Company: LIMN
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001410578-25-001746
Chunk: 110

Company: Liminatus Pharma, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 110
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 year ended December 31, 2024 the financial statements of Liminatus as of and for the three months ended March 31, 2025, the financial statements of Liminatus as of and for the year ended December 31, 2024 and the sections of this filing entitled “Iris’s Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Liminatus’s Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as other financial information included elsewhere in this filing. Management has made significant estimates and assumptions in its determination of the pro forma adjustments. As the unaudited pro forma combined financial information has been prepared based on these preliminary estimates, the final amounts recorded may differ materially from the information presented. Certain transactions, specifically the transaction expenses recognized by Iris and Liminatus in the pro forma transaction accounting adjustments for the three months ended March 31, 2025 and the year ended December 31, 2024 are not expected to recur in the statement

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of operations of the combined entity subsequent to the consummation of the business combination. Furthermore, while the Combined Company would be subject to tax at the corporate level subsequent to the consummation of the Business Combination, the Company would be in a net loss position which would result in a deferred tax asset which has been determined to not be more likely than not to be realized. Thus, the Combined Company would not have an income tax benefit. Accordingly, no adjustments for the income tax impact of any transaction accounting adjustments have been reflected. 2. Transaction Accounting Adjustments to Unaudited Pro Forma Combined Financial Information Transaction Accounting Adjustments to Unaudited Pro Forma Combined Balance Sheet The transaction accounting adjustments included in the unaudited pro forma combined balance sheet as of March 31, 2025, are as follows:

| (a) | To record additional advances under the Liminatus promissory note and additional related party loans received by Liminatus of approximately $0.2 million and approximately $3.6 million, respectively, that occurred after March 31, 2025. |

| (b) | Reflects the liquidation and reclassification of cash and investments held in the Trust Account (as defined in this filing) that became available for general corporate use following the Business Combination. |

| (c) | Reflects the disbursement of cash restricted in the Trust Account for amounts owed to holders of 59,844 public shares of Iris related to the redemption of such