Liminatus Pharma, Inc.

Liminatus Pharma presents a distressed capital structure characterized by negative total equity of -$132,596 and a debt-to-equity ratio of -10.88 as of Q1 2026. The company holds $1,442,500 in short-term debt against total assets of $2,790,249, resulting in a current ratio of 0.96, indicating that current liabilities exceed current assets. Operating cash flow is deeply negative at -$2,015,289 for the quarter, reflecting significant cash burn. The market capitalization stands at approximately $4.73 million based on a share price of $0.1314. The negative equity position and liquidity shortfall are flagged as high-risk factors, with filings referencing going-concern or substantial-doubt language.

Profitability metrics are severely impaired, with a net income loss of -$1,123,714 and an operating income loss of -$1,100,898 in Q1 2026. Return on assets is -0.40, while return on equity is reported as 8.47, a metric distorted by the negative equity base. The company generates no revenue, as is typical for pre-commercial clinical-stage biotechs, and relies entirely on external financing to fund operations. The EV/EBITDA ratio is negative at -5.61, rendering traditional valuation multiples inapplicable. The financial profile indicates a company in survival mode, dependent on capital raises to continue development activities.

Segment and geographic data are not explicitly broken out in the provided financial snapshot, but the business model relies on licensed intellectual property. Key partnerships include a CD47 license and development agreement with Innobation Bio and CAR-T/vaccine licenses with TDT. The company’s activities are concentrated in the development of these specific therapeutic modalities. There is no disclosed revenue concentration by geography or segment, as the company has not yet achieved commercial sales. The strategic focus remains on advancing these licensed programs through clinical trials.

Growth trajectory is defined by capital consumption rather than revenue expansion. The share count increased significantly from 27,064,633 at the end of 2025 to 44,877,633 by March 31, 2026, driven by a best-efforts public offering in February 2026 and a settlement with Clear Street LLC. The February 2026 offering raised approximately $3.46 million in net proceeds through the sale of common stock, pre-funded warrants, and common stock purchase warrants. This dilution was necessary to address liquidity constraints. The historical trend shows consistent net losses, with accumulated deficit reaching -$39,995,447 by Q1 2026.

Risk factors are elevated across multiple dimensions. Liquidity risk is rated high due to the current ratio below 1.0 and negative net cash position. Dilution risk is medium, driven by the recent equity offering and the presence of numerous warrants and convertible notes from related parties, including Valetudo Therapeutics, Prophase Sciences, and Amantes LLC. Key flags include going-concern language in filings and the potential for further dilution to fund operations. The company also faces regulatory and development risks inherent to clinical-stage biopharma, with no approved products to date.

Recent events include the February 2026 public offering and the settlement of deferred underwriting fees from the Iris Acquisition Corp business combination. The company has been trading below $1.00 for 30 consecutive days, triggering Nasdaq/NYSE minimum-bid deficiency thresholds. This listing deficiency poses a risk of delisting if not remedied. The company continues to manage related-party loans and warrant liabilities, with significant fair value measurements for Level 3 warrant instruments. The business combination with Iris Acquisition Corp was consummated in April 2025, providing a public listing vehicle but also introducing complex capital structure elements.

Operating income -$1.1M.

• ▍Operating income -$1.1M

Operating income -$2.1M.

• ▍Operating income -$2.1M

Operating income -$1.4M.

• ▍Operating income -$1.4M

Operating income -$3.0M.

• ▍Operating income -$3.0M

Operating income -$3.3M.

• ▍Operating income -$3.3M