Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 30

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 30
---
, that notwithstanding the loss of the TDT License and considering the pre-clinical advancement and market potential of its CD47 asset, to proceed with its business plan without the TDT License. On September 18, 2024, the Iris Board: (i) determined that, notwithstanding the TDT License Termination, the Business Combination was advisable to and in the best interests of Iris and its stockholders, (ii) unanimously approved the Business Combination Agreement, as amended to date, and the transactions contemplated thereby (including the Business Combination) and (iii) recommended that Iris’s stockholders approve the Business Combination Agreement, as amended to date, and the transactions contemplated thereby.

The Iris Board believes that the Business Combination continues to serve the best interests of stockholders, even in light of the TDT License Termination, due to the following:

#### •

Liminatus’s licensing partnership with InnoBation, a biotechnology company headquartered in the Republic of Korea, specializing in cancer therapies. Through this partnership, Liminatus gains access to InnoBation’s anti-CD47 technology, a promising asset in the fight against cancer.

#### •

Extensive clinical studies have highlighted CD47 as a compelling target for drug development across a broad range of cancers. Liminatus is well positioned in immuno-oncology, leveraging its differentiated anti-CD47 monoclonal antibody, which is specifically designed to address significant challenges observed in earlier CD47 therapies, such as anemia.

#### •

The global market for CD47-targeted therapies continues to exhibit significant demand, particularly as these inhibitors gain traction in combination with established PD-1/PD-L1 blockades, a market projected to exceed $123 billion by 2033. Liminatus’s innovative approach and intellectual property rights make it well-suited to capture a significant share of this growing market.

<div align='center'>viii</div>

TABLE OF CONTENTS

•

Furthermore, advances in research since the Business Combination Agreement was initially signed have strengthened the value proposition of the CD47 asset. Critical preclinical work, including Chemistry, Manufacturing and Controls (“CMC”) development and toxicity studies, has been completed, alongside independent research revealing potential new applications for the CD47 asset in mitigating age-related diseases, such as cardiovascular disease and obesity. These developments highlight CD47’s broad therapeutic potential, reinforcing the Business Combination’s importance and long-term value for stockholders.

Q:

Why am I receiving this proxy statement/prospectus?

A:

Our stockholders are being