Company: LIMN
Filing Date: 2025-06-02
Form Type: 8-K/A
Source: 0001104659-25-055078
Chunk: 10

Company: Liminatus Pharma, Inc.
Filing Date: 2025-06-02
Form: 8-K/A
Chunk 10
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0 million recorded to additional paid-in capital in the balance sheet.

On August 11,
2024, the Company received notice from TDT, exercising its right to terminate the License and Development Agreement, dated June 10,
2018, by and between TDT and Liminatus. As of August 2024, the CAR-T License and Vaccine License have been terminated.

As of December 31,
2024, the Company and TDT are engaged in negotiations associated with the amounts due to TDT of $2.2 million, which has been accrued on
the Company’s balance sheet. Due to the termination of the License and Development Agreement between the Company and TDT, the Company
is uncertain as to amounts it will be required to pay to TDT, if any. As of December 31, 2024, no agreement has been reached between
the parties, and the amount remains fully accrued until a final agreement has been executed between the two parties in accordance with
ASC 450-30, Contingencies - Gain Contingencies.

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Metavagen License

In December 2022,
we entered into a Subscription Agreement In Kind (the “Metavagen License”) with Metavagen LLC (“Metavagen”), owned
by Chris Kim and thus an entity under common control with us, whereby we received the license rights initially granted from InnoBation
to Metavagen to develop, market and sell YN1203, InnoBation Bio CAR NK biomarkers, including devices, compounds and products used
to detect analyte in body or tissue in exchange for 40,000,000 shares of our Class A member units. The Metavagen License transaction
was consummated as we had the right to use the license, but the license was not transferred. The license is recorded at Metavagen’s
cost basis of zero, thus we recorded Class A membership interest of $0.4 million, for the par value of the units issued, with an
offsetting reduction to additional paid-in capital. In March 2023, the Metavagen License was cancelled, and our membership interest
was returned. As our cost basis of the license is zero, we recorded the reversal of the membership interest of $0.4 million with an offsetting
increase to additional paid-in capital.

CD47 License with InnoBation

On October 1,
2022, we signed an agreement, as amended (the “CD