Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 177

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 177
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### Risks Related to Iris’s Liquidity and Capital Resources
As of September 30, 2024, Iris had $358,181 in its operating bank account, outside of the Trust Account. Over the next several months, Iris will be using these funds to complete the proposed Business Combination. Iris anticipates that in order to fund its working capital requirements, it will need to use all of the remaining funds not held in trust and the interest earned on the funds held in the Trust Account, which can only be used to pay franchise taxes. Iris may need to raise additional capital through loans or additional investments from the Sponsor, its management team or other third parties. Neither the Sponsor, members of our management team nor any of their affiliates are under any obligation to advance funds to, or invest in, Iris. Accordingly, Iris may not be able to obtain additional financing. If Iris is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, suspending the pursuit of a business combination. Iris cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. Iris has no operating revenues, and had a working capital deficit of $7,141,435 as of September 30, 2024. These conditions raise substantial doubt about Iris’s ability to continue as a going concern. To assist in meeting the Company’s ongoing working capital needs, Liminatus agreed to provide us with a series of advances from the proceeds of the business combination to be received by Liminatus at the closing of the business combination. The amount of each advance will be determined on an ongoing case-by-case basis through the closing of the business combination. We received the first advance on August 2, 2023, in the amount of $250,000, and the second advance in the amount of $100,000 on September 11, 2023. On November 27, 2023, December 11, 2023, December 21, 2023, January 5, 2024, April 2, 2024, May 7, 2024, May 13, 2024, June 3, 2024, August 1, 2024, August 29, 2024 and November 1, 2024, we obtained additional advances under the Liminatus unsecured promissory note totaling $3,068,500, which resulted in