Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 240

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 240
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, number of assets, number of ongoing clinical trials and stage of revenue within similar target sectors. Iris believes that this examination ensured that Liminatus was benchmarked against relevant industry peers, providing a solid foundation for determining its enterprise value.

Second, Iris completed a high level market analysis, looking at the possible income with a bottom up approach based on general industry data assumptions. As the commercialization models for each of the three technologies is still in its initial stage, a probability adjusted bottom-up approach was used for the purposes of determining biotechnology licenses and values for contract discussions.

Through this analysis, a range of enterprise value of Liminatus was not only determined, but also validated by industry standards and expert opinions. This ensured that the value remained unchanged throughout the transaction, reflecting the value of Liminatus in the marketplace.

On December 1, 2022, the press release and Form 8-K were filed.

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Iris did not consider other companies in the biopharma sector.

Although Cantor presented Liminatus as a potential business combination target, Cantor was not specifically compensated by the parties to the Business Combination Agreement for doing so. However, Cantor does have a material interest in the outcome of the Business Combination with Liminatus because Cantor currently holds 835,555 Private Placement Warrants acquired at the time of our IPO in exchange for $1,253,333 ($1.50 per warrant). Each Private Placement Warrant entitles Cantor to purchase one share of Iris Class A Common Stock (or one share of ParentCo Common Stock if the Business Combination closes) at an exercise price of $11.50 per share, for an aggregate purchase price of $9,608,883. If the Business Combination does not close, the Private Placement Warrants held by Cantor will expire worthless. Additionally, Cantor is entitled to receive a deferred underwriting fee in the amount of $8,000,000, of which $7,000,000 will be paid in shares of ParentCo Common Stock (700,000 shares at $10.00 per share, subject to adjustment based on the five day volume-weighted average price prior to the filing of a resale registration statement covering such shares). If the Business Combination does not close, Cantor will forfeit the deferred underwriting fee and Cantor will not receive the shares of ParentCo Common Stock. Cantor holds no interest in Liminatus and has not engaged in any business activities with Lim