Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 488

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 488
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 note — related party bifurcated derivative. The derivatives were estimated utilizing a probability-weighted approach based on the expected outcomes of both a successful and unsuccessful business combination. The following table provides the significant inputs used in the model to measure the fair value of the bifurcated derivative upon each draw of the promissory note-related party:

F-50

TABLE OF CONTENTS

IRIS ACQUISITION CORP NOTES TO FINANCIAL STATEMENTS

| ​ | Risk free rate                                  | ​ | ​ | 4.39% – 5.56%  | ​ |
| ​ | Expected term (years)                           | ​ | ​ | 0.25 – 0.52    | ​ |
| ​ | Likelihood of completing a business combination | ​ | ​ | 8.88% – 11.68% | ​ |

The change in the fair value of the warrant and derivative liabilities classified as Level 3 for the year ended December 31, 2023 and 2022 is summarized as follows:

| ​                                | ​ | ​ | WarrantLiabilities |   |            |   | ​ | ​ | Derivativeliability |   |          |   | ​ |
|:---------------------------------|:--|:--|:-------------------|:--|-----------:|:--|:--|:--|:--------------------|:--|---------:|:--|:--|
| Fair Value at January 1, 2022    | ​ | ​ | ​                  | $ |  4,594,820 | ​ | ​ | ​ | ​                   | $ |        — | ​ | ​ |
| Change in fair value             | ​ | ​ | ​                  | ​ | -4,176,574 | ​ | ​ | ​ | ​                   | ​ |        — | ​ | ​ |
| Fair value at December 31, 2022  | ​ | ​ | ​                  | ​ |    418,246 | ​ | ​ | ​ | ​                   | ​ |        — | ​ | ​ |
| Issuance of derivative liability | ​ | ​ | ​                  | ​ |          — | ​ | ​ | ​ | ​                   | ​ |  104,428 | ​ | ​ |
| Change in fair value             | ​ | ​ | ​                  | ​ |   -249,492 | ​ | ​ | ​ | ​                   |