Larimar Therapeutics(LRMR) - 2024 Q4 - Annual Results

Financial Performance - The company reported a net loss of $28.8 million, or $0.45 per share, for Q4 2024, compared to a net loss of $13.0 million, or $0.30 per share, for Q4 2023[7]. - For the full year 2024, the company reported a net loss of $80.6 million, or $1.32 per share, compared to a net loss of $36.9 million, or $0.84 per share, for 2023[10]. - Net loss for the year was $80,604,000 in 2024 compared to $36,949,000 in 2023, reflecting a 118.5% increase in losses[21]. - The company reported a net loss per share of $1.32 in 2024, compared to $0.84 in 2023, indicating a worsening loss per share by 57.1%[21]. Research and Development - Research and development expenses for Q4 2024 were $26.7 million, a significant increase from $10.6 million in Q4 2023, primarily due to a $15.0 million rise in nomlabofusp manufacturing costs[8]. - Research and development expenses for the full year 2024 were $73.3 million, up from $27.7 million in 2023, driven by a $36.1 million increase in nomlabofusp manufacturing costs[11]. - Research and development expenses rose significantly to $73,278,000 in 2024 from $27,670,000 in 2023, an increase of 164.5%[21]. Cash and Assets - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $183.5 million, with a projected cash runway into the second quarter of 2026[5]. - Total assets increased to $200,225,000 in 2024 from $95,935,000 in 2023, representing a growth of 108.5%[19]. - Total current assets surged to $195,304,000 in 2024, up from $90,175,000 in 2023, marking a 116.5% increase[19]. Equity and Liabilities - Total stockholders' equity increased to $171,812,000 in 2024 from $81,720,000 in 2023, a growth of 109.8%[19]. - Total liabilities rose to $28,413,000 in 2024 from $14,215,000 in 2023, an increase of 100.0%[19]. Income and Other Financial Metrics - Other income for the full year 2024 was $10.3 million, compared to $4.8 million in 2023, primarily due to increased interest income[13]. - Other income, net, improved to $10,286,000 in 2024 from $4,809,000 in 2023, an increase of 114.5%[21]. - General and administrative expenses increased to $17,612,000 in 2024 from $14,088,000 in 2023, a rise of 25.5%[21]. Future Plans and Studies - The company plans to submit a Biologics License Application (BLA) seeking accelerated approval by the end of 2025[5]. - The ongoing open label extension (OLE) study continues to enroll participants, with data from the 50 mg dose expected to be reported in September 2025[6]. - The company is on track to initiate a global Phase 3 study in mid-2025, with feedback obtained from both FDA and EMA on the study protocol[6]. - The FDA has indicated openness to considering skin FXN concentration as a surrogate endpoint for accelerated approval, which could support the BLA submission[6]. Shareholder Information - The weighted average common shares outstanding increased to 61,256,084 in 2024 from 43,901,241 in 2023, a growth of 39.5%[21].