Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 541

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 541
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 units. Prior to May 2021, the Company had one member, holding Class A member units, and no Class B member units.

#### Revenue and Expense Sharing
The Class B member units are allocated 51% of the annual revenue and expenses. The remaining 49% of the annual revenues and expenses will be allocated on a pro rata basis to the remaining members.

#### Voting
The Class B member units are allocated 51% of the votes which shall be cast as determined by the majority of the Class B member units. The remaining 49% of the votes will be allocated on a pro rata basis to the remaining member units.

#### Liquidation
Upon sale, merger or dissolution, the Class B member units are allocated 51% of the annual revenue and expenses. The remaining 49% of the annual revenues and expenses will be allocated on a pro rata basis to the remaining members.

#### Note 7. Loan Receivable
On October 4, 2023, the Company entered into an unsecured promissory note to lend up to an aggregate principal amount up to $1.5 million to Iris (the “Note”). The Note is payable following the earlier of (i) closing of the Business Combination, as defined in the Business Combination Agreement dated November 30, 2022, or (ii) thirty (30) days following the termination of the Business Combination Agreement; provided, however, in the event Iris commences liquidation proceedings, this Note shall be cancelled and all amounts due, including all principal and accrued interest, shall be forgiven. Interest on the Note compounds annually and accrues on each unpaid advance made under the Note at a rate of 5% per annum. On August 2, 2023, September 11, 2023, November 27, 2023, December 11, 2023, and December 21, 2023, the Company advanced aggregate amounts totaling $0.8 million, which are acknowledged as principal under the Note. As of December 31, 2023, the outstanding balance of the Note was $0.8 million.

#### Note 8. Commitments and Contingencies
The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities.

See Note 3 for discussion of research and development funding commitments and developmental and regulatory milestone