Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 342

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 342
---
 provision for income taxes of $33,987.

For the year ended December 31, 2022, Iris had net income of $10,249,254, which consisted of a gain on the change in fair value of warrants $9,586,864, interest income on investments held in the Trust Account of $3,074,691, and $579,989 for the forgiveness of unrelated vendor payables, which are partially offset by $2,452,467 of formation and operating costs and the provision for income taxes of $539,823.

<div align='center'>180</div>

TABLE OF CONTENTS

### Liquidity and Capital Resources
Iris consummated its initial public offering on March 9, 2021. As of September 30, 2024, Iris had $358,181 in its operating bank account, which includes $32,580 of restricted cash to be used for tax payments only, and negative working capital of approximately $7,141,435. In order to fund working capital deficiencies or finance transaction costs in connection with the Business Combination, the Sponsor or an affiliate of the Sponsor or certain of Iris’s officers and directors may, but are not obligated to, provide us Working Capital Loans. As of September 30, 2024 there were no Working Capital Loans outstanding.

#### Cash Flows from Operating Activities
For the nine months ended September 30, 2024, net cash used in operating activities was $2,320,967, which was due to Iris’s net loss of $2,035,985, unrealized gain on change in fair value of warrant liabilities of $248,882, interest earned on investments held in the Trust Account of $113,590, unrealized gain on change in fair value of derivative liability of $2,202, which were offset by changes in operating assets and liabilities of $78,353 and the accretion of discount on related party loans of $1,339.

For the nine months ended September 30, 2023, net cash used in operating activities was $1,462,079, which was due to Iris’s net loss of $739,623, unrealized gain on fair value of warrant liability of $442,726, forgiveness of unrelated vendor payables of $275,000, and interest earned on cash and investments held in the Trust Account of $506,550, partially offset by changes in operating assets and liabilities of $501,820.

For the year ended December 31, 202