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Larimar Therapeutics Inc. (LRMR+3.31%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Larimar's ongoing development of its lead product candidate, nomlabofusp, for the treatment of Friedreich's ataxia (FA), a rare genetic disease. The company has completed two Phase 1 clinical trials and a Phase 2 dose exploration trial, with ongoing Phase 2 open-label extension (OLE) and pharmacokinetic (PK) run-in studies.
Larimar reported a net loss of $80.6 million for the year, compared to a net loss of $36.9 million in the previous year. The increase in net loss was primarily due to higher research and development expenses, which rose to $73.3 million from $27.7 million, reflecting increased clinical development activities and manufacturing costs.
General and administrative expenses also increased to $17.6 million from $14.1 million, driven by higher personnel costs and professional fees.
The company raised approximately $161.8 million in net proceeds from a public offering of common stock in February 2024, which it anticipates will fund operations into the second quarter of 2026.
Larimar's cash, cash equivalents, and marketable securities totaled $183.5 million as of December 31, 2024, excluding $0.6 million in restricted cash.
The filing also discusses Larimar's strategy to advance nomlabofusp through regulatory approval processes in the United States and Europe, and to explore additional indications for its proprietary platform technology.
The company faces various risks, including the need for additional funding, the potential for adverse events in clinical trials, and competition from other therapies for FA.
Larimar's intellectual property portfolio includes licensed patents from Wake Forest University Health Sciences and Indiana University, with key patents expiring in 2040.
The company does not anticipate paying cash dividends in the foreseeable future and plans to continue investing in research and development to advance its pipeline.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Larimar Therapeutics Inc. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.