Liminatus Pharma, Inc.

Liminatus Pharma, Inc. is a pre-clinical stage, single-asset biopharmaceutical company focused on developing novel cancer therapies that utilize the body's immune system. The Company's primary clinical candidate is a humanized anti-CD47 monoclonal antibody, code-named IBA101. This next-generation CD47 checkpoint inhibitor is initially expected to target patients with advanced solid cancers, including non-small cell lung cancer (NSCLC). CD47 acts as a "do not eat me" signal, allowing cancer cells to avoid detection by the immune system. By blocking CD47, Liminatus aims to promote the uptake of tumor antigens and tumor cells by macrophages. Unlike earlier CD47 agents that often caused anemia and thrombocytopenia due to binding with red blood cells (RBCs) and platelets, Liminatus's next-generation CD47 antibody has demonstrated preferential binding to immune cells, rather than RBCs and platelets, without inducing RBC destruction. This is a key differentiating feature. The Company has completed key preclinical studies, including CMC development and monkey toxicity studies, which support the preparation of an Investigational New Drug (IND) application and a transition into clinical trials. CD47 immune checkpoint inhibitors are anticipated to enter the market primarily as combination therapies with existing PD-1/PD-L1 blockades, rather than as standalone treatments. The global market for PD-1/PD-L1 blockades was estimated at $49.5 billion in 2023.