Company: LIMN
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001410578-25-001746
Chunk: 113

Company: Liminatus Pharma, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 113
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778 forfeited private warrants. |

73

| (ff) | Reflects an adjustment to eliminate income taxes due to interest income related to the Trust Account. |

| 3. | Loss per Share |

The following represents the net loss per share calculated using the historical weighted average shares of Liminatus exchanged common shares outstanding, and the issuance of additional shares in connection with the Business Combination and other related events, assuming the shares were outstanding since January 1, 2024. As the Business Combination and other related events are being reflected as if they had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the shares issuable in connection with the Business Combination have been outstanding for the entire period presented. No unexercised stock options and warrants, which are discussed elsewhere in this filing, were included in the earnings per share calculation as they would be anti-dilutive.

|                                                                          | ​ | ​                  |                  ​ 
 Three Months Ended 
     March 31, 2025 | ​ |   |        Year Ended 
 December 31, 2024 |
|:-------------------------------------------------------------------------|:--|:-------------------|-------------------:|:--|:--|------------------:|
|                                                                          | ​ | Pro Forma Combined |                    |   |   |                   |
| Pro forma net loss (dollars in thousands)                                | ​ | $                  |             -2,891 | ​ | $ |            -8,634 |
| Pro forma weighted average shares outstanding, basic and diluted         | ​ | ​                  |         26,714,633 | ​ | ​ |        26,714,633 |
| Pro forma net loss per share, basic and diluted                          | ​ | $                  |              -0.11 | ​ | $ |             -0.32 |
|                                                                          | ​ | ​                  |                  ​ | ​ | ​ |                   |
| Pro forma weighted average shares calculation, basic and diluted         | ​ | ​                  |                  ​ | ​ | ​ |                   |
| Iris public stockholders                                                 | ​ | ​                  |            114,633 | ​ | ​ |           114,633 |
| Sponsor and independent directors                                        | ​ | ​                  |          6,900,000 | ​ | ​ |         6,900,000 |
| Deferred underwriting commissions                                        | ​ | ​                  |            700,000 | ​ | ​ |           700,