Company: LIMN
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001410578-25-001746
Chunk: 111

Company: Liminatus Pharma, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 111
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 public shares on March 4, 2025. |

| (d) | Reflects the settlement of $9.2 million in deferred underwriting fees, of which $7.0 million was settled in Iris common shares (700,000 shares based on a deemed price of $10.00 per share), $0.5 million was settled in cash and $1.7 million was waived and no longer payable and was reflected as an increase to additional paid-in capital, as it would be eliminated upon execution of the Business combination due to the elimination of historical Iris equity. The remaining deferred underwriting fee of $0.5 million will be settled upon the earlier of the consummation of the Company’s next share offering, or in six months from the date of the business combination. |

| (e) | Represents the incremental transaction costs incurred by Liminatus and Iris of $4.3 million and $2.9 million, respectively, for legal, financial advisory and other professional fees. The Iris transaction costs exclude the deferred underwriting fees described in Note 2(d) above and the Benjamin Securities fees described in Note 2(p) below. |

For the Liminatus transaction costs:

| ● | $1.5 million was capitalized in deferred transaction costs and accrued in accounts payable and accrued expenses as of March 31, 2025; and |

| ● | $4.3 million was reflected as a reduction of cash and capitalized and offset against the proceeds from the Business Combination as a decrease to additional paid-in capital. |

For the Iris transaction costs:

| ● | $1.2 million was accrued by Iris in accounts payable and accrued expenses and recognized in expense as of March 31, 2025; |

| ● | $1.9 million was recognized in expense and paid as of March 31, 2025; |

| ● | $3.0 million was reflected as a reduction in cash; and |

| ● | $1.9 million was reflected as an adjustment to accumulated deficit as of March 31, 2025 which represents estimated Iris transaction costs less $1.2 million previously recognized in expense by Iris as of March 31, 2025. The costs expensed through |

72

| (f) | Represents the PIPE Financing issuance of 1.5 million common shares at $10.00 per share with a par value of $0.0001, generating gross proceeds of $15.0 million. |

| (h) | Represents the conversion