Larimar Therapeutics Prices Upsized 20 Mln Public Offering At $5.00 Per Share, Stock Down

Larimar Therapeutics

4.36 EUR -7.63%

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(RTTNews) - Larimar Therapeutics, Inc. (LRMR), a clinical-stage biotechnology company developing treatments for rare diseases, Thursday priced its upsized underwritten public offering of 20 million shares of its common stock at $5 per share. The aggregate gross proceeds from this offering are expected to be $100 million.

Following the news, LRMR is down 10.92%, at $5.30.

Larimar intends to use the net proceeds from the offering to support the development of Nomlabofusp, the firm's lead candidate for Friedreich's ataxia and for working capital and general corporate purposes, including research and development expenses and commercialisation expenses.

The offering is expected to close on or about February 27, 2026.

In addition, Larimar has granted the underwriters a 30-day option to purchase up to an additional 3 million shares of its common stock at the public offering price, less underwriting discounts and commissions.

J.P. Morgan and Guggenheim Securities are acting as joint bookrunning managers for the offering.

LRMR has traded between $1.61 and $6.42 in the last year. The stock closed Wednesday's trade at $5.95, up 61.25%.

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