Company: LIMN
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001410578-25-001746
Chunk: 13

Company: Liminatus Pharma, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 13
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 future arrangements with investigators, healthcare professionals, consultants, third-party payors, patient organizations and customers will be subject to applicable healthcare regulatory laws, which could expose it to penalties. |

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| ● | Healthcare legislative reform discourse and potential or enacted measures may have a material adverse impact on Liminatus’s business and results of operations and legislative or political discussions surrounding the desire for and implementation of pricing reforms may adversely impact its business. |

| ● | Liminatus is subject to laws and regulations related to privacy, data protection, information security and consumer protection across different markets where it conducts its business. Liminatus’s actual or perceived failure to comply with such obligations could harm its business. |

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Risks Related to Our Securities

| ● | There may not be enough liquidity in our securities to enable stockholders to sell their securities. |

| ● | The market price of our equity securities may be volatile, and you could lose a significant part of your investment. |

| ● | The requirements of being a public company may strain the Company’s resources and distract management and we will incur substantial costs as a result of being a public company. |

| ● | We do not intend to pay any cash dividends in the foreseeable future. |

| ● | If our shares become subject to the penny stock rules, it would become more difficult to trade our shares. |

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THE OFFERING

| ​                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ​ |
| Issuer                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Liminatus Pharma, Inc. |
| ​                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ​ |
| Shares of Common Stock offered by the Selling Securityholders |                                                                                                                                                                                                                                                 We are registering for resale by the Selling Securityholders up to (a) 10,169,406 shares of Common Stock issued as merger consideration shares in connection with the Liminatus Merger; (b) 6,900,000 shares of Common Stock issued to the Sponsor upon conversion of the founder shares prior to the IPO; (c) 1,500,000 shares of Common Stock issued to the PIPE Investor; (d) 835,555 shares of Common Stock issuable upon the exercise of 835,555 Private Warrants; (e) up to 700,000 shares of Common Stock issued to Cantor in settlement of $7.0 million in deferred underwriting fees; and (f)