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Here are a couple of analogies to describe Liminatus Pharma (LIMN):

• Vertex Pharmaceuticals, but for gastrointestinal disorders instead of cystic fibrosis.
• BioMarin Pharmaceutical, but with a primary focus on gastrointestinal disorders instead of rare diseases.

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Information regarding a publicly traded company named "Liminatus Pharma" with the symbol "LIMN" could not be found. It appears that this entity may not be a real, currently listed public company, and therefore, its major products cannot be identified.

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Information regarding a public company named Liminatus Pharma with the symbol LIMN could not be found in public financial databases, suggesting it may be a hypothetical entity for the purpose of this request. However, based on the typical business model of a pharmaceutical company, its major customers would primarily be other companies within the healthcare supply chain rather than direct sales to individuals.

A typical pharmaceutical company like Liminatus Pharma would sell its products to the following categories of corporate customers:

1. Pharmaceutical Wholesalers and Distributors: These companies purchase pharmaceutical products in large volumes directly from manufacturers and then distribute them to pharmacies, hospitals, clinics, and other healthcare providers. They often account for a significant majority of a pharmaceutical company's revenue. Examples of such companies include:
   • AmerisourceBergen (NYSE: ABC)
   • Cardinal Health (NYSE: CAH)
   • McKesson Corporation (NYSE: MCK)
2. Integrated Delivery Networks (IDNs), Hospitals, and Group Purchasing Organizations (GPOs): Large hospital systems, healthcare networks, and GPOs (which represent groups of healthcare providers) often enter into direct purchasing agreements with pharmaceutical manufacturers for specific drugs, especially high-volume or specialized treatments, in addition to purchasing through wholesalers.
3. Large Retail Pharmacy Chains: Major pharmacy retailers with extensive networks and sometimes mail-order pharmacies may establish direct purchasing agreements or significant contractual relationships with pharmaceutical manufacturers for certain products, although they also heavily rely on wholesalers. Examples include:
   • CVS Health (NYSE: CVS)
   • Walgreens Boots Alliance (NASDAQ: WBA)

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Chris Kim, Chief Executive Officer

Chris Kim has served as the Chief Executive Officer and Managing Member of Liminatus Pharma, LLC since its founding in May 2018, and as the Chief Executive Officer and Director of Liminatus Pharma, Inc. since November 2022. He has also been the Chief Executive Officer of Viral Gene, Inc. in Philadelphia, PA, since December 2016. Previously, from January 2007 to October 2017, Mr. Kim was Counsel for DeHeng Law Office NY. His experience includes serving as IP counsel to global pharmaceutical companies such as Merck, Pfizer, GSK, Novartis, and Bayer. Mr. Kim holds a JD, LLM, and is an SJD candidate from the University of Pennsylvania Law School and Yonsei University.

Scott Dam, Chief Financial Officer

Scott Dam has been the Chief Financial Officer of Liminatus Pharma, Inc. since April 30, 2025. Since July 2020, he has served as the Head of Credit & Market Risk for NTT Data. His career includes roles as Managing Director at Raymond James, where he was Head of Asia Healthcare Investment Banking, and senior positions at Jefferies and Credit Suisse in both the U.S. and Asia. Mr. Dam possesses extensive experience in cross-border M&A, capital markets, and strategic advisory within the healthcare and biopharma sectors. He holds an MBA from INSEAD and a CFA designation.

Mr. Byong C. Yoo, Chief Science Officer

Mr. Byong C. Yoo serves as the Chief Science Officer for Liminatus Pharma, Inc. He is recognized as an expert in biochemistry, proteomics, and metabolomics, with a particular focus on anticancer drug resistance and biomarker discovery. Mr. Yoo is the author of two books and over 130 publications, including works in *Nature*, and has received multiple national awards. His past roles include Principal Scientist at the National Cancer Center, Republic of Korea, and Chief of the Biomedicine Production Branch (cGMP facility). He is an expert in immunology and advanced biopharmaceutical development, covering immune checkpoint inhibitors and gene and cell therapies (GCT).

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Key Risks to Liminatus Pharma (LIMN)

1. Preclinical Stage and High-Risk Pipeline: Liminatus Pharma is a preclinical oncology company with no agents yet in clinical development, meaning it is years away from human trials. Its primary developmental project, IBA101, is a next-generation anti-CD47 molecule. However, CD47-targeting drugs have a documented history of failure in clinical trials, with previous attempts by other companies proving ineffective or demonstrating challenging toxicity profiles. This makes Liminatus' main asset a highly speculative and risky endeavor for investors.
2. Nasdaq Non-Compliance and Delisting Risk: Liminatus Pharma has received notices from Nasdaq indicating non-compliance with listing rules due to insufficient market value of its listed securities and publicly held shares. The company has been given until May 18, 2026, to regain compliance; failure to do so could result in delisting or a transfer to the Nasdaq Capital Market.
3. Financial Instability and High Valuation: As of March 2025, Liminatus Pharma reportedly held cash reserves of only $35,000. Although the company raised $15 million through a share sale, its liquidity remains precarious, and future financing is essential. Despite being a preclinical company, Liminatus is valued at approximately $500 million, which is considered a premium valuation more typical of later-stage biotech firms and disproportionate to its unproven clinical pipeline and long development timeline.

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The addressable market for Liminatus Pharma's (LIMN) main product, IBA101, a next-generation anti-CD47 molecule, targets advanced solid cancers, including non-small cell lung cancer.

The global market for CD47 targeting therapeutics is estimated at approximately $2 billion in 2025, with a projected compound annual growth rate (CAGR) of 25% from 2025 to 2033.

For non-small cell lung cancer (NSCLC), the global market is estimated to be $22.1 billion in 2025 and is projected to grow to $53.9 billion by 2034, at a CAGR of 10.4%.

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Liminatus Pharma (NASDAQ: LIMN), a preclinical-stage biopharmaceutical company, has identified several key drivers for potential future revenue growth over the next 2-3 years, stemming from both its core oncology focus and a strategic diversification into digital assets.

1. Successful Clinical Development and Commercialization of the CD47 Immune Checkpoint Inhibitor (IBA101): As a preclinical company, Liminatus Pharma's primary long-term revenue driver lies in the successful advancement and eventual commercialization of its lead oncology asset, the next-generation anti-CD47 molecule, IBA101. The company plans to submit an Investigational New Drug (IND) application to the FDA for its CD47 immune checkpoint inhibitor and aims to initiate Phase 1 clinical trials to assess its safety for advanced solid cancers. There are also plans for a global trial in South Korea, specifically targeting lung cancer patients, indicating potential market expansion for this therapy.
2. Returns from Strategic Investments in Cryptocurrency and Blockchain: Liminatus Pharma announced a strategic expansion into the cryptocurrency and blockchain sector with the establishment of a dedicated subsidiary, "American BNB Strategy". The company intends to raise and deploy up to $500 million for long-term investments in BNB coin, aiming to support its cancer research initiatives and enhance shareholder value. Successful execution of this strategy could generate significant financial returns, indirectly bolstering the company's ability to fund its core biopharmaceutical pipeline and potentially creating a new revenue stream from its digital asset management.
3. Development and Commercialization of Pancreatic Cancer Diagnostics: Alongside its focus on cancer therapeutics, Liminatus Pharma remains committed to the development of pancreatic cancer diagnostics. The successful development and market introduction of these diagnostics could establish a new product line and a distinct source of revenue for the company within the healthcare sector.

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Share Issuance

• In April 2025, Liminatus Pharma raised $15 million through a share sale, which was part of a broader $175 million equity infusion from its SPAC merger with Iris Acquisition Corp..
• The business combination with Iris Acquisition Corp., completed on April 30, 2025, resulted in Liminatus's security holders receiving 17,500,000 newly issued shares of ParentCo's common stock, valued at $175.0 million in aggregate.
• Liminatus Pharma signed a Memorandum of Understanding (MOU) with Capital Trust Group in October 2025 for a USD 30,000,000 equity financing, involving newly issued shares through an earn-out mechanism, with definitive agreements targeted for November 2025.

Inbound Investments

• A significant inbound investment of $175 million in equity was received through the business combination with Iris Acquisition Corp. in April 2025.
• Liminatus Pharma secured a commitment for a USD 30,000,000 equity investment from Capital Trust Group via an earn-out mechanism, with definitive agreements expected in November 2025.
• The company initiated a strategic review in July 2025 to explore forming a dedicated digital asset investment vehicle, aiming to potentially attract up to $500 million in capital to diversify its long-term treasury strategy.

Capital Expenditures

• Proceeds from the April 2025 share sale were allocated for clinical development, specifically to accelerate Phase II trials for its lead asset (a GCC vaccine targeting gastrointestinal cancers) and advance its CD47 immune checkpoint inhibitor into IND-enabling studies.
• The USD 30 million equity financing from Capital Trust Group is intended to support Liminatus's research and development of advanced immunotherapy assets.