MeritValue

Liminatus Pharma, Inc.

LIMNdata completeness 75%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'cash'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue——
Net income−$3.55M1−$10.2M1
Operating cash flow−$1.45M2−$9.96M2
Capital expenditure—$13,1083
Free cash flow (derived)—−$9.98M2
Total debt$20M4$1.44M4
Cash & equivalents——
Diluted shares17.5M23.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$4.13
your share of equity
Profit it earned you last year
−$4.3
Free cash flow it threw off
−$4.2
Debt you’d be carrying
$0.61

10 shares is a claim on −$4.13 of net worth that earned you −$4.3 and generated −$4.2 of cash last year, against $0.61 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 2y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+36% shares · 2y

Share count is up 36% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 93% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001104659-26-037933 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001104659-26-037933 (NetCashProvidedByUsedInOperatingActivities)
  3. 10-K · period ending 2025-12-31 · accession 0001104659-26-037933 (PaymentsToAcquirePropertyPlantAndEquipment)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-037933 (ShortTermBorrowings)