Regulatory/Data Updates In 2Q26 Most In Focus

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Regulatory/Data Updates In 2Q26 Most In Focus

Company Report

May 14, 2026 Larimar Therapeutics, Inc. (LRMR)

Rating: Regulatory/Data Updates In 2Q26 Most In FocusOUTPERFORM

Price:

$3.85 The Wedbush View

12-Month Price Target:

$12.00 (from $13.00) Remain Outperform rated on LRMR, new $12 target. Most notable in the update,

LRMR remains on track to start its rolling BLA submission for nomlabofusp in

Analysts 2Q26. Completion of all modules will wrap in 2H26 as the CMC section concludes.

Laura Chico, Ph.D. Assuming submission by ~September, we still see potential for a 2Q27 US launch.

(212) 668-9868 Nomlabofusp would be eligible for a PRV upon approval and while this will help

Laura.Chico@wedbush.com extend cash runway, we do think addressing this earlier may be preferred. We

Thomas Yip are maintaining our nomlabofusp launch timing (2Q27) but moderating the initial

(707) 521-2281 trajectory. We also assume a secondary offering in 1Q27. Staying consistent withthomas.yip@wedbush.com

our valuation methodology, our target drops $1 to $12. We remain Outperform

rated on LRMR as we see nomlabofusp holding disease-modifying potential in FA.

Company Information

Market Cap (M) $426 Key focus in 1Q26 update remains on regulatory. LRMR reported 1Q26 results

Enterprise Value (M) $289 which included GAAP EPS of $(0.31), compared to consensus $(0.54), WS $(0.30).

Shares Outst (M) 103.9 Exiting 1Q26, LRMR reported cash/equivalents of $200M. We note this figure

52-Week Range $1.73 - $6.42 incorporates the ~$108M in total net proceeds from the February offering.Tangible Book Value/sh $0.94

Yield 0.00% Management reiterates cash runway extending into 2Q27. Nomlabofusp regulatory

and data updates remain the biggest driver for LRMR shares in the near-term, and