Liminatus Pharma, Inc. (LIMN)

Nasdaq: LIMN · Biological Products, (No Diagnostic Substances) · Cerritos, CA · filing with the SEC since 2023

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Grade4.1

◀ Past 3.5● Present 3.4▶ Future 5.0

7 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Liminatus Pharma, Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.1/10

◀ Past3.525% of the headline

● Present3.435% of the headline

▶ Future5.040% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 2 read as filed from the record and 7 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.5/1025% of the headline grade · 1 of 3 filed, 2 estimated

Surviving crises

as filed

0.6/10

Has it survived what it has been through?

11 warning events since 2023; the latest 2026-09-29.

weight 22% of this tense · 6th percentile among 159 sector filers · read for itself

From the record

Liminatus Pharma, Inc.'s filings since 2023 show 11 warning events of 3 kinds: a notice about its exchange listing (8-K item 3.01, 8 times, the latest 2026-09-29); an auditor change (8-K item 4.01, the latest 2025-05-06); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2025-08-15) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

SI estimate

4.9/10

What has it actually done, year after year?

SI estimate 4.9/10, confidence 20 of 100 (family median).

weight 45% of this tense · 50th percentile among 103 sector filers · read for its customers

SI estimate Inferred, not read as filed

Why it is an estimate: Fewer than three filed years of revenue on file, so the desk assumes the typical reading of its industry family, the median of 103 members with one.
What the record cannot read: Fewer than three filed years of revenue on file.
How it was reasoned: family median, 103 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Liminatus Pharma, Inc.'s track record is put at 4.9 of 10 with a confidence of 20 of 100, because fewer than three filed years of revenue on file, so the desk assumes the typical reading of its industry family, the median of 103 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Shareholder treatment

SI estimate

3.5/10

How has it treated the people who own it?

SI estimate 3.5/10, confidence 35 of 100 (one part).

weight 33% of this tense · 35th percentile among 146 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 35% of 146 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 146 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Liminatus Pharma, Inc.'s shareholder treatment is put at 3.5 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 35% of 146 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.4/1035% of the headline grade · 1 of 3 filed, 2 estimated

Financial health

as filed

1.6/10

Is it financially healthy right now?

Leverage 2014%: owes 2014¢ per asset dollar.

weight 45% of this tense · 15th percentile among 147 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Liminatus Pharma, Inc.'s shareholders' equity was below zero, so the profit on it is not read. Leverage: it owed about 2014 cents per dollar of assets, and net share issuance: its share count grew 35.7% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 1% of its family
the share count against the year beforebottom 31% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

SI estimate

4.9/10

How strong is its position in its industry?

SI estimate 4.9/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 102 sector filers · read for its customers

SI estimate Inferred, not read as filed

Why it is an estimate: No filed revenue on file, so the desk assumes the typical reading of its industry family, the median of 102 members with one.
What the record cannot read: No filed revenue on file.
How it was reasoned: family median, 102 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Liminatus Pharma, Inc.'s industry position is put at 4.9 of 10 with a confidence of 20 of 100, because no filed revenue on file, so the desk assumes the typical reading of its industry family, the median of 102 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Leadership

SI estimate

5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 130 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: The record of its people begins on 2025-04-30 (a listing, a merger or a first filing under the rules) and its chief executive have filed since then, so the record shows a floor of 1.5 years and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 130 members with one.
What the record cannot read: The record of its people begins on 2025-04-30 (a listing, a merger or a first filing under the rules) and its chief executive have filed since then, so the record shows a floor of 1.5 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 130 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Liminatus Pharma, Inc.'s leadership is put at 5.0 of 10 with a confidence of 20 of 100, because the record of its people begins on 2025-04-30 (a listing, a merger or a first filing under the rules) and its chief executive have filed since then, so the record shows a floor of 1.5 years and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 130 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.0/1040% of the headline grade · 0 of 3 filed, 3 estimated

Room to expand

SI estimate

4.9/10

How much room does it have to grow?

SI estimate 4.9/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 92 sector filers · read for itself

SI estimate Inferred, not read as filed

Why it is an estimate: The record does not carry two of the four parts: cash less debt against assets, cash from operations less capital spending against revenue, gross margin, research against revenue, so the desk assumes the typical reading of its industry family, the median of 92 members with one.
What the record cannot read: The record does not carry two of the four parts: cash less debt against assets, cash from operations less capital spending against revenue, gross margin, research against revenue.
How it was reasoned: family median, 92 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Liminatus Pharma, Inc.'s room to expand is put at 4.9 of 10 with a confidence of 20 of 100, because the record does not carry two of the four parts: cash less debt against assets, cash from operations less capital spending against revenue, gross margin, research against revenue, so the desk assumes the typical reading of its industry family, the median of 92 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Growth drivers

SI estimate

4.9/10

What could actually drive growth from here?

SI estimate 4.9/10, confidence 20 of 100 (family median).

weight 45% of this tense · 50th percentile among 101 sector filers · read for its customers

SI estimate Inferred, not read as filed

Why it is an estimate: The record does not carry three filed years of revenue and two of the four parts: acceleration, the newest year's growth, the growth of research and of capital spending, so the desk assumes the typical reading of its industry family, the median of 101 members with one.
What the record cannot read: The record does not carry three filed years of revenue and two of the four parts: acceleration, the newest year's growth, the growth of research and of capital spending.
How it was reasoned: family median, 101 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Liminatus Pharma, Inc.'s growth drivers is put at 4.9 of 10 with a confidence of 20 of 100, because the record does not carry three filed years of revenue and two of the four parts: acceleration, the newest year's growth, the growth of research and of capital spending, so the desk assumes the typical reading of its industry family, the median of 101 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Expectations vs reality

SI estimate

5.1/10

Did its newest year beat what its own record pointed to?

SI estimate 5.1/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 73 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 73 members with one.
What the record cannot read: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned: family median, 73 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Liminatus Pharma, Inc.'s expectations vs reality is put at 5.1 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 73 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton LIMN · research, not advice