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Liminatus Pharma, Inc.
LIMNWCIK 0001971387NasdaqEmerging GrowthBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-10.21M
Total Assets
$512.8K
Equity
$-9.81M
Shares Out
44.88M
Op. Cash Flow
$-9.96M
Business
Liminatus Pharma, Inc. is a pre-clinical stage biopharmaceutical company developing novel cancer therapies that exploit the immune system. Its lead clinical candidate is IBA101, a humanized anti-CD47 monoclonal antibody designed to block the CD47 'do not eat me' signal on cancer cells and restore immune-cell phagocytosis. The company targets advanced solid cancers, initially non-small cell lung cancer, and plans Phase 1 monotherapy and combination trials with PD-1/PD-L1 checkpoint inhibitors beginning in 2026–2027. Liminatus licenses its CD47 asset from InnoBation Bio Co. Ltd. and relies on third-party contract manufacturers for drug substance and finished product.
Summary from 10-K filed 2026-07-01
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| General and administrative | 3 | 644,619 | |
| Research and development | — | 3 | |
| Total operating expenses | 3 | 3 | |
| Loss from operations | −3 | −3 | |
| Interest expense, related parties | −215,903 | −338,882 | |
| Interest income | 76,589 | 122,526 | |
| Forgiveness of unrelated vendor payables | 2 | — | |
| Change in fair value of deferred underwriting fee - paid in common stock | −196,000 | — | |
| Change in the fair value of warrant liability | 54,312 | 0 | |
| Loss on exchange of common stock for warrants | −2 | — | |
| Fair value of common stock to be issued for contingent liability | −7 | — | |
| Total other expense, net | −7 | −216,356 | |
| Net loss | −10 | −4 | |
| Weighted average shares outstanding - basic (in shares) | 24 | 18 | |
| Weighted average shares outstanding - diluted (in shares) | 24 | 18 | |
| Basic net loss per share (in dollars per share) | −0.43 | −0.2 | |
| Diluted net loss per share (in dollars per share) | −0.43 | −0.2 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-10-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|---|
| Cash | 337,655 | — | 56,319 | — | |
| Loan receivable | — | — | 4 | — | |
| Deferred transaction costs | 0 | — | 1 | — | |
| Prepaid and other current assets | 162,919 | — | 155,501 | — | |
| Total current assets | 500,574 | — | 5 | — | |
| Due from related party, non-current | — | — | 126,275 | — | |
| Property and equipment, net | 12,221 | — | 941 | — | |
| Total non-current assets | 12,221 | — | 127,216 | — | |
| Total assets | 512,795 | — | 5 | — | |
| Accounts payable and accrued expenses | 582,234 | — | 1 | — | |
| Accrued interest, related parties | 203,921 | — | 955,119 | — | |
| Accrued maintenance fee | — | — | 360,000 | — | |
| Short-term debt, related parties | 1 | — | 20 | — | |
| Deferred underwriting fee payable | 500,000 | 500,000 | — | — | |
| Settlement payable | 7 | — | — | — | |
| Total current liabilities | 10 | — | 25 | — | |
| Warrant liability | 29,244 | — | — | — | |
| Total liabilities | 10 | — | 25 | — | |
| Commitments and Contingencies (Note 7) | — | — | — | — | |
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | — | — | — | — | |
| Common stock, $0.0001 par value; 500,000,000 shares authorized; 27,064,633 and 17,500,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 2,706 | — | 1,750 | — | |
| Additional paid-in capital | 29 | — | 9 | — | |
| Accumulated deficit | −39 | — | −29 | — | |
| Total stockholders' deficit | −10 | — | −19 | −16 | |
| Total liabilities and stockholders' deficit | 512,795 | — | 5 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Net loss | −10 | −4 | |
| Forgiveness of related party receivables | 126,275 | — | |
| Depreciation | 1,828 | — | |
| Due from related party, current | −3 | — | |
| Prepaid and other current assets | 324,609 | −133,251 | |
| Accounts payable and accrued expenses | −4 | −10,747 | |
| Accrued interest, related parties | 215,903 | 338,882 | |
| Accrued maintenance fee | — | 360,000 | |
| Due to research and development partner | — | 2 | |
| Due to related party | −62,467 | — | |
| Net cash used in operating activities | −10 | −1 | |
| Loans to Iris Acquisition Corp | −775,000 | −3 | |
| Purchases of property and equipment | −13,108 | — | |
| Net cash used in investing activities | −788,108 | −3 | |
| Gross proceeds from issuance of common stock for PIPE investment | 11 | — | |
| Payment of transaction costs | −3 | — | |
| Proceeds from issuance of short-term debt, related party | 4 | 4 | |
| Repayment of short-term debt, related party | −1 | — | |
| Net cash provided by financing activities | 11 | 4 | |
| Net change in cash | 281,336 | −378,066 | |
| Liabilities assumed in connection with the Business Combination | 11 | — | |
| Fair value of shares to be issued to underwriter on date of the Business Combination | 7 | — | |
| Transaction costs incurred upon closing of the Business Combination | 2 | — | |
| Settlement of loans to Iris Acquisition Corp upon closing of the Business Combination | 4 | — | |
| Issuance of common stock to Iris Acquisition Holdings, LLC | 690 | — | |
| Conversion of related party short-term debt into common stock | 15 | — | |
| Non-cash conversion of short term debt, related parties for PIPE Funds | 3 | — | |
| Non-cash impact to APIC for the forgiveness of accrued interest on converted related party debt | 169,201 | — | |
| Issuance of common stock to underwriter | 7 | — | |
| Deferred transaction costs in accounts payable | — | 561,441 |
Filings
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Frequently asked questions
What is Liminatus Pharma, Inc.'s CIK number?
Liminatus Pharma, Inc.'s SEC CIK number is 0001971387 (1971387). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Liminatus Pharma, Inc.'s SEC filings?
All of Liminatus Pharma, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.