Lumos Pharma, Inc. (LUMO) Bundle
A Brief History of Lumos Pharma, Inc.
Company Overview
Lumos Pharma, Inc. is a biotechnology company focused on developing innovative therapies for rare diseases. The company’s lead product candidate is LUM-201, aimed at treating pediatric growth hormone deficiency (PGHD).
Financial Performance
As of September 30, 2024, Lumos Pharma reported total revenues of $1.379 million, marking a 13% increase from $1.225 million in the same period of 2023. The increase is primarily attributed to higher royalty revenue related to the sales of ERVEBO®.
Operating Expenses
For the nine months ended September 30, 2024, Lumos Pharma incurred total operating expenses of $27.704 million, a slight decrease from $27.835 million in the previous year. The breakdown of these expenses is as follows:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change |
|---|---|---|---|
| Research and Development | $16,030 | $15,439 | +4% |
| General and Administrative | $11,674 | $12,396 | -6% |
Net Loss
The net loss for Lumos Pharma for the nine months ended September 30, 2024, was $25.459 million, compared to a net loss of $24.577 million for the same period in 2023. This translates to a net loss per share of $3.11 for 2024, versus $3.01 for 2023.
Cash Flow and Liquidity
As of September 30, 2024, Lumos Pharma had approximately $13.5 million in cash and cash equivalents, down from $36.1 million at the end of 2023. The company reported a net cash used in operating activities of $24.280 million for the nine months ended September 30, 2024, compared to $23.702 million in the same period of 2023.
Accumulated Deficit
As of September 30, 2024, the accumulated deficit stood at approximately $187.0 million, reflecting the company's ongoing investment in research and development without generating substantial revenue from product sales.
Future Outlook
Lumos Pharma is currently preparing for its LUM-201 Phase 3 trial, which is expected to require significant additional capital. The company will need to secure financing to continue its operations and advance its clinical programs, with estimates indicating a requirement of approximately $85 million to $100 million through the fourth quarter of 2026.
Market Conditions
The biotechnology sector has faced volatility, impacting stock prices and investor sentiment. As of September 30, 2024, Lumos Pharma's public float was calculated at $27.7 million, which subjects the company to restrictions under certain regulatory frameworks affecting its ability to conduct primary offerings.
A Who Owns Lumos Pharma, Inc. (LUMO)
Current Ownership Structure
As of 2024, Lumos Pharma, Inc. (LUMO) has a complex ownership structure primarily comprising institutional investors, individual shareholders, and company executives. The anticipated completion of the 2024 Merger will further influence ownership dynamics.
Major Shareholders
The following table provides a summary of major shareholders and their respective ownership percentages as of November 5, 2024:
| Shareholder | Shares Owned | Ownership Percentage |
|---|---|---|
| DPV | Approx. 1,525,000 | 17.7% |
| Institutional Investors | Approx. 3,500,000 | 40.4% |
| Insider Holdings (Executives & Directors) | Approx. 1,250,000 | 14.5% |
| Other Shareholders | Approx. 2,373,618 | 27.4% |
Recent Changes in Ownership
In 2024, Lumos Pharma experienced changes in its shareholder base due to sales under a Controlled Equity Offering. The company sold approximately 520,091 shares, raising about $1.7 million net of costs, which diluted existing shareholders but provided necessary capital for ongoing operations .
Insider Transactions
Insider ownership is significant, with executives and board members holding approximately 14.5% of the total shares. This includes stock options and restricted stock units that further align management's interests with those of shareholders .
Institutional Investor Activity
Institutional investors control approximately 40.4% of Lumos Pharma's shares, indicating strong market confidence in the company. The involvement of institutional investors is crucial for providing stability and access to capital .
Future Ownership Dynamics
The anticipated merger with DPV is expected to close by the end of 2024, which will significantly alter the ownership structure. Executives, directors, and stockholders collectively holding approximately 17.7% of the common stock have signed tender and support agreements to facilitate this merger .
Conclusion of Ownership Overview
The ownership landscape of Lumos Pharma, Inc. is characterized by a mix of institutional, insider, and retail investors, with significant changes expected due to the upcoming merger. The dynamics of ownership will continue to evolve as the company navigates its clinical trials and funding requirements in the coming years.
Lumos Pharma, Inc. (LUMO) Mission Statement
Lumos Pharma, Inc. is dedicated to advancing the development of innovative therapies for patients with rare diseases, particularly focusing on pediatric growth hormone deficiency (PGHD). The company aims to provide safe and effective treatment options where significant unmet medical needs exist.
Financial Overview
As of September 30, 2024, Lumos Pharma reported an accumulated deficit of approximately $187.0 million and cash and cash equivalents of approximately $13.5 million.
| Financial Metric | Amount (in millions) |
|---|---|
| Accumulated Deficit | $187.0 |
| Cash and Cash Equivalents | $13.5 |
| Net Loss (Q3 2024) | $7.467 |
| Net Loss (YTD 2024) | $25.459 |
| Net Loss per Share (Basic and Diluted, Q3 2024) | $0.90 |
| Weighted Average Shares Outstanding (Q3 2024) | 8,327,488 |
Research and Development Focus
The primary focus of Lumos Pharma is the development of LUM-201, a growth hormone secretagogue aimed at treating PGHD. The company is preparing for its Phase 3 clinical trial, which is expected to begin in Q2 2025.
Operating Expenses
For the nine months ended September 30, 2024, Lumos Pharma reported total operating expenses of approximately $27.704 million, with research and development expenses accounting for $16.030 million and general and administrative expenses at $11.674 million.
| Operating Expense Category | Amount (in millions) |
|---|---|
| Research and Development | $16.030 |
| General and Administrative | $11.674 |
| Total Operating Expenses | $27.704 |
Revenue Generation
Lumos Pharma has not yet generated revenue from commercial sales of its products. However, it has earned royalty revenues from the sale of the ERVEBO® vaccine, with total revenues for the nine months ended September 30, 2024, amounting to $1.379 million.
Future Financial Needs
To fund its ongoing operations and the Phase 3 trial for LUM-201, Lumos Pharma estimates that it will require additional capital ranging from $85 million to $100 million through the end of 2026.
Merger and Strategic Plans
Lumos Pharma is currently in the process of completing a merger that could provide necessary financing. The company has taken measures to delay or reduce the scope of its research programs until the merger closes.
Stockholder Equity
As of September 30, 2024, Lumos Pharma's total stockholders' equity stood at approximately $4.914 million, with common stock authorized at 75 million shares and issued shares at 8,679,053.
| Equity Metric | Amount (in millions) |
|---|---|
| Total Stockholders' Equity | $4.914 |
| Authorized Shares | 75 million |
| Issued Shares | 8,679,053 |
How Lumos Pharma, Inc. (LUMO) Works
Company Overview
Lumos Pharma, Inc. focuses on developing innovative therapeutics for patients with unmet medical needs, particularly in rare diseases. The company's lead product candidate is LUM-201, aimed at treating Pediatric Growth Hormone Deficiency (PGHD).
Financial Performance
As of September 30, 2024, Lumos Pharma reported a net loss of $25.459 million, compared to a net loss of $24.577 million for the same period in 2023. The company has a weighted average of 8,179,341 shares outstanding.
| Financial Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | $25.459 million | $24.577 million |
| Net Loss per Share (Basic and Diluted) | $3.11 | $3.01 |
| Cash and Cash Equivalents | $13.519 million | $35.078 million |
| Accumulated Deficit | $186.976 million | $161.517 million |
| Total Stockholders' Equity | $4.914 million | $27.305 million |
Revenue Streams
Lumos Pharma has reported total revenues of $1.379 million for the nine months ended September 30, 2024, up from $1.225 million in the same period of 2023. This increase is primarily attributed to royalty revenue from the sales of ERVEBO®.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $27.704 million, slightly down from $27.835 million in 2023. The breakdown includes:
- Research and Development: $16.030 million (2024) vs. $15.439 million (2023)
- General and Administrative: $11.674 million (2024) vs. $12.396 million (2023)
Cash Flow Analysis
For the nine months ended September 30, 2024, Lumos Pharma recorded:
- Net cash used in operating activities: $(24.280 million)
- Net cash provided by investing activities: $1.000 million
- Net cash provided by financing activities: $1.721 million
| Cash Flow Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Cash Used in Operating Activities | $(24.280 million) | $(23.702 million) |
| Net Cash Provided by Investing Activities | $1.000 million | $4.570 million |
| Net Cash Provided by (Used in) Financing Activities | $1.721 million | $(1.318 million) |
| Net Decrease in Cash and Cash Equivalents | $(21.559 million) | $(20.450 million) |
Clinical Development and Product Pipeline
Lumos Pharma is advancing its clinical development program for LUM-201, which is currently in Phase 3 trials. The company expects to incur significant expenses in this area as it prepares for and conducts these trials.
Liquidity and Capital Resources
As of September 30, 2024, Lumos Pharma had approximately $13.5 million in cash and cash equivalents. The company anticipates needing between $85 million and $100 million to fund its operations and clinical trials through the end of 2026.
Stockholder Information
As of September 30, 2024, the total number of outstanding shares was 8,648,243. The company has experienced changes in stockholder equity, with a total stockholder's equity of $4.914 million.
| Stockholder Metrics | As of September 30, 2024 |
|---|---|
| Total Outstanding Shares | 8,648,243 |
| Common Stock Par Value | $0.01 |
| Accumulated Other Comprehensive Loss | $10.275 million |
How Lumos Pharma, Inc. (LUMO) Makes Money
Revenue Streams
Lumos Pharma primarily generates revenue through royalty payments associated with its licensed product, the Ebola vaccine ERVEBO, developed in collaboration with Merck. As of September 30, 2024, Lumos reported royalty revenue of $1.379 million for the nine months ended September 30, 2024, compared to $1.225 million during the same period in 2023, indicating a 13% increase year-over-year.
| Period | Royalty Revenue ($) | Change ($) | Change (%) |
|---|---|---|---|
| Q3 2024 (9 months) | 1,379,000 | 154,000 | 13% |
| Q3 2023 (9 months) | 1,225,000 | - | - |
Research and Development Expenses
The company incurs significant costs in research and development (R&D) as it focuses on advancing its product candidate, LUM-201. For the nine months ended September 30, 2024, Lumos reported R&D expenses of $16.030 million, a slight increase from $15.439 million in the same period in 2023.
Operating Expenses
Operating expenses for Lumos include both R&D and general and administrative (G&A) costs. For the nine months ended September 30, 2024, total operating expenses were $27.704 million, compared to $27.835 million in the prior year. This reflects a decrease in G&A expenses to $11.674 million from $12.396 million in 2023.
| Type of Expense | 2024 ($) | 2023 ($) | Change ($) |
|---|---|---|---|
| Research and Development | 16,030,000 | 15,439,000 | 591,000 |
| General and Administrative | 11,674,000 | 12,396,000 | (722,000) |
| Total Operating Expenses | 27,704,000 | 27,835,000 | (131,000) |
Net Loss and Financial Position
As of September 30, 2024, Lumos reported a net loss of $25.459 million, compared to a net loss of $24.577 million for the same period in 2023. The company's accumulated deficit has reached approximately $187.0 million.
| Metric | 2024 ($) | 2023 ($) |
|---|---|---|
| Net Loss | 25,459,000 | 24,577,000 |
| Accumulated Deficit | 187,000,000 | 161,517,000 |
Cash Flow and Liquidity
For the nine months ended September 30, 2024, Lumos reported a net cash used in operating activities of $24.280 million, compared to $23.702 million for the same period in 2023. As of September 30, 2024, Lumos had cash and cash equivalents of approximately $13.5 million.
| Cash Flow Activity | 2024 ($) | 2023 ($) |
|---|---|---|
| Net Cash Used in Operating Activities | (24,280,000) | (23,702,000) |
| Cash and Cash Equivalents | 13,500,000 | 35,078,000 |
Future Financial Needs
Lumos anticipates needing between $85 million and $100 million to fund operations and clinical trials through the end of 2026. The company is currently exploring options for financing, including completing a merger in 2024.
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Resources:
- Lumos Pharma, Inc. (LUMO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Lumos Pharma, Inc. (LUMO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Lumos Pharma, Inc. (LUMO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.