Liminatus Pharma, Inc. has reported its financial results for the fiscal year ending December 31, 2025, revealing a net loss of $10.2 million, a significant increase from a loss of $3.5 million in the previous year. The company's total operating expenses for 2025 were approximately $2.97 million, a decrease from $3.33 million in 2024, primarily due to a reduction in research and development costs following the termination of its license agreements with Targeted Diagnostics & Therapeutics, Inc. (TDT). The company did not generate any revenue during either fiscal year, underscoring its pre-clinical stage status.
In terms of strategic developments, Liminatus completed a business combination with Iris Acquisition Corp on April 30, 2025, which resulted in a significant restructuring of its capital. Following the merger, the company issued 27,064,633 shares of common stock, increasing its market capitalization to approximately $221 million as of June 30, 2025. The company also raised $15 million through a private investment in public equity (PIPE) financing, which was part of the business combination. As of March 27, 2026, Liminatus had 44,877,633 shares of common stock outstanding.
Operationally, Liminatus is focused on developing its lead product candidate, IBA101, a humanized anti-CD47 monoclonal antibody aimed at treating advanced solid tumors, including non-small cell lung cancer. The company has completed key preclinical studies and is preparing for a Phase 1 clinical trial, which is scheduled to begin in 2026. The company’s workforce remains small, with only one full-time employee as of December 31, 2025, although it plans to expand its team to support its development and commercialization efforts.
Looking ahead, Liminatus faces challenges in maintaining compliance with Nasdaq listing requirements, having received notices regarding its market value and bid price. The company has until mid-2026 to regain compliance or face potential delisting. Management has expressed substantial doubt about its ability to continue as a going concern, emphasizing the need for additional financing to support ongoing operations. The company is actively seeking to raise capital through equity and debt financing to fund its clinical development plans and operational needs.
About Liminatus Pharma, Inc.
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