Company: LIMN
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001410578-25-001518
Chunk: 112

Company: Liminatus Pharma, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 112
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 and capitalized and offset against the proceeds from the Business Combination as a decrease to additional paid-in capital. |

For the Iris transaction costs:

| ● | $1.2 million was accrued by Iris in accounts payable and accrued expenses and recognized in expense as of March 31, 2025; |

| ● | $1.9 million was recognized in expense and paid as of March 31, 2025; |

| ● | $3.0 million was reflected as a reduction in cash; and |

| ● | $1.9 million was reflected as an adjustment to accumulated deficit as of March 31, 2025 which represents estimated Iris transaction costs less $1.2 million previously recognized in expense by Iris as of March 31, 2025. The costs expensed through |

72

| (f) | Represents the PIPE Financing issuance of 1.5 million common shares at $10.00 per share with a par value of $0.0001, generating gross proceeds of $15.0 million. |

| (h) | Represents the conversion of each issued and outstanding share of Iris common stock for ParentCo Common Stock in the SPAC Merger. |

| (i) | Reflects the recapitalization of Liminatus Class A and Class B Member Units into 17,500,000 ParentCo common shares. |

| (j) | Reflects the elimination of Iris’s historical accumulated deficit after recording the transaction costs to be incurred by Iris as described in Note 2(e) above. |

| (k) | Reflects the reclassification of the public warrants’ derivative warrant liability of $0.1 million to equity as Iris’s public warrants are expected to be equity classified upon consummation of the Business Combination. |

| (l) | Reflects the forfeiture of 4,177,778 private warrants held by the Sponsor immediately prior to the Business Combination resulting in a net decrease to the derivative warrant liability of $0.1 million with an offset to additional paid-in capital. The remaining outstanding private warrants issued in connection with Iris’s initial public offering, are not exercisable until 30 days after the Closing, as such, the warrant liability has not been adjusted for these private warrants. |

| (m) | Represents the partial settlement of Iris’s related party promissory note, including the associated derivative liability, upon the consummation of the Business Combination, in cash. |

| (n) | Reflects the settlement of the promissory note between Iris