Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 366

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 366
---
 for the year ended December 31, 2023. The increase in research and development expenses was primary related to increased spending for preclinical and clinical trials for both the CAR-T products and the GCC vaccine products.

<div align='center'>199</div>

TABLE OF CONTENTS

### Going Concern, Liquidity and Capital Resources

### Overview
Since our inception, we have not generated any revenue and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of September 30, 2024, we had cash of approximately $47,000. We have funded our operations through the sale of equity, raising an aggregate of $4.5 million of gross proceeds from the sale of membership interests, and debt, issuing $10.0 million of bonds and $9.3 million of notes through September 30, 2024. Subsequent to September 30, 2024, the Company raised additional gross proceeds of $1.0 million of notes with Amantes, LLC, a related party of the Company. As of September 30, 2024, the Company has provided $3.1 million to Iris through an unsecured promissory note. Subsequent to September 30, 2024, the Company provided Iris an additional $0.8 million through an unsecured promissory note.

#### Going Concern
The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months after the unaudited condensed financial statements are issued. The Company’s cash requirements include, but are not limited to, research and development costs, license fees and working capital requirements. Due to these cash requirements, the Company does not believe that it will have sufficient cash to fund operations for one year after the date that the accompanying unaudited condensed financial statements are issued.

The Company intends to raise additional cash through equity financings, 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.

The Company has