Company: LIMN
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001410578-25-001746
Chunk: 176

Company: Liminatus Pharma, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 176
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3, the outstanding note is due on demand.

On October 10, 2022, Iris issued an unsecured promissory note in the aggregate principal amount up to $550,000 to Iris Acquisition Holdings LLC, Iris’s Sponsor. Pursuant to the note, the Sponsor agreed to loan to Iris an aggregate amount up to $550,000 payable on demand. The note does not bear interest. In the event that Iris does not consummate a business combination, the note will be repaid only from amounts remaining outside of the Trust Account, if any. The proceeds of the note will be used by Iris for working capital purposes. As of December 31, 2024 and December 31, 2023, Iris’s outstanding balance was $540,000 under this loan.

On December 20, 2022, Iris issued an unsecured promissory note in the aggregate principal amount up to $750,000 to the Sponsor. Pursuant to the note, the Sponsor agreed to loan to Iris an aggregate amount up to $750,000, which was due the earlier of six months or the consummation of a business combination. As of December 31, 2024 and December 31, 2023, the note is due and payable on demand.

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The note does not bear interest. Upon the closing of a business combination, Iris shall pay an amount equal to 150% of the principal amount. In the event that Iris does not consummate a business combination, the note will be repaid only from amounts remaining outside of the Trust Account, if any. The proceeds of the note will be used by Iris for working capital purposes. As of December 31, 2024 and December 31, 2023, Iris’s outstanding balance was $613,720 under this loan. For the years ended December 31, 2024 and December 31, 2023, $28,463 and $120,515 of the total $613,720 outstanding balance was used for extension payments to the Trust Account, and the remaining balance was advanced for working capital purposes.

Related Party Loans

In addition, in order to fund working capital deficiencies or finance transaction costs in connection with an intended business combination, the Sponsor or an affiliate of the Sponsor, or certain of Iris’s officers and directors may, but are not obligated to, loan Iris funds as may be required on a non-interest bearing basis (“Working Capital Loans”). If Iris completes the initial business