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Larimar Therapeutics

LRMR on Nasdaq. Larimar Therapeutics develops a drug for patients with Friedreich's ataxia. Market value $297m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-54.0%low

For every $100 of what the whole company costs, it produced $-54.04 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$2.78 a share, 2% above its 1-year low

Over the past year the price has ranged from $2.71 to $6.42.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.0
-0.1
-0.1
-0.2
2021202220232024202512 monthsto Jun '26
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.04bn0.04bn0.06bn0.09bn0.10bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 140% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $33 million, compared with a loss of $26 million a year ago.
  • Over the past 12 months it spent $156 million more cash than it brought in, compared with $93 million a year earlier.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$15m
December 2024-$29m
March 2025-$29m
June 2025-$26m
September 2025-$48m
December 2025-$62m
March 2026-$30m
June 2026-$33m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
19 March 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

None of the long-term investors we follow own it. 163 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • at least 34.4%−1.4 pts
    (filed with 9 related holders)
    Since 27 February 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended by adding the following: Each Fund acquired its February 2026 Shares for investment purposes in an underwritten offering conducted by the Company (the "February 2026 Offering") pursuant to the Prospectus Supplement, dated as of…

    Read the filing
  • 10.0%0.0 pts
    Since 31 March 2026
  • Janus Henderson Biotech Innovation Master Fund Ltd
    Passive investor
    9.1%+0.6 pts
    Since 31 March 2025
  • Opaleye Management, Inc.
    Passive investor
    at least 4.8%−1.4 pts
    (filed with 2 related holders)
    Since 29 August 2025
  • at least 4.1%
    (filed with 1 related holder)
    Since 31 March 2025
  • at least 3.5%−2.3 pts
    (filed with 2 related holders)
    Since 31 March 2026
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • Sold down below 5%
    Since 31 December 2025
  • Sold down below 5%
    Since 31 March 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $26m of shares on the open market.

  • Hamilton Thomas Edward
    Director
    Bought
    Date
    6 July 2026
    Shares
    50,000
    Price
    $3.34
    Value
    $166,890
  • Deerfield Mgmt HIF, L.P.
    Director
    Bought
    Date
    27 February 2026
    Shares
    5,000,000
    Price
    $5.00
    Value
    $25m
  • Hamilton Thomas Edward
    Director
    Bought
    Date
    27 February 2026
    Shares
    100,000
    Price
    $5.00
    Value
    $500,000
  • THOMAS FRANK E
    Director
    Bought
    Date
    27 February 2026
    Shares
    5,000
    Price
    $5.00
    Value
    $25,000
  • SHERMAN JEFFREY W
    Director
    Bought
    Date
    27 February 2026
    Shares
    5,000
    Price
    $5.00
    Value
    $25,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Larimar Therapeutics’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Mar 2026, plus the 10-Q filed 4 Aug 2026 and 5 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “These conditions raise substantial doubt about the Company’s ability to continue as a going concern.”
    Show the full paragraph
    The Company will need to raise additional capital to fund its ongoing operations. The Company continues to evaluate opportunities to further finance its operating cash needs through a combination of some, or all, of the following: equity or debt offerings, royalty financings, collaborations, strategic alliances, and/or marketing, distribution or licensing arrangements. In addition, the Company believes it will be eligible for the FDA's rare pediatric disease priority review voucher which could then be sold if nomlabofusp receives FDA approval. There is no assurance, however, that additional financing will be available when needed or that the Company will be able to obtain financing on terms acceptable to the Company. If the Company is unable to obtain funding when required in the future, the Company could be required to delay, reduce, or eliminate research and development programs, or commercialization efforts, which could adversely affect its business prospects. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

    From the 10-Q filed 4 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.