The company operates without revenue, resulting in a consistent operating loss that reached $64.0 million in 2025Q4 as R&D intensity continues to escalate.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 155K | 78K | 261K | 188K | 212K | 70K | 0 | 12K | 11K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -155K | -78K | -261K | -188K | -212K | -70K | 0 | -12K | -11K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -98.72% | 70.11% | -38.83% | 11.32% | -202.86% | - | 100% | -9.09% | - |
| Operating Expenses | 172.43M | 172.5M | 90.89M | 41.76M | 36.53M | 50.47M | 42.65M | 23.21M | 62.46M | 53.69M | 56.91M | 73.74M | 35.53M | 13.77M | 13.78M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 19.82M | 18.27M | 17.61M | 14.09M | 12.28M | 12.07M | 11.4M | 2.42M | 12.93M | 11.95M | 17.14M | 19.13M | 8.14M | 4.21M | 2.24M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 152.7M | 154.22M | 73.28M | 27.67M | 24.25M | 38.4M | 31.25M | 20.79M | 49.53M | 41.74M | 39.77M | 54.62M | 27.39M | 9.56M | 11.54M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -100K | 0 | 0 | 0 | 0 | 0 | 0 | 82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -172.43M | -172.5M | -90.89M | -41.76M | -36.53M | -50.47M | -42.8M | -23.21M | -62.72M | -53.88M | -57.12M | -73.81M | -35.53M | -13.78M | -13.79M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -89.79% | -117.66% | -14.32% | 27.62% | -17.9% | -84.39% | 62.99% | -16.42% | 5.68% | 22.61% | -107.74% | -157.85% | 0.08% | - |
| EBITDA | -172.16M | -172.15M | -90.57M | -41.45M | -36.21M | -50.14M | -42.65M | -23.14M | -62.46M | -53.69M | -56.91M | -73.74M | -35.53M | -13.77M | -13.78M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -63.94% | -90.07% | -118.52% | -14.47% | 27.78% | -17.56% | -84.34% | 62.96% | -16.34% | 5.66% | 22.83% | -107.54% | -158.08% | 0.09% | - |
| D&A (Non-Cash Add-back) | 262K | 350K | 318K | 311K | 318K | 326K | 155K | 78K | 261K | 188K | 212K | 70K | 0 | 12K | 11K |
| EBIT | -170.64M | -172.5M | -90.89M | -41.76M | -36.53M | -50.47M | -42.8M | -23.21M | -61.07M | -52.76M | -57.65M | -73.48M | -35.61M | -14.03M | -13.78M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25K | 547K | -368K | 898K | 0 | -97K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 996K | 894K | 438K | 28K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 971K | 347K | 806K | -870K | 0 | 97K |
| Other Income/Expense | 6.42M | 6.82M | 10.29M | 4.81M | 1.17M | -171K | 322K | 82K | -246K | 947K | -1.06M | -473K | -1.04M | -247K | -89K |
| Pretax Income | -166M | -165.67M | -80.6M | -36.95M | -35.35M | -50.64M | -42.48M | -23.13M | -62.97M | -52.93M | -58.18M | -74.29M | -36.57M | -14.03M | -13.88M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.6M | -900K | -300K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 2.54% | 1.7% | 0.52% | 0% | 0% | 0% | 0% |
| Net Income | -166M | -165.67M | -80.6M | -36.95M | -35.35M | -50.64M | -42.33M | -23.13M | -61.37M | -52.03M | -57.88M | -74.29M | -36.57M | -14.03M | -13.88M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -74.32% | -105.54% | -118.15% | -4.51% | 30.18% | -19.63% | -82.98% | 62.31% | -17.95% | 10.11% | 22.09% | -103.13% | -160.71% | -1.06% | - |
| Net Income (Continuing) | -166M | -165.67M | -80.6M | -36.95M | -35.35M | -50.64M | -42.48M | -23.13M | -61.37M | -52.03M | -57.88M | -74.29M | -36.57M | -14.03M | -13.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.95 | -2.27 | -1.32 | -0.84 | -1.33 | -2.93 | -3.56 | -2.51 | -22.85 | -22.76 | -25.44 | -33.32 | -15.14 | -6.54 | -6.40 |
| EPS Growth % | -40.94% | -71.97% | -57.14% | 36.84% | 54.61% | 17.7% | -41.83% | 89.02% | -0.4% | 10.53% | 23.65% | -120.08% | -131.5% | -2.19% | - |
| EPS (Basic) | - | -2.27 | -1.32 | -0.84 | -1.33 | -2.93 | -3.56 | -2.51 | -22.85 | -22.76 | -25.44 | -33.32 | -15.14 | -6.54 | -6.40 |
| Diluted Shares Outstanding | 85.18M | 72.95M | 61.26M | 43.9M | 25.76M | 17.16M | 11.88M | 9.21M | 2.69M | 2.29M | 2.27M | 2.23M | 2.42M | 2.18M | 2.18M |
| Basic Shares Outstanding | 85.18M | 72.95M | 61.26M | 43.9M | 25.76M | 17.16M | 11.88M | 9.21M | 2.69M | 2.29M | 2.27M | 2.23M | 2.42M | 2.18M | 2.18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Regulatory Failure
As reported in recent financial filings, Larimar's quarterly R&D expenses surged to $59.4 million in 2025Q4, reflecting a significant ramp-up in clinical trial activities and manufacturing processes compared to the $10.6 million recorded in 2023Q4, underscoring the company's heavy reliance on sustained capital deployment for development.
The sharp increase in R&D spending suggests an aggressive push to advance the CTI-1601 program through critical clinical milestones. Investors should monitor whether this elevated cost structure is a temporary peak associated with trial enrollment or a permanent shift in the company's operational burn rate.
Based on the company's income statement history, Larimar continues to operate without revenue, resulting in a consistent operating loss that reached $64.0 million in 2025Q4, as the firm prioritizes clinical development over the establishment of any commercial infrastructure or scalable operating leverage at this stage.
The absence of revenue means that every dollar of SG&A and R&D expense directly impacts the bottom line, leaving no room for operational efficiency gains. The current financial profile indicates that the company is entirely dependent on external financing to cover its ongoing operating deficits.
According to quarterly data, Larimar consistently utilizes stock-based compensation, with figures reaching $2.4 million in 2024Q4, which serves to mitigate cash outflows but simultaneously increases the share count, potentially diluting future earnings per share for existing shareholders as the company progresses toward potential commercialization.
While stock-based compensation preserves cash in a capital-intensive environment, it represents a non-cash expense that masks the true economic cost of talent retention. Analysts should adjust for these items when evaluating the company's long-term capital efficiency and the potential for future equity dilution.
Financial statements indicate that 2025Q4 marked a significant inflection point in the company's history, with R&D expenses peaking at $59.4 million, a level that appears to correlate with intensified efforts to resolve regulatory hurdles and accelerate the development of its lead protein replacement therapy.
This period of peak spending likely reflects the high costs associated with complex biologics manufacturing and the expansion of clinical trial sites. The sustainability of this spending level warrants further investigation, as it directly dictates the company's remaining cash runway and the timing of future financing needs.
Quick answers to the most common questions about buying LRMR stock.
For fiscal year 2025, Larimar Therapeutics, Inc. (LRMR) reported total revenue of $0.0M.
Larimar Therapeutics, Inc. (LRMR) reported a net loss of $165.7M for the fiscal year ending 2025.