Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 248

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 248
---
•

The challenges associated with preparing Liminatus for the applicable disclosure and Nasdaq listing requirements.

•

Liminatus will require additional capital to complete the research and development and potential commercialization of its intellectual property assets. No assurance can be given that such additional capital will be available on terms acceptable to Liminatus, if at all. If Liminatus is unable to raise capital when needed or on acceptable terms, Liminatus could be forced to delay, reduce, or eliminate its planned research and development programs or any future commercialization efforts.

•

The risk that the Transactions might not be consummated or completed in a timely manner or that the closing might not occur despite Iris’s best efforts, including by reason of a failure to obtain the approval of Iris’s stockholders, litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief cold indefinitely enjoin the consummation of the Business Combination.

<div align='center'>117</div>

TABLE OF CONTENTS

•

Continuing coronavirus outbreaks may have a material adverse effect on Liminatus’s business, liquidity, financial condition and results of operations.

•

Safety risks associated with the products.

•

The market in which Liminatus operates is highly competitive.

•

The license agreements related to the intellectual property assets are restrictive and may become non-exclusive.

After considering the foregoing potentially negative and potentially positive reasons, the Iris Board concluded, in its business judgment, and notwithstanding the loss of the TDT License, that the potentially positive reasons relating to the Transactions outweighed the potentially negative reasons. In approving the Business Combination, the Iris Board determined not to obtain a fairness opinion. The Iris Board believes because of the skills and background of its officers and directors, it was qualified to conclude that the Business Combination was fair from a financial perspective to its stockholders and that Liminatus’s fair market value was at least 80% of the balance of the funds in the Trust Account (excluding any taxes payable). In connection with its deliberations, the Iris Board also considered that Iris’s executive officers and directors may have financial interests in the Business Combination that may be different from or in addition to (and may conflict with) the interests of other Iris stockholders. The Iris Board was aware of and considered these interests, among other matters, in reaching the determination that the Transactions contemplated by the Business Combination Agreement were advisable and in the best interests of Iris and its stockholders. See “ — Interests of Certain Persons in the Business Combination .”

### Liminatus Consideration of the Business Combination