License Agreements	6 Months Ended
Jun. 30, 2026
License Agreements
License Agreements	Note 3. License Agreements CD47 License In October 2022, the Company was assigned a license and development agreement, as amended, with InnoBation Bio Co., Ltd. (the “CD47 License”), whereby, effective March 31, 2023, the Company received an exclusive license to develop and commercialize products for the CD47 immune checkpoint inhibitor to treat solid cancers, and companion diagnostics used to monitor treatment with CD47 products (collectively, “CD47 Products”), from Curis Biotech Holdings LLC, the parent company of Valetudo, a related party of the Company, in exchange for 78,555,554 of Liminatus’ Class A member units. The license was recorded at Valetudo’s cost basis of zero, and the Company recorded an approximately $800,000 Class A membership interest with an offset to additional paid-in capital on the unaudited condensed consolidated balance sheets. The Company is obligated to pay all development costs for CD47 Products. On February 20, 2026, the Company issued a payment of $1,000,000 to Innobation for the total estimated costs associated with the preparation activities for Phase 1 clinical trials of IBA101, the Company’s product candidate. As of June 30, 2026, the Company has completed the preparation activities for Phase 1 clinical trials. For the three months ended June 30, 2026 and 2025, research and development expense related to the CD47 License was $600,000 and $0, respectively. For the six months ended June 30, 2026 and 2025, research and development expense related to the CD47 License was $1,000,000 and $0, respectively.

License Agreements

6 Months Ended

Jun. 30, 2026

Note 3. License Agreements

CD47 License

In October 2022, the Company was assigned a license and development agreement, as amended, with InnoBation Bio Co., Ltd. (the “CD47 License”), whereby, effective March 31, 2023, the Company received an exclusive license to develop and commercialize products for the CD47 immune checkpoint inhibitor to treat solid cancers, and companion diagnostics used to monitor treatment with CD47 products (collectively, “CD47 Products”), from Curis Biotech Holdings LLC, the parent company of Valetudo, a related party of the Company, in exchange for 78,555,554 of Liminatus’ Class A member units. The license was recorded at Valetudo’s cost basis of zero, and the Company recorded an approximately $800,000 Class A membership interest with an offset to additional paid-in capital on the unaudited condensed consolidated balance sheets. The Company is obligated to pay all development costs for CD47 Products.

On February 20, 2026, the Company issued a payment of $1,000,000 to Innobation for the total estimated costs associated with the preparation activities for Phase 1 clinical trials of IBA101, the Company’s product candidate. As of June 30, 2026, the Company has completed the preparation activities for Phase 1 clinical trials.

For the three months ended June 30, 2026 and 2025, research and development expense related to the CD47 License was $600,000 and $0, respectively. For the six months ended June 30, 2026 and 2025, research and development expense related to the CD47 License was $1,000,000 and $0, respectively.