Financial stability has eroded significantly, with total assets contracting to $512.8K by 2025Q4 and the current ratio collapsing to a nominal 0.05.
| Total Current Assets | 2.78M | 500.57K | 812.66K | 210.88K | 360.65K | 421.92K |
| Cash & Short-Term Investments | 1.91M | 337.65K | 804.54K | 434K | 5.05M | 336.23K |
| Cash Only | 1.91M | 337.65K | 804.54K | 434K | 5.05M | 336.23K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 6.46K | 945K | 100K | 1.26K |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 870.87K | 162.92K | 1.66K | -1.17M | -6.47M | 84.44K |
| Total Non-Current Assets | 11.7K | 12.22K | 2.02M | 4.29M | 15.13M | 276.02M |
| Property, Plant & Equipment | 11.7K | 12.22K | 0 | 1K | 1K | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 2.02M | 4.29M | 15.13M | 276.02M |
| Other Non-Current Assets | 0 | 0 | 0 | -1K | -1K | 0 |
| Total Assets | 2.79M | 512.79K | 2.83M | 4.5M | 15.49M | 276.44M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | -184.13% | -81.87% | -37.17% | -70.93% | -94.4% | - |
| Total Current Liabilities | 2.89M | 10.3M | 8.68M | 5.16M | 3.59M | 1.38M |
| Accounts Payable | 0 | 0 | 1.48M | 933K | 508K | 419K |
| Days Payables Outstanding | 174.58K | - | - | - | - | - |
| Short-Term Debt | 1.44M | 1.44M | 5.12M | 16.05M | 16.5M | 90K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.45M | 8.86M | 2.08M | -12.88M | -14.06M | 871.39K |
| Current Ratio | 0.96x | 0.05x | 0.09x | 0.04x | 0.10x | 0.31x |
| Quick Ratio | 0.96x | 0.05x | 0.09x | 0.04x | 0.10x | 0.31x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 33.42K | 29.24K | 10.02M | 10.04M | 10.6M | 20.19M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 33.42K | 29.24K | 10.02M | 10.04M | 10.6M | 20.19M |
| Total Liabilities | 2.92M | 10.33M | 18.7M | 15.19M | 14.19M | 21.57M |
| Total Debt | 1.44M | 1.44M | 5.12M | 16.05M | 16.5M | 90K |
| Net Debt | -465.17K | 1.1M | 4.32M | 15.62M | 11.45M | -246.23K |
| Debt / Equity | -10.88x | - | - | - | 12.75x | 0.00x |
| Debt / EBITDA | -0.38x | - | - | - | - | 0.02x |
| Net Debt / EBITDA | 0.12x | - | - | - | - | -0.06x |
| Interest Coverage | -91.40x | -46.27x | -19.89x | -6.22x | -12.37x | - |
| Total Equity | -132.6K | -9.81M | -15.87M | -10.69M | 1.29M | 254.87M |
| Equity Growth % | -12249.84% | 38.16% | -48.42% | -926.2% | -99.49% | - |
| Book Value per Share | -0.01 | -0.41 | -2.21 | -1.33 | 0.04 | 7.39 |
| Total Shareholders' Equity | -132.6K | -9.81M | -15.87M | -10.69M | 1.29M | 254.87M |
| Common Stock | 4.82K | 2.71K | 1.76M | 4.05M | 15.13M | 276M |
| Retained Earnings | -40M | -38.87M | -17.52M | -14.88M | -13.97M | -21.13M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | -160.68K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As reported in financial statements, Liminatus Pharma's total assets have plummeted from $4.6M in 2024Q1 to $512.8K by 2025Q4, signaling a severe contraction in the company's resource base that underscores the precarious nature of its current clinical-stage development trajectory and overall business viability.
The consistent decline in total assets alongside persistent negative retained earnings suggests that the company is consuming its capital base without achieving meaningful clinical milestones. This trajectory implies that the firm is increasingly reliant on external financing to maintain operations, which may become difficult to secure given the lack of tangible asset growth.
Based on the company's reported figures, the current ratio collapsed to a nominal 0.05 in 2025Q4, indicating that the firm lacks the necessary liquid assets to cover its immediate short-term obligations, thereby placing the organization in a state of extreme financial vulnerability and operational risk.
A current ratio of this magnitude suggests that the company is effectively unable to meet its current liabilities without immediate capital intervention. Investors should monitor the potential for emergency financing or asset liquidation, as the current liquidity buffer appears insufficient to support even basic research activities.
According to recent SEC filings, the company's equity position has remained deeply negative, reaching -$9.8M in 2025Q4, which highlights the cumulative impact of persistent operating losses and the absence of any revenue-generating activities to offset the ongoing R&D-driven capital depletion.
The persistent negative equity position suggests that the company has effectively exhausted its initial capital and is operating on a deficit that continues to widen. This structure implies that any future value creation for shareholders is contingent upon successful clinical outcomes that are currently not reflected in the balance sheet.
As indicated by the historical data, the company's reliance on debt instruments, which peaked at $16.1M in 2023Q4, suggests that the balance sheet may be distorted by complex financing arrangements that could prioritize creditors over equity holders in the event of a liquidity-driven restructuring.
The presence of significant debt in a pre-revenue entity warrants further investigation into the terms of these obligations, as they may include restrictive covenants or conversion features that could lead to substantial dilution. The volatility in debt levels suggests that management has been actively managing the capital structure to survive, which may not be sustainable in the long term.
Quick answers to the most common questions about buying LIMN stock.
As of 2025, Liminatus Pharma, Inc. Class A Common Stock (LIMN) had total assets of $0.5M including $0.5M in current assets.
Liminatus Pharma, Inc. Class A Common Stock (LIMN) carries total debt of $1.4M, offset by $0.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Liminatus Pharma, Inc. Class A Common Stock (LIMN) has total shareholders' equity (book value) of $-9.8M ($-0.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Liminatus Pharma, Inc. Class A Common Stock (LIMN) reported a current ratio of 0.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.