Company: LIMN
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001410578-25-001518
Chunk: 233

Company: Liminatus Pharma, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 233
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 partner in the Company’s unaudited condensed balance sheets to research and development expenses in the unaudited condensed 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 was obligated to make fourdevelopmental and regulatory milestone payments for the first Vaccine Product that was developed aggregating up to $ 12.0million. After the first fourdevelopmental and regulatory milestone payments are made, the Company was obligated to pay fourdevelopmental and regulatory milestones aggregating up to $ 6.0million for each additional Vaccine Product that is developed. As of March 31, 2025 and December 31, 2024, all the amounts funded have been utilized. In further consideration of the license, the Company also agreed 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 agreed to 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 were payable on a country-by-country basis for a period of ten yearsfrom the first commercial sale of the Vaccine Product or Vaccine Diagnostic. As of March 31, 2025 and December 31, 2024, the Company did not owe any developmental or regulatory milestone payments or royalty payments under the Vaccine License. On August 11, 2024, the Company received notice from TDT, exercising its right to terminate the license and development agreement. See section titled Termination of CAR-T Products and Vaccine Products Licenses from TDTfor further detail. Termination of CAR-T Products and Vaccine Products Licenses from TDT As of March 31, 2025 and December 31, 2024, the Company owes $ 2.2million to TDT for research and development for the aggregate CAR-T Products and Vaccine Licenses, which is included in the due to research and development partner on the unaudited condensed balance sheets, and accrued maintenance fees on the unaudited condensed balance sheets. On August 11, 2024, the Company received notice from TDT,