Company: LIMN
Filing Date: 2025-06-24
Form Type: S-1
Source: 0001410578-25-001432
Chunk: 232

Company: Liminatus Pharma, Inc.
Filing Date: 2025-06-24
Form: S-1
Chunk 232
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2021, the Company had one member, holding Class A member units, and no Class B member units.Revenue and Expense SharingThe Class B member units are allocated51% of the annual revenue and expenses. The remaining49% of the annual revenue and expenses will be allocated on a pro rata basis to the remaining members.VotingThe Class B member units are allocated51% of the votes which shall be cast as determined by the majority of the Class B member units. The remaining49% of the votes will be allocated on a pro rata basis to the remaining member units.LiquidationUpon sale, merger or dissolution, the Class B member units are allocated51% of the liquidation value of the Company. The remaining49% of the liquidation of the Company will be allocated on a pro rata basis to the remaining members.Note 7. Loan ReceivableOn October 4, 2023, the Company entered into an unsecured promissory note to lend up to an aggregate principal amount up to $1.5million 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 of5% per annum.On February 28, 2024, the Company amended the Note (the “Amended Note”), increasing the aggregate principal amount up to $2.5million.On August 2, 2024, the Amended Note was further amended to increase the aggregate principal amount up to $3.5million (the “Second Amended Note”).On November 27, 2024, the Second Amended Note was further amended to increase the aggregate principal amount up to $5.0million (the “Third Amended Note”).As of March 31, 2025 and December 31, 2024, the outstanding balance of the Third Amended Note was $4.2million and $3.7million, respectively. For the three months ended March 31, 2025 and 2024, the Company recorded interest income of $0.1million and less than $0.