Company: LIMN
Filing Date: 2025-06-24
Form Type: S-1
Source: 0001410578-25-001432
Chunk: 255

Company: Liminatus Pharma, Inc.
Filing Date: 2025-06-24
Form: S-1
Chunk 255
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 in conjunction with the Valetudo loans (see Note 4), the Company repurchased 1,400,000of the Class A member units for $ 0.7million, or $ 0.50per unit. In December 2022, the Company received license rights from Metavagen in exchange for 40,000,000Class A membership units in the Company. The Metavagen License transaction was consummated as the Company has the right to use the license. In March 2023, the Company terminated the 40,000,000of Class A membership units and the license rights with Metavagen. In March 2023, the Company exchanged 78,555,554of the Company’s Class A member units pursuant to a license and development agreement with Valetudo, a related party under common control of the Company.

F-50

Member Units Rights In May 2021, the Company revised its operating agreement to establish the rights of Class A and Class B member units. Prior to May 2021, the Company had one member, holding Class A member units, and no Class B member units. Revenue and Expense Sharing The Class B member units are allocated 51% of the annual revenue and expenses. The remaining 49% of the annual revenue and expenses will be allocated on a pro rata basis to the remaining members. Voting The Class B member units are allocated 51% of the votes which shall be cast as determined by the majority of the Class B member units. The remaining 49% of the votes will be allocated on a pro rata basis to the remaining member units. Liquidation Upon sale, merger or dissolution, the Class B member units are allocated 51% of the liquidation value of the Company. The remaining 49% of the liquidation of the Company will be allocated on a pro rata basis to the remaining members.

Note 7. Loan Receivable On October 4, 2023, the Company entered into an unsecured promissory note to lend up to an aggregate principal amount up to $ 1.5million to Iris (the “Note”). The Note is payable following the earlier of (i) closing of the Business Combination, as defined in the Business Combination Agreement dated November 30, 2022, or (ii) thirty(30) days following the termination of the Business Combination Agreement; provided, however, in the event Iris commences liquidation proceedings, this Note shall be cancelled and all amounts due, including