Liminatus Pharma Financials
This page shows Liminatus Pharma (LIMN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A capital-dependent balance sheet dominates the picture, with shrinking assets and near-term liquidity pressure overtaking operating detail.
FY2024 financing inflow of$3.9M did not create staying power: by FY2025, total assets had shrunk to$513K . With current liabilities still above$10.3M , that funding appears to have been consumed by ongoing needs rather than preserved as liquidity.
Even though total liabilities dropped from
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
We are recalculating Liminatus Pharma's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Key Financial Metrics
Earnings & Revenue
Liminatus Pharma earned $-0.43 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 115.0% from the prior year.
Cash & Balance Sheet
Liminatus Pharma held $338K in cash against $0 in long-term debt as of fiscal year 2025.
Liminatus Pharma had 27M shares outstanding in fiscal year 2025. This represents an increase of 54.7% from the prior year.
Margins & Returns
Capital Allocation
Liminatus Pharma invested $13K in capex in fiscal year 2025, funding long-term assets and infrastructure.
LIMN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $400K | N/A | N/A | N/A | N/A | N/A | $357K-50.0% | $714K |
| SG&A Expenses | $701K | N/A | $701K-37.3% | $1.1M+323.2% | $264K | N/A | $186K-4.6% | $195K |
| Operating Income | -$1.1M | N/A | -$701K+37.3% | -$1.1M-323.2% | -$264K | N/A | -$543K+40.3% | -$909K |
| Interest Expense | $19K | N/A | $19K-69.4% | $62K-46.1% | $116K | N/A | $93K+20.1% | $77K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$1.1M | N/A | -$1.8M-1709.5% | $113K+134.6% | -$328K | N/A | -$601K+37.4% | -$961K |
| EPS (Diluted) | $-0.03 | N/A | $-0.07 | $0.00+100.0% | $-0.02 | N/A | $-0.03+40.0% | $-0.05 |
LIMN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.8M+444.1% | $513K-61.8% | $1.3M-29.7% | $1.9M+109.7% | -$19.7M-463.6% | $5.4M | N/A | N/A |
| Current Assets | $2.8M+455.1% | $501K-58.4% | $1.2M-32.5% | $1.8M | N/A | $5.3M | N/A | N/A |
| Cash & Equivalents | $1.9M+465.0% | $338K-53.4% | $725K-45.9% | $1.3M | $0 | $0 | N/A | N/A |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.9M-71.7% | $10.3M+245.6% | $3.0M-72.1% | $10.7M+1010861.6% | $1K-100.0% | $24.7M | N/A | N/A |
| Current Liabilities | $2.9M-71.9% | $10.3M+259.5% | $2.9M-72.8% | $10.5M | N/A | $24.7M | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$133K+98.6% | -$9.8M-496.4% | -$1.6M+81.3% | -$8.8M+55.2% | -$19.7M-1.7% | -$19.3M-1.2% | -$19.1M-3.2% | -$18.5M |
| Retained Earnings | -$40.0M-2.9% | -$38.9M-26.6% | -$30.7M-6.3% | -$28.9M-2724376.9% | -$1K+100.0% | -$28.7M | N/A | N/A |
LIMN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.0M-421.0% | -$387K+35.6% | -$601K+93.2% | -$8.8M-5431.3% | -$159K-13.3% | -$141K+31.8% | -$206K+81.3% | -$1.1M |
| Capital Expenditures | N/A | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | -$387K | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | $0+100.0% | -$13K+93.4% | -$200K+65.2% | -$575K-4.5% | -$550K+31.3% | -$800K | N/A |
| Financing Cash Flow | $3.6M | $0 | $0 | N/A | $713K+1.9% | $700K-31.3% | $1.0M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
LIMN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -40.3% | N/A | -135.8%-141.8pp | 5.9%+4.3pp | 1.7% | N/A | N/A | N/A |
| Current Ratio | 0.96+0.9 | 0.05-0.4 | 0.42+0.3 | 0.17 | N/A | 0.21 | N/A | N/A |
| Debt-to-Equity | -22.04-21.0 | -1.05+0.8 | -1.82-0.6 | -1.22-1.2 | -0.00+1.3 | -1.28 | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$9.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.05), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Frequently Asked Questions
What are Liminatus Pharma's total assets?
Liminatus Pharma (LIMN) had $513K in total assets as of fiscal year 2025, including both current and long-term assets.
What are Liminatus Pharma's capital expenditures?
Liminatus Pharma (LIMN) invested $13K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Liminatus Pharma's current ratio?
Liminatus Pharma (LIMN) had a current ratio of 0.05 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Liminatus Pharma's debt-to-equity ratio?
Liminatus Pharma (LIMN) had a debt-to-equity ratio of -1.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
Why is Liminatus Pharma's debt-to-equity ratio negative or unusual?
Liminatus Pharma (LIMN) has negative shareholder equity of -$9.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.