Company: LIMN
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001410578-25-001518
Chunk: 244

Company: Liminatus Pharma, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 244
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 its business activities.See Note 7 for discussion on funding commitments on the Third Amended Note.​

#### F-34
Note 9. Subsequent Events The Company has completed an evaluation of all subsequent events through May 30, 2025 , the date the unaudited condensed financial statements were issued, to ensure that these unaudited condensed financial statements include appropriate disclosure of events both recognized in the unaudited condensed financial statements and events which occurred but were not recognized in the unaudited condensed financial statements. In April 2025, the Company borrowed a total of $ 3.6million from Prophase, a related party of the Company due to having common executives, pursuant to loan agreements between the Company and Prophase (the “Prophase April 2025 Loans”). The Prophase 2025 Loans bear interest at 6% per annum and are due in May 2025. Given that Prophase is a related party, the Company and Prophase have mutually agreed to defer repayment of the past due loans until a time that is mutually agreed upon by both parties. Additionally, in April 2025, the Company funded additional advances under the Third Amended Note, of $ 0.2million. Pursuant to the Business Combination Agreement, on April 30, 2025, the Mergers were completed (see Note 1). In connection with the completion of the Mergers, the Amended Note issued to Iris (see Note 7) was netted as Iris and Liminatus are now one consolidated entity. Subsequent to the Business Combination, $ 3.4million of the Prophase April 2025 Loans were converted into funds of the private investment into the combined company.

<div align='center'>F-35

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Board of Directors, Stockholders, and Members of

Liminatus Pharma, LLC:

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Liminatus Pharma, LLC (the “Company”) as of December 31, 2024 and 2023, the related statements of operations, changes in members’ deficit, and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31,