LIMINATUS PHARMA, INC.
LIMN evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for LIMN—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · LIMN
Liminatus Pharma, Inc. is a pre-revenue biopharmaceutical company focused on developing CD47-targeted therapies, with no approved products and a history of operating losses.
Key risk: No revenue or approved products
Market Cap
$5.7M
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Liminatus Pharma, Inc. is a pre-revenue biopharmaceutical company focused on developing CD47-targeted therapies, with no approved products and a history of operating losses.
- Liminatus has not generated any revenue from product sales and does not expect to generate revenue for at least the next few years [sec · filed 2025-05-06].
- As of December 31, 2024, the company had an accumulated deficit of $28.7 million [sec · filed 2025-05-06].
- Research and development expenses decreased from $3.8 million in 2023 to $2.7 million in 2024, primarily due to termination of CAR-T and vaccine licenses [sec · filed 2025-05-06].
- The company anticipates needing substantial additional capital to fund ongoing clinical trials and operations [sec · filed 2025-05-06].
What works
- The company is advancing a CD47 product candidate into clinical trials, which could address a validated immuno-oncology target [sec · filed 2025-05-06].
- Liminatus has reduced operating expenses by terminating non-core license agreements, potentially extending its cash runway [sec · filed 2025-05-06].
What to weigh
- Liminatus has no approved products, no commercial revenue, and an accumulated deficit of $28.7 million as of December 31, 2024 [sec · filed 2025-05-06].
- The company will need to raise substantial additional capital, and if unable to do so, may need to reevaluate operations [sec · filed 2025-05-06].
- Clinical development is inherently uncertain, and the company may never obtain regulatory approval or generate product revenue [sec · filed 2025-05-06].
From the filings
Quoted directly from source documents.
The company has no revenue from product sales and expects none for several years.
“To date, we have not generated any revenues from any source, including the commercial sale of approved drug products, and we do not expect to generate revenue for at least the next few years.”
SEC filings · May 6, 2025
Accumulated deficit as of December 31, 2024.
“As of December 31, 2024, we had an accumulated deficit of $28.7 million.”
SEC filings · May 6, 2025
Research and development expenses decreased in 2024 due to license terminations.
“Research and development expenses were $2.7 million for the year ended December 31, 2024 as compared to $3.8 million for the year ended December 31, 2023. The decrease of $1.1 million was primarily related to decreased spending for preclinical and clinical trials for both the CAR-T products and the GCC vaccine products because of the termination of the CAR-T License and Vaccine License during the year ended December 31, 2024.”
SEC filings · May 6, 2025
The company will need substantial additional funding.
“We will need to raise substantial additional capital in the future.”
SEC filings · May 6, 2025
Risks & what to watch (4)›
Key risks
- No revenue or approved products — Liminatus has no commercial revenue and does not expect any for several years [sec · filed 2025-05-06].
- Substantial capital needs — The company requires additional funding to continue operations; failure may force reevaluation [sec · filed 2025-05-06].
- Clinical development uncertainty — Preclinical and clinical timelines and costs are unpredictable; product may never be approved [sec · filed 2025-05-06].
- Accumulated deficit — As of December 31, 2024, accumulated deficit was $28.7 million, with ongoing losses [sec · filed 2025-05-06].
What to watch
- Initiation and progress of clinical trials for the CD47 product candidate [sec · filed 2025-05-06].
- Ability to secure additional financing to fund operations and development [sec · filed 2025-05-06].
- Any updates on regulatory interactions or potential partnerships [sec · filed 2025-05-06].
Sources: SEC filings · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
11
Total value held
$182K
| Holder | Shares | Value |
|---|---|---|
| citadel advisors llc | 677,518 | $116K |
| geode capital management, llc | 117,783 | $20K |
| vanguard capital management llc | 100,880 | $17K |
| jane street group, llc | 71,318 | $12K |
| vanguard fiduciary trust co | 22,984 | $4K |
| two sigma securities, llc | 22,039 | $4K |
| state street corp | 19,000 | $3K |
| blackrock, inc. | 13,254 | $2K |
| tower research capital llc (trc) | 7,567 | $1K |
| citigroup inc | 6,769 | $1K |
Showing top 10 of 11 institutional holders of LIMINATUS PHARMA, INC.. Open the full 13F history after sign-in.
Short Interest
as of May 10, 2026- % of float
- 6.1%
- Days to cover
- 0.3
- Shares short
- 1,989,468
- Daily short volume (Apr 30, 2026)
- 44.3%
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
LIMN short interestFrequently asked questions
What is the AI investment thesis for LIMINATUS PHARMA, INC.?
Liminatus Pharma, Inc. is a pre-revenue biopharmaceutical company focused on developing CD47-targeted therapies, with no approved products and a history of operating losses.
Who is the CEO of LIMINATUS PHARMA, INC.?
Mr. Chris Kim J.D., L.L.M. is the chief executive officer of LIMINATUS PHARMA, INC. (LIMN).
Where is LIMINATUS PHARMA, INC. headquartered?
LIMINATUS PHARMA, INC. (LIMN) is headquartered in Cerritos, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.