Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 487

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 487
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’s trust account, if any. The proceeds of the Note will be used by the Company for working capital purposes. As of December 31, 2023 and 2022, the Company’s outstanding balance was $613,720 and $200,000, respectively under this loan. For the year-ended December 31, 2023, $120,515 of the total $613,720 outstanding balance was used for extension payments to the trust account, and the remaining balance was advanced for working capital purposes.

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TABLE OF CONTENTS

### IRIS ACQUISITION CORP

### NOTES TO FINANCIAL STATEMENTS
In accordance with ASC 815, the premium for the 150% of the principal upon a business combination was determined to be an embedded feature that is bifurcated from the notes and is recorded as derivative liability. Management used a probability weighted expected return model to estimate the fair value of the redemption features at issuance of the promissory note — related party and as of December 31, 2023. At issuance and as of December 31, 2023, the fair value of the derivative liability was $104,428 and $2,202, respectively. The Company recorded an decrease in fair value of the derivative liability of $102,226 for the year ended December 31, 2023. At issuance and as of December 31, 2023, the debt discount for derivative liability was $104,428 and $1,339, respectively with accretion of $103,089, which is included in interest expense on the accompanying statements of operations.

In March 2023, during the United States banking crisis, the Company held cash in FRB and transferred $120,000 to the Sponsor to avoid delays in receiving funds from the bank in the event of collapse. In June 2023, this amount was still held by the Sponsor and used as a repayment of the outstanding principal balance.

On March 13, 2024, the December 2022 unsecured promissory note with the Sponsor was amended and restated to remove the amount equal to 150% of the principal amount upon the closing of a business combination.

The total balance outstanding on the promissory notes — related party is $1,452,381, net of the debt discount of $1,339, and $1,040,000 at December 31, 2023 and 2022, respectively.

#### Related