Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 535

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 535
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 2023 Loan and to approve the loan amount being reduced to $0.2 million when the Company and Ewon were to enter into a further agreement. The Ewon September 2023 Loan bears interest of 2% per annum and is due on September 9, 2024, which may be extended one year upon mutual agreement of the parties, or upon failed to close the Iris Business Combination. The Ewon September 2023 Loan has the option to purchase $0.2 million of preferred membership interest in the Company for repayment at the closing of the Iris Business Combination. On December 19, 2023, the Company and Ewon entered into an additional loan agreement and borrowed $1.0 million the (“Ewon December 2023 Loan”). The loan bears no interest. As of December 31, 2023 and 2022, the balance of $3.2 million and $5.0 million, respectively, of the Ewon Loans is recorded in short-term debt, related parties in the balance sheets (see Note 5). For the years ended December 31, 2023 and 2022, interest expense related to the Ewon Loan was $52,000 and $5,000, respectively.

Prophase Loans

On September 7, 2023, the Company entered into a short-term loan agreement with Prophase Sciences LLC (“Prophase”), a related party of the Company (the “Prophase Loan”). The loan stipulates that $0.1 million would be loaned immediately, and an additional $0.2 million would be loaned within a month from the date of the loan agreement. The Prophase Loan bears no interest and is payable by the first anniversary of the month of the loan agreement. The Company repaid the $0.1 million on September 12, 2023. On December 11, 2023, the Company borrowed an additional $0.2 million from Prophase. The loan bears no interest and was due on or before December 21, 2024 or upon failure to close the Iris Business Combination. The Company repaid the $0.2 million on December 21, 2023. As of December 31, 2023 and 2022, the balance of the Prophase loans was $0. For the years ended December 31, 2023 and 2022, no interest expense was recorded related to the Prophase Loans.

Due to Related Party

As of December 31,