Liminatus Pharma Offering: USD 4.0 Million Public Raise Priced at USD 0.29 Per Share
Cerritos, California-based Liminatus Pharma (NASDAQ: LIMN) announced the pricing of a best-efforts public offering expected to generate approximately USD 4.0 million in gross proceeds before placement agent fees and other expenses. The Liminatus Pharma offering is expected to close on or about February 18, 2026, subject to customary closing conditions. The company stated it intends to use net proceeds from the Liminatus Pharma public offering to fund working capital requirements, general corporate purposes, and the advancement of its business objectives. No specific clinical program was identified as the primary use of proceeds.
Liminatus Pharma Offering Structure and Pricing
The LIMN stock offering consists of 13,813,000 shares of common stock, or pre-funded warrants in lieu thereof, together with warrants to purchase up to 20,719,500 shares of common stock. The combined public offering price was set at USD 0.29 per share, with pre-funded warrants priced at USD 0.2899 each. The Liminatus Pharma warrants carry an exercise price of USD 0.29 per share, are exercisable immediately upon issuance, and expire on the fifth anniversary of the original issuance date. If all warrants were exercised on a cash basis, the company would receive additional gross proceeds of approximately USD 6.0 million, though the company noted that no assurance can be given that any warrants will be exercised.
The warrant-to-share ratio in this transaction is approximately 1.5 warrants per share purchased, meaning the total potential dilution from the offering and full warrant exercise would encompass up to 34,532,500 shares of common stock. Maxim Group LLC, based in New York, is acting as sole placement agent. The securities are being offered pursuant to a registration statement on Form S-1 (File No. 333-293364), which was declared effective by the SEC on February 13, 2026. No specific institutional investors or insider participants were named in the press release.
Company Overview and Pipeline
Liminatus Pharma NASDAQ-listed entity is a pre-clinical stage immuno-oncology company focused on CD47 immuno-oncology therapeutics. The company's lead asset is IBA101, a humanized monoclonal antibody targeting CD47, a cell-surface protein that functions as an immune checkpoint by sending a "don't eat me" signal to macrophages. CD47 blockade is intended to restore macrophage-mediated phagocytosis of tumor cells and enhance innate immune responses. The company has positioned IBA101 as a molecule designed to reduce the hematologic toxicities, particularly anemia and thrombocytopenia, that have limited earlier CD47-targeting programs across the industry.