Company: LIMN
Filing Date: 2025-06-02
Form Type: 8-K/A
Source: 0001104659-25-055078
Chunk: 15

Company: Liminatus Pharma, Inc.
Filing Date: 2025-06-02
Form: 8-K/A
Chunk 15
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ings, debt financings or other arrangements to fund operations; however, there can
be no assurance that the Company will be able to raise adequate capital under acceptable terms, if at all. The sale of additional equity
may dilute existing members and newly issued member units may contain senior rights and preferences compared to currently outstanding
ordinary shares. Issued debt securities may contain covenants and limit the Company’s ability to pay dividends or make other distributions
to members. If the Company is unable to obtain such additional financing, future operations would need to be reevaluated.

<div align='center'>9</div>

Capital Requirements

To date, we
have not generated any revenues from any source, including the commercial sale of approved drug products, and we do not expect to generate
revenue for at least the next few years. If we fail to complete the development of our product candidate in a timely manner or fail to
obtain their regulatory approval, our ability to generate future revenue will be adversely affected. We do not know when, or if, we will
generate any revenue from our product candidate, and we do not expect to generate revenue unless and until we obtain regulatory approval
of, and commercialize, our product candidate.

We expect
our expenses to increase significantly in connection with our ongoing activities, particularly as we continue the research and development
of, and seek marketing approval for, our product candidate. In addition, if we obtain approval for our product candidate, we expect to
incur significant commercialization expenses related to sales, marketing, manufacturing, and distribution. Furthermore, following the
completion of the Business Combination, we expect to incur additional costs associated with operating as a public company.

We will also
be required to pay all clinical trial costs and expenses in connection with the development of the CD47 Products.

We are also required to repay
our $10.0 million bonds (the “Feelux Bonds”) to Feelux Co., Ltd. (“Feelux”), our shareholder through its
wholly owned subsidiary Car-Tcellkor, Inc. (“Car-Tcellkor”), issued in 2018 and the related interest of 1% per annum
compounded annually which is expected to be settled through the issuance of ParentCo common shares, our $0.8 million loan issued in 2019
and due in May 2023, that does not bear interest, from Car-Tcellkor, our shareholder and a wholly owned subsidiary of Feelux, our
loans with Valetudo, our related