Liminatus Pharma, Inc. (LIMN) is a pre-clinical stage biopharmaceutical company with an accumulated deficit of approximately $40.0 million as of March 31, 2026. Under a liquidation lens, the recovery posture is deeply negative and the company carries a formal going-concern qualification. MFFAIS-computed liquidation value is approximately negative $9.6 million, consistent with the balance-sheet structure described in the filing. The asset side is dominated by cash of $1.9 million (100% recoverable) and prepaid R&D of $600,000 (near-zero liquidation value; represents a prepayment to Innobation for Phase 1 trial preparation activities approximately 40% complete as of period end, with no assignable market value on wind-down). No tangible fixed assets of consequence exist; the company holds no inventory, no AR, and no PP&E of materiality. The CD47 license was recorded at zero cost basis, carries no balance-sheet value, and receives a 0% haircut in liquidation regardless. The liability stack is the dominant driver of the negative recovery. Short-term related-party debt stands at $1,442,500, all past maturity and reclassified current; accrued interest on related-party loans totals approximately $222,000 (Valetudo $117,000, Prophase $90,000, Hana $3,000, Amantes $12,000). A deferred underwriting fee payable of $500,000 remains unpaid and past due as of the filing date. A warrant liability of $33,422 (Level 3, private placement warrants) is de minimis. Due to related parties for executive compensation is $194,587. The $7.4 million settlement payable to Clear Street LLC that appeared on the December 31, 2025 balance sheet was extinguished in Q1 2026 via issuance of 4,000,000 shares of common stock, a material improvement to the liability stack quarter-over-quarter; that liability is now zero. Net proceeds of approximately $3.4 million from the February 18, 2026 public offering (8.27 million shares plus warrants at $0.29/share) provided cash but also burned $1.0 million immediately for the Innobation Phase 1 payment and approximately $2.0 million in operating cash usage in Q1 2026. Cash burn rate of roughly $2.0 million per quarter against $1.9 million cash on hand at period end confirms the going-concern conclusion is operationally grounded. The filing does not separately tag any balance-sheet line items in XBRL per the TAG_CONTEXT provided, which is itself notable for a public company; all balance-sheet values cited above are sourced from the narrative and financial statement text rather than from tagged data. The $500,000 deferred underwriting fee and $1.44 million in past-due related-party debt are both face-value obligations that survive any wind-down scenario. No ROU asset or lease liability exists; the 10-month office lease qualifies as short-term under ASC 842 and is excluded from the balance sheet. Total estimated liquidation recovery to equity is negative at approximately negative $9.6 million per MFFAIS, with no material tangible assets to offset the liability stack.
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