Liminatus Pharma Announces Nasdaq Delisting Notification
Rhea-AI Summary
Liminatus Pharma (Nasdaq: LIMN) received a Nasdaq delisting notice after not regaining compliance with market value requirements. Nasdaq cited the $50,000,000 market value of listed securities and $15,000,000 market value of publicly held shares rules.
Unless Liminatus appeals by May 27, 2026, trading could be suspended May 29, 2026. The company plans to request a hearing, which would stay any suspension or delisting action pending the Panel decision.
AI-generated analysis. Not financial advice.
Positive
- Company intends to appeal Nasdaq determination before a Hearings Panel
- Appeal request will stay any suspension or delisting action pending hearing
Negative
- Noncompliance with $50M market value of listed securities requirement
- Noncompliance with $15M market value of publicly held shares requirement
- Nasdaq has determined LIMN securities will be delisted from the Global Market
- Trading in common stock and warrants may be suspended May 29, 2026 absent appeal
News Market Reaction – LIMN
On the day this news was published, LIMN declined 31.14%, reflecting a significant negative market reaction. Argus tracked a peak move of +24.6% during that session. Argus tracked a trough of -53.3% from its starting point during tracking. Our momentum scanner triggered 36 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $7M from the company's valuation, bringing the market cap to $15.95M at that time. Trading volume was exceptionally heavy at 100.7x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
LIMN showed a 30.99% move while momentum peers like CAMP (-7.04%) and PDSB (+3.45%) moved in mixed directions, and sector peers (CUE, DTIL, KPTI, MAIA, SGTX) showed modest single‑digit changes. This points to a stock‑specific reaction rather than a coordinated biotech sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 21 | Acquisition / merger | Positive | +31.0% | Definitive merger to acquire InnocsAI and expand oncology cell therapy pipeline. |
| Mar 17 | Clinical trial plan | Positive | -2.5% | Announcement of planned Phase 1 trial for CD47-blocking antibody IBA101. |
| Feb 17 | Dilutive offering | Negative | -31.9% | $4.0M public offering of common shares and warrants at $0.29 pricing. |
Recent history shows LIMN often aligns with news tone: the February 2026 public offering coincided with a sharp decline, while the May 2026 merger announcement coincided with a large gain. A positive March 2026 clinical trial update saw a small negative divergence.
Over the last six months, Liminatus has combined capital-raising, pipeline expansion, and early clinical planning against a strained balance sheet. A $4.0M public offering in February 2026 led to a -31.86% move, reflecting dilution pressure. In March 2026, a planned Phase 1 trial for IBA101 was announced but drew a modest -2.46% reaction. On May 21, 2026, the proposed merger with InnocsAI and related CAR-T programs aligned with a strong +30.99% move, setting the backdrop for today’s listing compliance update.
Market Pulse Summary
The stock dropped -31.1% in the session following this news. A negative reaction despite earlier optimism would fit a pattern where financing and regulatory pressures weigh heavily on valuation. The company previously faced substantial doubt about going concern with only $724,502 in cash and relied on a $4.0M offering. The Nasdaq delisting notice follows earlier deficiency warnings, so sustained downside could reflect mounting concern over liquidity, potential further dilution, and the outcome of any listing appeals.
Key Terms
market value of listed securities financial
nasdaq listing rule regulatory
form 25-nse regulatory
form 8-k regulatory
nasdaq global market regulatory
AI-generated analysis. Not financial advice.
FULLERTON, Calif., May 21, 2026 (GLOBE NEWSWIRE) -- Liminatus Pharma, Inc. (Nasdaq: LIMN) (“Liminatus” or the “Company”) today announced that the Company received a delisting notice from The Nasdaq Stock Market LLC (“Nasdaq”).
As previously disclosed in the Current Report on Form 8-K filed by the Company on November 25, 2025 with the Securities and Exchange Commission (the “SEC”), on November 19, 2025, the Company received notices from Nasdaq indicating that the Company’s listed securities failed to comply with the
On May 20, 2026, the Company received a notice from Nasdaq stating that the Company had not regained compliance with the MVLS Rule and the MVPHS Rule. Accordingly, its securities will be delisted from The Nasdaq Global Market. Unless the Company requests an appeal of the determination before the Nasdaq Hearings Panel (the “Panel”) by May 27, 2026, trading of the Company’s common stock and warrants will be suspended at the opening of business on May 29, 2026, and a Form 25-NSE will be filed with the SEC, which will remove the Company’s securities from listing and registration on Nasdaq. The Company intends to timely request an appeal before the Panel. The hearing request will result in a stay of any suspension or delisting action pending the hearing.
About Liminatus
Liminatus Pharma, Inc. is a biopharmaceutical company focused on the development of innovative therapies for oncology and other serious diseases.
Forward-Looking Statements
Certain information contained in this press release consists of forward-looking statements for purposes of the federal securities law that involve risks, uncertainties and assumptions that are difficult to predict. Words such as “will,” “would,” “may,” “intends,” “potential,” and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will regain compliance with the Nasdaq listing rules during any compliance period or in the future, or otherwise meet Nasdaq continued listing standards. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company’s filings with the SEC. The forward-looking statements contained in this press release speak only as of the date of this press release and the Company undertakes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this press release, unless required by law.
For more information, please contact:
Chris Kim, Chief Executive Officer
chris@liminatus.com
