LIMINATUS PHARMA INC (LIMN)

Introduction

Liminatus Pharma Inc is a pre-clinical biopharmaceutical company headquartered at 3524 Silverside Road, Suite 35B, Wilmington, Delaware. The company focuses on the development of immune-modulating cancer therapies. On April 30, 2025, Liminatus Pharma Inc completed a business combination with Iris Acquisition Corp., resulting in its common stock trading on the Nasdaq Global Market under the ticker LIMN (warrants trade as LIMNW).

Corporate Structure

• Headquarters: Wilmington, Delaware
• Incorporation: Public company (Nasdaq: LIMN)
• Employee Count: 11–50 (LinkedIn estimate)
• Key Executive: Chris Kim, Chief Executive Officer
• Advisors: Raymond James (financial), Holland & Knight (legal)

Developments and News

• April 30, 2025: Completion of the business combination with Iris Acquisition Corp.; rebranded as Liminatus Pharma Inc, and Nasdaq listing commenced.
• May 2, 2025: Holland & Knight announced as legal counsel for Iris Acquisition Corp in the combination transaction.
• PIPE & Note Financing: Commitments secured for $15 million in common-stock PIPE financing and $25 million in convertible-note financing to support R&D programs.
• June 2, 2025: Form 10-Q filed covering the quarter ended March 31, 2025.
• June 4, 2025: Form 8-K filed reporting material corporate developments (Items 3.01 and 9.01); an amended Form 8-K/A followed on June 2, 2025.

Financial and Strategic Analysis

Metric	Value
Ticker	LIMN
Exchange	Nasdaq Global Market
Closing Price (06/12/2025)	$19.36
Daily Change	+74.26 %
Volume (06/12/2025)	666,645 shares
52-Week Range	$4.40 – $26.68
Market Cap (intraday)	$509.6 million
Beta (5-year)	0.17
EPS (TTM)	-$0.16
Net Income (TTM)	-$3.55 million
Enterprise Value	$308.3 million

Strategic Focus:

• Pipeline Advancement:

  • GCC Vaccine (Phase II): Targets colorectal, pancreatic, gastric, and esophageal cancers expressing guanylyl cyclase C.
  • GCC CAR-T Therapy: Preparations for first-in-human clinical trial.
  • CD47 Checkpoint Inhibitor: IND-enabling studies underway for next-generation candidate.

• Capital Structure:

  • No dividend payments.
  • Debt raised via $25 million convertible notes.
  • No reported long-term debt/equity ratio.

Market Position and Industry Context

• Sector: Immuno-oncology / Biopharmaceuticals
• Competitive Landscape: Companies developing immune-modulating treatments and CAR-T therapies.
• Market Size Forecast: The global cancer immunotherapy market is projected to reach approximately $262 billion by 2030 (source: Iris Acquisition Corp commentary).
• Risk Profile:
  • Regulatory approval processes (FDA, EMA).
  • Clinical trial outcomes.
  • Funding requirements for late-stage development.

tl;dr

On June 12, 2025, LIMN shares closed at $19.36 (up 74.26 %) on 666,645 shares traded. The company finalized its merger with Iris Acquisition Corp on April 30, 2025, and secured $40 million in combined PIPE and convertible-note financing to advance three oncology candidates, including a Phase II GCC vaccine. Trading commenced under ticker LIMN on Nasdaq, and Q1 2025 results (Form 10-Q) and material event disclosures (Form 8-K) were filed in early June. With a market cap of approximately $510 million, Liminatus aims to progress its immune-modulating pipeline toward clinical milestones.