Larimar Therapeutics, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Larimar Therapeutics, Inc. (LRMR) has filed its 2023 annual report (10-K) detailing its operations and financial standing for the fiscal year ending December 31, 2023.</b>

AI Summary

Larimar Therapeutics, Inc. (LRMR) filed a Annual Report (10-K) with the SEC on March 14, 2024. Larimar Therapeutics, Inc. (LRMR) filed its 2023 Form 10-K on March 14, 2024. The company was formerly known as Zafgen, Inc. The filing covers the fiscal year ending December 31, 2023. Larimar Therapeutics is in the Pharmaceutical Preparations industry (SIC 2834). The company's principal business address is in Bala Cynwyd, PA.

Why It Matters

For investors and stakeholders tracking Larimar Therapeutics, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Larimar Therapeutics' financial health, operational activities, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. As a clinical-stage biotechnology company, understanding the details within this filing is vital for stakeholders to evaluate the company's progress in drug development, potential risks, and overall market position.

Risk Assessment

Risk Level: medium — Larimar Therapeutics, Inc. shows moderate risk based on this filing. The company is in the pharmaceutical preparations industry, which is subject to significant regulatory oversight, lengthy development cycles, and substantial R&D costs, posing inherent risks to financial performance and market success.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Larimar Therapeutics' current financial position and the challenges it faces in drug development.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-14 — Filing Date (As of date)
• 001-36510 — SEC File Number (SEC file number)
• 203857670 — IRS Number (IRS number)

Key Players & Entities

• Larimar Therapeutics, Inc. (company) — Filer name
• LRMR (company) — Ticker symbol
• Zafgen, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-14 (date) — Filing date
• Bala Cynwyd, PA (location) — Business address
• 2834 (industry) — Standard Industrial Classification
• Wake Forest University Health Sciences (company) — Entity mentioned in relation to dates

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The pharmaceutical industry is subject to extensive regulation by governmental authorities, which can impact the development, manufacturing, and marketing of products.
• Research and Development Expenses [high — financial]: Significant investment in research and development is required, with no assurance of successful product development or commercialization.
• Dependence on Key Personnel [medium — operational]: The success of the company may depend on the continued service of key scientific and management personnel.
• Competition [medium — market]: The company faces intense competition from other biotechnology and pharmaceutical companies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-14: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share LRMR The Nasdaq Global Ma
• $161.6 million — k raising net proceeds of approximately $161.6 million We anticipate that this amount, combine
• $86.8 million — quivalents and marketable securities of $86.8 million. In February 2024,we raised net proceed

Filing Documents

• lrmr-20231231.htm (10-K) — 2244KB
• lrmr-ex10_3.htm (EX-10.3) — 30KB
• lrmr-ex10_4.htm (EX-10.4) — 45KB
• lrmr-ex10_20.htm (EX-10.20) — 527KB
• lrmr-ex10_21.htm (EX-10.21) — 100KB
• lrmr-ex21_1.htm (EX-21.1) — 5KB
• lrmr-ex23_1.htm (EX-23.1) — 5KB
• lrmr-ex31_1.htm (EX-31.1) — 10KB
• lrmr-ex31_2.htm (EX-31.2) — 11KB
• lrmr-ex32_1.htm (EX-32.1) — 15KB
• lrmr-ex97_1.htm (EX-97.1) — 39KB
• img131876768_0.jpg (GRAPHIC) — 87KB
• img131876768_1.jpg (GRAPHIC) — 48KB
• img131876768_2.jpg (GRAPHIC) — 43KB
• img131876768_3.jpg (GRAPHIC) — 49KB
• img131876768_4.jpg (GRAPHIC) — 52KB
• img131876768_5.jpg (GRAPHIC) — 55KB
• img131876768_6.jpg (GRAPHIC) — 111KB
• img131876768_7.jpg (GRAPHIC) — 114KB
• img131876768_8.jpg (GRAPHIC) — 28KB
• img131876768_9.jpg (GRAPHIC) — 39KB
• img131876768_10.jpg (GRAPHIC) — 30KB
• img131876768_11.jpg (GRAPHIC) — 39KB
• img131876768_12.jpg (GRAPHIC) — 38KB
• img131876768_13.jpg (GRAPHIC) — 29KB
• img131876768_14.jpg (GRAPHIC) — 39KB
• 0000950170-24-031529.txt (&nbsp;) — 11013KB
• lrmr-20231231.xsd (EX-101.SCH) — 1066KB
• lrmr-20231231_htm.xml (XML) — 1350KB

BUSINESS

BUSINESS 6 ITEM 1A.

RISK FACTORS

RISK FACTORS 39 ITEM 1B. UNRESOLVED STAFF COMMENTS 88 ITEM 1C. CYBERSECURITY 88 ITEM 2.

PROPERTIES

PROPERTIES 89 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 89 ITEM 4. MINE SAFETY DISCLOSURES 89 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. 90 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 90 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 91 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 98 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 98 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 98 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 98 ITEM 9B. OTHER INFORMATION 99 ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 99 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 100 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 100 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 100 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 100 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 100 PART IV ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 101 ITEM 16. FORM 10-K SUMMARY 104

SIGNATURES

SIGNATURES 105 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS You should understand that the following important factors could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements: uncertainties in obtaining successful non-clinical or clinical results that reliably and meaningfully demonstrate safety, tolerability and efficacy profiles that are satisfactory to the FDA, European Medicines Agency ("EMA") and other comparable regulatory authorities for marketing approval for nomlabofusp (nomlabofusp is the International Nonproprietary Name and the United States Adopted Name for CTI-

BUSINESS

ITEM 1. BUSINESS Overview We are a clinical-stage biotechnology company focused on developing treatments for patients suffering from complex rare diseases using our novel cell penetrating peptide ("CPP") technology platform. Our lead product candidate, nomlabofusp (nomlabofusp is the International Nonproprietary Name ("INN") and the United States Adopted Name ("USAN") for CTI-1601), is a subcutaneously administered, recombinant fusion protein intended to deliver tissue frataxin ("FXN"), an essential protein, to the mitochondria of patients with Friedreich's ataxia ("FA"). FA is a rare, progressive, and fatal disease in which patients are unable to produce sufficient FXN due to a genetic abnormality. Currently, there are no treatment options that address the core deficit of FA, low levels of FXN. Nomlabofusp represents the first potential therapy designed to increase FXN levels in patients with FA. We believe that our CPP platform, which enables a therapeutic molecule to cross a cell membrane in order to reach intracellular targets, has the potential to enable the treatment of other rare and orphan diseases. We intend to use our proprietary platform to target additional orphan indications characterized by deficiencies in or alterations of intracellular content or activity. Since our inception, we have devoted substantially all of our resources to developing nomlabofusp, building our intellectual property portfolio, developing third-party manufacturing capabilities, business planning, raising capital, and providing general and administrative support for such operations. As of December 31, 2023, we had cash, cash equivalents and marketable securities of $86.8 million. In February 2024,we raised net proceeds of $161.6 million in an underwritten public offering of common stock, We anticipate the $161.6 million in net proceeds, together with $86.8 million of cash, cash equivalents and marketable securities on hand will fund operations into 2026. Nomlabofusp Pr

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View this 10-K filing on SEC EDGAR