$LRMR
Larimar Therapeutics, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020022942 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.670M $5.320M $3.650M
YoY Change -54.25% 64.71% 11.62%
% of Gross Profit
Research & Development $5.010M $420.0K $9.630M
YoY Change -47.98% -96.34% -22.54%
% of Gross Profit
Depreciation & Amortization $23.00K $70.00K $51.00K
YoY Change -54.9% 40.0% 2.0%
% of Gross Profit
Operating Expenses $3.563M $7.281M $13.28M
YoY Change -73.16% -50.44% -15.44%
Operating Profit -$3.563M -$13.28M
YoY Change -73.16% -15.44%
Interest Expense $301.0K $30.00K $500.0K
YoY Change -39.8% -75.0% 9.17%
% of Operating Profit
Other Income/Expense, Net -$35.00K $165.0K
YoY Change -121.21% -164.96%
Pretax Income -$6.670M -$7.250M -$13.11M
YoY Change -49.12% -50.24% -17.86%
Income Tax
% Of Pretax Income
Net Earnings -$6.674M -$7.251M -$4.724M
YoY Change 41.28% -50.23% -70.39%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$779.2K -$2.331M -$4.215M
COMMON SHARES
Basic Shares Outstanding 37.47M 37.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.90M $44.06M $104.7M
YoY Change -38.97% -62.68% 17.55%
Cash & Equivalents $887.0K $1.009M $37.76M
Short-Term Investments $24.90M $43.05M $68.20M
Other Short-Term Assets $600.0K $1.000M $1.300M
YoY Change -53.85% -41.18% -7.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $64.68M $4.750M $107.5M
YoY Change -39.83% -96.09% 17.59%
LONG-TERM ASSETS
Property, Plant & Equipment $743.0K $274.0K $1.200M
YoY Change -38.08% -26.93% 150.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.00K $90.00K $57.00K
YoY Change -78.95% 57.89% -56.82%
Total Long-Term Assets $9.022M $451.0K $2.685M
YoY Change 236.01% 4.4% 125.25%
TOTAL ASSETS
Total Short-Term Assets $64.68M $4.750M $107.5M
Total Long-Term Assets $9.022M $451.0K $2.685M
Total Assets $73.70M $5.201M $110.2M
YoY Change -33.11% -95.73% 18.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $322.0K $3.539M $3.156M
YoY Change -89.8% -1.42% -16.86%
Accrued Expenses $881.0K $2.259M $3.300M
YoY Change -73.3% -46.98% -9.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.300M $7.300M $7.300M
YoY Change 0.0% 32.73%
Total Short-Term Liabilities $9.900M $5.895M $13.73M
YoY Change -27.88% -55.7% 84.1%
LONG-TERM LIABILITIES
Long-Term Debt $6.700M $8.500M $13.50M
YoY Change -50.37% -44.08% -33.17%
Other Long-Term Liabilities $6.300M $6.500M $600.0K
YoY Change 950.0%
Total Long-Term Liabilities $13.00M $15.00M $14.10M
YoY Change -7.8% -1.32% -30.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.900M $5.895M $13.73M
Total Long-Term Liabilities $13.00M $15.00M $14.10M
Total Liabilities $22.96M $5.895M $27.80M
YoY Change -17.41% -79.31% 0.66%
SHAREHOLDERS EQUITY
Retained Earnings -$399.9M -$23.13M
YoY Change -93.41%
Common Stock $450.7M $22.44M
YoY Change -94.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.256M -$694.0K $1.224M
YoY Change
Total Liabilities & Shareholders Equity $73.70M $5.201M $110.2M
YoY Change -33.12% -95.73% 18.99%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income -$6.674M -$7.251M -$4.724M
YoY Change 41.28% -50.23% -70.39%
Depreciation, Depletion And Amortization $23.00K $70.00K $51.00K
YoY Change -54.9% 40.0% 2.0%
Cash From Operating Activities -$8.921M -$9.800M -$12.47M
YoY Change -28.47% -17.23% -5.99%
INVESTING ACTIVITIES
Capital Expenditures $58.00K -$280.0K $2.000K
YoY Change 2800.0% 2700.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $18.19M -$4.270M $810.0K
YoY Change 2145.68% -129.9% -95.49%
Cash From Investing Activities -$778.0K -$4.560M $807.0K
YoY Change -196.41% -131.98% -95.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.808M -1.760M 95.00K
YoY Change -2003.16% -200.0% -63.6%
NET CHANGE
Cash From Operating Activities -8.921M -9.800M -12.47M
Cash From Investing Activities -778.0K -4.560M 807.0K
Cash From Financing Activities -1.808M -1.760M 95.00K
Net Change In Cash -122.0K -16.12M -11.57M
YoY Change -98.95% -485.65% -333.53%
FREE CASH FLOW
Cash From Operating Activities -$8.921M -$9.800M -$12.47M
Capital Expenditures $58.00K -$280.0K $2.000K
Free Cash Flow -$8.979M -$9.520M -$12.47M
YoY Change -28.01% -19.53% -5.98%

Facts In Submission

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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>
CY2020Q1 dei Entity Incorporation Date Of Incorporation
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DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
35000
CY2017Q4 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
20000000
CY2020Q1 us-gaap Notes Payable
NotesPayable
12728000
CY2019Q4 us-gaap Notes Payable
NotesPayable
14545000
CY2020Q1 zfgn Long Term Notes Payable Before Accretion
LongTermNotesPayableBeforeAccretion
5455000
CY2019Q4 zfgn Long Term Notes Payable Before Accretion
LongTermNotesPayableBeforeAccretion
7272000
CY2020Q1 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
1292000
CY2019Q4 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
1192000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
710000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2076000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
824000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1120000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1143000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1165000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1189000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
5396000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10837000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
43015000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4081000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6756000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
331000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
127000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
41000
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
28000
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
28000
CY2020Q1 us-gaap Lease Cost
LeaseCost
303000
CY2019Q1 us-gaap Lease Cost
LeaseCost
140000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y2M26D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y5M26D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.111
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.111
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2020Q1 zfgn Additional Right Of Use Assets
AdditionalRightOfUseAssets
0
CY2019Q1 zfgn Additional Right Of Use Assets
AdditionalRightOfUseAssets
0
CY2020Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
20
CY2020Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
1738000
CY2020Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
10000

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