Liminatus Pharma Inc (NASDAQ: LIMN) is a clinical-stage biopharmaceutical company focused on developing CD47-targeted therapeutics. The company has no approved products and has generated no product revenue as of the fiscal year ended December 31, 2025. Liminatus became a publicly traded company on April 30, 2025, through a business combination with Iris Acquisition Corp, a SPAC. Research and development expenses decreased by approximately $2.7 million during the year ended December 31, 2025 compared to the year ended December 31, 2024, following the termination of license agreements with TDT on August 11, 2024, which had previously conducted R&D activities on behalf of the company. General and administrative expenses increased by approximately $2.3 million during the year ended December 31, 2025, driven by accounting and legal costs tied to the business combination and operating as a public company. As of January 15, 2026, the company received a Nasdaq non-compliance notice for failing to maintain a minimum bid price of $1.00 per share, with a compliance deadline of July 14, 2026.

Revenue model

Liminatus Pharma has no disclosed product revenue. The company is pre-revenue, funding operations through equity issuances including a PIPE investment completed at the close of the April 2025 business combination.

Products and services

The company is developing Hu3A5, a CD47-blocking antibody, with disclosed research interest in oncology, chronic inflammation, obesity, heart disease, and dementia. No products have received regulatory approval as of the fiscal year ended December 31, 2025.

Customers and end markets

No commercial customers or paying end markets are disclosed. Target therapeutic end markets include cancer, cardiovascular disease, and neurodegenerative conditions based on the company's CD47 research program.

Value-chain role

Clinical-stage drug developer. Prior to August 11, 2024, research and development activities were performed by TDT under license agreements. Following termination of those agreements, the structure of ongoing R&D is not specified in the filing excerpts.

Geographic exposure

The filing references European (EEA) regulatory frameworks for data exclusivity and market exclusivity for innovative medicinal products, indicating intended future commercialization in Europe. No revenue-generating geographic operations are disclosed.

Source: SEC 10-K, filed 2026-03-31

Industry: Biological Products, (No Diagnostic Substances)