Liminatus Pharma(NASDAQ) LIMN

Liminatus develops new cancer treatments for people with advanced tumors. Its main therapy aims to help the immune system fight cancer. The company’s work targets patients who have limited options with current treatments.

What’s in the Liminatus Toolbox?

• IBA101 Antibody: A lab-made protein designed to help immune cells attack cancer, especially in advanced solid tumors. (0% of revenue; no sales yet)
• Immuno-oncology Focus: All research centers on therapies that boost the body’s natural defenses against cancer. (100% of R&D effort)
• Preclinical Research: Studies in animals to test safety and effectiveness before human trials. (No commercial revenue)

Growth Spurts and Growing Pains

• 2025: Completed key animal safety studies for IBA101.
• 2026: Raised $3.46 million in a public offering to fund clinical trials.
• 2026: Paid $1 million to InnoBation Bio to start human trials.
• Ongoing: Evaluating new assets for licensing and partnerships.
• 2025: Settled litigation with Clear Street LLC by issuing $7.36 million in stock.

Why Liminatus Is a Bit Different

Liminatus’s main therapy aims to avoid common side effects seen in similar drugs by targeting only immune cells, not blood cells. The company holds patent rights that could last until 2041. It relies on partnerships and licensing to expand its pipeline, rather than building everything in-house.

Five Things You Need to Know

• No revenue reported for 2023, 2024, or 2025.
• Operating loss was $-701,170 in Q3 2025, a 31.2% improvement year-on-year.
• Net loss was $-2 million in Q3 2025, down 183.6% from Q3 2024.
• Cash used in operations was $-600,612 in Q3 2025, a 17.7% improvement year-on-year.
• Cash balance was $337,655 at December 31, 2025, with a stockholders’ deficit of $-9.8 million.

Bottom Line

Liminatus is an early-stage biotech focused on immune-based cancer therapies. The company faces financial challenges but continues to advance its lead drug toward clinical trials.