Company: LIMN
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001410578-25-001518
Chunk: 63

Company: Liminatus Pharma, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 63
---
 product candidates are approved, we may hire sales representatives and conduct physician and patient association outreach activities outside of the United States. Doing business internationally involves a number of risks, including:

| ● | multiple, conflicting, and changing laws and regulations such as privacy regulations, tax laws, export and import restrictions, employment laws, regulatory requirements, and other governmental approvals, permits and licenses; |

| ● | failure by us to obtain and maintain regulatory approvals for the use of our products in various countries; |

| ● | rejection or qualification of foreign clinical trial data by the competent authorities of other countries; |

| ● | additional potentially relevant third-party patent rights; |

| ● | complexities and difficulties in obtaining protection and enforcing our intellectual property; |

| ● | difficulties in staffing and managing foreign operations; |

| ● | complexities associated with managing multiple payor reimbursement regimes, government payors, or patient self-pay systems; |

| ● | limits in our ability to penetrate international markets; |

| ● | financial risks, such as longer payment cycles, difficulty collecting accounts receivable, the impact of local and regional financial crises on demand and payment for our products, and exposure to foreign currency exchange rate fluctuations; |

40

| ● | natural disasters, political and economic instability, including wars, terrorism, and political unrest, outbreak of disease, boycotts, curtailment of trade, and other business restrictions; |

| ● | certain expenses including, among others, expenses for travel, translation, and insurance; and |

| ● | regulatory and compliance risks that relate to anti-corruption compliance and record-keeping that may fall within the purview of the FCPA, its accounting provisions or its anti-bribery provisions, or provisions of anti-corruption or anti-bribery laws in other countries. |

Any of these factors could significantly harm our future international expansion and operations and, consequently, our results of operations. Risks Related to Liminatus’s Intellectual Property The Business Combination may give counterparties to the license agreements to which we are party (or by which we are otherwise affected) the ability to exercise rights and remedies under such agreements which, if exercised, may have material adverse consequences. There is ambiguity as to whether the transactions contemplated by the Business Combination, including the Liminatus Merger, may be considered a change of control under certain intellectual property and technology licenses that are important to our business, including the CD47 License with InnoBation, entitling the counterparty or beneficiary to exercise certain rights and remedies. If the Business Combination