Larimar Therapeutics Inc Unlocking Commercial Potential in FA; Initiating at Overweight

研报英文原文证据摘录

Larimar Therapeutics Inc Unlocking Commercial Potential in FA; Initiating at Overweight

Tessa T Romero AC North America Equity Research

(1-212) 622-4484 27 May 2026 J P M O R G A N

tessa.t.romero@jpmchase.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We rate Larimar Therapeutics shares Overweight. The

company’s lead asset is nomlabofusp (nomla), which is a

subcutaneously administered, recombinant fusion protein

intended to deliver frataxin (FXN) to the mitochondria of

patients with Friedreich’s ataxia (FA). It is currently being

evaluated in an ongoing open-label study, the results from which

are expected to support a rolling BLA submission for U.S.

Accelerated Approval (AA) in June 2026 and a potential

approval and launch in 1H27. If successful, nomla in our view

YTD 1m 3m 12m could offer a disease-modifying approach for FA and establish

Abs -9.4% -24.3% 16.2% 78.8% a new standard of care for patients with high unmet need.

Rel -12.6% -21.7% 17.6% 34.4%

Valuation

Company Data

Our Dec 2027 price target of $9 is derived by a combination of

Shares O/S (mn) 159

52-week range ($) 6.42-1.80 DCF and SOTP analyses, which include probability-adjusted

Market cap ($ mn) 552.85 peak net revenues for nomla in FA in the U.S. (~$600M at 60%

Exchange rate 1.00 POS) and Europe (~$400M at 30% POS) as well as projected net

Free float (%) 64.1%

3M ADV (mn) 4.37 cash. Our DCF assumes an 11.0% discount rate as well as a

3M ADV ($ mn) 20.7 terminal growth rate of -1%, while our SOTP analysis applies a

Volatility (90 Day) 115 6.5x sales multiple.

Index NASDAQ BIOTECH

BBG ANR (Buy | Hold | Sell) 9|0|0

Key Metrics (FYE Dec) Performance Drivers

$ in millions FY25A FY26E FY27E FY28E

Financial Estimates

Revenue 0 0 43 160

Adj. EBITDA (172) (178) (159) (66)

Adj.