Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 336

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 336
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 $2,035,985, which consisted of $2,383,530 of formation and offering costs, $15,790 provision for income taxes, $1,339 of interest expense offset by $248,882 gain on the change in fair value of warrants, interest income on investments held in the Trust Account of $113,590 and a gain on the fair value of derivatives of $2,202.

For the nine months ended September 30, 2023, Iris had a net loss of $739,623, which consisted of $1,943,512 of formation and offering costs, offset by an unrealized gain on fair value of warrant liabilities of $442,726, forgiveness of unrelated payables for $275,000, interest income on marketable securities held in the Trust Account of $506,550 and income tax provision of $20,387.

For the year ended December 31, 2023, Iris had a net loss of approximately $1,226,218, which consisted of income of $275,000 for the forgiveness of unrelated vendor payables, a $566,202 gain on the change in fair value of warrants, 102,226 for the change in the fair value of the derivative liability, and interest income on cash and cash equivalents held in the Trust Account of $553,641, which is offset by $2,586,211 of formation and offering costs, interest expense of $103,089, and the 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.

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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