Free cash flow burn has accelerated significantly, reaching a quarterly outflow of $44.6 million in 2026Q1, highlighting the company's heavy reliance on external capital to fund clinical activities.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -131.28M | -113.2M | -70.76M | -33.46M | -27.57M | -42.1M | -42.2M | -22.7M | -51.49M | -43.78M | -51.98M | -59.55M | -28.24M | -15M | -13.59M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -200.4% | -59.98% | -111.48% | -21.36% | 34.52% | 0.22% | -85.91% | 55.91% | -17.59% | 15.76% | 12.73% | -110.88% | -88.22% | -10.41% | - |
| Net Income | -166M | -165.67M | -80.6M | -36.95M | -35.35M | -50.64M | -42.48M | -23.13M | -61.37M | -52.03M | -57.88M | -74.29M | -36.48M | -14.03M | -13.88M |
| Depreciation & Amortization | 262K | -1.35M | 318K | 311K | 318K | 326K | 155K | 78K | 261K | 188K | 212K | 70K | 16K | 12K | 11K |
| Stock-Based Compensation | 3.61M | 7M | 8.8M | 0 | 6.62M | 5.47M | 2.16M | 129K | 173K | 0 | 0 | 8.58M | 1.55M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.63M | 0 | 0 | -8.58M | -815K | 0 | 0 |
| Other Non-Cash Items | 2.27M | -281K | -5.45M | 5.69M | -820K | -15K | 10K | 0 | 9.78M | 9.08M | 10.64M | 9.09M | 6.67M | 645K | 218K |
| Working Capital Changes | 28.58M | 47.1M | 6.17M | -2.51M | 1.67M | 2.75M | -2.04M | 226K | 593K | -99K | -5.5M | 6.73M | 815K | -1.63M | 62K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.29M | -666K | -553K | 970K | -1.01M | 0 | -1.24M | -630K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 5.87M | 2.79M | 1.14M | -403K | 26K | -974K | -3.29M | 2.63M | 432K | -448K | 4.92M | 4.91M | 815K | 0 | 0 |
| Cash from Investing | 114.86M | 100.31M | -85.39M | 33.35M | -90.96M | 24.17M | 17.09M | -83K | -6.87M | 35.65M | 51.45M | -92.12M | -57.31M | -17K | -2K |
| Capital Expenditures | -42K | -91K | -515K | -164K | -100K | -333K | -62K | -83K | -108K | -55K | -660K | -595K | -58K | -17K | -2K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 90.86K | -24.5K | -1.3M | 0 | 6.76M | 0 | 0 | 91.5M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -90.86K | 24.5K | 41.93M | 0 | -6.76M | 35.7M | 35K | -19K | -57K | 0 | 0 |
| Cash from Financing | 173.2M | 65.09M | 161.88M | 30K | 75.26M | 19.89M | 93.59M | 19.39M | 66.91M | 16.56M | -2.71M | 129.16M | 108.14M | 40.6M | 22.06M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.37M | -2.94M | -1.38M | 7.34M | 0 | 5.99M |
| Equity Issued (Net) | 173.2M | 65.09M | 161.81M | 30K | 75.26M | 19.89M | 75.59M | 19.39M | 66.91M | 195K | 220K | 130.54M | 100.81M | 40.6M | 16.06M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.22M | 195K | 220K | 131.02M | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 77K | 0 | 0 | 0 | 18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13K |
| Net Change in Cash | 156.79M | 52.19M | 5.74M | -76K | -43.27M | 1.95M | 68.48M | -48.32M | 8.55M | 8.43M | -3.24M | -22.51M | 22.59M | 0 | 0 |
| Free Cash Flow | -131.32M | -113.29M | -71.28M | -33.62M | -27.67M | -42.44M | -42.26M | -22.78M | -51.59M | -43.84M | -52.63M | -60.15M | -28.3M | -15.02M | -13.59M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -50.16% | -58.95% | -111.98% | -21.52% | 34.8% | -0.42% | -85.5% | 55.84% | -17.69% | 16.71% | 12.49% | -112.55% | -88.4% | -10.52% | - |
| FCF per Share | -1.54 | -1.55 | -1.16 | -0.77 | -1.07 | -2.47 | -3.56 | -2.47 | -19.21 | -19.18 | -23.14 | -26.98 | -11.71 | -6.90 | -6.24 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.68x | 0.88x | 0.91x | 0.78x | 0.83x | 1.00x | 0.98x | 0.84x | 0.84x | 0.90x | 0.80x | 0.77x | 1.07x | 0.98x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Regulatory Failure
According to quarterly financial data, Larimar's operating cash flow consistently trails net income, with the 2026Q1 period showing a net cash outflow of $44.6 million, highlighting the persistent disconnect between accounting losses and the actual cash required to sustain the company's clinical development pipeline.
The divergence between net income and operating cash flow suggests that non-cash expenses and working capital fluctuations are masking the true intensity of the company's cash burn. Investors should monitor this gap, as it indicates that the firm's reliance on external financing will likely remain high until clinical milestones are achieved.
As reported in recent financial statements, Larimar's free cash flow trajectory has deteriorated significantly, moving from a $9.5 million outflow in 2023Q4 to a peak burn of $44.6 million in 2026Q1, reflecting the escalating costs associated with late-stage clinical trial execution and manufacturing scale-up.
The consistent negative free cash flow trajectory confirms that the company is in a capital-intensive phase with no offsetting revenue streams. This trend suggests that the firm's runway is highly sensitive to the timing of clinical readouts and the subsequent ability to access equity markets for further funding.
Based on reported figures, Larimar's working capital changes have exhibited significant volatility, swinging from a $16.9 million outflow in 2026Q1 to a $22.6 million inflow in 2025Q4, which suggests that timing differences in clinical trial vendor payments and manufacturing prepayments are driving short-term cash flow fluctuations.
This erratic behavior in working capital appears to be a byproduct of the company's project-based spending rather than operational efficiency. Analysts should interpret these swings as temporary timing effects that do not alter the underlying reality of the company's structural cash burn.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $2.4 million in 2024Q4, serves as a critical non-cash mechanism to preserve liquidity, though it obscures the true economic cost of talent acquisition and increases the potential for future shareholder dilution.
By utilizing equity to compensate personnel, the company effectively shifts the burden of its cash burn onto existing shareholders. This practice warrants further investigation, as it may mask the full extent of the operational expenses required to maintain the company's proprietary protein replacement platform.
Quick answers to the most common questions about buying LRMR stock.
Larimar Therapeutics, Inc. (LRMR) generated $-113.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Larimar Therapeutics, Inc. (LRMR) reported negative free cash flow of $113.3M in 2025, indicating capital requirements exceeded cash from operations.
Larimar Therapeutics, Inc. (LRMR) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.