Liminatus Pharma, Inc.
LIMN Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2024–FY2025
Last close · Oct 23, 2026
$2.94
5.5%What Liminatus Pharma, Inc. does
No business description yet.
- Legal name
- Liminatus Pharma, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 31, 2026
- Accession · CIK
- 0001104659-26-037933
0001971387
Revenue and margins
Liminatus Pharma, Inc. had — of revenue in fiscal 2025.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$10.0M in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Liminatus Pharma, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 35.7%.
Balance sheet
Cash, debt and the ratios that show how comfortably Liminatus Pharma, Inc. can carry it.
| Fiscal year end | FY24 | FY25 |
|---|---|---|
| Cash and short-term investments | $0.0M | $0.3M |
| Debt incl. finance leases | $20.0M | $1.4M |
| Interest coverage | −9.8x | −13.7x |
| Current ratio | 0.2x | 0.0x |
| Quick ratio | 0.2x | 0.0x |
| Total assets | $5.4M | $0.5M |
| Total liabilities | $24.7M | $10.3M |
| Shareholders' equity | −$19.3M | −$9.8M |
| Net debt (− = net cash) | $20.0M | $1.1M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 |
|---|---|---|
| Net income is positive | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ |
| Return on assets rose | — | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ |
| Current ratio rose | — | ✕ |
| Share count didn't rise | — | ✕ |
| Gross margin rose | — | — |
| Revenue rose relative to assets | — | — |
| F-score | — / 3 | 2 / 7 |
| Accruals ratio | −38.7% | −8.2% |
| Altman Z'' | −45.84 | −412.34 |
2 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY24 | FY25 |
|---|---|---|
| Income statement | ||
| Research and development | $2.7M | — |
| Operating income | −$3.3M | −$3.0M |
| Interest expense | $0.3M | $0.2M |
| Net income | −$3.5M | −$10.2M |
| Diluted EPS | −$0.20 | −$0.43 |
| Diluted shares | 0.02B | 0.02B |
| Cash flow | ||
| Cash from operations | −$1.5M | −$10.0M |
| Capital expenditure | — | $0.0M |
| Free cash flow | — | −$10.0M |
| Depreciation and amortization | — | $0.0M |
| Balance sheet | ||
| Cash and short-term investments | $0.0M | $0.3M |
| Total debt | $20.0M | $1.4M |
| Current assets | $5.3M | $0.5M |
| Current liabilities | $24.7M | $10.3M |
| Property and equipment, net | $0.0M | $0.0M |
| Total assets | $5.4M | $0.5M |
| Total liabilities | $24.7M | $10.3M |
| Shareholders' equity | −$19.3M | −$9.8M |
| Returns | ||
| Return on capital | −415.7% | — |
| Return on capital employed | 17.2% | 30.3% |
| Return on assets | −65.6% | −344.7% |
| Growth | ||
| Share count change | — | 35.7% |
| Financial health | ||
| Interest coverage | −9.8x | −13.7x |
| Current ratio | 0.2x | 0.0x |
| Quick ratio | 0.2x | 0.0x |
| Quality scores | ||
| Piotroski F-score | — | 2.0 |
| Altman Z'' | −45.8 | −412.3 |
| Accruals ratio | −38.7% | −8.2% |
Source: SEC EDGAR XBRL filings (CIK 0001971387). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.