Liminatus Pharma
LIMN on Nasdaq. Biological products, (no diagnostic substances). Market value $253m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-4.57 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.25 a share, at its 1-year low
Over the past year the price has ranged from $3.25 to $141.50.
Pays no dividend
Prices from Wednesday’s close (14 October).
Five years of cash, in billions
| Revenue | |
| Revenue | n/a |
| Operating margin | |
| Operating margin | n/a |
| Debt to equity | |
| Debt to equity | n/a |
| Shares outstanding | |
| Shares outstanding | 0.07bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $1 million, after a profit of $113,287 a year ago.
- 108% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| March 2025 | -$327,526 |
| June 2025 | $113,287 |
| September 2025 | -$2m |
| December 2025 | -$8m |
| March 2026 | -$1m |
| June 2026 | -$1m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 13 November 2026
Who owns it
None of the long-term investors we follow own it. 13 funds in all.
Largest holders overall
- XTX Topco$24,491New
- Geode Capital Management$15,282Added
- Citadel Advisors$6,192Cut
- Vanguard Capital Management$5,548
- Goldman Sachs Group$4,440New
- StoneX Group$3,934New
- Vanguard Fiduciary Trust$2,528
- State Street$2,098
- UBS Group AG$1,840Cut
- Vanguard Personalized Indexing Management$1,452Cut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- Iris Acquisition Holdings LLCBlank-check company sponsor26.5%Since 30 April 2025
What they said
To the extent required by Item 4, the information set forth in Item 3 and Item 6 of this Schedule 13D is incorporated herein by reference. The Reporting Person does not have any present plan or proposal that would relate to or result in any of the matters set forth in…
Read the filing - KH Feelux Co., LtdPassive investor15.4%Since 30 April 2025
- Valetudo Therapeutics LLCInsider or founderat least 14.3%−9.4 pts(filed with 1 related holder)Since 2 July 2026
What they said
The information set forth in Item 3 above is incorporated into this Item 4 by reference. The Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated…
Read the filing - Ewon Comfortech Co., Ltd.Passive investor10.9%+5.1 ptsSince 24 June 2026
- Nongae Apple Association 1stPassive investor5.7%Since 30 April 2025
- Red Peony Association 1stPassive investor5.7%Since 30 April 2025
- Samda Biolab Co., Ltd.Passive investor5.1%Since 2 July 2026
- Mitchell P. KopinPassive investorat least 5.0%(filed with 2 related holders)Since 17 February 2026
| Holder | Stake | Since | |
|---|---|---|---|
Iris Acquisition Holdings LLC Blank-check company sponsor | 26.5% | 30 April 2025 | What they saidTo the extent required by Item 4, the information set forth in Item 3 and Item 6 of this Schedule 13D is incorporated herein by reference. The Reporting Person does not have any present plan or proposal that would relate to or result in any of the matters set forth in… Read the filing |
KH Feelux Co., Ltd Passive investor | 15.4% | 30 April 2025 | |
Valetudo Therapeutics LLC Insider or founder | at least 14.3%−9.4 pts (filed with 1 related holder) | 2 July 2026 | What they saidThe information set forth in Item 3 above is incorporated into this Item 4 by reference. The Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated… Read the filing |
Ewon Comfortech Co., Ltd. Passive investor | 10.9%+5.1 pts | 24 June 2026 | |
Nongae Apple Association 1st Passive investor | 5.7% | 30 April 2025 | |
Red Peony Association 1st Passive investor | 5.7% | 30 April 2025 | |
Samda Biolab Co., Ltd. Passive investor | 5.1% | 2 July 2026 | |
Mitchell P. Kopin Passive investor | at least 5.0% (filed with 2 related holders) | 17 February 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
2 serious warning signs in Liminatus Pharma’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 9 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) ASC 205-40, Presentation of Financial Statements—Going Concern , management has concluded that there is substantial doubt about its ability to continue as a going concern for one year after the date that the accompanying unaudited condensed consolidated financial statements are issued.”
Show the full paragraph
In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) ASC 205-40, Presentation of Financial Statements—Going Concern , management has concluded that there is substantial doubt about its ability to continue as a going concern for one year after the date that the accompanying unaudited condensed consolidated financial statements are issued. The Company’s unaudited condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
From the 10-Q filed 14 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on this evaluation, our principal executive officer and principal financial officer has concluded that during the quarter ended June 30, 2026, our disclosure controls and procedures were not effective due to the material weaknesses described below.”
From the 10-Q filed 14 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.