Lumos Pharma Announces Share Repurchase Program

Lumos Pharma, Inc. (“The Company,” NASDAQ:LUMO), a biopharmaceutical company advancing a novel oral therapeutic candidate, LUM-201, through Phase 2 clinical trials for Pediatric Growth Hormone Deficiency (PGHD), today announced that its board of directors has authorized a share repurchase program to acquire up to $3 million of the Company’s common stock. The Company may purchase common stock on the open market, through privately negotiated transactions, or otherwise, in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. As of June 30, 2022, the Company had approximately $79.5 million of cash, cash equivalents, and marketable securities. The Company had approximately 8.4 million shares outstanding as of August 3, 2022.

“We are confident that our approximately $80 million in cash on hand at the end of the second quarter is sufficient to support operations through our two key data milestones: the interim data readouts for OraGrowtH210 and OraGrowtH212 Trials targeting Pediatric Growth Hormone Deficiency in Q4 2022 and primary outcome readouts for both trials in the second half of 2023,” said Rick Hawkins, Chairman and CEO of Lumos Pharma. “We do not believe that the current market reflects the long-term opportunity Lumos Pharma possesses and therefore believe this share repurchase program is a prudent allocation of capital and will further enhance shareholder value.”

The timing, amount of shares repurchased, and price paid for the stock under this program will depend on market conditions as well as corporate and regulatory limitations, including blackout period restrictions. The repurchase program does not obligate the Company to acquire any shares, and the repurchase program may be suspended or discontinued at any time at the Company`s discretion.

About Lumos Pharma

Lumos Pharma, Inc. is a clinical stage biopharmaceutical company focused on the development and commercialization of therapeutics for rare diseases. Lumos Pharma was founded and is led by a management team with longstanding experience in rare disease drug development and received early funding from leading healthcare investors, including Deerfield Management, a fund managed by Blackstone Life Sciences, Roche Venture Fund, New Enterprise Associates (NEA), Santé Ventures, and UCB. Lumos Pharma’s lead therapeutic candidate is LUM-201, an oral growth hormone stimulating small molecule, currently being evaluated in a Phase 2 clinical trial, the OraGrowtH210 Trial, a PK/PD trial, the OraGrowtH212 Trial, and a switch trial, the OraGrowtH213 Trial for the treatment of Pediatric Growth Hormone Deficiency (PGHD). If approved by the FDA, LUM-201 would provide an orally administered alternative to recombinant growth hormone injections that PGHD patients otherwise endure for many years of treatment. LUM-201 has received Orphan Drug Designation in both the US and EU.