Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 246

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 246
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 and business growth plans and understanding of how additional capital, in connection with successful clinical trials, will translate into investor returns over the long-term.

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TABLE OF CONTENTS

Uniqueness of Product Offering

We evaluated metrics such as recurring revenues, product life cycle, market share, cohort consistency, customer lifetime value, and customer acquisition costs to focus on businesses whose products or services are differentiated or where we saw an opportunity to create value by implementing best practices.

The Iris Board believes that the intellectual property portfolio of Liminatus is:(i) diverse and targets well-validated cancers; and (ii) supported by preclinical data and clinical data. Further, the Iris Board believes that the market in which the intellectual property assets exist is growing.

Attractive Valuation

We sought target companies for our initial business combination based on disciplined valuation-centric metrics.

The Iris Board believes that Liminatus is currently available at discount compared to its peers (based upon the current enterprise values of comparable public companies with similar technologies).

Public Market Readiness

We sought to acquire a business that has or can put in place prior to the closing of a business combination the governance, financial systems and controls required in the public markets.

The Iris Board believes that Liminatus is well-positioned to be a public company, specifically with respect to its size and the scalability of its technology. Additionally, the Iris Board expects that public market investors will understand and value Liminatus (and it’s potential) as a company. The Iris Board believes that Liminatus has appropriate plans to implement the governance measurers and financial systems and controls required by the public markets.

Acquisitions

High-value transactions have occurred in the CD47 space, which we believe underscores the demand from big pharmaceutical companies for effective CD47 therapies. Additionally, while some CD47 therapies have failed in recent years due to side effects, Liminatus’s anti-CD47 antibody, IBA-101, addresses this problem. This innovation could open the door to reviving clinical trials and therapies that were previously abandoned due to safety concerns, giving it a competitive edge in the market. With Liminatus’s novel CD47 antibody showing what we believe is a strong pre-clinical profile, we believe that there is significant potential for future partnerships or acquisition.

The Iris Board believes that the Business Combination continues to serve the best interests of stockholders, even in light of the TDT License Termination, due to the following:

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Liminatus’s licensing partnership with InnoBation