Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 346

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 346
---
 completing the Business Combination is derived by taking a sample of other special purpose acquisition companies and calculating the implied probability of completion for each company in the sample set. Changes in any or all of these estimates and assumptions, or the relationships between these assumptions, impact Iris’s valuation of its Private Placement Warrants as of each valuation date and may have a material impact on the valuation of these warrants.

Fair Value of Derivative Liability

In determining the fair value of Iris’s derivative liability, the Iris Board used the most observable inputs available. The valuation approach for Iris’s derivative liability utilizes probability weighted expected return model. Some of the inputs used in the model include the risk-free interest rate, expected Business Combination date and probability of completing the Business Combination. Several of these inputs are known and several use judgement. For instance, the probability of completing the Business Combination is derived by taking a sample of other special purpose acquisition companies and calculating the implied probability of completion for each company in the sample set. Changes in any or all of these estimates and assumptions, or the relationships between these assumptions, impact Iris’s valuation as of each valuation date and may have a material impact on the valuation of the derivative liability.

Recent Accounting Standards

Iris’s management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Quantitative and Qualitative Disclosures About Market Risk

Iris is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information otherwise required under this item.

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TABLE OF CONTENTS

### BUSINESS OF LIMINATUS
Unless the context otherwise requires, all references in this section to “Liminatus,” “Company,” “we,” “us,” or “our” refer to the business of Liminatus Pharma, LLC.

#### Executive Summary
Liminatus is a pre-clinical stage, single-asset biopharmaceutical company. Liminatus is developing novel cancer therapies that exploit the body’s immune system. The Company’s clinical candidate is a humanized anti CD47 monoclonal antibody. The next generation CD47 checkpoint inhibitor’s (code name: IBA101) initial indication is expected to be patients with advanced solid cancers including non-small cell lung cancer (“NSCLC”).

CD47 is a potent ‘do not eat me’ signal that enables cancer cells to evade detection by the immune system. CD47 blockade promotes uptake of tumor antigens and