Company: LIMN
Filing Date: 2025-06-02
Form Type: 8-K/A
Source: 0001104659-25-055078
Chunk: 20

Company: Liminatus Pharma, Inc.
Filing Date: 2025-06-02
Form: 8-K/A
Chunk 20
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 commercialization efforts.

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Cash Flows

Operating Activities

Our net cash
used in operating activities was $1.5 million for the year ended December 31, 2024, as compared to $3.3 million for the year ended
December 31, 2023. The decrease in cash used in operating activities can be primarily attributed to a decrease in the Company’s
net loss of $1.4 million, offset by an increase in the Company’s amounts which are due to its research and development partner of
$1.3 million which have yet to be paid, and an increase in cash caused by $0.8 million of changes in other operating assets and liabilities,
offset by less advances to the Company for research and development of $1.7 million.

Investing Activities

Net cash used
in investing activities was $2.9 million for the year ended December 31, 2024 as compared to $0.8 million for the year ended December 31,
2023 due to an increase in loans made to Iris.

Financing Activities

Net cash provided
by financing activities for the year ended December 31, 2024 of $3.9 million resulted from borrowings from Valetudo, Prophase, Hana
and Amantes of $0.8 million, $1.6 million, $0.8 million and $0.7 million, respectively. Net cash used in financing activities of $0.5
million for the year ended December 31, 2023 was from $3.4 million from borrowings with Valetudo, Prophase, and Ewon, offset by $3.9
million of repayments of short-term loans from Valetudo, Prophase, and Ewon.

Contractual Obligations and Other Commitments

See Capital Requirements, above for discussion of our commitments and contractual obligations. Additionally, in the
future we may enter into agreements in the normal course of business with contract research organizations, contract manufacturing organizations
and other vendors for research and development services for operating purposes, which are generally cancelable upon written notice. In
addition, some third party CMOs have intellectual property, such as patents and/or know-how with an annual fee and royalty bearing license
to its customers that forms part of the manufacturing agreement. These payments are therefore not included in our contractual obligations
herein.

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See Note 8
to our