Company: LIMN
Filing Date: 2025-06-02
Form Type: 8-K/A
Source: 0001104659-25-055078
Chunk: 14

Company: Liminatus Pharma, Inc.
Filing Date: 2025-06-02
Form: 8-K/A
Chunk 14
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 December 31, 2024 as compared to $0.2 million for the year ended December 31,
2023. The increase of $0.1 million was primarily related to additional borrowings from Valetudo, Prophase, Hana Immunotherapeutics,
LLC and Amantes during the year ended December 31, 2024. Interest income was $0.1 million for the year ended December 31,
2024 as compared to approximately $10,000 for the year ended December 31, 2023. The increase in interest income was
primarily related to the issuance of $2.9 million in loans receivable to Iris during the year ended December 31, 2024.

Going Concern, Liquidity and Capital Resources

Overview

Since our
inception, we have not generated any revenue and expect to continue to incur significant operating losses for the foreseeable future and
may never become profitable. As of December 31, 2024, we had cash of approximately $56,000. We have funded our operations through
the sale of equity, raising an aggregate of $4.5 million of gross proceeds from the sale of membership interests, and debt, issuing $10.0
million of bonds and $10.0 million of notes through December 31, 2024. Subsequent to December 31, 2024, the Company raised additional
gross proceeds of $0.7 million of notes with Amantes and Prophase, both of which are related parties of the Company.

Going Concern

The Company
evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to
continue as a going concern over the next twelve months after the financial statements are issued. The Company’s cash requirements
include, but are not limited to, research and development costs, license fees and working capital requirements. Due to these cash requirements,
the Company does not believe that it will have sufficient cash to fund operations for one year after the date that the accompanying financial
statements are issued.

The Company
has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the
accompanying financial statements are issued. The Company’s financial statements do not include any adjustments relating to the
recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue
as a going concern.

The Company
intends to raise additional cash through equity financ