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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | — | — | — |
| Gross profit | — | — | — |
| Net income | — | -$3.5M | -$10.2M |
Recent filings and events
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Delisting notice Item 3.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Charter or fiscal year changed Item 5.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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