Company: LIMN
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001410578-25-001518
Chunk: 246

Company: Liminatus Pharma, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 246
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                                               | ​ | $                               |      — | ​ | $ |      — |
| ​                                                                        | ​ | ​                               |      ​ | ​ | ​ |      ​ |
| Supplemental disclosure of non-cash financing and investing activities:  | ​ |                                 |        | ​ |   |        |
| Deferred transaction costs in accounts payable                           | ​ | $                               |    561 | ​ | $ |      — |
| Cancellation of member units related to Metavagen license termination    | ​ | $                               |      — | ​ | $ |    239 |
| Issuance of Class A member units in exchange for CD‑47 License Agreement | ​ | $                               |      — | ​ | $ |    786 |

The accompanying notes are an integral part of these financial statements.

F-40

<div align='center'>LIMINATUS PHARMA, LLC

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2024 AND 2023</div>

Note 1. Organization and Description of Business Operations Liminatus Pharma, LLC (“Liminatus” or the “Company”) was formed by issuing member units to Consonatus, Inc. (the “Initial Member”), which is controlled by Chris Kim, the Chief Executive Officer (“CEO”) of the Company, on April 12, 2018 under the laws of Delaware. Liminatus is a pre-clinical stage, single-asset biopharmaceutical company. Liminatus is developing novel cancer therapies that exploit the body’s immune system. The Company’s clinical candidate is a humanized anti CD47 monoclonal antibody. The next generation CD47 checkpoint inhibitor’s (code name: IBA101) initial indication is expected to be patients with advanced solid cancers including non-small cell lung cancer. 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 $ 28.7million as of December 31, 2024 and a loss from operations of $ 3.3million and a net loss of $ 3.5million for the year ended December 31, 2024. To date, the Company has been funded by issuing Class A and Class B member units and debt financing. As of December 31