Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 537

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 537
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 License”), whereby the Company received an exclusive license to develop and commercialize vaccine products and a non-exclusive license to develop and commercialize companion diagnostics used to monitor treatment with a Vaccine product (the “Vaccine Diagnostics”). Under the Vaccine License, the Company is responsible for all of the development costs for the Vaccine products after the upfront payment of $4.0 million, which was paid by Viral Gene, of which Chris Kim is also the CEO, to TDT. The Company is also obligated to pay a $0.4 million annual maintenance fee for the license which is included in research and development expenses in the statements of operations. Unpaid annual maintenance fees will become short-term debt that bears interest of 1.5% per month on a compounded basis.

The Company amortizes the advances for research and development in the balance sheets to research and development expenses in the statements of operations as costs are incurred by TDT, based on annual budgets approved jointly by Liminatus and TDT.

In addition to the funding for the Vaccine products development, the Company is obligated to make four developmental and regulatory milestone payments for the first Vaccine product that is developed aggregating up to $12.0 million. After the first four developmental and regulatory milestone payments are made, the Company is obligated to pay four developmental and regulatory milestones aggregating up to $6.0 million for each additional Vaccine product that is developed.

In further consideration of the license, the Company will also pay a low double digit royalty rate (10% – 15%) based on annual net sales of Vaccine products or Vaccine Diagnostics on a country-by-country basis for the period from the first commercial sale of the Vaccine product or Vaccine Diagnostic until the Vaccine product or Vaccine Diagnostic’s patent expires in an individual country. Once the Vaccine product or Vaccine Diagnostic’s patent expires in an individual country, the Company will pay a mid-single digit royalty rate (5% – 9%) based on annual net sales of Vaccine products and Vaccine Diagnostics on a country-by-country basis. Royalties are payable on a country-by-country basis for a period of ten years from the first commercial sale of the Vaccine product or Vaccine Diagnostic.

As of December 31, 2023 and 2022, the Company does not owe any developmental or regulatory milestone payments or royalty payments under the Vaccine License.

CAR-T Products and Vaccine Products Licenses from TDT

As of December 31, 2023, the Company owed $0.2 million to TDT for research and development for the aggregate CAR-T Products and