -$12.99M -$13.29M
YoY Change -41.03% 7.53% 30.68%

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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 as of the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses 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&#8217;s estimates. </p>
CY2019Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
34044000
CY2019Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
72713000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2005-11-22
zfgn Restructuring And Other Attrition Number Of Positions Eliminated Period Percent
RestructuringAndOtherAttritionNumberOfPositionsEliminatedPeriodPercent
0.70
zfgn Net Proceeds From Sale Of Securities
NetProceedsFromSaleOfSecurities
397900000
CY2019Q3 zfgn Line Of Credit Facility Debt Default Minimum Amount
LineOfCreditFacilityDebtDefaultMinimumAmount
300000
CY2019Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
82000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5175050
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5681326
CY2018Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
45210000
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
113945000
CY2019Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
38627000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
10667
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
604000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2171621
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5118280
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2701812
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.85
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.00
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4555000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7337000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
193000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
42000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
68767000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
35000
CY2019Q3 zfgn Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
310000
CY2018Q4 zfgn Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
1526000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
355000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
256000
CY2019Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1719000
CY2017Q4 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
20000000
CY2019Q3 us-gaap Notes Payable
NotesPayable
16364000
CY2018Q4 us-gaap Notes Payable
NotesPayable
20000000
CY2019Q3 zfgn Long Term Notes Payable Before Accretion
LongTermNotesPayableBeforeAccretion
9091000
CY2018Q4 zfgn Long Term Notes Payable Before Accretion
LongTermNotesPayableBeforeAccretion
14545000
CY2019Q3 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
1075000
CY2018Q4 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
640000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1818000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7273000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7273000
CY2019Q3 us-gaap Long Term Debt
LongTermDebt
16364000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5024371
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2276197
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.75
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.60
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.24
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.53
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y2M12D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3143000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1090000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1120000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1143000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1165000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6585000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11296000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4385000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
6911000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
464000
CY2019Q3 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
3939000
CY2019Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
320000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
226000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
690000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
330000
us-gaap Operating Lease Cost
OperatingLeaseCost
577000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
72000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
185000
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
28000
us-gaap Sublease Income
SubleaseIncome
83000
CY2019Q3 us-gaap Lease Cost
LeaseCost
374000
us-gaap Lease Cost
LeaseCost
679000
CY2018Q3 us-gaap Lease Cost
LeaseCost
100000
us-gaap Lease Cost
LeaseCost
300000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y8M23D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.111
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
27000
us-gaap Operating Lease Payments
OperatingLeasePayments
216000
CY2019Q3 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
287000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6817000
CY2019Q3 zfgn Milestone Liability
MilestoneLiability
0
CY2018Q3 zfgn Milestone Liability
MilestoneLiability
0
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03
CY2019Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
20
CY2019Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.63

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