LIMN

Liminatus is a pre-clinical-stage biopharma with exactly one asset — IBA101, a humanized anti-CD47 antibody that hasn't yet entered the clinic (initial indication advanced solid tumors/NSCLC). It reached the market via an April 2025 SPAC merger with Iris Acquisition Corp, and the mechanics of that deal are telling: holders redeemed all but a sliver of trust cash (only 59,844 shares stayed, the rest cashed out at ~$11.74), so the company came public with virtually no capital. The balance sheet confirms it — total assets of $513K against $10.3M of liabilities leaves stockholders' equity at -$9.81M and a liabilities/equity of -1.05x. This is a balance sheet that is technically insolvent.

The income and cash statements make the runway problem acute. FY2025 net loss was -$10.2M (worse by 187.8% YoY), diluted EPS -$0.43, and operating cash flow swung to -$9.96M (from roughly break-even, a -586.6% move). With only $501K of current assets versus $10.3M of current liabilities, the company is burning roughly $10M a year against half a million of cash — it cannot fund even a few weeks of operations without immediately raising money. The MD&A itself flags the risk of being unable 'to raise funding on reasonable terms,' the risk of failing to 'maintain the listing…on Nasdaq,' and that IP may never 'develop into successful commercial products.' For a company with no revenue and no clinical data, every dollar of R&D depends on dilutive financing that does not yet exist.