Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 244

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 244
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 trial data, clinical trial data, and study reports.

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A review of Liminatus’s intellectual property rights, including but not limited to license agreements, patent portfolio status, and patent strategy.

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A review of Liminatus’s upcoming products, expedited pathways available to Liminatus, and consideration of the likelihood of success given Liminatus’ clinical trial data and alternatives in the market, among other considerations.

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A review of Liminatus’s financial statements and internal reports.

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A review of other biotech companies operating in the same or similar market as Liminatus.

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A review of industry trends in the biopharmaceutical market and a historical comparison of similar business combinations.

The factors considered by the Iris Board included, but were not limited to, the following:

Potential to Grow Globally

We intended to prioritize technology businesses with the potential to expand internationally and operate in a growing global market that is ripe for disruption.

We believe that Liminatus aligns well with our goal to prioritize businesses with disruptive technologies and international expansion potential, especially within the rapidly growing global market for cancer therapies.

We believe Liminatus is positioned at the forefront of biotechnology, specifically focusing on immune-modulating cancer therapies. With their innovative approach to developing next-generation CD47 checkpoint inhibitors, we believe Liminatus operates in a market segment ripe for disruption. The global cancer therapy market was valued at $70 billion in 2022.

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TABLE OF CONTENTS

We believe the global market for CD47-targeted therapies has consistently had high demand for novel immune checkpoint inhibitors. CD47 therapies target various hard-to-treat cancers, including acute myeloid leukemia (“AML”) and several solid tumors, which are areas of high unmet medical need. There is a proven commercial and therapeutic demand for advanced CD47 inhibitors. Additionally, Liminatus’s next-generation anti-CD47 antibody, IBA-101, is aiming to solve a critical issue faced by earlier CD47 inhibitors — anemia. One of the biggest challenges in CD47 therapies has been the destruction of red blood cells (“RBCs”), leading to anemia, a serious side effect. However, IBA-101’s RBC-sparing property eliminates this concern, which enhances its therapeutic potential and marketability. The value of IBA-101 has been highly rated due to findings that showed excellent performance in in vivo efficacy and toxicity tests in vitro and in humanized mice. We believe that due to its readiness for an FDA IND application