Company: LIMN
Filing Date: 2025-06-24
Form Type: S-1
Source: 0001410578-25-001432
Chunk: 231

Company: Liminatus Pharma, Inc.
Filing Date: 2025-06-24
Form: S-1
Chunk 231
---
 $ |            19,973 |

As of March 31, 2025 and December 31, 2024, the Company’s outstanding debt agreements are all classified as current as all are past due with the exception of the Prophase February 2025 Loan and the Prophase March 2025 Loan, which are due within one year and are classified as current in the accompanying unaudited condensed balance sheets. All of the loans are with related parties (see Note 4).

As the Company’s loans are with related parties, the Company and its related parties have mutually agreed to defer repayment until a time that is mutually agreed upon between the Company and its related parties.

Note 6. Members’ Deficit On May 20, 2018, the Company issued 10,000,000Class A member units for $ 0.1million to its Initial Member. On June 11, 2018, in connection with the Initial Member unit issuance, the Company granted equity-classified options to purchase 16,666,666member units for $ 0.01per unit to the Initial Member, which were exercised in April 2021 for $ 0.2million in a non-cash transaction using the amounts in due to related parties. In May 2022, the Company issued 8,400,000new Class A member units for $ 4.2million, or $ 0.50per unit. In December 2022, in conjunction with the Valetudo loans (see Note 4), the Company repurchased 1,400,000of the Class A member units for $ 0.7million, or $ 0.50per unit. In December 2022, the Company received license rights from Metavagen in exchange for 40,000,000Class A membership units in the Company. The Metavagen License transaction was consummated as the Company has the right to use the license. In March 2023, the Company terminated the 40,000,000of Class A membership units and the license rights with Metavagen. In March 2023, the Company exchanged 78,555,554of the Company’s Class A member units pursuant to a license and development agreement with Valetudo, a related party under common control of the Company.

F-33

#### Member Units RightsIn May 2021, the Company revised its operating agreement to establish the rights of Class A and Class B member units. Prior to May