Revenue: As of FY2025, the actual value is USD 0.EPS: As of FY2025, the actual value is USD -0.43.EBIT: As of FY2025, the actual value is USD -2.828 M.Liminatus Pharma, Inc. did not generate revenue for the years ended December 31, 2025, and 2024, as it is a pre-clinical stage biopharmaceutical company. <h4>Operational Metrics</h4><ul><li>Net Loss: Liminatus Pharma, Inc. reported a net loss of - $10,206,517 for the year ended December 31, 2025, compared to - $3,546,309 for the year ended December 31, 2024. </li><li>Loss from Operations: Loss from operations was - $2,967,812 in 2025, compared to - $3,329,953 in 2024. </li><li>General and Administrative Expenses: These expenses increased by approximately $2.3 million to $2,967,812 in 2025, from $644,619 in 2024, primarily due to increased accounting and legal expenses related to the Business Combination and operating as a public company. </li><li>Research and Development Expenses: These expenses decreased by approximately $2.7 million to $0 in 2025, from $2,685,334 in 2024, mainly due to the termination of TDT’s license agreements on August 11, 2024. </li><li>Total Operating Expenses: Total operating expenses were $2,967,812 in 2025, down from $3,329,953 in 2024. </li><li>Other Expense, Net: Other expense, net, significantly increased by $7,022,349 to - $7,238,705 in 2025, from - $216,356 in 2024, primarily driven by a - $7,360,000 expense related to the fair value of common stock for a contingent liability, and a - $1,740,000 loss on the issuance of common stock in exchange for warrants, partially offset by $2,142,297 from forgiveness of vendor payables and a $54,312 unrealized gain on warrant liabilities. </li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: Net cash used in operating activities increased by $8,512,252 to - $9,963,318 in 2025, compared to - $1,451,066 in 2024. </li><li>Net Cash Used in Investing Activities: Net cash used in investing activities decreased by $2,061,892 to - $788,108 in 2025, from - $2,850,000 in 2024. </li><li>Net Cash Provided by Financing Activities: Net cash provided by financing activities increased by $7,109,762 to $11,032,762 in 2025, from $3,923,000 in 2024, mainly due to $10,556,500 in gross proceeds from PIPE Financing, offset by - $2,563,738 in transaction costs. </li><li>Net Change in Cash: The company experienced a net change in cash of $281,336 in 2025, compared to - $378,066 in 2024. </li><li>Cash Balance: Cash in bank accounts was $337,655 as of December 31, 2025, up from $56,319 as of December 31, 2024. </li></ul><h4>Unique Metrics</h4><ul><li>Accumulated Deficit: The accumulated deficit reached $38,871,733 as of December 31, 2025. </li><li>Related Party Debts (Short-term): Short-term related party debts decreased to $1,442,500 as of December 31, 2025, from $19,973,000 as of December 31, 2024. </li><li>Warrant Liability: A warrant liability of $29,244 was recorded as of December 31, 2025, with an unrealized gain on change in fair value of $54,312 during 2025. </li></ul><h4>Outlook / Guidance</h4>Liminatus Pharma, Inc. expects to continue incurring significant operating losses and may never achieve profitability. Management plans to secure additional funding through equity and debt financings to support operations, which may result in dilution for existing members. The company has identified substantial doubt about its ability to continue as a going concern for one year from the financial statements’ issuance date.

Liminatus Pharma | 10-K: FY2025 Revenue: USD 0