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LIMN

Liminatus Pharma, Inc. Class A Common Stock

LIMN

Liminatus Pharma, Inc. Class A Common Stock • NASDAQ
$1.04 ▲ 6.55% (+0.06)
Market Cap $28.15 M
52w High $33.66
52w Low $0.61
Dividend Yield 0%
P/E -6.5
Volume 176.87K
Outstanding Shares 27.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $701.17K ▼ $-1.823M ▼ 0% $-0.068 ▼ $-1.804M ▼
Q2-2025 $0 $1.118M ▲ $113.287K ▲ 0% $0.005 ▲ $176.318K ▲
Q1-2025 $0 $255 ▼ $-255 ▲ 0% $-2.55 ▼ $-255 ▲
Q4-2024 $0 $522.788K ▼ $-868.314K ▼ 0% $-0.12 ▼ $-728.5K ▼
Q3-2024 $0 $1.02M $-642.9K 0% $-0.09 $-637.737K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $724.502K ▼ $1.342M ▼ $2.988M ▼ $-1.646M ▲
Q2-2025 $1.338M ▲ $1.909M ▲ $10.716M ▲ $-8.807M ▼
Q1-2025 $0 ▼ $0 ▼ $1.06K ▼ $-1.06K ▲
Q4-2024 $804.538K ▲ $2.829M ▼ $18.699M ▲ $-15.87M ▼
Q3-2024 $358.181K $3.068M $17.323M $-14.255M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.823M ▼ $-600.612K ▲ $-13.108K ▲ $0 ▼ $-613.72K ▼ $-613.72K ▲
Q2-2025 $113.287K ▲ $-8.976M ▼ $-775K ▼ $11.033M ▲ $1.338M ▲ $-8.976M ▼
Q1-2025 $-255 ▲ $0 ▲ $0 ▲ $0 ▼ $0 ▼ $0 ▲
Q4-2024 $-868.314K ▼ $-785.495K ▼ $-57.343K ▼ $550K ▲ $446.357K ▲ $-785.5K ▼
Q3-2024 $-642.9K $-729.355K $485.533K $262.8K $18.978K $-729.36K

Five-Year Company Overview

Income Statement

Income Statement Liminatus is still in the pre‑revenue stage, so there is effectively no sales or gross profit yet. The story is all about research spending and corporate costs, which show up as accounting losses per share. Those losses appear to have widened more recently, which is typical for a company moving from concept toward clinical readiness but also means the business is not close to economic self‑sufficiency. Until human trial data arrives, the income statement will mainly reflect spending rather than commercial performance.

Balance Sheet

Balance Sheet The balance sheet looks very thin and somewhat fragile. Reported assets are small, cash has been minimal at points, and equity has slipped into negative territory, meaning obligations outweigh the book value of assets. There is some debt already, which adds pressure for a company without revenue. Going forward, Liminatus is likely to depend heavily on outside financing, and existing shareholders could face dilution as additional capital is raised. Any move into digital assets on the treasury side also introduces balance sheet volatility on top of already tight resources.

Cash Flow

Cash Flow There is no meaningful operating or free cash flow yet, which is what you’d expect for a preclinical biotech with no product sales. In practice, cash will flow out for research, development, and overhead, and flow in only when the company raises money through equity, debt, or partnerships. The stated intention to invest part of the treasury in cryptocurrencies could make cash flows more erratic and sensitive to market swings, which is unusual for a small biotech that already needs predictable funding to support long, expensive trials.

Competitive Edge

Competitive Edge Liminatus sits in a crowded and strategically important niche of immuno‑oncology focused on CD47, a target that many larger and better‑funded players are already pursuing. Its edge rests on the idea that IBA101 may be safer and more selective than earlier CD47 drugs, which ran into toxicity issues. The company does have a notable partnership with a leading cancer center and exclusive rights to its lead antibody, but it is essentially a single‑asset, early‑stage player going up against competitors that are further along and more diversified. Its competitive strength will be determined almost entirely by how clearly IBA101 can differentiate on safety and efficacy in human trials.

Innovation and R&D

Innovation and R&D Innovation is the core of the Liminatus story. IBA101 is designed as a second‑generation CD47 antibody that tries to avoid the blood‑related side effects seen with first‑generation drugs, while still unlocking the immune system to attack tumors. Preclinical data suggest a cleaner safety profile and potential synergy with other immunotherapies, which are promising but still unproven in patients. The company has narrowed its pipeline to this single program after dropping earlier vaccine and cell therapy licenses, so its R&D is highly concentrated: success could be meaningful, but any scientific or clinical setback would leave little else in reserve.

Summary

Liminatus is an early, high‑risk biotechnology company built almost entirely around one experimental cancer drug, IBA101. Financially, it has no revenue, ongoing losses, and a light, sometimes negative, equity base, meaning it will need regular external funding to keep moving forward. Strategically, it operates in a competitive field where many larger companies are also targeting CD47, and its main differentiator is the hope of a safer and more versatile antibody. The decision to explore cryptocurrency investments within its treasury adds an extra layer of uncertainty to an already fragile financial profile. Over the next several years, the key swing factor will be whether IBA101 can show clearly better safety and meaningful anti‑tumor activity in early clinical trials; until then, the company’s outlook remains highly uncertain and tightly tied to a single scientific bet.

NEWS

October 30, 2025 · 10:04 AM UTC

Liminatus Pharma, Inc. (NASDAQ: LIMN) Signs MOU with Capital Trust Group for USD 30 Million Equity Investment via an earn-out mechanism and Future Strategic Cooperation

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