Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 473

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 473
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 of December 31,

<div align='center'>F-37</div>

TABLE OF CONTENTS

### IRIS ACQUISITION CORP

### NOTES TO FINANCIAL STATEMENTS
2023 and 2022. As of December 31, 2023 and 2022, the Company had operating cash (i.e. cash held outside the Trust Account) of $156,425 and $280,640, respectively. As of December 31, 2023, there were certain amounts that are restricted as they were withdrawn from the trust account for income tax payments, which totaled $85,084.

Cash and Cash Equivalents Held in the Trust Account

As of December 31, 2023, the Company had a total of $4,291,332 in the Trust Account held in an interest bearing bank deposit program. As of December 31, 2022, the Company had a total of $15,127,621 of cash held in the Trust Account.

#### Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. As of December 31, 2023 and 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

On May 1, 2023, JPMorgan Chase & Co. acquired all deposit accounts and substantially all the assets and assumed certain of the liabilities of First Republic Bank (“FRB”) following a seizure by the U.S. Federal Deposit Insurance Corporation. The Company maintained cash deposits with FRB. The Company experienced no material impact on its financial statements or day-to-day operations as a result of these developments.

#### Forgiveness of Unrelated Vendor Payables
The Company negotiated and certain vendors agreed to forgive outstanding payables. For the year ended December 31, 2023, the outstanding balance totaled $350,000 was settled for cash payments totaling $75,000. For the year ended December 31, 2022, the outstanding payables totaled $829,989 and was settled for cash payments totaled $250,000. As the Company was unable to provide payment in full, a compromise for a one-time lump-payment was agreed upon for each vendor. For the years ended December 31, 2023 and 2022, the Company recognized a gain for the forgiven of the outstanding