Liminatus Pharma completes de-SPAC business combination, files Q1 2025 financials

Liminatus Pharma, Inc.

Business combination closed April 30, 2025; combined company trades on Nasdaq as LIMN and LIMNW.
Public stockholders redeemed 59,844 shares for ~$702k (~$11.74/share).
Liminatus is pre-revenue, pre-clinical; net loss of $3.5M in FY2024, $5.0M in FY2023, accumulated deficit $28.7M.
Amendment adds unaudited Q1 2025 financial statements of Liminatus and Iris; specific results not summarized in filing.
Enterprise value of Liminatus set at $175M; 17,500,000 common shares issued to former Liminatus securityholders.

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