Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 245

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 245
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 to public market investors. As such, spent significant time assessing a company’s leadership and personnel, and evaluating what we can do to augment and/or upgrade the team over time as needed.

The Iris Board believes that Liminatus has an experienced management team with a proven track record of collaboration with pharmaceutical companies, research institutions, and academic centers — all which help validate Liminatus’s development efforts. The Iris Board believes that the management team has the ability to clearly and confidently articulate the business and market opportunities of Liminatus to public market investors.

Efficient Use of Capital to Meet Growth Objectives

We sought businesses that we believed were at an inflection point where the utilization of our capital could further propel the expansion of their business to the next operating level. We spent significant time assessing a company’s growth plans and projections to understand how our capital translated to operating growth and investor returns over the long-term.

The Iris Board believes that Liminatus is at an inflection point where the utilization of additional capital can propel the next stage of development. This belief comes from the Iris Board’s due diligence assessing Liminatus’s research and development plans, intellectual property licensing, and business growth

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plans and understanding of how additional capital, in connection with successful clinical trials, will translate into investor returns over the long-term.

Uniqueness of Product Offering

We evaluated metrics such as recurring revenues, product life cycle, market share, cohort consistency, customer lifetime value, and customer acquisition costs to focus on businesses whose products or services are differentiated or where we saw an opportunity to create value by implementing best practices.

The Iris Board believes that the intellectual property portfolio of Liminatus is:(i) diverse and targets well-validated cancers; and (ii) supported by preclinical data and clinical data. Further, the Iris Board believes that the market in which the intellectual property assets exist is growing.

Attractive Valuation

We sought target companies for our initial business combination based on disciplined valuation-centric metrics.

The Iris Board believes that Liminatus is currently available at discount compared to its peers (based upon the current enterprise values of comparable public companies with similar technologies).

Public Market Readiness

We sought to acquire a business that has or can put in place prior to the closing of a business combination the governance, financial systems and controls required in the public markets.

The Iris Board believes that Liminatus is well-positioned to be a public company, specifically with respect to its size and the scalability of its technology