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Thursday, May 19, 2022

Larimar Therapeutics, Inc. (LRMR) Stock Surged 13.24% on Tuesday, Here’s Why

Larimar Therapeutics, Inc. (LRMR) stock soared 13.24% in the current-market trading session on Tuesday at the price of $3.85 despite no recent developments.

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LRMR is a leading biotechnology firm that introduces new treatments for rare conditions. CTI-1601, the company’s lead product candidate, has designed to treat Friedreich’s ataxia.

LRMR Q4 2021 Financial Results

On 25th March 2022, LRMR published its operational and financial results for the full year ended 31st December 2021. The company had cash and cash equivalents of roughly US$70.1M on 31st December 2021.

LRMR calculated a net loss of US$9.1M, or per share of US$0.50, for Q4 of 2021. Net loss totaled US$14.2M, or per share of US$0.89, for Q4 of 2020. Research and development costs were US$6.3M for Q4 of 2021 compared to US$10.6M for Q4 of the prior year. The company has general and administrative costs of US$2.8M for Q4 of 2021. G&A expenses were US$3.8M for the same quarter of 2020.  

For the year 2021, LRMR calculated a net loss of US$50.6M, or per share of US$2.95. Net loss was US$42.5M, or per share of US$3.57 the prior year. Research and development costs for 2021 totaled US$38.4M compared to US$31.4M last year. General and administrative costs were US$12.1M for the year 2021 compared to US$11.4M for 2020.

LRMR Business Outlook

LRMR is working expeditiously to determine the best way onwards to take CTI-1601 towards clinical development. The stock has committed to advancing CTI-1601 to satisfy the unmet medical needs of patients with Friedreich’s ataxia. The company looks ahead to its continued progress. The management thanked all the participants and medical officials who played a key role in advancing its Phase-I program. The year 2020 was underscored by the company’s first clinical data readouts, which affirmed the potential of CTI-1601 to treat Friedreich’s ataxia.

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