Company: LIMN
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001410578-25-001746
Chunk: 109

Company: Liminatus Pharma, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 109
---
 |        | ​ |     | ​ | ​         | 26,714,633 |
| Basic and diluted net income (loss) per share                          | ​ | ​            |            | ​ | ​            |           | ​ | ​            |       | ​ | ​           |        | ​ |     | ​ | $         |      -0.32 |

70

Notes to Unaudited Pro Forma Combined Financial Statements 1. Basis of Presentation The Business Combination was accounted for as a reverse recapitalization in accordance with GAAP, whereby Iris was treated as the “acquired” company. Accordingly, for accounting purposes, the financial statements of the Combined Company represent a continuation of the financial statements of Liminatus, and the Business Combination was treated as the equivalent of Liminatus issuing stock for the net assets of Iris, accompanied by a recapitalization. The net assets of Iris are stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of Liminatus. The unaudited pro forma combined balance sheet as of March 31, 2025 gives pro forma effect to the Business Combination and other events contemplated by the Business Combination Agreement as if they had been consummated on March 31, 2025. The unaudited pro forma combined statement of operations for the three months ended March 31, 2025 and year ended December 31, 2024 gives pro forma effect to the Business Combination and the other events contemplated by the Business Combination Agreement as if they had been consummated on January 1, 2024. The unaudited pro forma combined balance sheet as of March 31, 2025 and unaudited pro forma combined statement of operations for the three months ended March 31, 2025 has been derived from and should be read in conjunction with the following:

The unaudited pro forma combined statement of operations for the year ended December 31, 2024 has been derived from and should be read in conjunction with the following:

The unaudited pro forma combined financial information should also be read together with the sections of the financial statements of Iris as of and for the three months ended March 31, 2025, the financial statements of Iris as of and for the year ended December 31, 2024, the financial statements of ParentCo as of and for the three months ended March 31, 2025, the financial statements of ParentCo as of and for the