Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 541

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 541
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”), a member and related party of the Company (the “Ewon Loan”). The Ewon Loan bears interest at 2% per annum and was due on December 12, 2023, which may be extended one year upon mutual agreement of the parties, or upon failure to close the Iris Business Combination. The Ewon Loan has an option to purchase $5.0 million of preferred membership interest in the Company for repayment at the closing of the Iris Business Combination. In February 2023, the Company repaid $1.0 million of the short-term loan. In March 2023, the Company repaid an additional $2.0 million of the loan. On September 10, 2023, the Company entered into a loan agreement to borrow $1 million from Ewon (“Ewon September 2023 Loan”). The Company received $0.2 million of the loan proceeds. On September 10, 2023, there was a board resolution to approve the Ewon September 2023 Loan and to approve the loan amount being reduced to $0.2 million when the Company and Ewon were to enter into a further agreement. The Ewon September 2023 Loan bears interest of 2% per annum and is due on September 9, 2024, which may be extended one year upon mutual agreement of the parties, or upon failed to close the Iris Business Combination. The Ewon September 2023 Loan has the option to purchase $0.2 million of preferred membership interest in the Company for repayment at the closing of the Iris Business Combination. On December 19, 2023, the Company and Ewon entered into an additional loan agreement and borrowed $1.0 million the (“Ewon December 2023 Loan”). The loan bears no interest. As of December 31, 2023 and 2022, the balance of $3.2 million and $5.0 million, respectively, of the Ewon Loans is recorded in short-term debt, related parties in the balance sheets (see Note 5). For the years ended December 31, 2023 and 2022, interest expense related to the Ewon Loan was $52,000 and $5,000, respectively.

Prophase Loans

On September 7, 2023, the Company entered into a short-term loan agreement with Prophase Sciences LLC (“Prophase”), a related party of the Company (the “Prophase Loan”). The loan stipulates that $0.1 million would