Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 524

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 524
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 Ad5.F35-hGCC-PADRE (“Ad5hGCC-PADRE”), which it has licensed from Targeted Diagnostics & Therapeutics, Inc. (“TDT”). The Company is developing GCC CAR-T cell therapies to treat metastatic gastrointestinal cancers. Ad5hGCC-PADRE completed a U.S. Food and Drug Administration (“FDA”) phase I clinical trial in November 2015, and the vaccine began an FDA phase II clinical trial in the fourth calendar quarter of 2019.

The Company is subject to the uncertainty of whether the Company’s intellectual property will develop into successful commercial products.

### Going Concern, Liquidity and Capital Resources
The Company has incurred operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. The Company has an accumulated deficit of $25.1 million and $20.1 million as of December 31, 2023 and 2022, respectively, and a loss from operations of $5.0 million for the year ended December 31, 2023. To date, the Company has been funded by issuing Class A and Class B member units and debt financings. As of December 31, 2023, the Company has approximately $0.4 million of cash.

The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months after the financial statements are issued. The Company’s cash requirements include, but are not limited to, research and development costs, license fees and working capital requirements. The Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the accompanying financial statements are issued.

The Company intends to raise additional capital through equity financings, debt financings or other arrangements to fund operations; however, there can be no assurance that the Company will be able to raise adequate capital under acceptable terms, if at all. The sale of additional equity may dilute existing members and newly issued member units may contain senior rights and preferences compared to currently outstanding ordinary shares. Issued debt securities may contain covenants and limit the Company’s ability to pay dividends or make other distributions to members. If the Company is unable to obtain such additional financing, future operations would need to be reevaluated.

### Proposed Business Combination
On November 30, 2022, the Company entered into a business combination agreement with Iris Acquisition Corp (“Iris”), a Cay