Company: LIMN
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001410578-25-001746
Chunk: 112

Company: Liminatus Pharma, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 112
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 of each issued and outstanding share of Iris common stock for ParentCo Common Stock in the SPAC Merger. |

| (i) | Reflects the recapitalization of Liminatus Class A and Class B Member Units into 17,500,000 ParentCo common shares. |

| (j) | Reflects the elimination of Iris’s historical accumulated deficit after recording the transaction costs to be incurred by Iris as described in Note 2(e) above. |

| (k) | Reflects the reclassification of the public warrants’ derivative warrant liability of $0.1 million to equity as Iris’s public warrants are expected to be equity classified upon consummation of the Business Combination. |

| (l) | Reflects the forfeiture of 4,177,778 private warrants held by the Sponsor immediately prior to the Business Combination resulting in a net decrease to the derivative warrant liability of $0.1 million with an offset to additional paid-in capital. The remaining outstanding private warrants issued in connection with Iris’s initial public offering, are not exercisable until 30 days after the Closing, as such, the warrant liability has not been adjusted for these private warrants. |

| (m) | Represents the partial settlement of Iris’s related party promissory note, including the associated derivative liability, upon the consummation of the Business Combination, in cash. |

| (n) | Reflects the settlement of the promissory note between Iris and Liminatus upon the closing of the Business Combination |

| (o) | Represent fees to be paid to Benjamin Securities, Inc. pursuant to a Capital Markets Advisory Agreement whereby Benjamin Securities, Inc. will assist ParentCo in meeting the initial listing standards of Nasdaq. This adjustment has been shown as a reduction in additional paid-in capital, as it is a cost of issuing equity securities. |

| (p) | Reflects the payment made by upon the consummation of the Business Combination for D&O insurance, which will be utilized by the post-combination Company. |

Transaction Accounting Adjustments to Unaudited Pro Forma Combined Statement of Operations The transaction accounting adjustments included in the unaudited pro forma combined statement of operations for the three months ended March 31, 2025 and the year ended December 31, 2024 are as follows:

| (aa) | Reflects an adjustment to eliminate interest income related to the Trust Account. |

| (cc) | Reflects the elimination of the change in fair value of the 4,177,