Larimar Therapeutics(LRMR) - 2023 Q4 - Annual Results

Financial Performance - Larimar reported a net loss of $13.0 million, or $0.30 per share, for Q4 2023, compared to a net loss of $9.4 million, or $0.21 per share, in Q4 2022[6]. - For the full year 2023, the company reported a net loss of $36.9 million, or $0.84 per share, compared to a net loss of $35.4 million, or $1.37 per share, in 2022[9]. - The net loss for Q4 2023 was $12,993,000, compared to a net loss of $9,425,000 in Q4 2022, reflecting a 38% increase in losses year-over-year[22]. - The company reported a net loss of $36,949,000 for the year ended December 31, 2023, compared to a net loss of $35,355,000 in 2022, which is a 4% increase[22]. - The net loss per share for Q4 2023 was $0.30, an improvement from $0.21 in Q4 2022[22]. Expenses - Research and development expenses for Q4 2023 were $10.6 million, up from $7.2 million in Q4 2022, driven by increases in drug manufacturing, consulting, and personnel expenses[7]. - General and administrative expenses for the full year 2023 were $14.1 million, compared to $12.3 million in 2022, primarily due to increases in stock-based compensation and personnel expenses[13]. - Total operating expenses for Q4 2023 were $14,162,000, an increase from $10,439,000 in Q4 2022, representing a 35% increase year-over-year[22]. - Research and development expenses for the year ended December 31, 2023, were $27,670,000, up from $24,250,000 in 2022, indicating a 10% increase[22]. - Total operating expenses for the year ended December 31, 2023, were $41,758,000, compared to $36,526,000 in 2022, marking a 14% increase[22]. - General and administrative expenses for Q4 2023 were $3,514,000, up from $3,221,000 in Q4 2022, indicating a 9% increase[22]. Cash and Assets - As of December 31, 2023, the company had cash, cash equivalents, and marketable securities totaling $86.8 million[6]. - The total assets of the company as of December 31, 2023, were $95.9 million, down from $126.4 million in 2022[19]. Funding and Future Outlook - The company raised approximately $161.6 million in net proceeds through a public offering of common stock in February 2024, extending its operating runway into 2026[5]. - The company continues to focus on research and development to drive future growth despite the increased operating losses[22]. Clinical Developments - Positive top-line data from the Phase 2 dose exploration study of nomlabofusp showed dose-dependent increases in frataxin levels, with all patients treated with 50 mg achieving skin frataxin levels greater than 33% of healthy volunteers[4]. - Discussions with the FDA are ongoing regarding the use of tissue frataxin levels as a novel surrogate endpoint to support a Biologics License Application (BLA) submission targeted for the second half of 2025[11]. - The first patient in the open-label extension (OLE) study was dosed in March 2024, with interim data expected in Q4 2024[5]. Other Income - Other income for Q4 2023 was $1,169,000, compared to $1,014,000 in Q4 2022, showing a 15% increase[22]. - The weighted average common shares outstanding for Q4 2023 were 43,905,603, slightly up from 43,897,241 in Q4 2022[22].