Liminatus Pharma, Inc.

What they do

Liminatus is a pre-clinical stage biopharmaceutical company developing novel, immune-modulating cancer therapies. Its lead candidate, IBA101, is a humanized anti CD47 monoclonal antibody, a next-generation CD47 checkpoint inhibitor. The initial indication is expected to be patients with advanced solid cancers, including non-small cell lung cancer. The company has not yet generated revenue and is subject to the uncertainty of whether its intellectual property will develop into successful commercial products.

Recent performance

For the fiscal year 2025, the company reported a net loss of $10.2 million and diluted EPS of -$0.43, compared to a net loss of $3.5 million and EPS of -$0.2 in 2024. Operating cash flow was -$10.0 million in 2025, versus -$1.5 million in 2024. As of March 31, 2026, the company had total assets of $2.8 million and total liabilities of $2.9 million, resulting in negative shareholder equity of approximately $-133 thousand. The balance sheet shows no cash as of March 31, 2025.

Strategy

The company completed a business combination with Iris Acquisition Corp on April 30, 2025, changing its name from Iris Parent Holding Corp. to Liminatus Pharma, Inc. The company's stated focus is on advancing its CD47 checkpoint inhibitor, IBA101, toward clinical development. As a pre-clinical stage company, its near-term priorities are likely to involve research and development activities and securing additional financing to continue operations. Recent 8-K filings indicate the company has entered into material agreements, sold equity, and amended its charter, suggesting ongoing efforts to raise capital.

Risks

• Negative equity and depleting cash — As of the latest balance sheet, the company has negative shareholder equity of $-132,596 and no cash (as of March 31, 2025), raising substantial doubt about its ability to continue as a going concern.
• Pre-clinical stage with no revenue — The company has no approved products or revenue, and its lead candidate IBA101 is still pre-clinical, meaning significant time and capital are required before any potential commercialization.
• Delisting risk — Recent 8-K filings on May 27, 2026 and July 24, 2026 indicate the company received delisting notices or listing-rule failures, which could result in the stock being delisted from its exchange.
• Dependence on business combination and intellectual property — The company is heavily reliant on the success of the recent SPAC business combination and on its intellectual property, and any failure to develop successful commercial products would be detrimental.

Outlook

Management has not provided specific forward-looking guidance in the provided filings. The company is expected to continue focusing on pre-clinical development of IBA101, but its ability to do so depends on securing additional financing. Recent events indicate ongoing capital-raising activities and potential operational changes, but the path to clinical trials remains uncertain.