Liminatus Pharma shares surge 10.28% premarket after completing business combination with Iris Acquisition Corp and becoming publicly traded on Nasdaq.

Liminatus Pharma, Inc. (LIMN) surged 10.28% in premarket trading following the resolution of a Nasdaq compliance issue after filing its delayed Q2 2025 10-Q report. The report disclosed the completion of a business combination with Iris Acquisition Corp. in April 2025, which transitioned Liminatus to a publicly traded company. While the filing highlighted a 29% year-over-year increase in operating expenses and a $1.823 million net loss, the market likely interpreted the timely submission as a positive step in addressing prior regulatory concerns. The company also outlined strategic shifts, including the termination of previous R&D licenses and a focus on its CD47 immune checkpoint inhibitor program, signaling operational restructuring. The premarket rally suggests investor optimism over resolving compliance risks and aligning with the firm’s renewed R&D focus.