Company: LIMN
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001410578-25-001746
Chunk: 124

Company: Liminatus Pharma, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 124
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 additional financing, future operations would need to be reevaluated.

Capital Requirements

To date, we have not generated any revenue 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.

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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 the following related party debt as of March 31, 2025, which is summarized as follows (in thousands):

| Lender                   
 Feelux Co., Ltd          | ​ | Issuance Date 
 ​             | September 15, 2018 | ​ | Maturity Date 
 ​             | September 15, 2018 |     | Interest Rate 
             1 | % | Original Principal | 10,000 | ​ | March 31, 2025 | 10,000 |
|:-------------------------|:--|:--------------|:-------------------|:--|:--------------|:-------------------|:----|--------------:|:--|:-------------------|-------:|:--|:---------------|-------:|
| CARTCellkor, Inc.        | ​ | ​             | March 18, 2019     | ​ | ​             | March 18, 2020     |     |             0 | % |                    |    800 | ​ |                |    800 |
| Ewon Comfortech Co., Ltd | ​ | ​             | December 12, 2022  | ​ | ​             | December 12, 2023  |     |