Company: LIMN
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001410578-25-001518
Chunk: 342

Company: Liminatus Pharma, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 342
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 become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists

F-97

with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the years ended December 31, 2024 and December 31, 2023, the change in the valuation allowance was $ and $, respectively.

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2024 and December 31, 2023 are as follows:

| ​                                                    | ​ |            ​ | ​ |            ​ | ​ |
| ​                                                    | ​ | December 31, | ​ | December 31, | ​ |
| ​                                                    |   |         2024 |   |         2023 | ​ |
| Provision/(Benefit) at Statutory Rate                |   |        21.00 | % |        21.00 | % |
| State Tax Provision/(Benefit) net of federal benefit | ​ |            — | % |            — | % |
| Permanent differences:                               | ​ |            ​ | ​ |            ​ | ​ |
| Change in fair value of Warrant Liability            | ​ |         0.15 | % |         9.98 | % |
| Prior year adjustments                               | ​ |            — | % |        20.83 | % |
| Other permanent items                                | ​ |        -0.23 | % |        -0.62 | % |
| Acquisition Facilitative Expenses                    | ​ |        -5.55 | % |       -19.54 | % |
| Change in valuation allowance                        | ​ |       -16.02 | % |       -34.50 | % |
| Income Tax Provision/(Benefit)                       | ​ |        -0.65 | % |        -2.85 | % |

The Company files income tax returns in the U.S. federal jurisdiction and is subject to federal examination.

NOTE 10. RECURRING FAIR VALUE MEASUREMENTS As of December 31, 2024 and December 31, 2023, the Company’s warrant liabilities were valued at $ 357,400and $ 376,444, respectively. Under the guidance in ASC 815-40, the warrants do not meet the criteria for equity treatment. As such