Liminatus Pharma, Inc. LIMN
Unless otherwise stated or unless the context otherwise requires, the terms "we," "us," "our," the "Registrant," the "Company" and "Liminatus" refer to refer to the business and operations of Liminatus Pharma, LLC, a Delaware limited liability company, prior to the consummation of the Business Combination (as defined below) and to Liminatus Pharma, Inc. and its consolidated subsidiaries (including Liminatus Pharma, LLC) following the consummation of the Business Combination. Furthermore, unless otherwise stated or unless the context otherwise requires, references to "Iris" refer to Iris Acquisition Corp, a Delaware corporation.
Liminatus is a pre-clinical stage, single-asset biopharmaceutical company. Liminatus is developing novel cancer therapies that exploit the body's immune system. The Company's clinical candidate is a humanized anti CD47 monoclonal antibody. The next generation CD47 checkpoint inhibitor's (code name: IBA101) initial indication is expected to be patients with advanced solid cancers including non-small cell lung cancer ("NSCLC").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| R&D | — | $2.7M | — |
| SG&A | $3.0M | $644.6K | — |
| Total operating expenses | $3.0M | $3.3M | — |
| Operating income | -$3.0M | -$3.3M | — |
| Interest expense | $215.9K | $338.9K | — |
| Net income | -$10.2M | -$3.5M | — |
| EPS, basic | -0.43 | -0.20 | — |
| EPS, diluted | -0.43 | -0.20 | — |
| Shares, diluted (wtd. avg.) | $23.8M | $17.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Total current assets | $500.6K | $5.3M | — |
| Property, plant and equipment | $12.2K | $941 | — |
| Total assets | $512.8K | $5.4M | — |
| Accounts payable | $582.2K | $1.5M | — |
| Short-term debt | $1.4M | $20.0M | — |
| Total current liabilities | $10.3M | $24.7M | — |
| Total liabilities | $10.3M | $24.7M | — |
| Retained earnings | -$38.9M | -$28.7M | — |
| Total equity | -$9.8M | -$19.3M | -$15.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$10.0M | -$1.5M | — |
| Depreciation and amortisation | $1.8K | — | — |
| Capital expenditure | $13.1K | — | — |
| Investing cash flow | -$788.1K | -$2.9M | — |
| Financing cash flow | $11.0M | $3.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-076958.
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