Company: LIMN
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001410578-25-001518
Chunk: 345

Company: Liminatus Pharma, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 345
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       |   |
| Likelihood of completing a business combination |   | 8.88 - 11.68      | % |

F-99

The change in the fair value of the warrant and derivative liabilities classified as Level 3 for the year ended December 31, 2024 and 2023 is summarized as follows:

| ​                                
 ​                                | ​ 
 ​ | ​                   
 Warrant Liabilities |        ​ | ​ 
 ​ | ​                    
 Derivative Liability |        ​ | ​ 
 ​ |
|:---------------------------------|:--|:--------------------|---------:|:--|:---------------------|---------:|:--|
| Fair value at December 31, 2022  | ​ | $                   |  418,246 | ​ | $                    |        — | ​ |
| Issuance of derivative liability | ​ | ​                   |        — | ​ | ​                    |  104,428 | ​ |
| Change in fair value             | ​ | ​                   | -249,492 | ​ | ​                    | -102,226 | ​ |
| Fair value at December 31, 2023  | ​ | $                   |  168,754 | ​ | $                    |    2,202 | ​ |
| Change in fair value             | ​ | ​                   |  -18,354 | ​ | ​                    |   -2,202 | ​ |
| Fair value at December 31, 2024  | ​ | $                   |  150,400 | ​ | $                    |        — | ​ |

NOTE 11. SEGMENT INFORMATION

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.

The Company is a blank check company formed for the purpose of effecting a Business Combination. As of December 31, 2024, the Company had not commenced any operations. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on the investments held in the Trust Account.

The Company’s CODM has been identified as the Chief Executive Officer, who reviews