Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 89

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 89
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2024, Hana Immunotherapeutics, LLC, an affiliate of Chris Kim, the Chief Executive Officer of Liminatus, agreed to loan the buyer of the former managing member of the Company’s Sponsor approximately $1.216 million, to facilitate the acquisition of the former managing member (the “Acquisition”). As a result of the Acquisition, the former managing member, Columbass Limited, resigned as managing member of the Sponsor on October 30, 2024, and Iris Equity Holdings LLC was appointed as managing member of the Sponsor. Other than repayment of the principal and interest on the loan, which has been settled through the delivery of shares in a private Korean company, Mr. Kim has stated that he has no affiliation or other relationship with the Sponsor, any of the Sponsor’s members, including the former and new managing member or the buyer of the former managing member of our Sponsor; and

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the fact that Sponsor and its affiliates may receive a positive rate of return on their investments in Iris, even if other stockholders of Iris receive a negative return on their investment in the post-Business Combination company.

#### Summary of Risk Factors
Liminatus’s and Iris’s business and operations are subject to a number of risks and uncertainties, including those highlighted in the section entitled “Risk Factors” immediately following this summary. Some of these principal risks include the following:

### Risks Related to Liminatus’s Business and Operations
Risks Related to Liminatus’s Limited Operating History, Financial Condition and Capital Requirements

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Liminatus is a pre-clinical stage biotechnology company with a history of losses. Therapeutic drug development is a highly speculative undertaking and involves a substantial degree of risk. Liminatus expects to continue to incur significant losses for the foreseeable future and may never achieve or maintain profitability. Liminatus has not taken a product through to commercialization.

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Liminatus has incurred losses since inception, and expects to incur significant losses for the foreseeable future and may not be able to achieve or sustain profitability in the future. Liminatus has not generated any revenue from the Liminatus assets and may never generate revenue or become profitable.

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Liminatus’s recurring losses from operations and financial condition could raise substantial doubt about its ability to continue as a going concern.

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Clinical development includes a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results.

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TABLE OF CONTENTS

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Liminatus will need