The company has recorded zero revenue across all ten reported quarters, while operating losses reached $1.1M in 2026Q1, reflecting a lack of commercial scale.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 518 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -518 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 3.8M | 2.97M | 2.91M | 2.59M | 2.71M | 2.53M |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 3.4M | 2.97M | 645K | 1.06M | 856K | 197K |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 400K | 0 | 2.69M | 3.76M | 1.85M | 3.8M |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -423.68K | -2.23M | 0 | -1.46M |
| Operating Income | -3.8M | -2.97M | -2.91M | -2.59M | -2.71M | -2.53M |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | -2.12% | -12.38% | 4.53% | -6.89% | - |
| EBITDA | -3.8M | -2.97M | -2.75M | -1.09M | -2.71M | 4.37M |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -100.5% | -7.96% | -152.25% | 59.8% | -162% | - |
| D&A (Non-Cash Add-back) | 1.83K | 1.83K | 0 | 0 | 0 | 0 |
| EBIT | -10.88M | -9.99M | -2.75M | -1.09M | -2.71M | 4.37M |
| Net Interest Income | -94.65K | -139.31K | -385 | -165K | -219K | 16.84K |
| Interest Income | 24.38K | 76.59K | 137.72K | 10K | 0 | 16.84K |
| Interest Expense | 119.03K | 215.9K | 138.1K | 175K | 219K | 0 |
| Other Income/Expense | -7.2M | -7.24M | 20.86K | 1.39M | -219K | 6.9M |
| Pretax Income | -11M | -10.21M | -2.89M | -1.19M | -2.93M | 4.37M |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 18.84K | 33.99K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -0.65% | -2.85% | 0% | 0% |
| Net Income | -11M | -10.21M | -2.9M | -1.23M | -2.93M | 4.37M |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | -437.68% | -251.43% | -136.85% | 58.12% | -167.01% | - |
| Net Income (Continuing) | -11M | -10.21M | -2.9M | -1.23M | -2.93M | 4.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.46 | -0.43 | -0.40 | -0.15 | -0.08 | 0.13 |
| EPS Growth % | 85.54% | -7.5% | -166.67% | -82.26% | -163.31% | - |
| EPS (Basic) | - | -0.43 | -0.40 | -0.15 | -0.08 | 0.13 |
| Diluted Shares Outstanding | 23.75M | 23.75M | 7.19M | 8.01M | 34.43M | 34.5M |
| Basic Shares Outstanding | 23.75M | 23.75M | 7.19M | 8.01M | 34.43M | 34.5M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Imminent liquidity exhaustion
As indicated by the company's historical financial statements, Liminatus Pharma has recorded zero revenue across all ten reported quarters, confirming its status as a pre-commercial entity that currently relies exclusively on external capital infusions to sustain its ongoing clinical development and research-related operational activities.
The absence of top-line growth is consistent with the company's early-stage biotechnology profile, where value is derived from clinical milestones rather than product sales. Investors should note that the lack of revenue-generating segments necessitates a continuous reliance on dilutive financing, which appears increasingly precarious given the current cash position.
According to the most recent quarterly data, the company's SG&A expenses reached $700.9K in 2026Q1, which, when combined with R&D outlays, highlights a cost structure that appears fundamentally misaligned with the reported cash balance of only $337,655, suggesting an urgent requirement for additional funding.
The volatility in R&D spending, which fluctuated from $1.6M in 2024Q1 to zero in several subsequent quarters, suggests an inconsistent approach to clinical trial execution. This erratic expense management may indicate that the company is forced to throttle development activities based on the availability of immediate cash rather than strategic clinical timelines.
Based on the provided income statement data, the company's operating losses have remained persistent, with 2026Q1 showing an operating loss of $1.1M, demonstrating that the firm lacks the scale to achieve operating leverage while its primary focus remains on high-burn, pre-revenue research and development activities.
The inability to scale operating income relative to overhead suggests that the company is currently in a survival phase rather than an expansion phase. Without a clear path to commercialization, the current operating structure appears to be a significant drag on shareholder value, necessitating a potential restructuring of the cost base.
As reported in financial filings, the company's cash position of $337,655 against a quarterly operating loss of $1.1M in 2026Q1 presents a severe risk, suggesting that the firm may face a near-term liquidity crisis that could force a cessation of operations or highly dilutive financing.
Short-term observers may focus on the potential for a fire sale of the GUCY2C intellectual property, given that the current cash runway appears insufficient to reach any meaningful clinical inflection point. The lack of a successful public market transition via the stalled SPAC merger further exacerbates the risk that the company may be unable to secure the capital required to continue its research.
Quick answers to the most common questions about buying LIMN stock.
For fiscal year 2025, Liminatus Pharma, Inc. Class A Common Stock (LIMN) reported total revenue of $0.0M.
Liminatus Pharma, Inc. Class A Common Stock (LIMN) reported a net loss of $10.2M for the fiscal year ending 2025.