Company: LIMN
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001410578-25-001518
Chunk: 11

Company: Liminatus Pharma, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 11
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 the same rights, powers and privileges as the shares so converted, and such shares constituted the only outstanding shares of capital stock of Iris. Merger Consideration At the Closing, pursuant to the terms of the Business Combination Agreement, the aggregate consideration paid in the Transactions to the direct or indirect owners of Liminatus consisted of 17.5 million shares of ParentCo Common Stock (based on a deemed price of $10.00 per share of ParentCo Common Stock). Sponsor Forfeiture In connection with the Business Combination, pursuant to the terms of the Sponsor Forfeiture Agreement, the Sponsor forfeited 4,177,778 Private Placement Warrants effective immediately prior to the Closing. PIPE Equity Investment Concurrently with the Closing of the Business Combination, pursuant to the terms of the PIPE Equity Subscription Agreement, the Company completed its PIPE Equity Investment, issuing and selling 1,500,000 shares of ParentCo Common Stock in a private placement to an accredited investor (the “PIPE Investor”), at a purchase price per share of $10.00, for an aggregate purchase price of $15,000,000, issued in reliance on the exemption provided by Section 4(a)(2) of the Securities Act. Risk Factors Summary Investing in our securities involves risks. You should carefully consider the risks described in “ Risk Factors” before making a decision to invest in our securities. If any of these risks actually occurs, our business, financial condition and results of operations would likely be materially adversely affected. In such case, the trading price of our securities would likely decline, and you may lose all or part of your investment. Set forth below is a summary of some of the principal risks we face: Risks Related to Liminatus’s Limited Operating History, Financial Condition and Capital Requirements

| ● | Liminatus is a pre-clinical stage biotechnology company with a history of losses. Therapeutic drug development is a highly speculative undertaking and involves a substantial degree of risk. Liminatus expects to continue to incur significant losses for the foreseeable future and may never achieve or maintain profitability. Liminatus has not taken a product through to commercialization. |

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| ● | Liminatus has incurred losses since inception, and expects to incur significant losses for the foreseeable future and may not be able to achieve or sustain profitability in the future. Liminatus has not generated any revenue from the Liminatus assets and may never generate revenue or become profitable. |

| ● | Liminatus’s recurring losses from