Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 531

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 531
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 recorded at Metavagen’s cost basis of zero. In March 2023, the Company terminated the 40,000,000 of Class A membership units and the license rights with Metavagen.

CAR-T Products License

In June 2018, the Company entered into a license and development agreement with TDT (the “CAR-T License”), whereby the Company received an exclusive license to develop and commercialize CAR-T products and a non-exclusive license to develop and commercialize companion diagnostics used to monitor treatment with a CAR-T product (the “CAR-T Diagnostics”). Under the CAR-T License, the Company made an upfront payment recorded as research and development expenses in the year ended December 31, 2018 and funds all of the development costs for the CAR-T products and the CAR-T Diagnostics which began with an upfront payment made during the year ended December 31, 2018 of $5.0 million, recorded as advances for research and development in the balance sheet. The Company amortizes the advances to research and development expenses in the statements of operations as costs are incurred by TDT, based on annual budgets approved jointly by Liminatus and TDT. The Company is also obligated to pay a $0.5 million annual maintenance fee for the license which is included in research and development expenses in the statements of operations. Unpaid annual maintenance fees become short-term debt that bears interest of 1.5% per month on a compounded basis.

Prior to the completion of the Phase I and Phase II clinical trials for the CAR-T product, the Company is obligated to advance the funding for the Phase II and Phase III clinical trials, respectively, estimated at $20.0 million for each phase. As of December 31, 2023, the timing of the completion of the Phase I and Phase II clinical trials for the CAR-T products is unknown. The funding will come from the Iris Business Combination as well as additional sources as needed.

In addition to the funding for the CAR-T development, the Company is obligated to make four developmental and regulatory milestone payments for the first CAR-T product that is developed aggregating up to $15.0 million. After the first four developmental and regulatory milestone payments are made, the Company is obligated to pay four developmental and regulatory milestones aggregating up to $7.5 million for each additional CAR-T product that is developed.

In further consideration of the license, the Company will also pay a low double digit royalty rate based on annual net sales of CAR-T products or CAR-T Diagnostics on a