Company: LIMN
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001410578-25-001518
Chunk: 111

Company: Liminatus Pharma, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 111
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 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 public shares on March 4, 2025. |

| (d) | Reflects the settlement of $9.2 million in deferred underwriting fees, of which $7.0 million was settled in Iris common shares (700,000 shares based on a deemed price of $10.00 per share), $0.5 million was settled in cash and $1.7 million was waived and no longer payable and was reflected as an increase to additional paid-in capital, as it would be eliminated upon execution of the Business combination due to the elimination of historical Iris equity. The remaining deferred underwriting fee of $0.5 million will be settled upon the earlier of the consummation of the Company’s next share offering, or in six months from the date of the business combination. |

| (e) | Represents the incremental transaction costs incurred by Liminatus and Iris of $4.3 million and $2.9 million, respectively, for legal, financial advisory and other professional fees. The Iris transaction costs exclude the deferred underwriting fees described in Note 2(d) above and the Benjamin Securities fees described in Note 2(p) below. |

For the Liminatus transaction costs:

| ● | $1.5 million was capitalized in deferred transaction costs and accrued in accounts payable and accrued expenses as of March 31, 2025; and |

| ● | $4.3 million was reflected as a reduction of cash