Liminatus Pharma Completes Merger and Secures Funding

Introduction

Liminatus Pharma Inc. (NASDAQ: LIMN) is a pre-clinical immuno-oncology company headquartered in La Palma, California, with a Delaware registration at 3524 Silverside Road Suite 35B, Wilmington, DE 19810. Founded on November 1, 2020, the company focuses on developing immune-modulating therapies for colorectal, pancreatic, gastric, and esophageal cancers. Its lead product, the GCC Vaccine, is in Phase II clinical trials, and its pipeline includes a GCC-directed CAR-T program and a next-generation CD47 immune checkpoint inhibitor.

Corporate Structure

Liminatus Pharma operates with a team of approximately 11 to 50 employees, bringing expertise from the fields of immunology, oncology, and pharmaceutical development. Chief Executive Officer Chris Kim leads the executive team, supported by scientific advisors from Thomas Jefferson University and InnobationBio Ltd. Financial and transaction advisory services have been provided by Raymond James and Arrow Capital, indicating the company’s engagement with investment banks for mergers, capital raises, and strategic guidance.

Immuno-oncology by National Cancer Institute

Recent Developments and News

On April 30, 2025, Liminatus Pharma completed its business combination with Iris Acquisition Corp., a special purpose acquisition company backed by Arrow Capital. Following the merger, the combined entity was renamed Liminatus Pharma Inc., and its Class A common shares (LIMN) and warrants (LIMNW) began trading on the Nasdaq Global Market and Nasdaq Capital Market, respectively. The transaction included commitments for $15 million in PIPE financing and a $25 million convertible note to support pre-clinical and clinical advancement.

On May 2, 2025, law firm Holland & Knight announced its role in advising Iris Acquisition Corp. on the combination, citing a diverse team of partners and counsel across M&A, capital markets, tax, intellectual property, and regulatory practices.

Financial and Strategic Aspects

As of June 27, 2025, LIMN shares closed at $10.99, representing a 33.80% decline from the previous trading session, on a volume of 166,041 shares. The company’s 52-week trading range spans from $4.40 to $24.88. According to Yahoo Finance data:

• Market Capitalization: $639.96 million
• Enterprise Value: $659.19 million
• Beta (5Y Monthly): 0.17
• EPS (TTM): –$0.16
• Net Income (TTM): –$3.55 million
• Total Cash (mrq): $56,000
• Levered Free Cash Flow (TTM): –$2.92 million

Following the April 30 merger, 26,014,633 shares were outstanding. Schedule 13G filings dated June 26, 2025, indicate that three investors—Red Peony Association, Ewon Comfortech Co., Ltd., and Nongae Apple Association—each hold approximately 5.7% to 5.8% of the outstanding shares.

Strategically, the company plans to utilize the proceeds from the merger to advance its GCC Vaccine through Phase II trials, initiate a first-in-human trial for its CAR-T candidate, and complete IND-enabling studies for the CD47 inhibitor. The company currently has no approved products and relies on external financing and strategic partnerships to support its research and development activities.

Market Position and Industry Context

Liminatus Pharma operates within the global cancer immunotherapy market, which industry forecasts estimate will reach approximately $262 billion by 2030. As a pre-clinical biopharmaceutical firm, Liminatus competes with established immuno-oncology companies and emerging biotech firms. Its focus on guanylyl cyclase C targeting and CD47 checkpoint pathways differentiates its pipeline, while also subjecting it to regulatory, clinical, and commercial risks associated with early-stage drug development. LIMN stock has exhibited a volatility index with a beta coefficient of 1.44, and its trading range over the past year has spanned from $4.40 to $26.68, with an all-time high recorded on June 9, 2025.

tl;dr

On April 30, 2025, Liminatus Pharma completed its merger with Iris Acquisition Corp. and began trading as LIMN on Nasdaq. The transaction secured $15 million in PIPE financing and a $25 million convertible note to fund progress of its GCC Vaccine, a first-in-human CAR-T trial, and IND-enabling work for a CD47 inhibitor. As of June 27, 2025, the stock trades at $10.99, down 33.80% from the prior session, with 26 million shares outstanding and key institutional holders each owning approximately 5.7%. Future capital requirements and outcomes from clinical trials will likely influence the company’s outlook.