Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 529

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 529
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 ​ | ​ |
| Issuance of Class A member units in exchange for CD-47 License Agreement     | ​ | ​ | ​                       | $ |    786 | ​ | ​ | ​ | ​    | $ |      — | ​ | ​ |
| Issuance of Class A member units in exchange for Metavagen License Agreement | ​ | ​ | ​                       | ​ |      ​ | ​ | ​ | ​ | ​    | $ |    400 | ​ | ​ |

The accompanying notes are an integral part of these financial statements. F-74

TABLE OF CONTENTS

#### LIMINATUS PHARMA, LLC

### NOTES TO FINANCIAL STATEMENTSDECEMBER 31, 2023 AND 2022

### 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 clinical stage life sciences and pre-revenue company developing Guanylyl Cyclase C (“GCC”) chimeric antigen receptor (“CAR”)-T products and a GCC cancer vaccine, known as 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