BALA CYNWYD, PA — Larimar Therapeutics, Inc. (Nasdaq: LRMR) has released its financial results for the third quarter of 2024, alongside updates on its nomlabofusp program aimed at treating Friedreich’s ataxia (FA). This quarter’s developments highlight the company’s focus on advancing its therapeutic pipeline and maintaining a strong financial position to support ongoing and future projects.
In a significant update, Larimar plans to share mid-December results from its open label extension (OLE) study for nomlabofusp. This update will include safety, pharmacokinetic (PK), and frataxin data from patients receiving 25 mg doses daily for up to 180 days. Additionally, a PK run-in study targeting adolescent patients is scheduled to begin by year-end, with a global confirmatory study set for mid-2025.
Financially, Larimar ended the quarter with $203.7 million in cash, cash equivalents, and marketable securities, providing a cash runway into 2026. The company reported a net loss of $15.5 million, equating to $0.24 per share, compared to a $9.1 million loss in the same period last year. Increased expenses reflected heightened research and development efforts, particularly in manufacturing and scaling nomlabofusp, alongside higher personnel and clinical costs.
CEO Carole Ben-Maimon emphasized the potential of nomlabofusp as a pioneering treatment for FA. “Our nomlabofusp program continues to advance, with the potential to be the first frataxin protein replacement therapy for patients with FA,” she stated. The company also secured an Innovative Licensing and Access Pathway (ILAP) designation from the UK’s MHRA, aimed at expediting market access for this therapy.
Larimar is preparing for presentations at the International Congress for Ataxia Research (ICAR) in November, where it will share new data from its Phase 1 and 2 studies. These will cover exploratory gene and lipid expression results, as well as dose response and baseline disease characteristics.
The company is committed to refining its market entry strategy by understanding unmet needs within the FA landscape, with a Biologics License Application submission planned for the latter half of 2025 to support potential accelerated approval.
Larimar’s strategic focus remains on scaling manufacturing capabilities and engaging with regulatory bodies to ensure swift progression toward bringing innovative treatments to patients worldwide.
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