Liminatus Pharma, Inc. (LIMN) Cash Flow Statement
Where LIMN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$10.0M
- Capital expenditures
- $13,108
- Free cash flow
- −$10.0M
- Returned to shareholders
- —
- Change in cash
- $281,336 cash at year-end $337,655
Drawn to scale: where the cash came from and how it was used. Hover for values.
LIMN operating cash flow, capex and free cash flow
LIMN cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.2M2021 | −$10.0M2025 | — | |
| Capital expenditures | $02021 | $13,1082025 | — | |
| Free cash flow | −$1.2M2021 | −$10.0M2025 | — | |
| Share buybacks (net) | $700,0002022 | $1.8M2024 | +60.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LIMN cash flow by activity
LIMN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LIMN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$10.2M | −$2.9M | −$5.0M | −$2.9M | $4.4M |
| Depreciation & amortization | $1,828 | $0 | — | $1,000 | — |
| Change in working capital | −$7.0M | −$44,539 | $1.6M | $1.2M | $1.3M |
| Other non-cash items | $7.2M | −$157,624 | $0 | $899,000 | −$6.9M |
| Cash from operating activities | −$10.0M | −$3.1M | −$3.3M | −$869,000 | −$1.2M |
| Investing activities | |||||
| Capital expenditures | −$13,108 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | −$819,000 | $0 | — |
| Acquisitions & other investing | −$775,000 | $2.0M | $0 | $264.0M | −$276.0M |
| Cash from investing activities | −$788,108 | $2.0M | −$819,000 | $264.0M | −$276.0M |
| Financing activities | |||||
| Share repurchases & issuance (net) | — | −$1.8M | −$10.7M | −$700,000 | — |
| Net borrowing (repayment) | $3.0M | $3.9M | −$450,000 | $2.4M | — |
| Shares issued | $10.6M | $0 | $0 | $4.2M | $0 |
| Other financing | −$2.6M | −$1.1M | $10.7M | $0 | $277.6M |
| Cash from financing activities | $11.0M | $1.0M | −$450,000 | $5.9M | $277.6M |
| Summary | |||||
| Net change in cash | $281,336 | $648,113 | −$4.6M | $5.0M | $336,228 |
| Cash at end of period | $337,655 | $804,538 | $434,000 | $5.4M | $336,228 |
| Free cash flow | −$10.0M | −$3.1M | −$3.3M | −$869,000 | −$1.2M |
| Operating cash flow / net income | — | — | — | — | −0.28 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.4M | −$1.1M | −$8.2M | −$1.8M | — | −$327,526 | −$229,752 | −$642,900 | −$534,854 | −$858,231 | −$486,595 | −$323,891 |
| Depreciation & amortization | $468 | $518 | $543 | $542 | $743 | $0 | — | $0 | — | — | — | — |
| Change in working capital | $419,062 | −$896,271 | −$7.5M | $119,068 | −$7.7M | $168,133 | $89,092 | $395,253 | −$41,028 | $247 | $29,198 | $157,355 |
| Other non-cash items | $17,730 | $4,178 | $15.3M | $1.1M | — | $0 | $0 | −$481,708 | −$112,008 | −$45,738 | −$169,704 | −$372,817 |
| Cash from operating activities | −$969,999 | −$2.0M | −$386,847 | −$600,612 | −$8.8M | −$159,393 | −$140,660 | −$729,355 | −$687,890 | −$903,722 | −$627,101 | −$539,353 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | −$3 | −$13,108 | $0 | $0 | −$5 | −$5 | −$3 | $0 | −$1 | −$3 |
| Investments (net) | — | — | — | −$13,108 | — | — | — | −$800,000 | — | $248.8M | −$11.43B | — |
| Acquisitions & other investing | — | — | −$774,997 | $13,108 | — | −$575,000 | −$549,995 | $1.3M | $1.3M | $0 | $11.43B | $10.8M |
| Cash from investing activities | — | — | −$775,000 | −$13,108 | — | −$575,000 | −$550,000 | $485,533 | $1.3M | $248.8M | −$42,695 | $10.8M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | −$537,200 | −$1.3M | $0 | $10.66B | −$10.4M |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | $2.3M | $713,000 | −$2.30B | $983,000 | — | $700.0M | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.1M | $3.6M | $0 | $11.0M | $8.0M | $0 | $2.30B | −$183,000 | $800,000 | −$699.3M | −$10.66B | $370,000 |
| Cash from financing activities | $2.1M | $3.6M | $0 | $11.0M | $10.3M | $713,000 | $700,000 | $262,800 | −$465,669 | $700,000 | $488,500 | −$10.0M |
| Summary | ||||||||||||
| Net change in cash | $1.1M | $1.6M | −$386,847 | −$613,720 | $1.3M | −$21,393 | −$301,862 | $18,978 | −$1.1M | $45.1M | −$181,296 | $222,545 |
| Cash at end of period | $3.0M | $1.9M | $337,655 | $724,502 | $1.3M | $34,926 | $56,319 | $358,181 | $339,203 | $201,537 | $156,425 | $337,721 |
| Free cash flow | −$969,999 | −$2.0M | −$386,850 | −$613,720 | −$8.8M | −$159,393 | −$140,660 | −$729,360 | −$687,890 | −$903,722 | −$627,100 | −$539,350 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LIMN cash generation
In fiscal 2025 (ended December 31, 2025), Liminatus Pharma generated -$10.0 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$10.0 million. Cash and equivalents rose by $0.3 million over the year.
Related: LIMN income statement, LIMN balance sheet. See the LIMN stock overview for the latest quote and news.
LIMN cash flow FAQ
What is Liminatus Pharma's free cash flow?
Liminatus Pharma's free cash flow was -$10.0 million in fiscal 2025: -$10.0 million of operating cash flow minus $0.0 million of capital expenditures It was -$3.1 million a year earlier..
How much cash does Liminatus Pharma generate from operations?
Liminatus Pharma generated -$10.0 million of cash from operating activities in fiscal 2025.
How much does Liminatus Pharma spend on capital expenditures?
Liminatus Pharma spent $0.0 million on capital expenditures in fiscal 2025.