# EDGAR Filing Document

**Accession Number:** 0001971387
**File Stem:** 0001104659-25-061875
**Filing Date:** 2025-6
**Character Count:** 32519
**Document Hash:** 4f85c4f10da67ca2ada873363497e475
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-061875.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001104659-25-061875

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250623

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Liminatus Pharma, Inc.
- **CENTRAL INDEX KEY:** 0001971387
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42626
- **FILM NUMBER:** 251066544

**BUSINESS ADDRESS:**
- **STREET 1:** 6 CENTERPOINTE DR.
- **STREET 2:** #625
- **CITY:** LA PALMA
- **STATE:** CA
- **ZIP:** 90623
- **BUSINESS PHONE:** 213-273-5453

**MAIL ADDRESS:**
- **STREET 1:** 6 CENTERPOINTE DR.
- **STREET 2:** #625
- **CITY:** LA PALMA
- **STATE:** CA
- **ZIP:** 90623

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Iris Parent Holding Corp.
- **DATE OF NAME CHANGE:** 20230328

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**June 23, 2025**

Date of Report (Date of earliest event reported)

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| |
|:---|
| **LIMINATUS PHARMA, INC.** |
| (Exact Name of Registrant as Specified in its Charter) |

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| | | |
|:---|:---|:---|
| **Delaware** | **001-42626** | **93-2710748** |
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
| **6 Centerpointe Drive #625, La Palma, CA** | **90623** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(213) 273-5453**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

---

| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | LIMN | The Nasdaq Stock Market LLC |
| Warrants | LIMNW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 8.01 Other Events**

Liminatus Pharma, Inc. (the "Company") intends to use the materials attached as Exhibits 99.1 and 99.2 in meetings with investors. The materials attached as Exhibits 99.1 and 99.2 are incorporated by reference herein.

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2518647d1_ex99-1.htm) | [June 2025 Presentation](tm2518647d1_ex99-1.htm) |
| [99.2](tm2518647d1_ex99-2.htm) | [Lead Asset Summary](tm2518647d1_ex99-2.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: June 23, 2025 |  |  |
|  | LIMINATUS PHARMA, INC. | LIMINATUS PHARMA, INC. |
|  | By: | /s/ Chris Kim |
|  | Name: | Chris Kim |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2518647d1_ex99-1img001.jpg)

Crafting the Future of Healing for Patients Next Generation CD47 Blockade with Liminatus Pharma, Innobation Bio

![](tm2518647d1_ex99-1img002.jpg)

Disclaimer This presentation (this "Presentation") has been assembled by Liminatus Pharma Limited, including its affiliates (the "Company"), and is provided to certain investors and analysts for informational purposes only. This Presentation is exclusively intended for the recipient and may not be duplicated or shared without prior written consent from the Company. Nothing in this Presentation constitutes legal, tax, or investment advice, nor does it constitute an offer to sell or a solicitation of an offer to purchase any securities of the Company. Any purchase of the Company's securities will be made only through a confidential private placement memorandum or prospectus and the definitive transaction documents. The Company, its affiliates, and their respective employees, directors, officers, contractors, advisors, members, managers, successors, representatives, or agents make no representations or warranties, express or implied, regarding the accuracy or completeness of this Presentation, and they expressly disclaim any liability for any omissions or errors in this Presentation or in any other written or oral communications made to the recipient in connection with the Company. Only the representations and warranties contained in definitive agreements executed by the Company will have any legal effect. This Presentation contains forward - looking statements. Forward - looking statements include all statements other than statements of historical fact and may be identified by words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "should," "will," "would," or similar expressions. These forward - looking statements address, among other things, the Company's preclinical and clinical development plans and timelines, the Company's ability to obtain and maintain regulatory approvals, the anticipated benefits of the business combination with IRIS Acquisition Corp. (the "Business Combination"), and the Company's future business prospects and financial performance. These statements are based on current expectations and involve inherent risks and uncertainties, many of which are beyond the Company's control, that could cause actual results to differ materially from those expressed or implied by such statements. Factors that could cause or contribute to these differences include, but are not limited to, market conditions, regulatory developments, clinical trial outcomes, and other risks described in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"). All information in this Presentation is provided as of the date hereof, May 2025. The Company undertakes no obligation to update or revise any forward - looking statements, whether as a result of new information, future events, or otherwise, except as required by law. The Company completed its business combination with IRIS Acquisition Corp. in May 2025, and its ordinary shares began trading on the Nasdaq Global Market under the ticker symbol "LIMN" during the first week of May 2025. For detailed information about the Company, IRIS Acquisition Corp., the Business Combination, and the risk factors related thereto, please refer to the Company's registration statement on Form S - 4 (including any amendments thereto) filed with the SEC, which is available at www.sec.gov. Prospective investors should read the registration statement and the accompanying prospectus and conduct their own due diligence before making any investment decision.

![](tm2518647d1_ex99-1img003.jpg)

Crafting the Future of Healing for Patients Investment Highlights Pipeline overview An Experienced Leadership Team and Board Members Cancer Treatment INDEX

![](tm2518647d1_ex99-1img004.jpg)

4 Liminatus Pharma, LLC Investment Highlights 01 Leading Next - Generation CD47 Blockade • Proprietary IBA101 overcomes anemia and thrombocytopenia issues of first - generation CD47 antibodies • Demonstrated selective binding (immune cells vs. RBC) for an improved safety profile Cancer Therapeutics Combination Efficacy Catalyst • Targeting ≥ 10% improvement in antitumor activity when co - administered with PD - 1/PD - L1 inhibitors Expanding Big - Pharma Partnerships • Follow - up in - depth meetings held with AstraZeneca, BMS, Merck post - JPM 2025 • Positioned for co - development and out - licensing aligned with PD - 1/PD - L1 blockade patent expirations (2025 – 2028) Milestone - Driven Valuation • Clear value - unlock roadmap: Pre - IND → IND approval → Phase 1 data → licensing deal Experienced Leadership & R&D Team • PhD - level scientists with multiple clinical successes in CD47 and CAR - T programs • Proven track record in preclinical development, CMC, and IND preparation Broad Expansion Potential • Initial focus on lung cancer with subsequent extension to other solid tumors and hematologic malignancies • Precision - medicine biomarker strategy to differentiate and capture high - value patient segments Strong Financial Position & Funding Plan • SPAC merger proceeds fully fund Phase 1 development • Additional cash flow to be generated through licensing deals and global partnerships

![](tm2518647d1_ex99-1img005.jpg)

5 Liminatus Pharma, LLC Phase III Phase II Phase I IND Pre - clinical Indications Candidate Solid Cancer Anti - CD47 Blockade (IBA101) T.B.D. \* CAR - T Therapy (T.B.D.) T.B.D. \* Companion Diagnosis (T.B.D.) Pipeline Overview 02 \* Liminatus Pharma plans to in - license companion diagnostic technologies to predict the prognosis of its CAR - T therapy and other pipelines slated for clinical development.

![](tm2518647d1_ex99-1img006.jpg)

6 Liminatus Pharma, LLC An Experienced Leadership Team and Board Members 03 • Liminatus Pharma is an immunotherapy company focused on the development of a CD47 - blocking antibody for the treatment of solid tumors. • Preclinical development of the CD47 blockade antibody has been completed, and preparations for an FDA Phase I clinical trial are underway. • The Company intends to in - license CAR - T cell therapeutics and companion diagnostic technologies for future pipeline expansion, w ith specific assets and timelines to be determined. About Liminatus Pharma • Has served as the Principal Scientist and Professor at the National Cancer Center, Republic of Korea • PhD (Biochemistry) in the University of Vienna, Austria and a Post - doctoral Associate (Pharmacology) in Yale University , USA PhD CSO Byong - Chul Yoo • Has served as CEO and Pre - clinical Study CRO at SAMDABIOLAB, Republic of Korea • Principal Scientist at the National Cancer Center, Republic of Korea • Chief of Biomedicine Production Branch (GMP) at the National Cancer Center, Republic of Korea PhD Scientific Board Member Beom - Kyu Choi • Has served as the President and Institute Director of the National Cancer Center, Republic of Korea and President of the Graduate School of Cancer Science and Policy at the National Cancer Center, Republic of Korea • Honorary Professor at the Graduate School of Cancer Science and Policy, National Cancer Center, Republic of Korea; Director of Surgery at Lily Yoo Hospital; and a member of the National Academy of Medicine of Republic of Korea. MD/PhD Medical Director Eun - Sook Lee • Has served as Research Fellow at Indiana University, Indianapolis, USA • Visiting Professor at Kobe University, Japan • Director of the Animal Experimental Facility at the National Cancer Center, Republic of Korea • Principal Investigator at the National Cancer Center, Republic of Korea • Professor of the Graduate School of Cancer Science and Policy at the National Cancer Center, Republic of Korea PhD Scientific Board Member Sang - Jin Lee

![](tm2518647d1_ex99-1img007.jpg)

01 02 03 04 05 06 Cancer Treatment Crafting the Future of Healing for Patients

![](tm2518647d1_ex99-1img008.jpg)

8 Liminatus Pharma, LLC 1. Cancer Therapeutics 04 • For successful cancer immunotherapy treatment, the Cancer Immunity Cycle must operate smoothly through close cooperation betw een innate immunity and T cell - centered adaptive immunity, with the patient's immune system maintaining continuous activation until the complete elimination of the last cance r c ell. • While most immune oncology drugs currently marketed or under development focus exclusively on enhancing T cell - centered adaptive immunity, there are no FDA - approved immune oncology drugs that directly activate innate immunity, which represents the first step of the Cancer Immunity Cycle. Recogniz ing this market gap, Innovation Bio has designed a CD47 blocking agent pipeline focused on innate immune activation. • CD47 blocking agents can demonstrate anticancer effects through innate immune responses even as monotherapy; however, to maxi miz e T cell activation essential for achieving high efficacy in cancer immunotherapy, the core strategy involves combining CD47 blockade - induced innate immune responses with T cell boosters such as PD - 1/PD - L1 inhibitors. • Given the limited anticancer effects of immune checkpoint inhibitors when used alone, CD47 blocking agents are evaluated as o ne of the most promising pipelines capable of achieving excellent synergistic effects with T cell boosters currently under development. • As CD47 blocking agents continue to demonstrate synergistic effects through joint clinical studies with T cell boosters, the mar ket potential of immune checkpoint inhibitors is expected to expand, leading to the formation of a broader market and anticipating strong synergistic effects through various pipelines ta rgeting each stage of the Cancer Immunity Cycle. \* Chen DS, Mellman I. Oncology meets immunology: the cancer - immunity cycle. Immunity. 2013 Jul 25;39(1):1 - 10. Image modified. • Approved immuno - oncology (I/O) drugs (e.g., Immune checkpoint inhibitor) • Anti - CD47 blockade 1 Innate Immune System's Cancer Antigen Collection and Lymph Node Delivery 2 Lymph Node T Cell Activation 3 Movement of Activated T Cells (Adaptive Immunity) (Lymph Nodes → Blood Vessels → Tumor Tissue) 4 Killing of Cancer Cells by T Cells Final Goal of Cancer Immunotherapy

![](tm2518647d1_ex99-1img009.jpg)

9 Liminatus Pharma, LLC 2. Don't Eat Me Signal and CD47 Blockade 05 "Don't Eat Me" & "Eat Me" Signals Landry MR, Walker JM, Sun C. Exploiting Phagocytic Checkpoints in Nanomedicine: Applications in Imaging and Combination Therapies. Front Chem. 2021 Mar 3;9:642530 • "Don't Eat Me" Signal CD47 on the surface of cancer cells engages SIRP α on macrophages to transmit an inhibitory signal that blocks the phagocytic machinery, allowing tumor cells to evade clearance. • Ligand of SIRP α on Macrophage CD47 serves as the cognate ligand for the macrophage receptor SIRP α; their interaction recruits phosphatases (e.g., SHP - 1/SHP - 2) that shut down "eat me" signaling pathways inside the macrophage. • How CD47 Blockade Promotes Phagocytosis By preventing CD47 – SIRP α binding, CD47 antibodies remove the inhibitory checkpoint, unleashing macrophage uptake of tumor cells and enhancing processing and presentation of tumor antigens.

![](tm2518647d1_ex99-1img010.jpg)

10 Liminatus Pharma, LLC 2. Don't Eat Me Signal and CD47 Blockade 06 Mechanism of CD47 – SIRPα Checkpoint and Anti - CD47 Blockade • Cis - and Trans - Interactions Inhibit Phagocytosis Trans - interaction : CD47 on tumor cells binds SIRP α on macrophages across the intercellular synapse, delivering a "Don't Eat Me" signal. Cis - interaction : CD47 and SIRP α on the same macrophage pair up, maintaining an autoinhibitory checkpoint that further suppresses engulfment.. • Anti - CD47 Antibody Disrupts Inhibitory Checkpoints Binding of anti - CD47 antibodies to tumor - cell CD47 (and blocking cis - CD47 on macrophages) prevents engagement of SIRPα. Loss of both cis - and trans - inhibitory signals unleashes macrophage phagocytic activity toward tumor cells.. • Clinical Limitation: Hematologic Toxicity However, anti - CD47 blockade has consistently induced severe anemia and thrombocytopenia in the majority of trial subjects, leading to the sequential discontinuation of many clinical programs. Modified the image from Jiang et al. Targeting CD47 for cancer immunotherapy. J Hematol Oncol. 2021 Oct 30;14(1):180.

![](tm2518647d1_ex99-1img011.jpg)

11 Liminatus Pharma, LLC 3. IBA101; Next Generation Anti - CD47 Blockade 07 Selective binding of IBA101 to CD47 on immune and tumor cells, sparing RBCs and platelets IBA101 preferentially binds CD47 on nucleated immune and tumor cells, while sparing CD47 on anucleate red blood cells and platelets. • IBA101 represents a breakthrough in CD47 blockade technology by exploiting a unique glycosylation signature on nucleated cells. • IBA101 is a humanized anti – human CD47 IgG4 monoclonal antibody that targets a CD47 epitope occluded by an additional glycosylation site found exclusively on anucleate red blood cells and platelets . • Because nucleated immune and tumor cells lack this extra glycan , IBA101 binds their CD47 but cannot engage CD47 on red blood cells or platelets — thereby avoiding the severe anemia and thrombocytopenia seen with earlier CD47 antibodies. Glycosylation

![](tm2518647d1_ex99-1img012.jpg)

12 Liminatus Pharma, LLC 3. IBA101; Next Generation Anti - CD47 Blockade 08 IBA101 preferentially binds to immune cells, but negligibly to RBCs and platelets IBA101 does not bind to RBCs CC2C6 PBMC Whole blood IBA101 IBA101

![](tm2518647d1_ex99-1img013.jpg)

13 Liminatus Pharma, LLC 3. IBA101; Next Generation Anti - CD47 Blockade 09 IBA101 does not induce RBC lysis IBA101 does not induce RBC lysis. IBA101 CC2C6 which binds to RBCs Hemagglutination assay with human RBCs 0 0.1 0.5 1.0 5.0 10 25 (μ g /mL)

![](tm2518647d1_ex99-1img014.jpg)

14 Liminatus Pharma, LLC 3. IBA101; Next Generation Anti - CD47 Blockade 10 IBA101 exclusively binds to human CD47 Membrane Proteome Analysis of IBA101 • Assay Partner : Integral Molecular (Philadelphia, PA) • Library : > 6,000 distinct human membrane proteins displayed on a proteome array • Outcome : IBA101 demonstrated high - affinity binding exclusively to human CD47 , with no off - target interactions detected across the entire membrane proteome.

![](tm2518647d1_ex99-1img015.jpg)

15 Liminatus Pharma, LLC 3. IBA101; Next Generation Anti - CD47 Blockade 11 Synergistic anti - tumor effects of IBA101 and anti - PD - 1 mAb in humanized mouse tumor model ▪ MC38 - hCD47 ▪ s.c. , 1 10 6 cells 0 hCD47 - hSIRPa KI ▪ mAbs ▪ Every 5 days ▪ 200 μ g/injection 10 15 20 Efficacy of IBA101 (Hu3A5 - G4) ± anti – PD - 1 in Human SIRPα/CD47 Double Knock - In Mice. • Model: MC38 - hCD47 tumors implanted in human SIRPα/CD47 double knock - in mice • Treatments : Rat IgG control, anti – PD - 1 mAb , IBA101, or combination • Key Findings: x 100% survival in mice treated with IBA101 monotherapy through study end x Synergistic tumor suppression when IBA101 is combined with anti – PD - 1 mAb x Intra - tumoral CD8⁺ T cells: Modestly increased by IBA101 alone, but markedly expanded with the combination (data not shown) This study highlights the robust, synergistic anti - tumor activity of IBA101 and PD - 1 blockade in a fully humanized CD47/SIRPα se tting.

![](tm2518647d1_ex99-1img016.jpg)

16 Liminatus Pharma, LLC 3. IBA101; Next Generation Anti - CD47 Blockade 12 IBA101 synergistically enhances anti - tumor responses with I/O drugs boosting T cell responses Versatile Synergy of IBA101 with Multiple T - Cell – Boosting Checkpoint Modulators . • In a human SIRPα/CD47 double knock - in mouse model bearing MC38 - hCD47 tumors, IBA101 (anti - hCD47) demonstrated strong anti - tumor activity not only in combination with PD - 1 blockade, but also when paired with agonists or antagonists of other key T - cell co - stimulatory and inhibitory pathways: x Anti - 4 - 1BB + IBA101: Co - administration of a 4 - 1BB agonist with IBA101 led to near - complete tumor regression, whereas each agent alone produced only modest effects. x Anti - TIGIT + IBA101: Combining TIGIT blockade with IBA101 markedly delayed tumor growth compared to either monotherapy. x Anti - PD - 1 + IBA101: Reaffirming prior data, dual PD - 1/CD47 inhibition synergistically suppressed tumor progression and improved survival. • These data underscore IBA101's ability to synergize broadly across diverse immuno - oncology modalities — demonstrating its versatility as a backbone for combination regimens that potentiate multiple T - cell activation pathways.

![](tm2518647d1_ex99-1img017.jpg)

17 Liminatus Pharma, LLC 3. IBA101; Next Generation Anti - CD47 Blockade 13 Non - Clinical Safety Profile of IBA101 in Non - Human Primates Non - Clinical Safety Profile of IBA101 in Non - Human Primates . • Study: Charles River Laboratories Study No. 3627 - 011 (GLP - compliant) • Test Article: IBA101 (anti - CD47 mAb , IgG4 Fc) x Species & Design: Cynomolgus monkeys, multiple dose groups up to 100 mg/kg x Dose Levels: 0 (vehicle), 10, 30, and 100 mg/kg, administered intravenously on Days 1, 8, and 15 x NOAEL: 100 mg/kg/dose (highest dose tested) x Pharmacokinetics at NOAEL (Day 22, combined sexes) ▪ C₀: 4.31 × 10⁶ ng/mL ▪ Cₘₐₓ: 4.08 × 10⁶ ng/mL ▪ AUC 0 - 168 hr : 3.59 × 10⁸ ng·hr /mL • Key Takeaway: IBA101 was well tolerated with no adverse findings at exposures exceeding 4 mg/mL (Cₘₐₓ) and an AUC of 3.6 × 10⁸ ng·hr /mL, supporting a favorable safety margin for first - in - human dose selection. Cynomolgus monkey (Macaca fascicularis)

![](tm2518647d1_ex99-1img018.jpg)

18 Liminatus Pharma, LLC 3. IBA101; Next Generation Anti - CD47 Blockade 14 Powerful and Safe Treatment Strategy • PD - 1/PD - L1 inhibitors boost T cell activity, but their increased interferon - gamma levels can suppress macrophage differentiation , thereby reducing the initial immune response. In contrast, IBA101 not only lifts the 'Don't Eat Me' signal but also promotes macrophage proliferation and differe nti ation. This dual action suggests that combining IBA101 with PD - 1/PD - L1 blockade could enhance overall antitumor immunity, especially in resistant cancers. • IBA101 is a promising advancement in immuno - oncology, designed to overcome the limitations of earlier therapies and improve trea tment outcomes when used in combination with existing standards.

![](tm2518647d1_ex99-1img019.jpg)

19 Liminatus Pharma, LLC 15 4. Development Strategy of Anti - CD47 Blockade (IBA101) Changes in Lung Cancer Treatment I/O Drugs • New inhibitors, etc. Standard Therapy • Surgery • Chemotherapy • Radiotherapy • +PD - 1/PD - L1 inhibitors • +New inhibitors I/O Drugs • CTLA - 4 inhibitor • PD - 1/PD - L1 inhibitor • New inhibitors, etc . Standard Therapy • Surgery • Chemotherapy • Radiotherapy • +PD - 1/PD - L1 inhibitors Standard Therapy • Surgery • Chemotherapy • Radiotherapy I/O Drugs • CTLA - 4 inhibitor • PD - 1/PD - L1 inhibitor • iLAG - 3, etc. Present Past Future Development Strategy and Application • Market Position of PD - 1/PD - L1 Blockades : PD - 1/PD - L1 inhibitors are now standard treatments for lung cancer. As newer immuno - oncology drugs are developed, they are expected to also become standard therapies over time. • Combination Therapy as a Necessity : By the time IBA101, our anti - CD47 monoclonal antibody (mAb), reaches commercialization, it will be essential to combine it with PD - 1/PD - L1 inhibitors, which will already be established as standard therapeutic regimen. • Collaboration with AstraZeneca's Imfinzi : AstraZeneca's Imfinzi (PD - L1 inhibitor), ranked 5th in global sales with $2.4 billion in 2021, presents an ideal candidate for combination studies. Positive clinical results from such combination trials could attract AstraZeneca's interest in licensing IBA101, given their active pursuit of joint research projects to expand market share. • Distinct Competitive Advantage of IBA101 : Among CD47 inhibitors, IBA101 is one of only two candidates (alongside Akesobio's product) with a safety profile suitable for combination with PD - 1/PD - L1 therapies. This differentiation positions IBA101 as a leading candidate in the CD47 blockade space. • Market Growth Potential : The low response rate of current PD - 1/PD - L1 inhibitors can potentially be improved through combination with CD47 blockades. If proven, the CD47 blockade market could grow rapidly, mirroring the market size of PD - 1/PD - L1 inhibitors, which reached $17.19 billion in 2021 (led by Keytruda from MSD). • Development Stage: Preparation of the IND package for the FDA Phase 1 clinical trial application is scheduled to begin in Q3 2025.

![](tm2518647d1_ex99-1img020.jpg)

20 Liminatus Pharma, LLC 16 5. Market Size and Growth Prospects of CD47 Blockade Therapeutics Market Outlook for CD47 Blockade • CD47 blockade represents one of the most promising pipelines for achieving excellent synergistic effects with the T cell boosters currently under development. Therefore, as CD47 blockade continues to demonstrate synergistic effects through joint clinical studies with T cell boosters, the market potential of immune checkpoint inhibitors is expected to expand, leading to the formation of an increasingly broad market • CD47 immune checkpoint inhibitors are expected to penetrate the market primarily through combination therapy with PD - 1/PD - L1 blockades rather than as standalone treatments. The global market for PD - 1/PD - L1 blockades was estimated at $49.5 billion in 2023 and is projected to reach $123.3 billion by 2033. If CD47 immune checkpoint inhibitors are successfully brought to market, they are expected to grow alongside the PD - 1/PD - L1 blockade market, potentially starting at 10 - 20% of the PD - 1/PD - L1 market size by 2030 and rapidly expanding to reach the same market scale. Global Market Size Projections for PD - 1/PD - L1 Blockades (Adopted from Future Market Insights)

![](tm2518647d1_ex99-1img021.jpg)

21 Liminatus Pharma, LLC 17 6. Key Development Milestones Key Development Milestones CD47 mAb 3A5 mAb development and humanization Biochemical analysis 2020.12 2021.06 2022.3Q 2020.01 Ph1 Mono - and Combi - therapy Lung cancer IBA101 PD - 1/PD - L1 blockade Safety and efficacy Phase I IND packaging Patent Preclinical study & CDMO 2025/3Q 2026.3Q Pre - clinical GenScript CDMO CRL Monkey Tox. & PK Study Integral Molecular MPA, etc 2027/4Q 2022.4Q Liminatus L/I Upfront fee $8.3 million 2025.4Q Collaborative Research Agreement with AstraZeneca (or equivalent partner) for clinical - grade PD - 1/PD - L1 inhibitor supply. Phase I approval Pre - IND meeting 2027.2 - 3Q 2028.4Q Execution of Big Pharma Licensing Agreement ▪ Target total deal value: USD 1.5 billion ▪ Upfront payment (10%): USD 150 million

![](tm2518647d1_ex99-1img022.jpg)

Crafting the Future of Healing for Patients

## Exhibit 99.2

**Exhibit 99.2**

Liminatus Pharma, the newest immuno-oncology entrant on Nasdaq (ticker: LIMN), today released an expanded profile of its lead asset, IBA101—a next-generation CD47 immune checkpoint inhibitor designed to overcome the dose-limiting cytopenias that halted earlier programs. By selectively sparing red blood cells and platelets, IBA101 eliminates the severe anemia and thrombocytopenia seen with first-generation CD47 blockade, enabling higher, more efficacious dosing without compromising patient safety.

**A Dual-Axis Mechanism to Reboot Anti-Tumor Immunity**

IBA101's unique biology lies in its ability to potentiate innate immunity via macrophage activation while also synergizing with adaptive T-cell responses. Preclinical models demonstrate that IBA101 not only disinhibits macrophage phagocytosis of tumor cells but also remodels the tumor microenvironment—upregulating antigen presentation machinery and cytokine release—thereby priming T cells for enhanced cytotoxicity. In combination studies, IBA101 plus PD-1 or PD-L1 inhibitors yielded a two- to three-fold increase in complete response rates versus monotherapy arms, suggesting a clear path toward superior clinical outcomes.

**Versatility Across Checkpoint Modalities**

Beyond PD-1/PD-L1, Liminatus has tested IBA101 alongside a spectrum of T-cell-boosting agents—including 4-1BB (CD137) agonist and TIGIT antagonists—in mouse models. In each case, addition of IBA101 deepened tumor shrinkage and extended survival, positioning it as a versatile "plug-and-play" checkpoint backbone. "Our goal is to make IBA101 the go-to partner for any T-cell-based regimen," said Dr. Sehoon Lee, principal investigator for the upcoming Phase 1 study. "By reawakening innate immunity, we create a more permissive landscape for even the most advanced adaptive immunotherapies."

**Beyond Oncology: Tackling Chronic Inflammation**

Liminatus envisions IBA101's macrophage-activating properties extending into age-related and chronic inflammatory diseases. Macrophages are critical scavengers of senescent cells and inflammatory debris; by amplifying this clearance function, IBA101 could reduce systemic "inflammaging" linked to atherosclerosis, neurodegeneration, and metabolic disorders. Early mechanistic studies in humanized mouse models are underway to evaluate IBA101's anti-inflammatory effects, laying the groundwork for potential non-oncology indications..

**Capitalizing on Nasdaq Visibility**

Since its listing earlier this quarter, Liminatus has leveraged fresh capital to accelerate IND package preparation, slated to begin in the second half of 2025. Simultaneous submissions to the U.S. FDA and Korea's Ministry of Food and Drug Safety (MFDS) are planned, reflecting the company's commitment to a dual-jurisdiction strategy that maximizes patient access and regulatory efficiency. "A synchronized U.S.-Korea filing allows us to streamline global development and mitigate single-region delays," explained the head of regulatory affairs.

**Phase 1 Design and Clinical Collaborations**

Phase 1 first-in-human studies are scheduled to launch in late 2026 at leading lung-cancer centers in both Seoul and the United States. These dose-escalation trials will recruit patients with advanced solid tumors, with an initial focus on non-small-cell lung cancer due to its high unmet need and established PD-1/PD-L1 standard-of-care. Dr. Lee's team will employ intensive biomarker profiling—serial tumor biopsies, circulating immune cell phenotyping, and single cell analysis—to dissect IBA101's impact on macrophage polarization and T-cell infiltration. Adaptive trial features will enable rapid optimization of combination cohorts, potentially shaving months off conventional development timelines.

**Building a Strong Clinical Evidence Base**

To support broad label ambitions, Liminatus is already in discussions with academic consortia to design expansion cohorts in colorectal, ovarian, and head-and-neck cancers, where checkpoint combinations have shown limited efficacy. By layering in IBA101, the company aims to break through resistance mechanisms—such as myeloid-derived suppressor cell influx and T-cell exclusion—that blunt current therapies. A precompetitive alliance with bioinformatics groups will further elucidate patient subgroups most likely to benefit, guiding precision trial enrollment and future companion diagnostic development.

**Investor Outlook and Next Steps**

With its Nasdaq listing providing a solid capital runway, Liminatus is well-positioned to complete IND filings, initiate clinical studies, and expand its pipeline into inflammatory disease realms. Early in-human safety data and combination synergy will be critical milestones, potentially validating IBA101 as a cornerstone of next-generation immuno-oncology regimens. As the company moves from preclinical proof-of-principle to patient trials, the promise of a safer, more potent CD47 blockade may finally be within reach.