New York, May 21, 2026, 08:07 EDT
- Liminatus Pharma said it will acquire InnocsAI in an all-stock transaction, so the payment will be in shares, not cash.
- The deal would see 1.6 billion shares sold at $0.20 each, a huge jump from Liminatus’ 44.88 million shares outstanding on its books.
- LIMN traded at $0.2844 in premarket, up 51.4% from where it finished Wednesday.
Liminatus Pharma shares moved higher in premarket trading Thursday after the cancer drug company said it plans to buy InnocsAI LLC, a private oncology platform. The deal would sharply increase Liminatus’ share count.
LIMN traded at $0.2844 in premarket as of 8:04 a.m. EDT, a jump of 51.4% from the Wednesday close at $0.1878, StockAnalysis said. Premarket trading happens before the main Nasdaq hours.
Liminatus could end up with a bigger CAR-T portfolio if the acquisition goes through, a boost for the company as investors hunt for sparks in thin biotech trading. CAR-T—chimeric antigen receptor T-cell therapy—uses a patient’s own immune cells to fight cancer.
Liminatus said in a May 20 filing that InnocsAI holders get 1.6 billion Liminatus common shares at $0.20 each, plus contingent value rights. These rights cover future payments tied to asset sales, licenses or other exits. The same filing said Valetudo Therapeutics LLC is an InnocsAI member. Chris Kim, CEO and director of Liminatus, controls Valetudo.
Stock payment size is front and center for the market. Google Finance shows Liminatus has 44.88 million shares out, market cap of $8.43 million. The coming share issuance would be more than 35 times the current outstanding before figuring in warrants or other securities.
Liminatus plans to buy IBC101, a CD19xCD22 CAR-T therapy for relapsed or refractory B-cell cancers, and INC101, which is a preclinical CAR-T program targeting solid tumors. IBC101 has clearance from South Korea’s Ministry of Food and Drug Safety to start a Phase 1/2a trial in relapsed or refractory diffuse large B-cell lymphoma, Liminatus said.
Liminatus is moving into a space dominated by bigger names. Gilead’s Kite has Yescarta on the market for large B-cell lymphoma. Bristol Myers Squibb sells Breyanzi, cleared for a range of lymphoma uses. Both set a high bar for clinical results and manufacturing that smaller firms need to meet.
Liminatus is tight on cash. The March-quarter report showed $1.91 million in cash and a net loss of $1.12 million for the period, with an accumulated deficit close to $40.0 million at the end of March. The company flagged “substantial doubt” about staying in business, meaning it might have to raise more money. SEC
The rally isn’t locked in. The InnocsAI deal still requires approvals, and issuing new shares would dilute current holders. Liminatus has said it faces Nasdaq compliance risk and might need more funds. If any of these get worse, Thursday’s early gains could disappear quickly.
The next set of filings could carry more weight than how shares traded at first. Liminatus said it will file a registration statement and proxy statement/prospectus to get stockholder approval. Investors will see more details on InnocsAI’s finances and ownership, and the terms of the deal that for now has pushed a biotech that traded under 20 cents into one of the morning’s busiest micro-cap names.
