Liminatus Pharma, Inc. (LIMN) Balance Sheet
LIMN balance sheet, 2025
December 31, 2025 · U.S. dollars$512,795 assets = $10.3M liabilities + −$9.8M equity
Liabilities exceed assets: shareholders’ equity is negative (−$9.8M).
Both columns are drawn to the same scale: what LIMN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LIMN financial health
Descriptive bands, not a rating. Fiscal 2025.
LIMN balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $276.4M2021 | $512,7952025 | −79.2%/yr | |
| Total liabilities | $21.6M2021 | $10.3M2025 | −16.8%/yr | |
| Shareholders’ equity | $254.9M2021 | −$9.8M2025 | — | |
| Cash & short-term investments | $336,2282021 | $337,6552025 | +0.1%/yr | |
| Total debt | $90,0002021 | $1.4M2025 | +100.1%/yr | |
| Net cash (debt) | $246,2282021 | −$1.1M2025 | −$1.4M | |
| Working capital | −$958,4672021 | −$9.8M2025 | −$8.8M | |
| Book value per share | $369.382021 | −$20.662025 | — | |
| Current ratio | 0.312021 | 0.052025 | −0.26 | |
| Debt / equity | 0.002021 | 12.752022 | +12.75 | |
| Shares outstanding | 690K2021 | 475K2025 | −8.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LIMN assets
LIMN liabilities and equity
LIMN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LIMN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $337,655 | $804,538 | $434,000 | $5.0M | $336,228 |
| Cash & equivalents | $337,655 | $804,538 | $434,000 | $5.0M | $336,228 |
| Receivables | $0 | $6,456 | $945,000 | $100,000 | $1,256 |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $162,919 | $1,664 | $0 | $0 | $84,438 |
| Total current assets | $500,574 | $812,658 | $210,881 | $360,649 | $421,922 |
| Property, plant & equipment (net) | $12,221 | $941 | $1,000 | $1,000 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $2.0M | $4.3M | $15.1M | $276.0M |
| Total assets | $512,795 | $2.8M | $4.5M | $15.5M | $276.4M |
| Liabilities | |||||
| Accounts payable | $582,234 | $1.5M | $933,000 | $508,000 | $419,000 |
| Short-term debt | $1.4M | $5.1M | $16.1M | $16.5M | $90,000 |
| Total current liabilities | $10.3M | $8.7M | $5.2M | $3.6M | $1.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $29,244 | $10.0M | $10.0M | $10.6M | $20.2M |
| Total liabilities | $10.3M | $18.7M | $15.2M | $14.2M | $21.6M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $2,706 | $1.8M | $4.1M | $15.1M | $276.0M |
| Retained earnings (deficit) | −$38.9M | −$17.5M | −$14.9M | −$14.0M | −$21.1M |
| Accumulated other comprehensive income | — | −$160,677 | — | — | — |
| Total shareholders' equity | −$9.8M | −$15.9M | −$10.7M | $1.3M | $254.9M |
| Key figures | |||||
| Total debt | $1.4M | $5.1M | $16.1M | $16.5M | $90,000 |
| Net cash (debt) | −$1.1M | −$4.3M | −$15.6M | −$11.5M | $246,228 |
| Working capital | −$9.8M | −$7.9M | −$4.9M | −$3.2M | −$958,467 |
| Tangible book value | −$9.8M | −$15.9M | −$10.7M | $1.3M | $254.9M |
| Book value per share | −$20.66 | — | — | $1.88 | $369.38 |
| Shares outstanding | 475K | — | — | 689K | 690K |
| Current ratio | 0.05 | 0.09 | 0.04 | 0.10 | 0.31 |
| Quick ratio | 0.03 | 0.09 | 0.27 | 1.43 | 0.24 |
| Debt / equity | — | — | — | 12.75 | 0.00 |
| Equity / assets | −1,914.0% | −561.0% | −237.5% | 8.4% | 92.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & short-term investments | $3.0M | $1.9M | $337,655 | $724,502 | $804,538 | $56,319 | $358,181 | $339,203 | $1.5M | $434,000 | $337,721 |
| Cash & equivalents | $3.0M | $1.9M | $337,655 | $724,502 | $804,538 | $56,319 | $358,181 | $339,203 | $1.5M | $434,000 | $337,721 |
| Receivables | $0 | $0 | $0 | $0 | $6,456 | $0 | $15,756 | $24,456 | $35,356 | $945,000 | $1,256 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $375,371 | $870,872 | $162,919 | $478,868 | $1,664 | $5.2M | $20,250 | $45,500 | $5,000 | $0 | $17,500 |
| Total current assets | $3.4M | $2.8M | $500,574 | $1.2M | $812,658 | $5.3M | $394,187 | $409,159 | $1.5M | $210,881 | $356,477 |
| Property, plant & equipment (net) | $11,235 | $11,703 | $12,221 | $12,764 | $0 | $941 | $1,000 | $0 | $1,000 | $1,000 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $126,275 | $2.0M | $126,275 | $2.7M | $3.1M | $3.1M | $4.3M | $4.2M |
| Total assets | $3.4M | $2.8M | $512,795 | $1.3M | $2.8M | $5.4M | $3.1M | $3.5M | $4.6M | $4.5M | $4.6M |
| Liabilities | |||||||||||
| Accounts payable | $655,089 | $529,778 | $582,234 | $559,171 | — | $1.5M | $1.2M | — | $939,000 | $933,000 | — |
| Short-term debt | $1.4M | $1.4M | $1.4M | $1.4M | $5.1M | — | $4.6M | $3.8M | $4.2M | $16.1M | $1.8M |
| Total current liabilities | $3.0M | $2.9M | $10.3M | $2.9M | $1,060 | $24.7M | $7.5M | $6.5M | $6.9M | $5.2M | $4.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $62,667 | $33,422 | $29,244 | $123,579 | $10.0M | $0 | $9.8M | $10.1M | $10.2M | $10.0M | $10.2M |
| Total liabilities | $3.1M | $2.9M | $10.3M | $3.0M | $1,060 | $24.7M | $17.3M | $16.6M | $17.2M | $15.2M | $14.8M |
| Shareholders' equity | |||||||||||
| Common stock & paid-in capital | $5,597 | $4,823 | $2,706 | $2,706 | $1.8M | — | $2.5M | $2.9M | $2.9M | $4.1M | $4.0M |
| Retained earnings (deficit) | −$41.4M | −$40.0M | −$38.9M | −$30.7M | −$1,060 | −$28.7M | −$16.6M | −$16.0M | −$15.5M | −$14.9M | −$14.3M |
| Accumulated other comprehensive income | — | — | — | — | −$10 | — | −$117,669 | −$68,888 | — | — | — |
| Total shareholders' equity | $300,612 | −$132,596 | −$9.8M | −$1.6M | −$1,060 | −$19.3M | −$14.3M | −$13.1M | −$12.5M | −$10.7M | −$10.2M |
| Key figures | |||||||||||
| Total debt | $1.4M | $1.4M | $1.4M | $1.4M | $5.1M | — | $4.6M | $3.8M | $4.2M | $16.1M | $1.8M |
| Net cash (debt) | $1.6M | $465,174 | −$1.1M | −$717,998 | −$4.3M | — | −$4.2M | −$3.4M | −$2.8M | −$15.6M | −$1.4M |
| Working capital | $352,044 | −$110,877 | −$9.8M | −$1.7M | $811,598 | −$19.5M | −$7.1M | −$6.1M | −$5.4M | −$4.9M | −$4.2M |
| Tangible book value | $300,612 | −$132,596 | −$9.8M | −$1.6M | −$1,060 | −$19.3M | −$14.3M | −$13.1M | −$12.5M | −$10.7M | −$10.2M |
| Book value per share | $0.63 | −$0.28 | −$20.66 | −$3.05 | −$0.00 | — | — | — | — | — | — |
| Shares outstanding | 475K | 475K | 475K | 540K | 541K | — | — | — | — | — | — |
| Current ratio | 1.12 | 0.96 | 0.05 | 0.42 | 766.66 | 0.21 | 0.05 | 0.06 | 0.22 | 0.04 | 0.08 |
| Quick ratio | 0.99 | 0.66 | 0.03 | 0.25 | 765.09 | 0.00 | 0.05 | 0.06 | 0.22 | 0.27 | 0.07 |
| Debt / equity | 4.80 | — | — | — | — | — | — | — | — | — | — |
| Equity / assets | 8.8% | −4.8% | −1,914.0% | −122.6% | −0.0% | −357.6% | −464.6% | −369.6% | −270.9% | −237.5% | −223.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
LIMN financial position
At the end of fiscal 2025 (December 31, 2025), Liminatus Pharma had total assets of $0.5 million (down 81.9% from a year earlier), total liabilities of $10.3 million and shareholders' equity of -$9.8 million. It held $0.3 million in cash and short-term investments against $1.4 million of debt, net debt of $1.1 million. Its current ratio was 0.05. In the latest quarter (ended June 30, 2026) total assets were $3.4 million and equity $0.3 million.
Related: LIMN income statement, LIMN cash flow statement, LIMN key metrics. See the LIMN stock overview for the latest quote and news.
LIMN balance sheet FAQ
What are Liminatus Pharma's total assets?
Liminatus Pharma reported total assets of $0.5 million at the end of fiscal 2025 (December 31, 2025), compared with $2.8 million a year earlier.
How much debt does Liminatus Pharma have?
Liminatus Pharma had $1.4 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.
How much cash does Liminatus Pharma have?
Liminatus Pharma held $0.3 million in cash and short-term investments at the end of fiscal 2025; with $1.4 million of debt that is net debt of $1.1 million.
What is Liminatus Pharma's book value?
Liminatus Pharma's shareholders' equity (book value) was -$9.8 million at the end of fiscal 2025, or −$20.66 per share.
What is Liminatus Pharma's current ratio?
Liminatus Pharma had current assets of $0.5 million and current liabilities of $10.3 million, a current ratio of 0.05 (current liabilities exceed current assets).