Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 372

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 372
---
phase issued in August 2024 of $0.1 million that bears interest of 6% per annum and due October 12, 2024 and October 13, 2024 (the “Prophase August 2024 Loans”), our loan with Hana Immunotherapeutics (“Hana”) issued in August 2024 of $0.3 million that bears interest of 6% per annum and due September 30, 2024 (the “Hana Loan”), our loan with Hana issued in August 2024 of $0.6 million that bears interest of 6% per annum and due October 26, 2024 (the “Hana August 2024 Loan”), our loans with Amantes issued November 2024 totaling $0.7 million that bear interest of 6% per annum and due January 1, 2025 (the “November Amantes Loan”), our loan with Amantes issued in January 2025 of $0.3 million that bears interest of 6% per annum and due March 1, 2025 (the “2025 Amantes Loan”).

As the Company’s loans are with related parties, the Company and its related parties have orally agreed to defer repayment of the past due loans until the completion of the Company’s business combination with Iris. As such, the Company deems that it is not in default of its loan agreements.

We therefore anticipate that we will need substantial additional funding in connection with our continuing operations. After the completion of the Business Combination, we would expect to have between approximately $2.9 million and $4.8 million, depending on funding redemptions, in cash and cash equivalents and before any operating expenses from September 30, 2024 until the closing of the Business Combination. We intend to devote most of the net proceeds from the Business Combination to clinical development of our product candidate, repaying our debt, our public company compliance costs and certain of the milestone payments under the CAR-T License and the Vaccine License agreements, if any. Based on our current business plans, we believe that the anticipated net proceeds from the Business Combination will enable us to fund our operating expenses and capital requirements through at least the next twelve months. Our estimate as to how long we expect the net proceeds from the Business Combination to be able to fund our operating expenses and capital requirements is based on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently expect. Changing circumstances, some of which may