UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ____ Commission File Number: 001-36510 LARIMAR THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware 20-3857670 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d ...

Exhibit 99.1 study. • Strengthened Balance Sheet With $65.1 Million Public Offering: In July 2025, Larimar announced a public offering of common stock with net proceeds of $65.1 million supported by existing and new leading healthcare investors that extends its projected cash runway into the fourth quarter of 2026. Larimar Therapeutics Reports Second Quarter 2025 Financial Results *Pro forma cash, cash equivalents, and marketable securities of $203.6 million reflects $138.5 million of cash, cash equivalents ...

Core Viewpoint - Larimar Therapeutics, Inc. has successfully closed a public offering of 21,562,500 shares at a price of $3.20 per share, raising gross proceeds of $69.0 million before expenses [1][2]. Group 1: Offering Details - The offering included the full exercise of the underwriters' option to purchase an additional 2,812,500 shares [1]. - The shares were offered under a shelf registration statement declared effective by the SEC on May 24, 2024 [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to support the development of nomlabofusp and other pipeline candidates, as well as for working capital and general corporate purposes, including research and development and pre-commercialization expenses [2]. Group 3: Company Overview - Larimar Therapeutics is a clinical-stage biotechnology company focused on developing treatments for complex rare diseases, with its lead compound nomlabofusp aimed at treating Friedreich's ataxia [5]. - The company plans to leverage its intracellular delivery platform to design additional fusion proteins targeting other rare diseases characterized by deficiencies in intracellular bioactive compounds [5].

Core Viewpoint - Larimar Therapeutics, Inc. has announced a public offering of 18,750,000 shares of common stock at a price of $3.20 per share, aiming to raise approximately $60.0 million in gross proceeds before expenses [1][2]. Group 1: Offering Details - The offering consists of 18,750,000 shares priced at $3.20 each, with expected gross proceeds of $60.0 million [1]. - Underwriters have a 30-day option to purchase an additional 2,812,500 shares at the public offering price [1]. - The offering is expected to close around July 31, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - Net proceeds from the offering will be used to support the development of nomlabofusp and other pipeline candidates, as well as for working capital and general corporate purposes, including research and development and pre-commercialization expenses [2]. Group 3: Company Overview - Larimar Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing treatments for complex rare diseases [5]. - The company's lead compound, nomlabofusp, is being developed as a potential treatment for Friedreich's ataxia [5]. - Larimar plans to utilize its intracellular delivery platform to design additional fusion proteins targeting rare diseases characterized by deficiencies in intracellular bioactive compounds [5].

Industry Overview - The uncertainty surrounding tariffs and trade measures has impacted economic growth, with President Trump threatening to impose tariffs as high as 200% on pharmaceutical imports to encourage domestic production [1] - Despite these threats, the biotech sector has remained stable, with many global pharmaceutical companies already investing in domestic manufacturing [1] Current Trends - The Zacks Medical-Drugs industry is showing promising trends due to positive pipeline and regulatory developments [2] - Key areas of innovation include rare diseases, next-generation oncology treatments, obesity, immunology, and neuroscience, attracting significant investor interest [3] M&A Activity - M&A activity in the sector remains healthy, indicating growth potential for companies like Catalyst Pharmaceuticals, Zevra Therapeutics, Theravance Biopharma, Aldeyra Therapeutics, and Larimar Therapeutics [3] Industry Characteristics - The Zacks Medical-Drugs industry consists of small to medium-sized drug companies that produce medicines for human and veterinary use, often relying on collaboration payments for revenue [4] Factors Influencing Future Growth - The success of key pipeline candidates in clinical studies can significantly impact stock prices, with successful innovations acting as catalysts [5] - Strong collaboration with larger drugmakers is a positive indicator for small pharma companies, especially when equity investments are involved [6] - Investment in technology and personalized medicine is crucial for smaller companies to thrive in a changing healthcare landscape [7] Performance Metrics - The Zacks Medical-Drugs industry currently holds a Zacks Industry Rank of 96, placing it in the top 39% of 245 Zacks industries, indicating strong prospects [9] - Year-to-date, the industry has risen 5.6%, outperforming the Zacks Medical sector, which has decreased by 2.9%, while slightly underperforming the S&P 500, which has risen by 6.9% [11] Valuation - The industry is currently trading at a trailing 12-month price-to-sales ratio of 2.32, compared to the S&P 500's 5.66 and the Zacks Medical sector's 2.37 [12] Company Highlights - **Catalyst Pharmaceuticals**: Lead drug Firdapse shows strong demand; stock has risen 0.4% this year; earnings estimate for 2025 increased from $2.23 to $2.25 [16][17] - **Theravance Biopharma**: Strong sales from Yupelri; stock has risen 22.6% this year; earnings estimate for 2025 declined from 3 cents to 1 cent [20][21] - **Larimar Therapeutics**: Developing nomlabofusp for Friedreich's ataxia; stock has declined 18.3% this year; loss estimate for 2025 narrowed from $1.90 to $1.89 [24][25] - **Zevra Therapeutics**: Early adoption of Miplyffa exceeds expectations; stock has risen 53.4% this year; earnings estimate for 2025 increased from 31 cents to 76 cents [28][29] - **Aldeyra Therapeutics**: Focused on RASP modulators; stock has declined 0.4% this year; loss estimate for 2025 narrowed from $1.03 to 90 cents [31][32]

Core Insights - Larimar Therapeutics is advancing its lead compound, nomlabofusp, as a potential treatment for Friedreich's ataxia, with a Biologics License Application (BLA) submission planned for Q2 2026 seeking accelerated approval [1][2] Company Overview - Larimar Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing treatments for complex rare diseases, with nomlabofusp being its lead compound targeting Friedreich's ataxia [3] Research Findings - Two peer-reviewed articles have been published that provide evidence of nomlabofusp's mechanism of action, demonstrating its ability to increase frataxin (FXN) levels in relevant tissues after administration [2][6] - The data from these studies support the potential use of skin FXN concentrations as a reasonably likely surrogate endpoint for the FDA's consideration in the accelerated approval process [1][2] Future Plans - The company is focused on executing near-term catalysts to advance nomlabofusp as the first potential disease-modifying therapy for patients with Friedreich's ataxia [2]

Summary of Laramar Therapeutics Conference Call Company Overview - **Company**: Laramar Therapeutics - **Focus**: Development of nonlobofusp (formerly CTI-16-01) for the treatment of Friedreich's Ataxia (FA), a rare neurodegenerative disease [doc id='13'][doc id='16'] Industry Context - **Disease**: Friedreich's Ataxia (FA) is characterized by low levels of frataxin, leading to severe neurological symptoms and a life expectancy of 30 to 50 years [doc id='15'][doc id='14'] - **Current Treatments**: The FDA approved omevaloxolone in 2023, but it does not affect frataxin levels, highlighting the unmet need for therapies that address the underlying deficiency [doc id='16'] Key Regulatory Updates - **FDA Recommendations**: Laramar received FDA guidance on the safety database for the Biologics License Application (BLA) submission, requiring data from at least 30 participants exposed to the drug for six months and 10 participants for one year [doc id='7'][doc id='8'] - **BLA Submission Timeline**: The company plans to submit the BLA in Q2 2026, with a U.S. launch targeted for early 2027 [doc id='25'][doc id='31'] Clinical Development - **Clinical Trials**: Ongoing studies include a global Phase 3 trial and an open-label extension study to evaluate long-term safety and efficacy [doc id='11'][doc id='12'] - **Patient Population**: The Phase 3 study will include patients aged 2 to 40, with a focus on younger patients [doc id='28'][doc id='29'] - **Efficacy Data**: Initial data from the 25 mg dose showed increases in frataxin levels and early trends towards clinical improvement [doc id='19'][doc id='20'] Safety Profile - **Adverse Events**: Nonlobofusp has been generally well tolerated, with mild injection site reactions being the most common adverse events [doc id='20][doc id='21'] - **Allergic Reactions**: Anaphylaxis has been reported, particularly in patients with prior exposure, leading to the introduction of antihistamine premedication [doc id='21'][doc id='22'] Financial Position - **Cash Balance**: As of March 31, the company reported $158 million in cash, sufficient to support operations through the BLA filing [doc id='61'] - **Funding Strategy**: Laramar is exploring non-dilutive financing options, including royalty financing [doc id='61] Future Plans - **Expansion of Studies**: The company plans to enroll children aged 2 to 11 directly into the open-label study, pending FDA discussions [doc id='26'][doc id='105'] - **Data Reporting**: Upcoming data cuts in September will include safety and pharmacokinetic data from 30 to 40 participants [doc id='26'][doc id='39'] Conclusion - Laramar Therapeutics is making significant progress in the development of nonlobofusp for FA, with clear regulatory guidance from the FDA and a robust clinical program aimed at addressing the unmet needs of patients with this debilitating disease [doc id='30'][doc id='31']

Regulatory & Clinical Strategy - Larimar Therapeutics expects to submit a BLA seeking accelerated approval for Nomlabofusp in Q2 2026[4, 5, 33, 34] - The BLA submission will include a safety database with at least 30 participants exposed for 6 months and a subset of at least 10 participants exposed for 1 year, with the majority on the 50 mg dose[4, 5, 34] - The FDA is open to using increases in skin FXN concentrations as a reasonably likely surrogate endpoint (RLSE) for accelerated approval, pending BLA review[5, 34] - A global Phase 3 study is intended as the confirmatory study, evaluating clinical outcomes including upright stability and mFARS, expected to be underway at the time of BLA submission[5] - The START Pilot Program continues to expedite the clinical and regulatory development of Nomlabofusp[29] Nomlabofusp & Friedreich's Ataxia (FA) - Nomlabofusp is a potential disease-modifying therapy designed to address the underlying FXN deficiency in FA[7, 34] - Friedreich's Ataxia affects approximately 20,000 patients globally, with about 5,000 in the U S[6] - Most FA patients produce only approximately 20-40% of normal frataxin (FXN) levels[6] - In the OLE study, Nomlabofusp 25 mg daily increased skin FXN levels to 72% of healthy volunteers at Day 90, compared to 16% at baseline[20, 19] - Larimar had $157.5 million in cash and investments as of March 31, 2025, with a projected cash runway into Q2 2026[35]

Core Viewpoint - Larimar Therapeutics, Inc. is set to host a conference call and webcast on June 23, 2025, to discuss regulatory updates regarding its nomlabofusp clinical development program for Friedreich's Ataxia [1] Company Overview - Larimar Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing treatments for complex rare diseases [3] - The company's lead compound, nomlabofusp, is being developed as a potential treatment for Friedreich's Ataxia [3] - Larimar plans to utilize its intracellular delivery platform to design additional fusion proteins targeting other rare diseases characterized by deficiencies in intracellular bioactive compounds [3] Conference Call and Webcast Details - The conference call and webcast will take place on June 23, 2025, at 8:00 am EDT [2] - Participants can access the event via a provided link or by phone using specific domestic and international numbers [2] - An archived version of the webcast will be available on the Larimar website following the live event [2]

[PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Larimar Therapeutics as of March 31, 2025 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2025, shows a decrease in total assets to $170.2 million and in total stockholders' equity to $144.3 million Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $165,485 | $195,304 | | **Total assets** | $170,175 | $200,225 | | **Total current liabilities** | $22,134 | $24,356 | | **Total liabilities** | $25,904 | $28,413 | | **Total stockholders' equity** | $144,271 | $171,812 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q1 2025, the company reported a net loss of $29.3 million, a significant increase from the $14.7 million loss in Q1 2024 Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $26,552 | $12,939 | | General and administrative | $4,636 | $3,795 | | **Total operating expenses** | **$31,188** | **$16,734** | | **Loss from operations** | **($31,188)** | **($16,734)** | | Other income, net | $1,907 | $2,080 | | **Net loss** | **($29,281)** | **($14,654)** | | **Net loss per share, basic and diluted** | **($0.46)** | **($0.27)** | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased from $171.8 million to $144.3 million in Q1 2025, primarily due to the quarterly net loss - Total stockholders' equity decreased by **$27.5 million** during Q1 2025, from $171.8 million to $144.3 million, mainly due to the net loss[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to $26.5 million in Q1 2025, reflecting higher R&D spending Q1 2025 vs Q1 2024 Cash Flows (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($26,540) | ($10,411) | | Net cash provided by (used in) investing activities | $14,448 | ($68,364) | | Net cash provided by financing activities | $— | $162,151 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the development of nomlabofusp for Friedreich's ataxia, positive regulatory interactions, and the company's liquidity position - The company's lead product candidate, nomlabofusp, is a recombinant fusion protein intended to deliver human frataxin (FXN) to the mitochondria of patients with Friedreich's ataxia (FA)[26](index=26&type=chunk) - The FDA selected nomlabofusp for its START Pilot Program and is open to considering FXN concentration as a reasonably likely surrogate endpoint (RLSE), with a **BLA submission targeted for the end of 2025**[33](index=33&type=chunk)[39](index=39&type=chunk) - As of March 31, 2025, the company had **$157.5 million** in cash, cash equivalents, and marketable securities, sufficient to fund operations into the **second quarter of 2026**[48](index=48&type=chunk)[50](index=50&type=chunk) - In February 2024, the company completed an underwritten public offering, raising net proceeds of approximately **$161.8 million**[91](index=91&type=chunk)[92](index=92&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the clinical progress of nomlabofusp, the significant increase in R&D expenses, and the company's liquidity and capital resources [Overview and Program Update](index=28&type=section&id=Overview) Larimar is a clinical-stage biotech company advancing nomlabofusp for Friedreich's ataxia with positive trial data and favorable regulatory feedback - The FDA is open to considering **FXN concentration as a reasonably likely surrogate endpoint (RLSE)** to support a future marketing application for nomlabofusp[149](index=149&type=chunk) - A global **Phase 3 study is on track to be initiated by mid-2025**[150](index=150&type=chunk) - An update on OLE trial data, including participants dosed for over a year, is planned for **September 2025**[145](index=145&type=chunk) - In March 2025, the OLE protocol was amended to include premedication for the first month of dosing to reduce the risk of allergic reactions, including anaphylaxis[145](index=145&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) The net loss for Q1 2025 increased to $29.3 million, driven by a $13.6 million rise in R&D expenses for the nomlabofusp program Comparison of Operations for Q1 2025 and Q1 2024 (in thousands) | | 2025 | 2024 | Increase (Decrease) | | :--- | :--- | :--- | :--- | | Research and development | $26,552 | $12,939 | $13,613 | | General and administrative | $4,636 | $3,795 | $841 | | **Total operating expenses** | **$31,188** | **$16,734** | **$14,454** | | **Net loss** | **($29,281)** | **($14,654)** | **($14,627)** | - The **$13.6 million increase in R&D expenses** was primarily driven by a $7.1 million increase in nomlabofusp manufacturing costs and a $2.8 million increase in clinical costs[171](index=171&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company held $157.5 million in cash and equivalents as of March 31, 2025, which is expected to fund operations into Q2 2026 - As of March 31, 2025, the company had an accumulated deficit of **$298.4 million** and cash, cash equivalents, and marketable securities of **$157.5 million**[182](index=182&type=chunk) - Current cash, cash equivalents, and marketable securities are anticipated to fund operations into the **second quarter of 2026**[184](index=184&type=chunk) - Net cash used in operating activities increased to **$26.5 million** in Q1 2025 from $10.4 million in Q1 2024, reflecting increased R&D activity[175](index=175&type=chunk)[176](index=176&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a "smaller reporting company," the company is not required to provide quantitative and qualitative disclosures about market risk - As a **"smaller reporting company,"** Larimar is not required to provide information regarding market risk[190](index=190&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025 - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are **effective** as of March 31, 2025[193](index=193&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter[195](index=195&type=chunk) [PART II - OTHER INFORMATION](index=37&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings that would have a material adverse effect on its business - As of the report date, there are **no threatened or pending legal actions** that could reasonably be expected to have a material adverse effect on the company[196](index=196&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) This section directs investors to the risk factors discussion in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - Investors are advised to carefully consider the risk factors described in the company's **2024 Annual Report on Form 10-K**[197](index=197&type=chunk) [Other Required Disclosures (Items 2-6)](index=37&type=section&id=Other%20Required%20Disclosures) The company reports no unregistered sales of equity, no defaults on senior securities, and no new officer trading plans during the quarter - There were **no unregistered sales of equity securities** or use of proceeds during the quarter[198](index=198&type=chunk) - **No defaults upon senior securities** were reported[199](index=199&type=chunk) - No directors or officers adopted, modified, or terminated a **Rule 10b5-1 trading arrangement** during the quarter ended March 31, 2025[201](index=201&type=chunk)