Liminatus Pharma Reports Increased Net Loss and Financial Deficit Following Business Combination

Liminatus Pharma, Inc., formerly known as Iris Parent Holding Corp., reported a net loss of $255,000 for the three months ending March 31, 2025, compared to a net loss of $247,000 for the same period in 2024. The increase in loss is attributed to franchise tax expenses, which rose slightly from $247,000 to $255,000 year-over-year. The company has not generated any revenue as it has not engaged in substantive operations prior to the completion of its business combination on April 30, 2025.

The company’s financial position reflects a total stockholder's deficit of $1.06 million as of March 31, 2025, an increase from a deficit of $805,000 at the end of the previous fiscal year. This change is primarily due to the accumulation of losses since inception. Current liabilities also increased, with accrued expenses rising from $805,000 to $1.06 million over the same period. The company has no cash on hand, indicating a need for additional funding to support future operations.

Strategically, Liminatus Pharma completed a significant business combination with Liminatus Pharma, LLC, which was finalized on April 30, 2025. This merger involved the acquisition of Liminatus and the restructuring of the company, including a name change and the transition to trading on the Nasdaq under the symbols "LIMN" and "LIMNW." The merger was part of a broader strategy to enhance the company’s market presence and operational capabilities. Following the merger, the company issued 17.5 million shares of common stock and raised $15 million through a private placement to support its future endeavors.

As of the end of the reporting period, Liminatus Pharma had 100 shares of common stock outstanding, with no significant changes in employee headcount reported. The company is classified as a smaller reporting company and an emerging growth company, which allows it to take advantage of certain regulatory exemptions. However, the company has expressed concerns regarding its ability to continue as a going concern, citing insufficient funds to sustain operations for the next twelve months.

Looking ahead, Liminatus Pharma anticipates incurring increased expenses related to its transition to a publicly traded company, including legal and compliance costs. The company has not yet established a clear operational strategy post-merger, and its future performance will depend on its ability to effectively leverage the resources from the business combination and the capital raised. The management has indicated that the results of operations for the interim periods may not be indicative of future performance, emphasizing the uncertainties that lie ahead.