Liminatus is a pre-clinical stage biopharmaceutical company with a single drug candidate: IBA101, an anti-CD47 monoclonal antibody being developed as a cancer immunotherapy. CD47 is a protein on the surface of cancer cells that signals immune cells not to destroy them. IBA101 is designed to block this signal, restoring the immune system's ability to attack tumors. Liminatus is initially targeting advanced solid tumors, with a primary focus on non-small cell lung cancer. IBA101 is in-licensed from InnoBation Bio, a Korean company. The key claimed differentiation of IBA101 versus first-generation CD47 antibodies is that it is designed to bind to tumor and immune cells but not to red blood cells or platelets — a design intended to avoid the anemia and low platelet counts that contributed to the failure of earlier CD47 drugs. Liminatus plans to file an IND with the FDA, then run a Phase 1 monotherapy trial in 2026 and a Phase 1 combination trial pairing IBA101 with established PD-1/PD-L1 inhibitors in 2027. The company has no revenue, one full-time employee, and outsources all R&D and manufacturing to third-party contractors. Liminatus's long-term model is to advance IBA101 through clinical trials and monetize via partnerships, licensing, or acquisition by a larger pharma company.