Company: LIMN
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001410578-25-001746
Chunk: 105

Company: Liminatus Pharma, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 105
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 Business Combination. The unaudited pro forma adjustments represent management’s estimates based on information available as of the date of the unaudited pro forma combined financial information and are subject to change as additional information becomes available and analyses are performed. The unaudited pro forma combined financial information contained herein illustrates the consummation of the Business Combination, which closed on April 30, 2025. Pursuant to the Iris Certificate of Incorporation, the Iris public stockholders could have elected to redeem their Iris common shares upon the closing of the Business Combination for cash equal to their pro rata share of the aggregate amount on deposit (as of two business days prior to the Closing) in the Trust Account. The below unaudited pro forma combined balance sheet and statement of operations do not include adjustments for the outstanding private warrants issued in connection with Iris’s initial public offering, as such these securities are not exercisable until 30 days after the Closing. The following summarizes the pro forma common shares issued and outstanding immediately after the consummation of the Business Combination:

| ​                                 |   |                    |   |       | ​ |
| ​                                 | ​ | Pro Forma Combined |   |       | ​ |
| ​                                 |   |             Shares |   |     % | ​ |
| Iris public stockholders          | ​ |            114,633 | ​ |   0.4 | % |
| Sponsor and independent directors | ​ |          6,900,000 | ​ |  25.8 | % |
| Deferred underwriting commissions | ​ |            700,000 | ​ |   2.6 | % |
| Equity PIPE Investor              | ​ |          1,500,000 | ​ |   5.6 | % |
| Liminatus Members                 | ​ |         17,500,000 | ​ |  65.6 | % |
| Pro Forma Capitalization          | ​ |         26,714,633 | ​ | 100.0 | % |

67

UNAUDITED PRO FORMA COMBINED BALANCE SHEET AS OF MARCH 31, 2025 (Dollars in Thousands)

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