Liminatus Pharma Reports Net Income of $113,287 in Q2 2025, Significant Improvement from Prior Year

Liminatus Pharma, Inc. reported its financial results for the second quarter of 2025, revealing a net income of $113,287, a significant improvement compared to a net loss of $961,207 in the same period of 2024. The company, which specializes in developing immune-modulating cancer therapies, did not generate any revenue during the quarter. Total operating expenses increased to $1,118,211 from $909,218 year-over-year, primarily driven by a rise in general and administrative costs associated with the recent business combination. For the first half of 2025, Liminatus recorded a net loss of $214,239, a notable reduction from a loss of $2,715,185 in the prior year.

The company underwent a significant transformation following its business combination with Iris Acquisition Corp, which was finalized on April 30, 2025. This merger resulted in a substantial increase in the number of shares outstanding, from 17.5 million to approximately 26 million. The business combination also led to a reduction in total liabilities from $24.7 million at the end of 2024 to $10.7 million by June 30, 2025, largely due to the conversion of related party debts into equity. The company’s accumulated deficit stood at $28.9 million as of June 30, 2025.

Operationally, Liminatus has made strides in its strategic direction, focusing on the development of its lead candidate, IBA101, a humanized anti-CD47 monoclonal antibody aimed at treating advanced solid cancers. The company has also terminated its previous license agreements with Targeted Diagnostics & Therapeutics, Inc. (TDT), which had been responsible for its research and development activities. This decision is expected to streamline operations and reduce research expenses, which fell to zero in the second quarter of 2025 from $714,134 in the same quarter of 2024.

As of June 30, 2025, Liminatus had $1.34 million in cash, a significant increase from $56,319 at the end of 2024. The company’s cash flow from financing activities surged to $11 million in the first half of 2025, primarily due to gross proceeds from a private investment in public equity (PIPE) financing. However, the company reported a substantial increase in cash used in operating activities, which rose to $8.98 million, reflecting payments to settle accounts payable and related party debts.

Looking ahead, Liminatus management has expressed concerns regarding the company's ability to continue as a going concern, citing the need for additional capital to fund operations. The company plans to explore further equity and debt financing options, although there is no assurance that it will be able to secure adequate funding on favorable terms. The management's outlook emphasizes the importance of successfully developing its product pipeline to achieve future revenue generation.