The firm's financial health is severely compromised, evidenced by a negative equity position of -$9.8 million and a precarious cash balance of only $337,655 as of 2025Q4.
| 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 | 529.78K | 582.23K | 1.48M | 933K | 508K | 419K |
| Days Payables Outstanding | 370.47K | - | - | - | - | - |
| 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 | 0 | 0 | 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 | -91.44x | -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 insolvency risk
As reported in financial statements, Liminatus Pharma's equity has plummeted into deep negative territory, reaching -$9.8 million by 2025Q4, which signals a severe and accelerating deterioration of the company's financial health as it fails to secure the capital necessary to sustain its R&D-heavy business model.
The consistent decline in net equity over the last ten quarters suggests that the company is effectively consuming its entire capital base to fund operations. This trajectory indicates that the firm is likely nearing a point where it can no longer support its clinical-stage ambitions without a fundamental restructuring or dilutive event.
Based on the most recent quarterly data, the company's cash reserves have dwindled to a precarious $337,655, a figure that, when compared to historical burn rates, suggests the firm lacks the liquidity buffer required to maintain even basic operations through the next fiscal quarter.
With a current ratio of 0.05 as of 2025Q4, the company is effectively unable to meet its short-term obligations, pointing to a severe liquidity crisis. Investors should monitor this closely, as the current cash position appears insufficient to support the high-cost requirements of ongoing CAR-T clinical development.
According to historical balance sheet data, the company has maintained a persistent negative equity position, which, as of 2025Q4, stands at -$9.8 million, highlighting the significant erosion of shareholder value resulting from continuous operating losses and the absence of any revenue-generating commercial activities.
The accumulation of negative retained earnings, which reached -$38.9 million by 2025Q4, underscores the structural inability of the business to achieve profitability. This persistent deficit suggests that the company's capital structure is heavily reliant on external financing that has failed to translate into tangible asset growth or clinical progress.
As indicated by the company's reported figures, the presence of significant liabilities relative to near-zero assets suggests that the headline balance sheet may be masking deeper solvency issues, particularly regarding the potential for warrant-related dilution and the impact of outstanding SPAC-related obligations on future recovery.
The discrepancy between the company's total liabilities and its minimal asset base warrants further investigation into the nature of these obligations. It appears likely that the firm's financial distress is compounded by complex capital structure issues that could severely limit the recovery potential for equity holders in a liquidation scenario.
Quick answers to the most common questions about buying LIMNW stock.
As of 2025, Liminatus Pharma, Inc. Warrants (LIMNW) had total assets of $0.5M including $0.5M in current assets.
Liminatus Pharma, Inc. Warrants (LIMNW) 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. Warrants (LIMNW) 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. Warrants (LIMNW) 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.