Company: LIMN
Filing Date: 2025-06-02
Form Type: 8-K/A
Source: 0001104659-25-055078
Chunk: 11

Company: Liminatus Pharma, Inc.
Filing Date: 2025-06-02
Form: 8-K/A
Chunk 11
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47 Assignment Agreement”), to be assigned the License and Development Agreement
by and between InnoBation and Valetudo, our related party and an entity under common control with us, effective March 31, 2023. Under
the CD47 Assignment Agreement, we received exclusive worldwide rights to develop and commercialize the CD47 immune checkpoint inhibitor
to treat solid cancers, and companion diagnostics used to monitor treatment with CD47 products. On March 31, 2023, we issued 78,555,554
shares of our Class A member units to Curis Biotech Holdings LLC, the parent company of Valetudo, as consideration for the CD47 Assignment
Agreement. The license was recorded at Valetudo’s costs basis of zero, thus we recorded class A membership interest of $0.8 million,
for the par value of the units issued, with an offset to additional paid-in capital in our balance sheet. We will also pay license fees
and management fees to be mutually agreed with InnoBation from time to time.

We have not
paid and do not owe any license fees, management fees, developmental or regulatory milestone payments or royalty payments under the CD47
License to date.

Components of Results of Operations

Revenue

To date, we
have not generated any revenue from any sources, including from product sales, and we do not expect to generate any revenue from the sale
of products in the foreseeable future. If our development efforts for our product candidates are successful and result in regulatory approval,
or license agreements with third parties, we may generate revenue in the future from product sales. However, there can be no assurance
as to when we will generate such revenue, if at all.

Operating Expenses

Research and Development Expenses

Research and
development costs primarily consist of costs incurred by TDT who was performing our preclinical and clinical trials for our products in
accordance with the license agreements with TDT and the annual fee paid to TDT. Research and development expenses are recognized as incurred
and payments made prior to costs being incurred are capitalized until the costs are incurred. Costs incurred in obtaining technology licenses
through asset acquisitions are charged to research and development expense if the licensed technology has not reached technological feasibility
and has no alternative future use. Research and development expenses could include:

| · | external research and development expenses incurred under agreements with clinical research to conduct 
 our preclinical studies, including:                                                                    |

| · | labor costs for TDT employees involved in research and development efforts; |