Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 178

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 178
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 capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, suspending the pursuit of a business combination. Iris cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. Iris has no operating revenues, and had a working capital deficit of $7,141,435 as of September 30, 2024. These conditions raise substantial doubt about Iris’s ability to continue as a going concern. To assist in meeting the Company’s ongoing working capital needs, Liminatus agreed to provide us with a series of advances from the proceeds of the business combination to be received by Liminatus at the closing of the business combination. The amount of each advance will be determined on an ongoing case-by-case basis through the closing of the business combination. We received the first advance on August 2, 2023, in the amount of $250,000, and the second advance in the amount of $100,000 on September 11, 2023. On November 27, 2023, December 11, 2023, December 21, 2023, January 5, 2024, April 2, 2024, May 7, 2024, May 13, 2024, June 3, 2024, August 1, 2024, August 29, 2024 and November 1, 2024, we obtained additional advances under the Liminatus unsecured promissory note totaling $3,068,500, which resulted in a total outstanding principal balance of $3,418,500. The Company and Liminatus have finalized formal repayment terms in a promissory note dated October 4, 2023, as amended. Pursuant to the promissory note, the principal balance of the note will be due at the closing of the Business Combination. Interest on the promissory note is compounded annually, and accrues on each unpaid advance made under the promissory note at the rate of 5% per annum. Neither we, nor the Sponsor or its affiliates, have agreed to issue or transfer any equity in consideration for such advances. Any advances to us by Liminatus on the proceeds of the business combination will have the effect of reducing the amount of capital that would otherwise have been available to Liminatus to fund its business plans after the business combination and may cause Liminatus to need

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