# EDGAR Filing Document

**Accession Number:** 0001971387
**File Stem:** 0001104659-25-055078
**Filing Date:** 2025-6
**Character Count:** 317512
**Document Hash:** bdf6fcd0e7f32ef5948071624894a0b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-055078.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001104659-25-055078

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250430

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250530

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42626
- **FILM NUMBER:** 251012926

**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/A**

**(Amendment No. 1)**

**CURRENT REPORT**

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

**Securities Exchange Act of 1934**

**April 30, 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) |

---

---

| | | |
|:---|:---|:---|
| **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**

Iris Acquisition Corp

3rd Floor Zephyr House

122 Mary Street, George Town

PO Box 10085

Grand Cayman KY1-1001, Cayman Islands

(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:

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| |
|:---|
| 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. ◻

**INTRODUCTORY NOTE**

This Amendment No. 1 on Form 8-K/A ("Amendment No. 1") amends Item 2.01 and Item 9.01 of the Current Report on Form 8-K filed by Liminatus Pharma, Inc. (formerly known as Iris Parent Holding Corp.), a Delaware corporation (the "Company" or "ParentCo"), on May 6, 2025 (the "Original Report"), in which the Company reported, among other events, the completion of the Business Combination (as defined in the Original Report) on April 30, 2025.

This Amendment No. 1 (i) amends certain disclosures under Item 2.01 of the Original Report to provide an update of developments at the Company or its subsidiaries, subsequent to the filing date of the Original Report; (ii) amends the financial statements provided under Item 9.01(a) in the Original Report to include (x) the unaudited financial statements of Liminatus Pharma, LLC, a Delaware limited liability company ("Liminatus"), as of and for the three months ended March 31, 2025 and the Management's Discussion and Analysis of Financial Condition and Results of Operations of Liminatus for the three months ended March 31, 2025 and (y) the unaudited financial statements of Iris Acquisition Corp (formerly known as Tribe Capital Growth Corp I), a Delaware corporation ("Iris"), as of and for the three months ended March 31, 2025 and the Management's Discussion and Analysis of Financial Condition and Results of Operations of Iris for the three months ended March 31, 2025; and (iii) adds the exhibits included below under Item 9.01(d).

Except as set forth herein, this Amendment No. 1 does not amend any other item of the Original Report or purport to provide an update or a discussion of any other developments at the Company or its subsidiaries, including Liminatus, subsequent to the filing date of the Original Report. The information previously reported in or filed with the Original Report is hereby incorporated by reference to this Amendment No. 1.

Unless otherwise stated or unless the context otherwise requires, the terms "we," "us," "our," the "Registrant," the "Combined Company," the "Company" and "ParentCo" refer to Liminatus Pharma, Inc. (formerly known as Iris Parent Holding Corp.), a Delaware corporation, after giving effect to the Business Combination, and where appropriate, our wholly-owned subsidiaries (including Liminatus Pharma, LLC) following the Closing Date (as defined in the Original Report). Furthermore, unless otherwise stated or unless the context otherwise requires, references to "Iris" refer to Iris Acquisition Corp (formerly known as Tribe Capital Growth Corp I), a Delaware corporation, prior to the Closing Date, and references to "Liminatus" refer to Liminatus Pharma, LLC, a Delaware limited liability company, prior to the Closing Date. All references herein to the "Board" refer to the board of directors of the Company.

**Item 2.01. Completion of Acquisition or Disposition of Assets.**

The disclosure set forth in the "Introductory Note" above is incorporated into this Item 2.01 by reference.

In connection with the vote at the Special Meeting on March 4, 2025, public stockholders holding 59,844 Iris Class A Shares exercised their right to redeem such shares for a pro rata portion of the funds in the trust account established at the consummation of Iris' initial public offering (the "Trust Account"). As a result, approximately $702,359 (approximately $11.74 per share) was removed from the Trust Account to pay such holders. Immediately after giving effect to the redemption of 59,844 Iris Class A Shares in connection with the Business Combination, there were 114,633 public shares and 6,900,000 public warrants outstanding.

Upon the consummation of the Business Combination, Iris's Class A common stock, units and public warrants ceased trading on the OTC Pink Marketplace, and ParentCo Common Stock and ParentCo Public Warrants began trading on The Nasdaq Stock Market ("Nasdaq") on May 1, 2025, under the symbols "LIMN" and "LIMNW," respectively.

**FORM 10 INFORMATION**

Item 2.01(f) of Form 8-K states that if the predecessor registrant was a shell company, as Iris was immediately before the Business Combination, then the registrant must disclose the information that would be required if the registrant were filing a general form for registration of securities on Form 10. Accordingly, the Company, as the successor issuer to Iris, is providing the information below that would be included in a Form 10 if the Company were to file a Form 10. Please note that the information provided below relates to the Company as the combined company after the consummation of the Business Combination, unless otherwise specifically indicated or the context otherwise requires.

***Forward-Looking Statements***

Certain statements contained in this Report may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and for purposes of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations, including as they relate to the Company. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Report, forward-looking statements may be identified by the words "anticipate," "believe," "could," "expect," "estimate," "future," "intend," "may," "might," "strategy," "opportunity," "plan," "project," "possible," "potential," "project," "predict," "scales," "representative of," "valuation," "should," "will," "would," "will be," "will continue," "will likely result," or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

The Company cautions readers of this Report that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control, which could cause the actual results to differ materially from the expected results. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, other performance metrics, projections of market opportunity, expected management and governance of the Company. These statements are based on various assumptions, whether or not identified in this Report, and on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. The risk factors and cautionary language contained in this Report, and incorporated herein by reference, provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations described in such forward-looking statements, including among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· changes in the competitive industries and markets in which the Company operates or plans to operate;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in applicable laws or regulations affecting the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to implement business plans, forecasts, and other expectations after the completion
of the Business Combination, and identify and realize additional opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;· risks related to the Company's potential inability to achieve or maintain profitability and generate
significant revenue;

&nbsp;&nbsp;&nbsp;&nbsp;· current and future conditions in the global economy, including as a result of economic uncertainty, and
its impact on the Company, its business and the markets in which it operates;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's potential inability to manage growth effectively;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to recruit, train and retain qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;· estimates for the prospects and financial performance of the Company's business may prove to be
incorrect or materially different from actual results;

&nbsp;&nbsp;&nbsp;&nbsp;· costs related to the Business Combination and the failure to realize anticipated benefits of the Business
Combination;

&nbsp;&nbsp;&nbsp;&nbsp;· risks related to the Company's marketing and growth strategies;

&nbsp;&nbsp;&nbsp;&nbsp;· the effects of competition on the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;· expectations with respect to future operating and financial performance and growth, including when the
Company will generate positive cash flow from operations;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to raise funding on reasonable terms as necessary to develop its products
in the timeframe contemplated by its business plan;

&nbsp;&nbsp;&nbsp;&nbsp;· the inability to maintain the listing of the Company's common stock and warrants on Nasdaq following
the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;· other risks and uncertainties indicated in this Report, including those under "Risk Factors"
beginning on page 26 in the Proxy Statement/Prospectus and other filings that have been made or will be made with the SEC by the
Company.

In addition, there may be events that the Company's management is not able to predict accurately or over which the Company has no control.

***Business***

The business of the Company is described in the Proxy Statement/Prospectus in the section titled "*Business of Liminatus*" beginning on page 184, which is incorporated herein by reference.

***Risk Factors***

The risks associated with the Company are described in the Proxy Statement/Prospectus, including those under "Risk Factors" beginning on page 26 in the Proxy Statement/Prospectus and specifically including in the sections titled "Risk Factors – Risks Related to Liminatus's Business and Operations" beginning on page 26 of the Proxy Statement/Prospectus, which are incorporated herein by reference.

***Financial Information***

The audited financial statements of ParentCo for the fiscal years ended December 31, 2024 and 2023 are filed herewith as Exhibit 99.1.

The unaudited financial statements of ParentCo for the three months ended March 31, 2025 and 2024 are incorporated by reference to pages 1-8 in the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 filed by ParentCo with the SEC on May 30, 2025 (the "ParentCo Form 10-Q").

The audited financial statements of Liminatus for the fiscal years ended December 31, 2024 and 2023 are filed herewith as Exhibit 99.2.

The unaudited financial statements of Liminatus for the three months ended March 31, 2025 and 2024 are filed herewith as Exhibit 99.5.

The audited financial statements of Iris for the fiscal years ended December 31, 2024 and 2023 are incorporated by reference to pages 52-75 in the [Annual Report on Form 10-K for the year ended December 31, 2024 filed by Iris with the SEC on April 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1831874/000141057825000751/iraa-20241231x10k.htm) (the "Iris Form 10-K").

The unaudited financial statements of Iris for the three months ended March 31, 2025 and 2024 are filed herewith as Exhibit 99.7.

***Properties***

The business address of Liminatus's principal executive office is 6 Centerpointe Dr. #625, La Palma, California 90623.

The Company believes that all of its properties have been adequately maintained, are generally in good condition, are suitable and adequate for its business.

***Management's Discussion and Analysis of Financial Condition and Results of Operations***

Management's Discussion and Analysis of Financial Condition and Results of Operations of Liminatus for the fiscal years ended December 31, 2024 and 2023 is set forth below.

*Unless the context otherwise requires, for purposes of this section, the terms "we," "us," "our," "the Company" or "Liminatus" refer to Liminatus Pharma, LLC prior to the consummation of the Business Combination. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this report. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks, uncertainties, and assumptions. As a result of many factors, including those set forth in the "Risk Factors" section of *this filing*, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.*

**Overview**

We are a pre-clinical stage life sciences and pre-revenue company developing a next generation CD47 checkpoint inhibitor under a license agreement. In October 2022, the Company was assigned a license and development agreement, as amended, with InnoBation Bio Co. Ltd ("InnoBation") (the "CD47 License"), whereby, effective March 31, 2023, the Company received an exclusive license to develop and commercialize products for the CD47 immune checkpoint inhibitor to treat solid cancers, and companion diagnostics used to monitor treatment with CD47 products (collectively, "CD47 Products"), from Curis Biotech Holdings LLC, the parent company of Valetudo Therapeutics LLC ("Valetudo"), a related party of the Company.

We were formed in Delaware on April 12, 2018.

Since our inception, our operations have focused on raising capital and entering into license and development agreements for conducting research and development activities for our products. We do not have any product candidates approved for sale and have not generated any revenue from product sales. We have funded our operations through the sale of equity, raising an aggregate of $4.5 million of gross proceeds from the sale of membership interests, and debt, issuing $10.0 million of bonds and $10.0 million of notes through December 31, 2024. Subsequent to December 31, 2024, the Company raised additional gross proceeds of $0.7 million of notes with Amantes, LLC ("Amantes") and Prophase Sciences LLC ("Prophase"), both of which are related parties of the Company.

Since our inception, we have incurred significant operating losses. Our net loss was $3.5 million and $5.0 million for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, we had an accumulated deficit of $28.7 million. We anticipate that our expenses will increase significantly in connection with our ongoing activities, as we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conduct clinical trials for our CD47 product, as well as initiate and complete additional trials of future
potential product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· seek regulatory approval for any product candidates that successfully complete clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· scale up our clinical and regulatory capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· manufacture materials for clinical trials or potential commercial sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· establish a commercialization infrastructure and scale up manufacturing and distribution capabilities
to commercialize any product candidates for which we may obtain regulatory approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adapt our regulatory compliance efforts to incorporate requirements applicable to marketed products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· maintain, expand, and protect our intellectual property portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· hire additional clinical, manufacturing quality control, regulatory, manufacturing, and scientific and
administrative personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· add operational, financial and management information systems and personnel, including personnel to support
our product development and planned future commercialization efforts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· incur additional legal, accounting, and other expenses in operating as a public company.

**Business Combination**

On November 30, 2022, we entered into a business combination agreement (the "Business Combination Agreement"), with Iris Acquisition Corp, a Delaware publicly traded special purpose acquisition company ("Iris"), Iris Parent Holding Corp., a Delaware corporation ("ParentCo"), Liminatus Pharma Merger Sub, Inc., a wholly-owned subsidiary of ParentCo ("Liminatus Merger Sub"), and SPAC Merger Sub, Inc., a wholly-owned subsidiary of ParentCo ("SPAC Merger Sub" and together with Liminatus Merger Sub, the "Merger Subs").

On June 1, 2023, we entered into an amendment to the Business Combination Agreement to extend the Outside Date, as defined in the Business Combination Agreement, to September 11, 2023.

On August 14, 2023, we entered into a second amendment to the Business Combination Agreement to extend the Outside Date, as defined in the Business Combination Agreement, to March 9, 2024.

On March 9, 2024, we entered into a third amendment to the Business Combination Agreement to extend the Outside Date, as defined in the Business Combination Agreement, to July 31, 2024.

On July 19, 2024, we entered into a fourth amendment to the Business Combination Agreement to extend the Outside Date, as defined in the Business Combination Agreement, to September 3, 2024.

On August 16, 2024, we entered into a fifth amendment to the Business Combination Agreement to extend the Outside Date, as defined in the Business Combination Agreement, to December 31, 2024.

On October 23, 2024, we entered into a sixth amendment to the Business Combination Agreement to, among other things, reduce the enterprise value associated with the Company to $175 million.

On December 26, 2024, we entered into a seventh amendment to the Business Combination Agreement to extend the Outside Date, as defined in the Business Combination Agreement, to June 30, 2025.

In consideration of the Liminatus Merger, our securityholders will receive 17,500,000 newly issued shares of ParentCo's common stock with an aggregate equity value of $175.0 million.

Pursuant to the Business Combination Agreement, on April 30, 2025, in sequential order: (a) Liminatus Merger Sub merged with and into Liminatus, with Liminatus continuing as the surviving company and a wholly owned subsidiary of ParentCo (the "Liminatus Merger") and (b) simultaneously with the Liminatus Merger, SPAC Merger Sub merged with and into Iris (the "SPAC Merger," together with the Liminatus Merger (the "Mergers")), with Iris surviving the SPAC Merger as a direct wholly-owned subsidiary of ParentCo.

**License Agreements**

***TDT Licenses***

In June 2018, we entered into a license and development agreement with TDT (the "CAR-T License"), whereby we received an exclusive license to develop and commercialize CAR-T products and a non-exclusive license to develop and commercialize companion diagnostics used to monitor treatment with a CAR-T product (the "CAR-T Diagnostics"). Under the CAR-T License, we made an upfront payment recorded as research and development expenses in the year ended December 31, 2018 and fund all of the development costs for the CAR-T products and the CAR-T Diagnostics which began with an additional upfront payment made during the year ended December 31, 2018 of $5.0 million, recorded as advances for research and development in the balance sheet.

On April 10, 2020, we were assigned a license and development agreement with TDT (the "Vaccine License"), whereby we received an exclusive license to develop and commercialize vaccine products and a non-exclusive license to develop and commercialize companion diagnostics used to monitor treatment with a vaccine product, from Viral Gene, Inc. ("Viral Gene"), our related party due to the fact that Viral Gene and Liminatus share a mutual Chief Executive Officer. Under the Vaccine License, we were responsible for all of the developmental costs for the Vaccine products after the upfront payment of $4.0 million, which was paid by Viral Gene to TDT.

Upon the assignment of the Vaccine License on April 10, 2020, we recorded advances for research and development of $1.8 million for the remaining amount of the upfront payment to TDT to be used on research and development costs and short-term debt of $0.4 million and accrued interest of $18,000 for the outstanding loan and related interest due to TDT for the annual fee that was not paid by Viral Gene, with an offset of $1.0 million recorded to additional paid-in capital in the balance sheet.

On August 11, 2024, the Company received notice from TDT, exercising its right to terminate the License and Development Agreement, dated June 10, 2018, by and between TDT and Liminatus. As of August 2024, the CAR-T License and Vaccine License have been terminated.

As of December 31, 2024, the Company and TDT are engaged in negotiations associated with the amounts due to TDT of $2.2 million, which has been accrued on the Company's balance sheet. Due to the termination of the License and Development Agreement between the Company and TDT, the Company is uncertain as to amounts it will be required to pay to TDT, if any. As of December 31, 2024, no agreement has been reached between the parties, and the amount remains fully accrued until a final agreement has been executed between the two parties in accordance with ASC 450-30, *Contingencies - Gain Contingencies*.

***Metavagen License***

In December 2022, we entered into a Subscription Agreement In Kind (the "Metavagen License") with Metavagen LLC ("Metavagen"), owned by Chris Kim and thus an entity under common control with us, whereby we received the license rights initially granted from InnoBation to Metavagen to develop, market and sell YN1203, InnoBation Bio CAR NK biomarkers, including devices, compounds and products used to detect analyte in body or tissue in exchange for 40,000,000 shares of our Class A member units. The Metavagen License transaction was consummated as we had the right to use the license, but the license was not transferred. The license is recorded at Metavagen's cost basis of zero, thus we recorded Class A membership interest of $0.4 million, for the par value of the units issued, with an offsetting reduction to additional paid-in capital. In March 2023, the Metavagen License was cancelled, and our membership interest was returned. As our cost basis of the license is zero, we recorded the reversal of the membership interest of $0.4 million with an offsetting increase to additional paid-in capital.

***CD47 License with InnoBation***

On October 1, 2022, we signed an agreement, as amended (the "CD47 Assignment Agreement"), to be assigned the License and Development Agreement by and between InnoBation and Valetudo, our related party and an entity under common control with us, effective March 31, 2023. Under the CD47 Assignment Agreement, we received exclusive worldwide rights to develop and commercialize the CD47 immune checkpoint inhibitor to treat solid cancers, and companion diagnostics used to monitor treatment with CD47 products. On March 31, 2023, we issued 78,555,554 shares of our Class A member units to Curis Biotech Holdings LLC, the parent company of Valetudo, as consideration for the CD47 Assignment Agreement. The license was recorded at Valetudo's costs basis of zero, thus we recorded class A membership interest of $0.8 million, for the par value of the units issued, with an offset to additional paid-in capital in our balance sheet. We will also pay license fees and management fees to be mutually agreed with InnoBation from time to time.

We have not paid and do not owe any license fees, management fees, developmental or regulatory milestone payments or royalty payments under the CD47 License to date.

**Components of Results of Operations**

***Revenue***

To date, we have not generated any revenue from any sources, including from product sales, and we do not expect to generate any revenue from the sale of products in the foreseeable future. If our development efforts for our product candidates are successful and result in regulatory approval, or license agreements with third parties, we may generate revenue in the future from product sales. However, there can be no assurance as to when we will generate such revenue, if at all.

***Operating Expenses***

*Research and Development Expenses*

Research and development costs primarily consist of costs incurred by TDT who was performing our preclinical and clinical trials for our products in accordance with the license agreements with TDT and the annual fee paid to TDT. Research and development expenses are recognized as incurred and payments made prior to costs being incurred are capitalized until the costs are incurred. Costs incurred in obtaining technology licenses through asset acquisitions are charged to research and development expense if the licensed technology has not reached technological feasibility and has no alternative future use. Research and development expenses could include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· external research and development expenses incurred under agreements with clinical research to conduct
our preclinical studies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· labor costs for TDT employees involved in research and development efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· costs related to manufacturing material for preclinical studies and clinical trials, including fees paid
to contract manufacturing organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· laboratory supplies and research materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· costs related to compliance with regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· allocated expenses for facilities, depreciation, and other allocated cost.

Research and development activities are central to our business model. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We plan to substantially increase our research and development expenses for the foreseeable future as we develop our product candidates and manufacturing processes and conduct discovery and research activities for our preclinical and clinical programs. We cannot determine with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our product candidate due to the inherently unpredictable nature of preclinical and clinical development. Clinical and preclinical development timelines, the probability of success and development costs can differ materially from expectations. We anticipate that we will make determinations as to how we pursue our product candidate and how much funding to direct to each program on an ongoing basis in response to the results of future preclinical studies and clinical trials, regulatory developments, and our ongoing assessments as to commercial potential. We will need to raise substantial additional capital in the future. Our clinical development costs are expected to increase significantly as we commence, continue, and expand our clinical trials. Our future expenses may vary significantly each period based on factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· per patient clinical trial costs, including based on the number of doses that patients receive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of patients who enroll in each clinical trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of clinical trials required for approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of sites included in the clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the countries in which the clinical trials are conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the length of time required to enroll eligible patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the drop-out or discontinuation rates of patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· potential additional safety monitoring requested by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the duration of patient participation in the clinical trials and follow-up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the phase of development of the product candidate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· third party contractors failing to comply with regulatory requirements or meet their contractual obligations
to us in a timely manner, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the cost of insurance, including product liability insurance, in connection with clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· regulators or institutional review boards requiring that we or our investigators suspend or terminate
clinical development for various reasons, including noncompliance with regulatory requirements or a finding that the participants are
being exposed to unacceptable health risks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the efficacy and safety profile of our product candidates.

*General and Administrative Expenses*

General and administrative expenses currently consist of consulting fees for the chief executive officer and professional fees for legal costs relating to our corporate matters, accounting and tax services and travel expenses. Other general and administrative expenses may also include professional fees for patents, insurance costs and board of directors' expenses.

We anticipate that our general and administrative expenses will increase in the future as we continue to support research and development activities and incur increased costs of operating a public company. These costs include increased headcount to support expanded operations and infrastructure, and the initiation, continuation and expansion of our preclinical studies and clinical trials for our product candidates. Additionally, we anticipate increased costs associated with maintaining compliance with Nasdaq rules and SEC requirements such as accounting, audit, legal and consulting services, as well as director and officer liability insurance, investor, and public relations activities.

**Results of Operations for the Years Ended December 31, 2024 and 2023**

*General and Administrative Expenses*

General and administrative expenses were $0.6 million for the year ended December 31, 2024 as compared to $1.0 million for the year ended December 31, 2023. The decrease of $0.4 million was primarily related to decreases in accounting and legal costs related to the Business Combination and general corporate matters during the year ended December 31, 2024 as compared to the year ended December 31, 2023.

*Research and Development Expenses*

Research and development expenses were $2.7 million for the year ended December 31, 2024 as compared to $3.8 million for the year ended December 31, 2023. The decrease of $1.1 million was primarily related to decreased spending for preclinical and clinical trials for both the CAR-T products and the GCC vaccine products because of the termination of the CAR-T License and Vaccine License during the year ended December 31, 2024.

*Other Income and Expenses*

Interest expense was $0.3 million for the year ended December 31, 2024 as compared to $0.2 million for the year ended December 31, 2023. The increase of $0.1 million was primarily related to additional borrowings from Valetudo, Prophase, Hana Immunotherapeutics, LLC and Amantes during the year ended December 31, 2024. Interest income was $0.1 million for the year ended December 31, 2024 as compared to approximately $10,000 for the year ended December 31, 2023. The increase in interest income was primarily related to the issuance of $2.9 million in loans receivable to Iris during the year ended December 31, 2024.

**Going Concern, Liquidity and Capital Resources**

***Overview***

Since our inception, we have not generated any revenue and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of December 31, 2024, we had cash of approximately $56,000. We have funded our operations through the sale of equity, raising an aggregate of $4.5 million of gross proceeds from the sale of membership interests, and debt, issuing $10.0 million of bonds and $10.0 million of notes through December 31, 2024. Subsequent to December 31, 2024, the Company raised additional gross proceeds of $0.7 million of notes with Amantes and Prophase, both of which are related parties of the Company.

***Going Concern***

The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months after the financial statements are issued. The Company's cash requirements include, but are not limited to, research and development costs, license fees and working capital requirements. Due to these cash requirements, the Company does not believe that it will have sufficient cash to fund operations for one year after the date that the accompanying financial statements are issued.

The Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the accompanying financial statements are issued. The Company's financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company intends to raise additional cash through equity financings, debt financings or other arrangements to fund operations; however, there can be no assurance that the Company will be able to raise adequate capital under acceptable terms, if at all. The sale of additional equity may dilute existing members and newly issued member units may contain senior rights and preferences compared to currently outstanding ordinary shares. Issued debt securities may contain covenants and limit the Company's ability to pay dividends or make other distributions to members. If the Company is unable to obtain such additional financing, future operations would need to be reevaluated.

***Capital Requirements***

To date, we have not generated any revenues from any source, including the commercial sale of approved drug products, and we do not expect to generate revenue for at least the next few years. If we fail to complete the development of our product candidate in a timely manner or fail to obtain their regulatory approval, our ability to generate future revenue will be adversely affected. We do not know when, or if, we will generate any revenue from our product candidate, and we do not expect to generate revenue unless and until we obtain regulatory approval of, and commercialize, our product candidate.

We expect our expenses to increase significantly in connection with our ongoing activities, particularly as we continue the research and development of, and seek marketing approval for, our product candidate. In addition, if we obtain approval for our product candidate, we expect to incur significant commercialization expenses related to sales, marketing, manufacturing, and distribution. Furthermore, following the completion of the Business Combination, we expect to incur additional costs associated with operating as a public company.

We will also be required to pay all clinical trial costs and expenses in connection with the development of the CD47 Products.

We are also required to repay our $10.0 million bonds (the "Feelux Bonds") to Feelux Co., Ltd. ("Feelux"), our shareholder through its wholly owned subsidiary Car-Tcellkor, Inc. ("Car-Tcellkor"), issued in 2018 and the related interest of 1% per annum compounded annually which is expected to be settled through the issuance of ParentCo common shares, our $0.8 million loan issued in 2019 and due in May 2023, that does not bear interest, from Car-Tcellkor, our shareholder and a wholly owned subsidiary of Feelux, our loans with Valetudo, our related party, of $0.7 million (the "Valetudo Loan") issued in December 2022 and due in June 2023, and which bears no interest, our loan with Ewon Comfortech Co., Ltd. ("Ewon"), our shareholder and related party, of $2.0 million (the "Ewon Loan") issued in December 2022 and due in December 2023, and related interest of 2% per annum, our loans with Valetudo of $0.5 million issued in June 2023 and due in December 2023 that does not bear interest (the "Valetudo June 2023 Loans"), our additional loan with Valetudo of $0.3 million issued in July 2023 and due in January 2024, and related interest of 6% per annum (the "Valetudo July 2023 Loan"), our loans with Valetudo issued in August 2023 totaling $0.4 million, due in January and February 2024, and related interest of 6% per annum (the "Valetudo August 2023 Loans"), our additional loan with Ewon of $0.2 million issued in September 2023 and due in September 2024 and related part interest of 2% per annum (the "Ewon September 2023 Loan"), our additional loan with Valetudo of $0.2 million issued in November 2023, due in January 2024 and related interest of 6% per annum (the "Valetudo November 2023 Loan"), our other loan with Ewon of $1.0 million issued in December 2023, due in December 2024 that bears no interest (the "Ewon December 2023 Loan"), our loans with Valetudo issued in January 2024 totaling $0.8 million, due in February 2024, and related interest of 6% per annum (the "Valetudo January 2024 Loans"), our loan with Prophase Sciences LLC ("Prophase") of $0.2 million issued February 2024 that bears 6% interest per annum and due June 1, 2024 (the "Prophase February 2024 Loan"), our loan with Prophase issued in March 2024 of $0.3 million that bears interest of 6% per annum and due June 1, 2024 (the "Prophase March 2024 Loan"), our loan with Prophase issued in April 2024 of $0.3 million that bears interest of 6% per annum and due June 1, 2024 (the "Prophase April 2024 Loan"), our loans with Prophase issued in May 2024 totaling $0.8 million that bears interest of 6% per annum and due June 1, 2024 and July 1, 2024 (the "Prophase May 2024 Loans"), our loans with Prophase issued in July 2024 of $0.1 million that bears interest of 6% per annum and due September 14, 2024, September 24, 2024 and September 29, 2024 (the "Prophase July 2024 Loans"), our loans with Prophase issued in August 2024 of $0.1 million that bears interest of 6% per annum and due October 12, 2024 and October 13, 2024 (the "Prophase August 2024 Loans"), our loan with Hana Immunotherapeutics, LLC ("Hana") issued in August 2024 of $0.3 million that bears interest of 6% per annum and due September 30, 2024 (the "Hana Loan"), our loan with Hana issued in August 2024 of $0.6 million that bears interest of 6% per annum and due October 26, 2024 (the "Hana August 2024 Loan"), our loans with Amantes LLC ("Amantes") issued November 2024 totaling $0.7 million that bear interest of 6% per annum and due January 1, 2025 (the "Amantes November 2024 Loans"), our loans with Amantes issued in January 2025 totaling $0.3 million that bear interest of 6% per annum and due March 1, 2025 and March 22, 2025 (the "Amantes January 2025 Loans"), our loan with Prophase issued in February 2025 of $0.2 million that bears interest of 6% per annum and due April 11, 2025 (the "Prophase February 2025 Loan"), our loan with Prophase issued in March 2025 of $0.2 million that bears interest of 6% per annum and due June 6, 2025 (the "Prophase March 2025 Loan"), and our loans with Prophase issued April 2025, totalling $3.6 million that bear interest at 6% per annum and are due May 2, 2025, May 13, 2025, and May 14, 2025 (the "Prophase April 2025 Loans").

As the Company's loans are with related parties, the Company and its related parties have mutually agreed to defer repayment of the past due loans until the completion of the Business Combination. As such, the Company deems that it is not in default of its loan agreements. Such amounts were still due and payable subsequent to the closing of the Business Combination.

We therefore anticipate that we will need substantial additional funding in connection with our continuing operations. After the completion of the Business Combination, on a pro forma basis, the Company had approximately $12.0 million in cash and cash equivalents. We intend to devote most of the net proceeds from the Business Combination to clinical development of our product candidates, repaying our debt, our public company compliance costs and certain of the milestone payments under the CAR-T License and the Vaccine License agreements, if any. Based on our current business plans, we believe that the anticipated net proceeds from the Business Combination will enable us to fund our operating expenses and capital requirements through at least the next twelve months. Our estimate as to how long we expect the net proceeds from the Business Combination to be able to fund our operating expenses and capital requirements is based on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently expect. Changing circumstances, some of which may be beyond our control, could result in fewer cash and cash equivalents available to us or cause us to consume capital significantly faster than we currently anticipate, and we may need to seek additional funds sooner than planned.

Because of the numerous risks and uncertainties associated with research, development, and commercialization of pharmaceutical drug products, we are unable to estimate the exact amount of our operating capital requirements. Our future funding requirements will depend on many factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the extent to which we develop, in-license or acquire other product candidates and technologies in our
product candidate pipeline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the costs and timing of process development and manufacturing scale-up activities associated with our
product candidates and other programs as we advance them through clinical development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number and development requirements of product candidates that we may pursue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the costs, timing, and outcome of regulatory review of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the timing and amount of our milestone and royalty payments to InnoBation under the CD47 License;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the costs and timing of future commercialization activities, including product manufacturing, marketing,
sales, and distributions, for any of our product candidates for which we receive marketing approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the costs and timing of preparing, filing and prosecuting patent applications, maintaining and enforcing
our intellectual property rights and defending any intellectual property-related claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the revenue, if any, received from sales of our product candidates for which we receive marketing approval;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the costs of operating as a public company.

Identifying potential product candidates and conducting preclinical studies and clinical trials is a time-consuming, expensive, and uncertain process that takes many years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve product sales. In addition, our product candidate, if approved, may not achieve commercial success. Our commercial revenues, if any, will be derived from sales of our product candidates that we do not expect to be commercially available in the near term, if at all. Accordingly, we will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the terms of these equity securities or this debt may restrict our ability to operate. Any future debt financing and equity financing, if available, may involve covenants limiting and restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, entering into profit-sharing or other arrangements or declaring dividends. If we raise additional funds through collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, we may be required to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us. If we are unable to raise capital when needed or on acceptable terms, we could be forced to delay, reduce or eliminate our research and development programs or future commercialization efforts.

***Cash Flows***

*Operating Activities*

Our net cash used in operating activities was $1.5 million for the year ended December 31, 2024, as compared to $3.3 million for the year ended December 31, 2023. The decrease in cash used in operating activities can be primarily attributed to a decrease in the Company's net loss of $1.4 million, offset by an increase in the Company's amounts which are due to its research and development partner of $1.3 million which have yet to be paid, and an increase in cash caused by $0.8 million of changes in other operating assets and liabilities, offset by less advances to the Company for research and development of $1.7 million.

*Investing Activities*

Net cash used in investing activities was $2.9 million for the year ended December 31, 2024 as compared to $0.8 million for the year ended December 31, 2023 due to an increase in loans made to Iris.

*Financing Activities*

Net cash provided by financing activities for the year ended December 31, 2024 of $3.9 million resulted from borrowings from Valetudo, Prophase, Hana and Amantes of $0.8 million, $1.6 million, $0.8 million and $0.7 million, respectively. Net cash used in financing activities of $0.5 million for the year ended December 31, 2023 was from $3.4 million from borrowings with Valetudo, Prophase, and Ewon, offset by $3.9 million of repayments of short-term loans from Valetudo, Prophase, and Ewon.

***Contractual Obligations and Other Commitments***

See *Capital Requirements*, above for discussion of our commitments and contractual obligations. Additionally, in the future we may enter into agreements in the normal course of business with contract research organizations, contract manufacturing organizations and other vendors for research and development services for operating purposes, which are generally cancelable upon written notice. In addition, some third party CMOs have intellectual property, such as patents and/or know-how with an annual fee and royalty bearing license to its customers that forms part of the manufacturing agreement. These payments are therefore not included in our contractual obligations herein.

See Note 8 to our audited financial statements included elsewhere in this report.

**Critical Accounting Policies and Significant Judgments and Estimates**

This Management's Discussion and Analysis of Financial Condition and Results of Operations is based on our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and expenses, and the disclosure of contingent assets and liabilities, in our financial statements. In accordance with U.S. GAAP, we evaluate our estimates and judgments on an ongoing basis. We base our estimates on historical experience, known trends and events, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We define our critical accounting policies as those accounting principles that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as the specific manner in which we apply those principles. While our significant accounting policies are more fully described in Note 2 to our audited financial statements appearing elsewhere in this report, we believe the following are the critical accounting policies used in the preparation of our financial statements that require significant estimates and judgments.

***Research and Development***

Research and development costs primarily consist of costs incurred for preclinical and clinical trials for our products. Research and development expenses are recognized as incurred and payments made prior to costs being incurred are capitalized until the costs are incurred. Costs incurred in obtaining technology licenses through asset acquisitions are charged to research and development expense if the licensed technology has not reached technological feasibility and has no alternative future use.

**Recent Accounting Pronouncements**

See Note 2 to our audited financial statements included elsewhere in this report for information about recent accounting pronouncements, the timing of their adoption, and our assessment, if any, of their potential impact on our financial condition and results of operations.

**Emerging Growth Company and Smaller Reporting Company Status**

In April 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Upon the closing of the Business Combination, we became an emerging growth company and delayed the adoption of certain accounting standards until those standards would otherwise apply to private companies. We elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In addition, as an emerging growth company, we may have taken advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· being permitted to present only two years of audited financial statements in addition to any required
financial statements, with correspondingly reduced disclosure in the section titled "Management's Discussion and Analysis
of Financial Condition and Results of Operations";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an exception from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act of 2002, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements
and registration statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· exemptions from the requirements of holding non-binding advisory votes on executive compensation or golden
parachute arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an exemption from compliance with the requirements of the Public Company Accounting Oversight Board regarding
the communication of critical audit matters in the auditor's report on financial statements.

We will cease to qualify as an emerging growth company on the date that is the earliest of: (i) December 31, 2026, (ii) the last day of the fiscal year in which we have more than $1.235 billion in total annual gross revenues, (iii) the date on which we are deemed to be a "large accelerated filer" under the rules of the SEC, which means the market value of our common shares that is held by non-affiliates exceeds $700.0 million as of the prior June 30th, or (iv) the date on which we have issued more than $1.0 billion of non-convertible debt over the prior three-year period. We may choose to take advantage of some but not all of these reduced reporting burdens. We have taken advantage of certain reduced reporting requirements in this report. Accordingly, the information contained herein may be different than you might obtain from other public companies in which you hold equity interests.

Reference is made to the disclosure contained in the Iris Form 10-K in the section titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" beginning on page 44, which information is incorporated herein by reference.

Reference is made to the disclosure contained in the ParentCo Form 10-Q in the section titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" beginning on page 9, which information is incorporated herein by reference.

The information set forth in Exhibit 99.6 is incorporated herein by reference.

The information set forth in Exhibit 99.8 is incorporated herein by reference.

**Security Ownership of Certain Beneficial Owners and Management**

The following table sets forth information regarding the beneficial ownership of shares of ParentCo Common Stock, as of April 30, 2025, following the consummation of the Business Combination, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each person known by the Company to be the beneficial owner of more than 5% of a class of voting securities on April 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each of the Company's officers and directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· all executive officers and directors of the Company as a group.

Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable within 60 days. Shares of common stock issuable pursuant to options or warrants are deemed to be outstanding for purposes of computing the beneficial ownership percentage of the person or group holding such options or warrants but are not deemed to be outstanding for purposes of computing the beneficial ownership percentage of any other person.

Subject to the paragraph above, percentage ownership of ParentCo Common Stock is based on 26,014,633 shares of ParentCo Common Stock outstanding upon consummation of the Business Combination on April 30, 2025, after giving effect to the redemptions by Iris public stockholders in connection with the Business Combination. The table below does not include the shares of ParentCo Common Stock underlying the ParentCo Public Warrants or the ParentCo Private Placement Warrants because these securities are not exercisable within 60 days of April 30, 2025.

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all shares of common stock owned by them.

---

| | | |
|:---|:---|:---|
| **Name and Address of Beneficial Owner<sup>(1)</sup>** | **Number of<br> Shares of Common Stock<br> Beneficially Owned** | **% of<br> Outstanding<br> Common Stock** |
| **Directors and Executive Officers** |  |  |
| Chris Kim<sup>(2)</sup> | 6169406 | 23.7% |
| Scott Dam |  |  |
| Byong C Yoo |  |  |
| Sang-jin Daniel Lee |  |  |
| Beom K. Choi |  |  |
| Eun Sook Lee |  |  |
| Nicholas Fernandez |  |  |
| Ji Yeon Baek |  |  |
| All executive officers and directors as a group (8 individuals) | 6169406 | 23.7% |
| **5% or More Stockholders:** |  |  |
| Iris Acquisition Holdings LLC<sup>(3)</sup> | 6900000 | 26.5% |
| Valetudo Therapeutics LLC<sup>(4)</sup> | 6169406 | 23.7% |
| Ewon Comfortech Co., Ltd.<sup>(5)</sup> | 1500000 | 5.8% |
| Feelux Co., Ltd <sup>(6)</sup> | 4000000 | 15.4% |
| Nongae Apple Association 1st<sup>(7)</sup> | 1470000 | 5.7% |
| Red Peony Association 1st<sup>(8)</sup> | 1470000 | 5.7% |

---

\* Less than 1%

(1) Unless otherwise noted, the
business address of each of the directors and executive officers is c/o Liminatus Pharma, Inc., 6 Centerpointe Dr. #625,
La Palma, California 90623.

(2) Consists of shares of ParentCo Common Stock held of record by Valetudo Therapeutics LLC. Mr. Chris
Kim is the CEO and controlling member of Valetudo and has voting and dispositive power over, and may be deemed to be the beneficial owner
of, the shares held by Valetudo. The business address of Valetudo is 6 Centerpointe Dr. #625, La Palma, CA 90623. Mr. Kim disclaims
any beneficial ownership of any shares held by Valetudo except to the extent of his ultimate pecuniary interest therein.

(3) Consists of shares of ParentCo Common Stock held of record by Iris Acquisition Holdings LLC (the "Sponsor").
Iris Equity Holdings LLC is the managing member of the Sponsor. Iris Equity Holdings LLC possesses sole voting and investment power over
the shares held by the Sponsor. The natural person who has voting and/or investment power over the shares held by the Sponsor is Joon
Seok Yoo.

(4) Mr. Chris
Kim is the CEO and controlling member of Valetudo and has voting and dispositive power over, and may be deemed to be the beneficial owner
of, the shares held by Valetudo. The business address of Valetudo is 6 Centerpointe Dr. #625, La Palma, CA 90623.

(5) The business address of Ewon Comfortech Co., Ltd. is 8 Cheomdan 1-ro Jeongeup, Jeonbuk, 56212 Republic
of South Korea. Ewon Comfortech is a publicly traded company in Korea.

(6) Consists of shares of ParentCo Common Stock held by Feelux Co., Ltd., a company formed in the Republic
of Korea. The business address of Feelux is 624-8, Sukwoo-Ri, Gwangjuk-Myeon, Yangju-Gun, Yangju, Gyeonggi, South Korea. Feelux is a publicly
traded company in Korea.

(7) Consists of shares of ParentCo Common Stock held of record by Nongae Apple Association 1st. The natural
person who has voting and/or investment power over the shares held by Nongae Apple Association 1st is Mary H. Song. The business address
of Nongae Apple Association 1st is 42 147-gil (#2707) Unju-ro, Kangnam-gu, Seoul, Republic of Korea.

(8) Consists of shares of ParentCo Common Stock held of record by Red Peony Association 1st. The natural person
who has voting and/or investment power over the shares held by Red Peony Association 1st is Kyung Bok Hyun. The business address of Red
Peony Association 1st is 353, Hyoryeong-ro, Seocho-dong, Seocho-gu, Seoul, Republic of Korea.

**Directors and Executive Officers**

The Company's directors and executive officers after the Closing are described in the Proxy Statement/Prospectus in the section titled "*Management of ParentCo Following the Business Combination*" beginning on page 207 which is incorporated herein by reference.

The following persons constitute the executive officers and directors of the Company:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
| Chris Kim | 65 | Chief Executive Officer and Director |
| Scott Dam | 46 | Chief Financial Officer |
| Byong C. Yoo, PhD | 53 | Chief Science Officer |
| Sang-jin Daniel Lee, PhD | 57 | Head of Research & Development |
| Beom K. Choi | 53 | Chief Technology Officer |
| Eun Sook Lee, MD, PhD | 62 | Director |
| Nicholas Fernandez | 40 | Director |
| Ji Yeon Baek | 53 | Director |

---

**Director and Executive Compensation**

Information regarding the compensation of the named executive officers and directors of the Company before and after the Business Combination is set forth in the Proxy Statement/Prospectus in the section titled "*Executive Officer and Director Compensation*" beginning on page 206 of the Proxy Statement/Prospectus, which is incorporated herein by reference.

**Committees of the Board**

The Combined Company's Board has three standing committees: an audit committee, a compensation committee and a nominating and corporate governance committee, each of which has the composition and responsibilities described below. Members serve on these committees until their resignation or until otherwise determined by our Board. Each committee operates under a charter that was approved by the Board. The Board may from time to time establish other committees.

*Audit Committee*

ParentCo's audit committee consists of Dr. Eun Sook Lee, Dr. Ji Yeon Baek and Nicholas Fernandez, each of whom is an independent director under applicable Nasdaq listing standards. Nicholas Fernandez has been appointed chair of the audit committee. The Board has determined that Nicholas Fernandez qualifies as an "audit committee financial expert," as defined under rules and regulations of the SEC. The audit committee's duties, which are specified in the Audit Committee Charter, include, but are not limited to: the appointment, compensation, retention, replacement, and oversight of the work of our independent registered public accounting firm, pre-approving all audit and permitted non-audit services to be provided by our independent registered public accounting firm, reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction and reviewing with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory, or compliance matters, including any correspondence with regulators or government agencies and any employee complaints.

*Compensation Committee*

ParentCo's compensation committee consists of Dr. Eun Sook Lee, Dr. Ji Yeon Baek and Nicholas Fernandez, each of whom is an independent director under applicable Nasdaq listing standards. Dr. Eun Sook Lee has been appointed chair of the compensation committee. The compensation committee's duties, include, but are not limited to: determining or recommending to the Board for determination, the compensation of our executive officers, including our chief executive officer, administering our equity compensation plans, overseeing our overall compensation policies and practices, compensation plans, and benefits programs and preparing the compensation committee report that the SEC will require in our annual proxy statement.

*Nominating and Corporate Governance Committee*

ParentCo's nominating and corporate governance committee consists of Dr. Eun Sook Lee, Dr. Ji Yeon Baek and Nicholas Fernandez, each of whom is an independent director under applicable Nasdaq listing standards. Nicholas Fernandez has been appointed chair of the nominating and corporate governance committee. The nominating and corporate governance committee, among other things, will determine the qualifications, qualities, skills, and other expertise required to be a director and to develop, and recommend to the Board for its approval, criteria to be considered in selecting nominees for director, identifying and screening individuals qualified to become members of the Board and making recommendations to the Board regarding the selection and approval of the nominees for director to be submitted to a stockholder vote at the annual meeting of stockholders.

**Certain Relationships and Related Transactions, and Director Independence**

Certain relationships and related person transactions of Iris and Liminatus are described in the Proxy Statement/Prospectus in the section titled "*Certain Relationships and Related Transactions*" beginning on page 222 of the Proxy Statement/Prospectus, which is incorporated herein by reference.

Nasdaq listing rules require that a majority of the board of directors of a company listed on Nasdaq be composed of "independent directors," which is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship, which, in the opinion of the company's board of directors, would interfere with the director's exercise of independent judgment in carrying out the responsibilities of a director. ParentCo's board of directors has determined that each of Dr. Eun Sook Lee, Dr. Ji Yeon Baek and Nicholas Fernandez is an independent director under the Nasdaq listing rules and Rule 10A-3 of the Exchange Act.

Reference is made to the disclosure regarding director independence in the section of the Proxy Statement/Prospectus titled "*Management of ParentCo Following the Business Combination*" beginning on page 207 of the Proxy Statement/Prospectus, which is incorporated herein by reference.

The information set forth under "Item 1.01 Entry into a Material Definitive Agreement" and "Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" of this Report is incorporated into this Item 2.01 by reference.

**Legal Proceedings**

From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. The Company is not a party to any material legal proceedings and is not aware of any material pending or threatened claims.

**Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters**

On May 1, 2025, the ParentCo Common Stock began trading on The Nasdaq Global Market under the symbol "LIMN" and the ParentCo Public Warrants began trading on The Nasdaq Capital Market under the symbol "LIMNW." The Company has not paid any cash dividends on its common stock to date.

As of May 1, 2025, there were 12 holders of record of ParentCo Common Stock and two holders of record of ParentCo Public Warrants.

The Board, in its sole discretion, will make any determination from time to time with respect to the use of any excess cash accumulated, which may include, among other uses, the payment of dividends on the ParentCo Common Stock. It is not contemplated that the Company will pay cash dividends for the foreseeable future.

**Recent Sales of Unregistered Securities**

Information about unregistered sales of the Company's equity securities is set forth under Item 3.02 of this Report, which is incorporated herein by reference.

**Description of Registrant's Securities to be Registered**

The description of the Company's securities is contained in the Proxy Statement/Prospectus in the section titled "*Description of ParentCo Capital Stock*" beginning on page 214 of the Proxy Statement/Prospectus, which is incorporated herein by reference.

The Company has 501,000,000 shares of authorized capital stock, which consist of: (i) 500,000,000 shares of common stock, par value $0.0001 per share, and (ii) 1,000,000 shares of preferred stock, par value $0.0001 per share. The outstanding shares of ParentCo Common Stock are fully paid and non-assessable. As of the Closing Date, there were outstanding 26,014,633 shares of ParentCo Common Stock, after giving effect to the redemptions by Iris public stockholders in connection with the Business Combination, no shares of the Company's preferred stock, public warrants to purchase 6,900,000 shares of ParentCo Common Stock, and private warrants to purchase 835,555 shares of ParentCo Common Stock. Company stockholders who hold their shares in electronic format in U.S. brokerage accounts are not deemed to be separate stockholders, as such shares are held of record by Cede & Co., which is counted by the Company's transfer agent as a single stockholder of record. Such holder numbers do not include Depository Trust Company participants or beneficial owners holding shares through nominee names.

**Indemnification of Directors and Officers**

The description of the indemnification arrangements with the Company's directors and officers is contained in Item 1.01 of this Report and in the Proxy Statement in the section titled "*Limitation on Liability and Indemnification of Directors and Officers*" beginning on page 212 of the Proxy Statement/Prospectus, which is incorporated herein by reference.

**Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

Information about changes in accountants on accounting and financial disclosure is set forth under Item 4.01 of this Report, which is incorporated herein by reference.

**Financial Statements, Supplementary Data and Exhibits**

Reference is made to the disclosure set forth under Item 9.01 of this Report concerning the Company's financial statements and supplementary information, which is incorporated herein by reference.

The information set forth in Items 9.01(a), (b) and (d) of this Amendment No. 1 is incorporated herein by reference.

**Quantitative and Qualitative Disclosures about Market Risk**

The Company 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.

**Item 9.01. Financial Statements and Exhibits.**

*(a) Financial Statements of Businesses Acquired.*

The audited financial statements of ParentCo for the fiscal years ended December 31, 2024 and 2023, the related notes and report of independent registered public accounting firm are filed herewith as Exhibit 99.1 and are incorporated herein by reference.

The audited financial statements of Liminatus for the fiscal years ended December 31, 2024 and 2023, the related notes and report of independent registered public accounting firm are filed herewith as Exhibit 99.2 and are incorporated herein by reference.

The unaudited financial statements of Liminatus for the three months ended March 31, 2025 and 2024 and the related notes are filed herewith as Exhibit 99.5 and are incorporated herein by reference.

The unaudited financial statements of Iris for the three months ended March 31, 2025 and 2024 and the related notes are filed herewith as Exhibit 99.7 and are incorporated herein by reference.

*(b) Pro Forma Financial Information.*

Certain unaudited pro forma condensed combined financial information is filed herewith as Exhibit 99.3 and is incorporated herein by reference.

*(d) Exhibits.*

The following exhibits are filed as part of, or incorporated by reference into, this Report.

---

| | |
|:---|:---|
| **Exhibit <br> No.** | **Description** |
| [2.1](https://www.sec.gov/Archives/edgar/data/1971387/000110465925010605/tm2432198-7_424b3.htm#tANNA) | [Business Combination Agreement, dated November 30, 2022, as amended, by and among Iris Acquisition Corp, Iris Parent Holding Corp., Liminatus Pharma, LLC, Liminatus Pharma Merger Sub, Inc. and SPAC Merger Sub, Inc. (incorporated by reference to Annex A to the proxy statement/prospectus filed with the SEC on February 7, 2025).](https://www.sec.gov/Archives/edgar/data/1971387/000110465925010605/tm2432198-7_424b3.htm#tANNA) |
| [2.2\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex2-2.htm) | [Certificate of Merger of Liminatus Pharma, LLC and Liminatus Pharma Merger Sub, Inc. filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex2-2.htm) |
| [2.3\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex2-3.htm) | [Certificate of Merger of Iris Acquisition Corp and SPAC Merger Sub, Inc. filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex2-3.htm) |
| [3.1\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex3-1.htm) | [Amended and Restated Certificate of Incorporation of Iris Parent Holding Corp. (renamed Liminatus Pharma, Inc.) filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex3-1.htm) |
| [3.2](https://www.sec.gov/Archives/edgar/data/1971387/000110465925010605/tm2432198-7_424b3.htm#tANNEXI) | [Amended and Restated Bylaws of Iris Parent Holding Corp. (renamed Liminatus Pharma, Inc.) (incorporated by reference to Annex I to the proxy statement/prospectus filed with the SEC on February 7, 2025).](https://www.sec.gov/Archives/edgar/data/1971387/000110465925010605/tm2432198-7_424b3.htm#tANNEXI) |
| [4.1](https://www.sec.gov/Archives/edgar/data/1971387/000110465924082709/tm2314369d12_ex4-1.htm) | [Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 of the Registration Statement on Form S-4 (File No. 333-275409), filed by the Registrant with the SEC on November 8, 2023).](https://www.sec.gov/Archives/edgar/data/1971387/000110465924082709/tm2314369d12_ex4-1.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1831874/000110465921012972/tm215406d1_ex4-3.htm) | [Specimen Warrant Certificate (incorporated by reference to Exhibit 4.3 of the Registration Statement on Form S-1 (File No. 333-252413), filed by Iris Acquisition Corp with the SEC on January 25, 2021).](https://www.sec.gov/Archives/edgar/data/1831874/000110465921012972/tm215406d1_ex4-3.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/1831874/000110465921034552/tm2192631d1_ex4-1.htm) | [Warrant Agreement, dated as of March 4, 2021, between Continental Stock Transfer & Trust Company and Iris Acquisition Corp (incorporated by reference to Exhibit 4.1 of Form 8-K of Iris Acquisition Corp filed with the SEC on March 10, 2021).](https://www.sec.gov/Archives/edgar/data/1831874/000110465921034552/tm2192631d1_ex4-1.htm) |
| [4.4\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex4-4.htm) | [Assumption of Warrant Agreement, dated as of April 30, 2025, by and among Iris Acquisition Corp, Iris Parent Holding Corp. and Continental Stock Transfer & Trust Company.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex4-4.htm) |
| [10.1\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex10-1.htm) | [Amended and Restated Registration Rights Agreement, dated as of April 30, 2025, by and among Iris Acquisition Corp, Iris Parent Holding Corp, Iris Acquisition Holdings LLC, Cantor Fitzgerald & Co. and certain other parties thereto.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex10-1.htm) |
| [10.2](https://www.sec.gov/Archives/edgar/data/1971387/000110465925010605/tm2432198-7_424b3.htm#tANNG) | [Lock-Up Agreement, dated November 30, 2022, by and among Iris Parent Holding Corp., Iris Acquisition Holdings LLC and certain members of Liminatus Pharma, LLC (incorporated by reference to Annex G to the proxy statement/prospectus filed with the SEC on February 7, 2025).](https://www.sec.gov/Archives/edgar/data/1971387/000110465925010605/tm2432198-7_424b3.htm#tANNG) |
| [10.3](https://www.sec.gov/Archives/edgar/data/1971387/000110465925003835/tm2432198d3_ex10-8.htm) | [Amended and Restated Waiver and Consent, dated January 2, 2025, by and between Iris Parent Holding Corp. and Iris Acquisition Holdings LLC (incorporated by reference to Exhibit 10.8 of the Registration Statement on Form POS-AM (File No. 333-275409), filed by the Registrant with the SEC on January 16, 2025).](https://www.sec.gov/Archives/edgar/data/1971387/000110465925003835/tm2432198d3_ex10-8.htm) |
| [10.4](https://www.sec.gov/Archives/edgar/data/1971387/000110465924082709/tm2314369d12_ex10-4.htm) | [Form of Indemnity Agreement (incorporated by reference to Exhibit 10.4 of the Registration Statement on Form S-4 (File No. 333-275409), filed by the Registrant with the SEC on November 8, 2023).](https://www.sec.gov/Archives/edgar/data/1971387/000110465924082709/tm2314369d12_ex10-4.htm) |
| [10.5](https://www.sec.gov/Archives/edgar/data/1971387/000110465925010605/tm2432198-7_424b3.htm#tANNB) | [Form of Liminatus Pharma, Inc. 2025 Omnibus Equity Incentive Plan (incorporated by reference to Annex B to the proxy statement/prospectus filed with the SEC on February 7, 2025).](https://www.sec.gov/Archives/edgar/data/1971387/000110465925010605/tm2432198-7_424b3.htm#tANNB) |
| [10.6](https://www.sec.gov/Archives/edgar/data/1971387/000110465924071657/tm2314369d7_ex10-7.htm) | [License and Development Agreement entered into as of March 30, 2022, by and between InnoBation Bio Co., Ltd., as licensor, and Valetudo Therapeutics LLC, as licensee (incorporated by reference to Exhibit 10.6 of the Registration Statement on Form S-4 (File No. 333-275409), filed by the Registrant with the SEC on November 8, 2023).](https://www.sec.gov/Archives/edgar/data/1971387/000110465924071657/tm2314369d7_ex10-7.htm) |
| [10.7](https://www.sec.gov/Archives/edgar/data/1971387/000110465924071657/tm2314369d7_ex10-8.htm) | [Assignment of Contract entered into as of October 1, 2022 by and between Valetudo Therapeutics and Liminatus Pharma, LLC (incorporated by reference to Exhibit 10.7 of the Registration Statement on Form S-4 (File No. 333-275409), filed by the Registrant with the SEC on November 8, 2023).](https://www.sec.gov/Archives/edgar/data/1971387/000110465924071657/tm2314369d7_ex10-8.htm) |
| [10.8](https://www.sec.gov/Archives/edgar/data/1971387/000110465925006325/tm2432198d5_ex10-9.htm) | [Acknowledgement and Release, dated as of January 24, 2025, by and between Viral Gene, Inc. and Liminatus Pharma, LLC (incorporated by reference to Exhibit 10.9 of the Registration Statement on Form S-4 (File No. 333-275409), filed by the Registrant with the SEC on November 8, 2023).](https://www.sec.gov/Archives/edgar/data/1971387/000110465925006325/tm2432198d5_ex10-9.htm) |
| [14.1\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex14-1.htm) | [Code of Ethics.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex14-1.htm) |
| [16.1\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex16-1.htm) | [Letter from Marcum LLP, dated May 6, 2025.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex16-1.htm) |
| [21.1\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex21-1.htm) | [List of Subsidiaries of Liminatus Pharma, Inc.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex21-1.htm) |
| [99.1\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex99-1.htm) | [Audited financial statements of Iris Parent Holding Corp. for the years ended December 31, 2024 and 2023.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex99-1.htm) |
| [99.2\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex99-2.htm) | [Audited financial statements of Liminatus Pharma, Inc. for the years ended December 31, 2024 and 2023.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex99-2.htm) |
| [99.3\*](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex99-3.htm) | [Unaudited pro forma condensed combined financial information of Liminatus Pharma, Inc.](https://www.sec.gov/Archives/edgar/data/1971387/000110465925045127/tm2513673d1_ex99-3.htm) |
| [99.4](https://www.sec.gov/Archives/edgar/data/1971387/000110465925042489/tm2513514d1_ex99-1.htm) | [Joint Press Release, dated April 30, 2025 (incorporated by reference to Exhibit 99.1 of the Form 8-K12B filed by the Registrant with the SEC on April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1971387/000110465925042489/tm2513514d1_ex99-1.htm) |
| [99.5\*\*](tm2516317d1_ex99-5.htm) | [Unaudited financial statements of Liminatus Pharma, LLC for the three months ended March 31, 2025 and 2024.](tm2516317d1_ex99-5.htm) |
| [99.6\*\*](tm2516317d1_ex99-6.htm) | [Management's Discussion and Analysis of Financial Condition and Results of Operations for Liminatus Pharma, LLC for the three months ended March 31, 2025.](tm2516317d1_ex99-6.htm) |
| [99.7\*\*](tm2516317d1_ex99-7.htm) | [Unaudited financial statements of Iris Acquisition Corp for the three months ended March 31, 2025 and 2024.](tm2516317d1_ex99-7.htm) |
| [99.8\*\*](tm2516317d1_ex99-8.htm) | [Management's Discussion and Analysis of Financial Condition and Results of Operations for Iris Acquisition Corp for the three months ended March 31, 2025.](tm2516317d1_ex99-8.htm) |
| 104\*\* | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

\* Filed under the same exhibit number as an exhibit to the Company's Current Report on Form 8-K, as filed with the SEC on May 6, 2025 and incorporated herein by reference.

\*\* Filed herewith.

**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: May 30, 2025 |  |  |
|  | LIMINATUS PHARMA, INC. | LIMINATUS PHARMA, INC. |
|  | By: | /s/ Chris Kim |
|  | Name: | Chris Kim |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.5

**Exhibit 99.5**

**LIMINATUS PHARMA, LLC**

**CONDENSED BALANCE SHEETS**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **December 31, 2024** |
|  | (Unaudited) |  |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $35 | $56 |
| &nbsp;&nbsp;&nbsp;Loan receivable | 4244 | 3669 |
| &nbsp;&nbsp;&nbsp;Deferred transaction costs | 1513 | 1401 |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | 206 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 5998 | 5282 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Due from related party, non-current | 126 | 126 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 127 | 127 |
| **TOTAL ASSETS** | $**6125** | $**5409** |
| **LIABILITIES AND MEMBERS' DEFICIT** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $1717 | $1484 |
| &nbsp;&nbsp;&nbsp;Accrued interest, related parties | 1071 | 955 |
| &nbsp;&nbsp;&nbsp;Due to research and development partner | 1782 | 1782 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 177 | 195 |
| &nbsp;&nbsp;&nbsp;Accrued maintenance fee | 360 | 360 |
| &nbsp;&nbsp;&nbsp;Short-term debt, related parties | 20686 | 19973 |
| Total liabilities | 25793 | 24749 |
| **COMMITMENTS AND CONTINGENCIES (Note 8)** |  |  |
| Members' deficit: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Member Units | 4547 | 4547 |
| &nbsp;&nbsp;&nbsp;Class B Member Units | 167 | 167 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 4611 | 4611 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (28993) | (28665) |
| Total members' deficit | (19668) | (19340) |
| **TOTAL LIABILITIES AND MEMBERS' DEFICIT** | $**6125** | $**5409** |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**LIMINATUS PHARMA, LLC**

**UNAUDITED CONDENSED STATEMENTS OF OPERATIONS**

**(in thousands, except member unit and per member unit data)**

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2025** | **2024** |
| **Operating expenses:** |  |  |
| General and administrative | $264 | $96 |
| Research and development | - | 1614 |
| Total operating expenses | 264 | 1710 |
| **Loss from operations** | (264) | (1710) |
| Other income (expense): |  |  |
| Interest expense, related parties | (116) | (63) |
| Interest income | 52 | 19 |
| Total other income (expense), net | (64) | (44) |
| **Net loss** | $**(328)** | $**(1754)** |
| Net loss per Class A member unit, basic and diluted | $(0.00) | $(0.01) |
| Net loss per Class B member unit, basic and diluted | $(0.01) | $(0.05) |
| Weighted average Class A member units outstanding, basic and diluted | 95555554 | 95555554 |
| Weighted average Class B member units outstanding, basic and diluted | 16666666 | 16666666 |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**LIMINATUS PHARMA, LLC**

**UNAUDITED CONDENSED STATEMENTS OF CHANGES IN MEMBERS' DEFICIT**

**(in thousands, except member unit data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the three months ended March 31, 2024** | **For the three months ended March 31, 2024** | **For the three months ended March 31, 2024** | **For the three months ended March 31, 2024** | **For the three months ended March 31, 2024** | **For the three months ended March 31, 2024** | **For the three months ended March 31, 2024** | **For the three months ended March 31, 2024** |
|  | **Class A Member Units** | **Class A Member Units** | **Class B Member Units** | **Class B Member Units** | | | |
|  | **Units** | **Amount** | **Units** | **Amount** | **Additional Paid- in**<br> **Capital** | **Accumulated**<br>**Deficit** | **Total Members'**<br>**Deficit** |
| **Balance at December 31, 2023** | **95555554** | $**4547** | **16666666** | $**167** | $**4611** | $**(25119)** | $**(15794)** |
| Net loss | **-** | **-** | **-** | **-** | **-** | (1754) | (1754) |
| **Balance at March 31, 2024 (unaudited)** | **95555554** | $**4547** | **16666666** | $**167** | $**4611** | $**(26873)** | $**(17548)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** |
|  | **Class A Member Units** | **Class A Member Units** | **Class B Members Units** | **Class B Members Units** | | | |
|  | **Units** | **Amount** | **Units** | **Amount** | **Additional Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total Members'**<br>**Deficit** |
| **Balance at December 31, 2024** | **95555554** | $**4547** | **16666666** | $**167** | $**4611** | $**(28665)** | $**(19340)** |
| Net loss | **-** | **-** | **-** | **-** | **-** | (328) | (328) |
| **Balance at March 31, 2025 (unaudited)** | **95555554** | $**4547** | **16666666** | $**167** | $**4611** | $**(28993)** | $**(19668)** |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**LIMINATUS PHARMA, LLC**

**UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| Net loss | $(328) | $(1754) |
| **Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | (50) | (18) |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 121 | 6 |
| &nbsp;&nbsp;&nbsp;Accrued maintenance fee |  | 360 |
| &nbsp;&nbsp;&nbsp;Accrued interest, related parties | 116 | 63 |
| &nbsp;&nbsp;&nbsp;Due to research and development partner |  | 469 |
| &nbsp;&nbsp;&nbsp;Due to related parties, current | (18) | 2 |
| Net cash used in operating activities | (159) | (872) |
| **Cash Flows from Investing Activities:** |  |  |
| Loans to IRIS Acquisition Corp | (575) | (700) |
| Net cash used in investing activities | (575) | (700) |
| **Cash Flows from Financing Activities:** |  |  |
| Proceeds from issuance of short-term debt, related party | 713 | 1200 |
| Payment of deferred transaction costs | - | (36) |
| Net cash provided by financing activities | 713 | 1164 |
| Net change in cash | (21) | (408) |
| Cash, beginning of the period | 56 | 434 |
| **Cash, end of the period** | $35 | $26 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for interest | $- | $- |
| Cash paid for income taxes | $- | $- |
| **Supplemental disclosure of non-cash financing and investing activities:** |  |  |
| Deferred transaction costs in accounts payable | $112 | $- |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**LIMINATUS PHARMA, LLC**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**DECEMBER 31, 2024 AND 2023**

(Unaudited)

**Note 1. Organization and Description of Business Operations**

Liminatus Pharma, LLC ("Liminatus" or the "Company") was formed by issuing member units to Consonatus, Inc. (the "Initial Member"), which is controlled by Chris Kim, the Chief Executive Officer ("CEO") of the Company, on April 12, 2018 under the laws of Delaware. The liability of the members of the Company is limited to the extent that each member is not personally liable for the Company's debt or other financial obligations. 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.

The Company is subject to the uncertainty of whether the Company's intellectual property will develop into successful commercial products.

**Business Combination**

On November 30, 2022, Iris Acquisition Corporation, a Delaware corporation ("Iris"), Iris Parent Holding Corp. ("ParentCo"), Liminatus, Liminatus Pharma Merger Sub, Inc. ("Liminatus Merger Sub") and SPAC Merger Sub, Inc. ("SPAC Merger Sub") entered into a business combination agreement (as it may be amended, supplemented or otherwise modified from time to time, the "Business Combination Agreement").

On April 30, 2025 (the "Closing Date"), ParentCo consummated the business combination contemplated by the Business Combination Agreement, whereby (a) Liminatus Merger Sub merged with and into Liminatus (the "Liminatus Merger"), with Liminatus surviving the Liminatus Merger as a direct wholly-owned subsidiary of ParentCo, and (b) simultaneously with the Liminatus Merger, SPAC Merger Sub mergerd with and into Iris (the "SPAC Merger" and, together with the Liminatus Merger, the "Mergers"), with Iris surviving the SPAC Merger as a direct wholly-owned subsidiary of ParentCo (the transactions contemplated by the foregoing clauses (a) and (b) the "Business Combination"). Upon the closing of the Business Combination, the combined company was named "Liminatus Pharma, Inc."

Pursuant to the Business Combination Agreement, among other matters, at the effective time of the Business Combination (the "Effective Time"), (i) every issued and outstanding security issued by Iris during its initial public offering (each, an "Iris Unit") was automatically separated and broken out into its constituent parts and the holder thereof was deemed to hold one share of Iris Class A Common Stock, par value $0.0001 per share (the "Iris Class A Shares") and one-fourth of one whole redeemable warrant that was included as part of each Iris Unit (the "Public Warrants"), and such underlying constituent securities of Iris were converted in accordance with the applicable terms of the Business Combination Agreement, (ii) at the Effective Time, each issued and outstanding Iris Class A Share was converted automatically into and thereafter represent the right to receive one share of common stock, par value $0.0001 per share ("Common Stock"), of ParentCo, following which all Iris Class A Shares ceased to be outstanding and were automatically canceled and ceased to exist, (iii) at the Effective Time, each issued and outstanding Public Warrant immediately and automatically represented the right to purchase shares of Common Stock on the same terms and conditions as are set forth in the applicable warrant agreement, (iv) at the Effective Time, each issued and outstanding non-redeemable warrant of Iris that was issued by Iris in a private placement at the time of the consummation of its initial public offering, entitling the holder thereof to purchase one Iris Class A Share at $11.50 per share, except those issued to Cantor Fitzgerald & Co. ("Cantor"), were forfeited, and (v) the private placement warrants issued to Cantor immediately and automatically represented the right to purchase shares of Common Stock.

Upon the consummation of the Business Combination, the Iris Class A Shares, Iris Units and Public Warrants ceased trading on the OTC Pink Marketplace, and the Common Stock and Public Warrants began trading on The Nasdaq Stock Market ("Nasdaq") under the trading symbols "LIMN" and "LIMNW," respectively, on May 1, 2025.

In connection with the closing of the Business Combination, pursuant to the terms of the Business Combination Agreement, the Company's securityholders received 17,500,000 newly issued shares of ParentCo's Common Stock (based on a deemed price of $10.00 per share of Common Stock), with an aggregate equity value of $175.0 million.

**Going Concern, Liquidity and Capital Resources**

The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months after the unaudited condensed financial statements are issued.

The Company's cash requirements include, but are not limited to, research and development costs, license fees and working capital requirements. Due to these cash requirements, the Company does not believe that it will have sufficient cash to fund operations for one year after the date that the accompanying unaudited condensed financial statements are issued.

The Company has incurred operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. The Company has an accumulated deficit of $29.0 million as of March 31, 2025 and a loss from operations and net loss of $0.3 million for the three months ended March 31, 2025. To date, the Company has been funded by issuing Class A and Class B member units and debt financing. As of December 31, 2024, the Company has approximately $35 thousand of cash.

Based on the above, the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the accompanying unaudited condensed financial statements are issued. The Company's financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Managements plans relating to the above matter include raising additional cash through equity and debt financings or other arrangements to fund operations. There can be no assurance that the Company will be able to raise adequate capital under acceptable terms, if at all. The sale of additional equity may dilute existing members and newly issued member units may contain senior rights and preferences compared to currently outstanding ordinary shares. Issued debt securities may contain covenants and limit the Company's ability to pay dividends or make other distributions to members. If the Company is unable to obtain such additional financing, future operations would need to be reevaluated.

**Note 2. Significant Accounting Policies**

**Basis of Presentation**

The Company's unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") as determined by the Financial Accounting Standards Board ("FASB") ASC, as well as the reporting requirements stipulated by the Securities Exchange Commission, and include all adjustments necessary for the fair presentation of the Company's financial position, operating results and cash flows for the periods presented. The unaudited condensed financial statements do not include all of the disclosures required by U.S. GAAP for annual financial statements and should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2024 (the "Annual Financial Statements"). In the opinion of the Company, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments necessary to fairly present its financial position as of March 31, 2025, its results of operations for the three months ended March 31, 2025 and 2024, its cash flows for the three months ended March 31, 2025 and 2024, and its changes in members' deficit for the three months ended March 31, 2025 and 2024. Results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 or any future period. The condensed balance sheet as of December 31, 2024 was derived from the Annual Financial Statements but does not contain all of the footnote disclosures from the Annual Financial Statements.

**Use of Estimates**

The preparation of the unaudited condensed financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting periods. Actual results may differ materially and adversely from these estimates.

**Risks and Uncertainties**

The Company is subject to risks common to early-stage companies in the biotechnology industry, including, but not limited to, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, dependence on key personnel, protection of proprietary technology, compliance with government regulations, and ability to transition from preclinical manufacturing to commercial production of products.

The Company's future product candidates will require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company is denied approval, approval is delayed or the Company is unable to maintain approval for any product candidate, it could have a material adverse impact on the Company.

**Segments**

The Company's chief operating decision maker ("CODM"), the Chief Executive Officer, manages the Company's business activities as a single operating and reportable segment. Accordingly, the Company's CODM uses net income/loss to measure the Company's single segment's performance and allocate resources. Further, the CODM reviews and utilizes functional expenses (general and administrative and research and development) to manage the Company's operations. The Company's general and administrative expenses for each of the three months ended March 31, 2025 and 2024 included approximately $38 thousand of compensation expenses related to the compensation agreement the Company has executed with its Chief Executive Officer. The remaining general and administrative expenses are related to legal and accounting-related expenses for contractors. The Company's research and development expenses did not include any compensation-related expenses. Other segment items included in net loss are interest expense, related parties and interest income which are reflected in the Company's unaudited condensed statements of operations.

**Cash**

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which can exceed government insured limits. As of March 31, 2025 and December 31, 2024, the Company has not experienced losses on its cash accounts and management believes the Company is not exposed to significant risks on such accounts.

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company did not have any cash equivalents as of March 31, 2025 and December 31, 2024.

**Deferred Transaction Costs**

Deferred transaction costs represent costs incurred in connection with preparation for the proposed business combination which deferred until the business combination is completed and will be considered a reduction in additional paid in capital upon the business combination.

**Loan Receivable**

The Company accounts for its loan receivable at amortized cost, net of expected credit losses. The Company provides reserves against its loan receivable balance for estimated credit losses, if any, that may result from a counterparties inability to pay based on the composition of the loan receivable, current economic conditions and, historical credit loss activity and future expected conditions and market trends (such as general economic conditions, other macroeconomic and microeconomic events, etc.). Changes in circumstances relating to these factors may result in the need to increase or decrease the allowance for credit losses in the future. Amounts deemed uncollectible are charged or written-off against the reserve. As of March 31, 2025 and December 31, 2024, no expected credit losses were recorded related to the loan receivable.

**Fair Value of Financial Instruments**

The Company's financial assets and liabilities are accounted for in accordance with FASB ASC 820, *Fair Value Measurements and Disclosures,* which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The fair value hierarchy requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:

Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the instrument's anticipated life.

Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised by management in determining fair value is greatest for instruments categorized as Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The carrying values reported in the Company's unaudited condensed balance sheets for loan receivable, amounts due to research and development partner, due from related party, accounts payable and accrued expenses, short-term debt, accrued interest, related parties and due to related parties are reasonable estimates of their fair values due to the short-term nature of these items.

**Research and Development Expenses**

Research and development expenses consist of costs incurred by Targeted Diagnostics & Therapeutics, Inc. ("TDT") who was performing the research and development activities for the Company in accordance with the license agreements with TDT and the annual fee paid to TDT and are recorded as research and development expenses as incurred (see Note 3).

**Net Loss per Member Unit**

The Company calculates basic and diluted net loss per member unit in accordance with the two-class method required for participating securities. The Company has two classes of member units, which are referred to as Class A member units and Class B member units. Class B member units are allocated 51% of earnings and losses, and Class A member units are allocated 49% of earnings and losses. The two-class method requires net loss for the period to be allocated between the member units.

Basic net loss per member unit is computed by dividing net loss by the weighted-average number of member units outstanding during the period. Diluted net loss per member unit excludes the potential impact of the Company's warrants and options because their effect would be anti-dilutive due to the Company's net loss for the periods presented.

The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per member unit for each class of member units (in thousands, except member unit and per member unit information):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
| Basic and diluted net loss per member unit: |  |  |  |  |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(161) | $(167) | $(859) | $(895) |
| Denominator |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted weighted average units outstanding | 95555554 | 16666666 | 95555554 | 16666666 |
| Basic and diluted net loss per member unit | $(0.00) | $(0.01) | $(0.01) | $(0.05) |

---

**Recently Adopted Accounting Pronouncements** 

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 *"Income Taxes (Topic 740): Improvements to Income Tax Disclosures,"* that addresses requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2024. The amendments in this ASU must be applied on a retrospective basis to all prior periods presented in the financial statements and early adoption is permitted. The Company adopted this standard on January 1, 2025 and determined that the adoption does not have a material impact on these unaudited condensed financial statements.

**Recently Issued Accounting Pronouncements**

On November 4, 2024, the FASB issued ASU 2024-03, Accounting Standards Update 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements; however, the amendments affect where such information appears in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact that the adoption of this standard will have on its financial statements.

Management does not believe that any additional recently issued, but not yet effective, accounting standards, if currently adopted, would have a material impact on the Company's unaudited condensed financial statements.

**Note 3. License Agreements**

 

*CAR-T Products License*

In June 2018, the Company entered into a license and development agreement with TDT (the "CAR-T License"), whereby the Company received an exclusive license to develop and commercialize chimeric antigen receptor ("CAR-T") products and a non-exclusive license to develop and commercialize companion diagnostics used to monitor treatment with a CAR-T product (the "CAR-T Diagnostics"). Under the CAR-T License, the Company made an upfront payment recorded as research and development expenses in the year ended December 31, 2018 and funded all of the development costs for the CAR-T products and the CAR-T Diagnostics which began with an upfront payment made during the year ended December 31, 2018 of $5.0 million, recorded as advances for research and development in the balance sheets. The Company amortizes the advances 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. As of March 31, 2025 and December 31, 2024, all of the amounts funded have been utilized. The Company was also obligated to pay a $0.5 million annual maintenance fee for the license which is included in research and development expenses in the unaudited condensed statements of operations. Unpaid annual maintenance fees become short-term debt that bears interest of 1.5% per month on a compounded basis.

Prior to the completion of the Phase I and Phase II clinical trials for the CAR-T product, the Company was obligated to advance the funding for the Phase II and Phase III clinical trials, respectively, estimated at $20.0 million for each phase.

In addition to the funding for the CAR-T development, the Company was obligated to make four developmental and regulatory milestone payments for the first CAR-T product that was developed aggregating up to $15.0 million. After the first four developmental and regulatory milestone payments were made, the Company was obligated to pay four developmental and regulatory milestones aggregating up to $7.5 million for each additional CAR-T product that was developed.

In further consideration of the license, the Company also agreed to pay a low double digit royalty rate (10% – 15%) based on annual net sales of CAR-T products or CAR-T Diagnostics on a country-by-country basis for the period from the first commercial sale of the CAR-T product or CAR-T Diagnostic until the CAR-T product or CAR-T Diagnostic's patent expires in an individual country. Once the CAR-T product or CAR-T 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 CAR-T products and CAR-T Diagnostics on a country- by-country basis. Royalties were payable on a country-by-country basis for a period of ten years from the first commercial sale of the CAR-T product or CAR-T 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 CAR-T 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 TDT* for further detail.

*Vaccine Products License*

On April 10, 2020, the Company was assigned a license and development agreement with TDT (the "Vaccine License"), whereby the Company received an exclusive license to develop and commercialize vaccine products (the "Vaccine Products") and a non-exclusive license to develop and commercialize companion diagnostics used to monitor treatment with a Vaccine Product (the "Vaccine Diagnostics"). Under the Vaccine License, the Company was responsible for all of the development costs for the Vaccine Products after the upfront payment of $4.0 million, which was paid by Viral Gene, of which Chris Kim is also the CEO, to TDT. The Company was also obligated to pay a $0.4 million annual maintenance fee for the license which is included in research and development expenses in Company's unaudited condensed the statements of operations. Unpaid annual maintenance fees will become short-term debt that bears interest of 1.5% per month on a compounded basis.

The Company amortizes the amounts due to research and development 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 four developmental and regulatory milestone payments for the first Vaccine Product that was developed aggregating up to $12.0 million. After the first four developmental and regulatory milestone payments are made, the Company was obligated to pay four developmental and regulatory milestones aggregating up to $6.0 million 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 years from 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 TDT* for 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 $2.2 million 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, exercising its right to terminate the license and development agreement, dated June 10, 2018, between TDT and Liminatus. As of August 2024, the CAR-T License and Vaccine License have been terminated.

As of March 31, 2025, the Company and TDT are engaged in negotiations associated with the amounts due to TDT of $2.2 million on the Company's unaudited condensed balance sheets. Due to the termination of the license and development agreement between the Company and TDT, the Company is not certain as to the amounts it will be required to pay to TDT, if any. As of March 31, 2025, no agreement has been reached between the parties. As such, the Company has not reversed the amounts due to TDT and will not do so until a final agreement has been executed between the two parties in accordance with ASC 450-30, *Contingencies* - *Gain Contingencies.*

*CD47 License*

 

In October 2022, the Company was assigned a license and development agreement, as amended, with InnoBation (the "CD47 License"), whereby, effective March 31, 2023, the Company received an exclusive license to develop and commercialize products for the CD47 immune checkpoint inhibitor to treat solid cancers, and companion diagnostics used to monitor treatment with CD47 products (collectively, "CD47 Products"), from Curis Biotech Holdings LLC, the parent company of Valetudo, a related party of the Company, in exchange for 78,555,554 of the Company's Class A member units. The license was recorded at Valetudo's cost basis of zero, and the Company recorded a $0.8 million Class A membership interest with an offset to additional paid-in capital on the balance sheets. The Company is obligated to pay all development costs for CD47 Products.

The Company has not paid and does not owe any license fees, management fees, developmental or regulatory milestone payments or royalty payments under the CD47 License through March of 2025.

**Note 4. Related Parties**

***Related Party Debt***

 ****

*Feelux Bonds*

On September 15, 2018, the Company issued $10.0 million of bonds to Feelux Co., Ltd., the parent company of Car-Tcellkor, Inc. ("Car-Tcellkor") (see below), the only holder of Class A member units (the "Feelux Bonds"). The bonds bear interest at 1% per annum, compounded annually, and were due on October 30, 2021.

In connection with the issuance of the Feelux Bonds, the Company issued 6,666,666 equity-classified warrants to purchase member units at a price of $1.50 per unit, which expired on June 30, 2023. The fair value of the warrants to purchase member units of $6.4 million was estimated using the option pricing framework on the issuance date. The Company's assumptions included (a) its expected stock volatility of 82.0% based on the historical volatility of a publicly traded set of peer companies, (b) the contractual term of five years, (c) the risk-free interest rate of 2.9% based on the U.S. Treasury yield curve in effect at the time of grant of the award for a five-year contractual term and (d) no expected dividends.

The $10.0 million of proceeds from the Feelux Bonds were allocated to the bonds and warrants using the relative fair value method resulting in a debt discount for the relative fair value of the warrants of $4.5 million that was amortized to interest expense over the term of the Feelux Bonds using the effective interest method using an effective interest rate of 21.0%.

As of March 31, 2025 and December 31, 2024, the Feelux Bonds have a carrying amount of $10.0 million and are included in short-term debt, related parties in the unaudited condensed balance sheets. As of March 31, 2025 and December 31, 2024, the related accrued interest of the Feelux Bonds was $0.7 million and $0.6 million, respectively, and is included in accrued interest, related parties in the unaudited condensed balance sheets. For the three months ended March 31, 2025 and 2024, the Company recorded less than $0.1 million, respectively, of interest expense in the unaudited condensed statements of operations for the Feelux Bonds. The debt discount was fully amortized prior to the year ended December 31, 2021 (see Note 5).

See Note 5 for discussion related to bonds which have passed their maturity dates.

*Car-Tcellkor Loan*

On May 18, 2019, the Company borrowed $0.8 million from its parent at the time of the loan, Car- Tcellkor (the "Car-Tcellkor Loan"). The Car-Tcellkor Loan does not bear interest and was due on March 18, 2020. In November 2022, the maturity date was extended to May 18, 2023. As of March 31, 2025 and December 31, 2024, the Car-Tcellkor Loan of $0.8 million is recorded in short-term debt, related parties in the unaudited condensed balance sheets (see Note 5).

See Note 5 for discussion related to notes which have passed their maturity dates.

*Valetudo Loans*

On December 1, 2022, the Company borrowed $0.7 million from Valetudo Therapeutics LLC ("Valetudo"), a related party of the Company due to having common executives, in conjunction with the repayment of $0.7 million of membership interest from a member (see Note 6) (the "Valetudo Loan"). The Valetudo Loan bears no interest and was due on June 1, 2023.

In June 2023, the Company borrowed an additional $0.3 million and $0.2 million (the "Valetudo June 2023 Loans"). The Valetudo June 2023 Loans bear no interest and were due in December 2023.

In July 2023, the Company borrowed an additional $0.3 million (the "Valetudo July 2023 Loan"). The Valetudo July 2023 Loan bears interest at 6% per annum and was due on January 9, 2024.

In August 2023, the Company borrowed an additional $0.3 million and $0.2 million (the "Valetudo August 2023 Loans"). The Valetudo August 2023 Loans each bear interest at 6% interest per annum and were due on January 31, 2024 and February 2, 2024, respectively.

In November 2023, the Company borrowed an additional $0.2 million (the "Valetudo November 2023 Loan"). The Valetudo November 2023 Loan bears interest at 6% per annum and was due on January 26, 2024.

In January 2024, the Company borrowed an additional $0.6 million and $0.2 million (the "Valetudo January 2024 Loans"). The Valetudo January 2024 Loans each bear interest at 6% per annum and were due on February 28, 2024.

As of March 31, 2025 and 2024, the loans from Valetudo of $2.8 million are recorded in short-term debt, related parties in the unaudited condensed balance sheets (see Note 5). As of March 31, 2025 and December 31, 2024, the related accrued interest of the loans from Valetudo was $0.1 million, respectively, and is included in accrued interest, related parties in the unaudited condensed balance sheets. For the three months ended March 31, 2025 and 2024, interest expense related to the Valetudo loans was less than $0.1 million, respectively.

See Note 5 for discussion related to notes which have passed their maturity dates.

*Ewon Loans*

On December 12, 2022, the Company borrowed $5.0 million from Ewon Comfortech Co., Ltd. ("Ewon"), a member and related party of the Company (the "Ewon Loan"). The Ewon Loan bears interest at 2% per annum and was due on December 12, 2023, which may be extended one year upon mutual agreement of the parties, or upon failure to close the Iris Business Combination. The Ewon Loan has an option to purchase $5.0 million of preferred membership interest in the Company for repayment at the closing of the Iris Business Combination. In February 2023, the Company repaid $1.0 million of the short-term loan. In March 2023, the Company repaid an additional $2.0 million of the loan.

On September 10, 2023, the Company entered into a loan agreement to borrow $0.2 million from Ewon ("Ewon September 2023 Loan"). The Ewon September 2023 Loan bears interest of 2% per annum and was due on September 9, 2024, which may be extended one year upon mutual agreement of the parties, or upon failure to close the Iris Business Combination. The Ewon September 2023 Loan has the option to purchase $0.2 million of preferred membership interest in the Company for repayment at the closing of the Iris Business Combination.

On December 19, 2023, the Company and Ewon entered into an additional loan agreement and the Company borrowed $1.0 million (the "Ewon December 2023 Loan"). The Ewon December 2023 Loan bears no interest.

As of March 31, 2025 and December 31, 2024, the balance of $3.2 million of the Ewon loans is recorded in short-term debt, related parties in the unaudited condensed balance sheets (see Note 5). As of March 31, 2025 and December 31, 2024, the related accrued interest of the loans from Ewon was $0.1 million, respectively, and is included in accrued interest, related parties in the unaudited condensed balance sheets. For the three months ended March 31, 2025 and 2024, interest expense related to the Ewon loans was approximately $0.1 million, respectively.

See Note 5 for discussion related to notes which have passed their maturity dates.

*Prophase Loans*

On September 7, 2023, the Company entered into a short-term loan agreement with Prophase Sciences LLC ("Prophase"), a related party of the Company (the "Prophase Loan"). The loan stipulates that $0.1 million would be loaned immediately, and an additional $0.2 million would be loaned within a month from the date of the loan agreement. The Prophase Loan bears no interest and is payable by the first anniversary of the month of the loan agreement. The Company repaid the $0.1 million on September 12, 2023.

On December 11, 2023, the Company borrowed an additional $0.2 million from Prophase. The loan bears no interest and was due on or before December 21, 2024 or upon failure to close the Iris Business Combination. The Company repaid the $0.2 million on December 21, 2023.

On February 26, 2024, the Company borrowed an additional $0.2 million from Prophase (the "Prophase February 2024 Loan"). The loan bears 6% interest per annum and was due on June 1, 2024, which may be extended to the second anniversary upon mutual agreement of the parties.

On March 6, 2024, the Company borrowed an additional $0.3 million from Prophase (the "Prophase March 2024 Loan"). The loan bears 6% interest per annum and was due on June 1, 2024, which may be extended to the second anniversary upon mutual agreement of the parties.

On April 1, 2024, the Company borrowed an additional $0.3 million from Prophase (the "Prophase April 2024 Loan"). The loan bears 6% interest per annum and was due on June 1, 2024, which may be extended to the second anniversary upon mutual agreement of the parties.

In May 2024, the Company borrowed an additional $0.8 million from Prophase (the "Prophase May 2024 Loans"). The loans bear 6% interest per annum. Of the aggregate $0.8 million Prophase May 2024 Loans, $0.3 million was due on June 1, 2024 and $0.5 million was due on July 1, 2024, all of which may be extended to the second anniversary upon mutual agreement of the parties.

In July 2024, the Company borrowed an additional $83,000 from Prophase (the "Prophase July 2024 Loans"). The loans bear 6% interest per annum. Of the aggregate $83,000 Prophase July 2024 Loans, $30,000 was due on September 14, 2024, $3,000 was due on September 24, 2024 and $50,000 was due on September 29, 2024, all of which may be extended to the second anniversary upon mutual agreement of the parties.

In August 2024, the Company borrowed an additional $50,000 from Prophase (the "Prophase August 2024 Loans"). The loans bear 6% interest per annum. Of the aggregate $50,000 Prophase August 2024 Loans, $30,000 was due on October 12, 2024 and $20,000 was due on October 13, 2024, all of which may be extended to the second anniversary upon mutual agreement of the parties.

In February of 2025, the Company borrowed an additional $0.2 million from Prophase (the "Prophase February 2025 Loan"). The Prophase February 2025 Loan bears interest at 6% per annum and is due on April 11, 2025, which may be extended upon mutual agreement of the parties.

In March of 2025, the Company borrowed $0.2 million from Prophase (the "Prophase March 2025 Loan"). The Prophase March 2025 Loan bears interest at 6% per annum and is due on June 6, 2025, which may be extended upon mutual agreement of the parties.

As of March 31, 2025 and December 31, 2024, the balance of the Prophase loans is $2.0 million and $1.6 million, respectively. As of March 31, 2025 and December 31, 2024, the related accrued interest of the loans from Prophase was $0.1 million, respectively, and is included in accrued interest, related parties in the unaudited condensed balance sheets. For the three months ended March 31, 2025 and 2024, interest expense related to the Prophase Loans was less than $0.1 million, respectively.

See Note 5 for discussion related to notes which have passed their maturity dates.

*Hana Loans*

On August 1, 2024, the Company borrowed $0.9 million from Hana Immunotherapeutics, LLC ("Hana"), a related party of the Company due to having common executives (the "Hana Loans"). The Hana Loans bear interest at 6% per annum and were due on September 30, 2024 and October 26, 2024, which may be extended upon mutual agreement of the parties.

As of March 31, 2025 and December 31, 2024, the balance of the Hana Loans is $0.9 million, respectively. As of March 31, 2025 and December 31, 2024, the related accrued interest of the loans from Hana was less than $0.1 million, respectively, and is included in accrued interest, related parties in the unaudited condensed balance sheets. For the three months ended March 31, 2025 and 2024, interest expense related to the Hana Loans was less than $0.1 million and $0, respectively.

See Note 5 for discussion related to notes which have passed their maturity dates.

 

*Amantes Loans*

On November 1, 2024, the Company borrowed $0.4 million from Amantes LLC ("Amantes"), a related party of the Company due to having common executives, pursuant to a loan agreement between the Company and Amantes (the "Amantes Loan"). On November 27, 2024, the Company borrowed an additional $0.3 million from Amantes (the "Additional Amantes Loan") (together with the Amantes Loan, the "Amantes November 2024 Loans"). The Amantes November 2024 Loans bear interest at 6% per annum and are due on January 1, 2025.

On January 2, 2025 and January 23, 2025, the Company borrowed a total of $0.3 million from Amantes, pursuant to loan agreements between the Company and Amantes (the "Amantes January 2025 Loans"). The Amantes January 2025 Loans bear interest at 6% per annum and are due on March 1, 2025 and March 22, 2025, respectively, which may be extended upon mutual agreement of the parties.

As of March 31, 2025 and December 31, 2024, the balance of the Amantes Loans is $1.0 million and $0.7 million, respectively. As of March 31, 2025 and December 31, 2024, the related accrued interest of the loans from Amantes was less than $0.1 million, respectively, and is included in accrued interest, related parties in the unaudited condensed balance sheets. For the three months ended March 31, 2025 and 2024, interest expense related to the Amantes Loans was less than $0.1 million and $0, respectively.

See Note 5 for discussion related to notes which have passed their maturity dates.

 

*Due to Related Party*

As of March 31, 2025 and December 31, 2024, the Company has $0.2 million due to the CEO of the Company for compensation under his employment agreement.

*Viral Gene*

As of March 31, 2025 and December 31, 2024, the Company has $0.1 million due from Viral Gene included in due from related party in the unaudited condensed balance sheets for a loan to Viral Gene and expenses paid on behalf of Viral Gene. The Company's CEO is also the CEO of Viral Gene. The loan does not bear any interest.

**Note 5. Debt**

The Company has the following debt outstanding as of March 31, 2025 and December 31, 2024 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2025** | **December 31, 2024** |
| Feelux Bonds | Short-term debt, net, related parties | $10000 | $10000 |
| Car-Tcellkor Loan | Short-term debt, net, related parties | 800 | 800 |
| Ewon Loan | Short-term debt, net, related parties | 2000 | 2000 |
| Valetudo Loan | Short-term debt, net, related parties | 700 | 700 |
| Valetudo June 2023 Loans | Short-term debt, net, related parties | 500 | 500 |
| Valetudo July 2023 Loan | Short-term debt, net, related parties | 250 | 250 |
| Valetudo August 2023 Loans | Short-term debt, net, related parties | 400 | 400 |
| Ewon September 2023 Loan | Short-term debt, net, related parties | 200 | 200 |
| Valetudo November 2023 Loan | Short-term debt, net, related parties | 200 | 200 |
| Ewon December 2023 Loan | Short-term debt, net, related parties | 1000 | 1000 |
| Valetudo January 2024 Loans | Short-term debt, net, related parties | 750 | 750 |
| Prophase February 2024 Loan | Short-term debt, net, related parties | 200 | 200 |
| Prophase March 2024 Loan | Short-term debt, net, related parties | 250 | 250 |
| Prophase April 2024 Loan | Short-term debt, net, related parties | 250 | 250 |
| Prophase May 2024 Loans | Short-term debt, net, related parties | 790 | 790 |
| Prophase July 2024 Loans | Short-term debt, net, related parties | 83 | 83 |
| Prophase August 2024 Loans | Short-term debt, net, related parties | 50 | 50 |
| Hana August 2024 Loans | Short-term debt, net, related parties | 850 | 850 |
| Amantes November 2024 Loans | Short-term debt, net, related parties | 700 | 700 |
| Amantes January 2025 Loans | Short-term debt, net, related parties | 300 |  |
| Prophase February 2025 Loan | Short-term debt, net, related parties | 206 |  |
| Prophase March 2025 Loan | Short-term debt, net, related parties | 207 |  |
| &nbsp;&nbsp;&nbsp;Short-term debt, related parties |  | $20686 | $19973 |

---

As of March 31, 2025 and December 31, 2024, the Company's outstanding debt agreements are all classified as current as all are past due with the exception of the Prophase February 2025 Loan and the Prophase March 2025 Loan, which are due within one year and are classified as current in the accompanying unaudited condensed balance sheets. All of the loans are with related parties (see Note 4).

As the Company's loans are with related parties, the Company and its related parties have mutually agreed to defer repayment until a time that is mutually agreed upon between the Company and its related parties.

**Note 6. Members' Deficit**

On May 20, 2018, the Company issued 10,000,000 Class A member units for $0.1 million to its Initial Member. On June 11, 2018, in connection with the Initial Member unit issuance, the Company granted equity-classified options to purchase 16,666,666 member units for $0.01 per unit to the Initial Member, which were exercised in April 2021 for $0.2 million in a non-cash transaction using the amounts in due to related parties.

In May 2022, the Company issued 8,400,000 new Class A member units for $4.2 million, or $0.50 per unit. In December 2022, in conjunction with the Valetudo loans (see Note 4), the Company repurchased 1,400,000 of the Class A member units for $0.7 million, or $0.50 per unit.

In December 2022, the Company received license rights from Metavagen in exchange for 40,000,000 Class A membership units in the Company. The Metavagen License transaction was consummated as the Company has the right to use the license. In March 2023, the Company terminated the 40,000,000 of Class A membership units and the license rights with Metavagen.

In March 2023, the Company exchanged 78,555,554 of the Company's Class A member units pursuant to a license and development agreement with Valetudo, a related party under common control of the Company.

**Member Units Rights**

In May 2021, the Company revised its operating agreement to establish the rights of Class A and Class B member units. Prior to May 2021, the Company had one member, holding Class A member units, and no Class B member units.

**Revenue and Expense Sharing**

The Class B member units are allocated 51% of the annual revenue and expenses. The remaining 49% of the annual revenue and expenses will be allocated on a pro rata basis to the remaining members.

**Voting**

The Class B member units are allocated 51% of the votes which shall be cast as determined by the majority of the Class B member units. The remaining 49% of the votes will be allocated on a pro rata basis to the remaining member units.

**Liquidation**

Upon sale, merger or dissolution, the Class B member units are allocated 51% of the liquidation value of the Company. The remaining 49% of the liquidation of the Company will be allocated on a pro rata basis to the remaining members.

**Note 7. Loan Receivable**

On October 4, 2023, the Company entered into an unsecured promissory note to lend up to an aggregate principal amount up to $1.5 million to Iris (the "Note"). The Note is payable following the earlier of (i) closing of the Business Combination, as defined in the Business Combination Agreement dated November 30, 2022, or (ii) thirty (30) days following the termination of the Business Combination Agreement; provided, however, in the event Iris commences liquidation proceedings, this Note shall be cancelled and all amounts due, including all principal and accrued interest, shall be forgiven. Interest on the Note compounds annually and accrues on each unpaid advance made under the Note at a rate of 5% per annum.

On February 28, 2024, the Company amended the Note (the "Amended Note"), increasing the aggregate principal amount up to $2.5 million.

On August 2, 2024, the Amended Note was further amended to increase the aggregate principal amount up to $3.5 million (the "Second Amended Note").

On November 27, 2024, the Second Amended Note was further amended to increase the aggregate principal amount up to $5.0 million (the "Third Amended Note").

As of March 31, 2025 and December 31, 2024, the outstanding balance of the Third Amended Note was $4.2 million and $3.7 million, respectively. For the three months ended March 31, 2025 and 2024, the Company recorded interest income of $0.1 million and less than $0.1 million, respectively, related to the Note, as amended.

**Note 8. Commitments and Contingencies**

The Company is not a party to any material legal proceedings and is not aware of any material pending or threatened claims. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities.

See Note 7 for discussion on funding commitments on the Third Amended Note.

**Note 9. Subsequent Events**

The Company has completed an evaluation of all subsequent events through May 30, 2025 , the date the unaudited condensed financial statements were issued, to ensure that these unaudited condensed financial statements include appropriate disclosure of events both recognized in the unaudited condensed financial statements and events which occurred but were not recognized in the unaudited condensed financial statements.

In April 2025, the Company borrowed a total of $3.6 million from Prophase, a related party of the Company due to having common executives, pursuant to loan agreements between the Company and Prophase (the "Prophase April 2025 Loans"). The Prophase 2025 Loans bear interest at 6% per annum and are due in May 2025. Given that Prophase is a related party, the Company and Prophase have mutually agreed to defer repayment of the past due loans until a time that is mutually agreed upon by both parties.

Additionally, in April 2025, the Company funded additional advances under the Third Amended Note, of $0.2 million.

Pursuant to the Business Combination Agreement, on April 30, 2025, the Mergers were completed (see Note 1). In connection with the completion of the Mergers, the Amended Note issued to Iris (see Note 7) was netted as Iris and Liminatus are now one consolidated entity.

Subsequent to the Business Combination, $3.4 million of the Prophase April 2025 Loans were converted into funds of the private investment into the combined company.

## Exhibit 99.6

**Exhibit 99.6**

**MANAGEMENT'S** **DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**OF LIMINATUS PHARMA, LLC**

*Unless the context otherwise requires, for the purposes of this section, the terms "we," "us," "our," "the Company" or "Liminatus" refer to Liminatus Pharma, LLC prior to the consummation of the Business Combination. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this filing. Some of the information contained in this discussion and analysis or set forth elsewhere in this filing, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks, uncertainties, and assumptions.*

**Overview**

We are a pre-clinical stage life sciences and pre-revenue company developing a next generation CD47 checkpoint inhibitor under a license agreement. In October 2022, the Company was assigned a license and development agreement, as amended, with InnoBation Bio Co. Ltd ("InnoBation") (the "CD47 License"), whereby, effective March 31, 2023, the Company received an exclusive license to develop and commercialize products for the CD47 immune checkpoint inhibitor to treat solid cancers, and companion diagnostics used to monitor treatment with CD47 products (collectively, "CD47 Products"), from Curis Biotech Holdings LLC, the parent company of Valetudo Therapeutics LLC ("Valetudo"), a related party of the Company.

We were formed in Delaware on April 12, 2018.

Since our inception, our operations have focused on raising capital and entering into license and development agreements for conducting research and development activities for our products. We do not have any product candidates approved for sale and have not generated any revenue from product sales. We have funded our operations through the sale of equity, raising an aggregate of $4.5 million of gross proceeds from the sale of membership interests, and debt, issuing $10.0 million of bonds and $10.7 million of notes through March 31, 2025. Subsequent to March 31, 2025, the Company raised additional gross proceeds of $3.6 million of notes with Prophase Sciences LLC ("Prophase"), which is a related party of the Company.

Since our inception, we have incurred significant operating losses. Our net loss was $0.3 million and $1.8 million for each of the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, we had an accumulated deficit of $29.0 million. We anticipate that our expenses will increase significantly in connection with our ongoing activities, as we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conduct clinical trials for our CD47 product, as well as initiate and complete
additional trials of future potential product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· seek regulatory approval for any product candidates that successfully
complete clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· scale up our clinical and regulatory capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· manufacture materials for clinical trials or potential commercial
sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· establish a commercialization infrastructure and scale up manufacturing and distribution
capabilities to commercialize any product candidates for which we may obtain regulatory approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adapt our regulatory compliance efforts to incorporate requirements applicable
to marketed products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· maintain, expand, and protect our intellectual property portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· hire additional clinical, manufacturing quality control, regulatory, manufacturing,
and scientific and administrative personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· add operational, financial and management information systems and personnel, including
personnel to support our product development and planned future commercialization efforts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· incur additional legal, accounting, and other expenses in operating
as a public company.

**Business Combination**

On November 30, 2022, Iris Acquisition Corporation, a Delaware corporation ("Iris"), Iris Parent Holding Corp. ("ParentCo"), Liminatus, Liminatus Pharma Merger Sub, Inc. ("Liminatus Merger Sub") and SPAC Merger Sub, Inc. ("SPAC Merger Sub") entered into a business combination agreement (as it may be amended, supplemented or otherwise modified from time to time, the "Business Combination Agreement").

On April 30, 2025 (the "Closing Date"), ParentCo consummated the business combination contemplated by the Business Combination Agreement, whereby (a) Liminatus Merger Sub merged with and into Liminatus (the "Liminatus Merger"), with Liminatus surviving the Liminatus Merger as a direct wholly-owned subsidiary of ParentCo, and (b) simultaneously with the Liminatus Merger, SPAC Merger Sub merged with and into Iris (the "SPAC Merger" and, together with the Liminatus Merger, the "Mergers"), with Iris surviving the SPAC Merger as a direct wholly-owned subsidiary of ParentCo (the transactions contemplated by the foregoing clauses (a) and (b) the "Business Combination"). Upon the closing of the Business Combination, the combined company was named "Liminatus Pharma, Inc."

Pursuant to the Business Combination Agreement, among other matters, at the effective time of the Business Combination (the "Effective Time"), (i) every issued and outstanding security issued by Iris during its initial public offering (each, an "Iris Unit") was automatically separated and broken out into its constituent parts and the holder thereof was deemed to hold one share of Iris Class A Common Stock, par value $0.0001 per share (the "Iris Class A Shares") and one-fourth of one whole redeemable warrant that was included as part of each Iris Unit (the "Public Warrants"), and such underlying constituent securities of Iris were converted in accordance with the applicable terms of the Business Combination Agreement, (ii) at the Effective Time, each issued and outstanding Iris Class A Share was converted automatically into and thereafter represent the right to receive one share of common stock, par value $0.0001 per share ("Common Stock"), of ParentCo, following which all Iris Class A Shares ceased to be outstanding and were automatically canceled and ceased to exist, (iii) at the Effective Time, each issued and outstanding Public Warrant immediately and automatically represented the right to purchase shares of Common Stock on the same terms and conditions as are set forth in the applicable warrant agreement, (iv) at the Effective Time, each issued and outstanding non-redeemable warrant of Iris that was issued by Iris in a private placement at the time of the consummation of its initial public offering, entitling the holder thereof to purchase one Iris Class A Share at $11.50 per share, except those issued to Cantor Fitzgerald & Co. ("Cantor"), were forfeited, and (v) the private placement warrants issued to Cantor immediately and automatically represented the right to purchase shares of Common Stock.

Upon the consummation of the Business Combination, the Iris Class A Shares, Iris Units and Public Warrants ceased trading on the OTC Pink Marketplace, and the Common Stock and Public Warrants began trading on The Nasdaq Stock Market ("Nasdaq") under the trading symbols "LIMN" and "LIMNW," respectively, on May 1, 2025

In connection with the closing of the Business Combination, pursuant to the terms of the Business Combination Agreement, our securityholders received 17,500,000 newly issued shares of ParentCo's Common Stock (based on a deemed price of $10.00 per share of Common Stock), with an aggregate equity value of $175.0 million.

**License Agreements**

***TDT Licenses***

In June 2018, we entered into a license and development agreement with TDT (the "CAR-T License"), whereby we received an exclusive license to develop and commercialize CAR-T products and a non-exclusive license to develop and commercialize companion diagnostics used to monitor treatment with a CAR-T product (the "CAR-T Diagnostics"). Under the CAR-T License, we made an upfront payment recorded as research and development expenses in the year ended December 31, 2018 and fund all of the development costs for the CAR-T products and the CAR-T Diagnostics which began with an additional upfront payment made during the year ended December 31, 2018 of $5.0 million, recorded as advances for research and development in the balance sheet.

On April 10, 2020, we were assigned a license and development agreement with TDT (the "Vaccine License"), whereby we received an exclusive license to develop and commercialize vaccine products and a non-exclusive license to develop and commercialize companion diagnostics used to monitor treatment with a vaccine product, from Viral Gene, Inc. ("Viral Gene"), our related party due to the fact that Viral Gene and Liminatus share a mutual Chief Executive Officer. Under the Vaccine License, we were responsible for all of the developmental costs for the Vaccine products after the upfront payment of $4.0 million, which was paid by Viral Gene to TDT.

Upon the assignment of the Vaccine License on April 10, 2020, we recorded advances for research and development of $1.8 million for the remaining amount of the upfront payment to TDT to be used on research and development costs and short-term debt of $0.4 million and accrued interest of $18,000 for the outstanding loan and related interest due to TDT for the annual fee that was not paid by Viral Gene, with an offset of $1.0 million recorded to additional paid-in capital in the balance sheet.

On August 11, 2024, the Company received notice from TDT, exercising its right to terminate the License and Development Agreement, dated June 10, 2018, by and between TDT and Liminatus. As of August 2024, the CAR-T License and Vaccine License have been terminated.

As of March 31, 2025, the Company and TDT are engaged in negotiations associated with the amounts due to TDT of $2.2 million, which has been accrued on the Company's condensed balance sheet. Due to the termination of the License and Development Agreement between the Company and TDT, the Company is uncertain as to amounts it will be required to pay to TDT, if any. As of March 31, 2025, no agreement has been reached between the parties, and the amount remains fully accrued until a final agreement has been executed between the two parties in accordance with Accounting Standards Codification ("ASC") 450-30, *Contingencies - Gain Contingencies*.

***CD47 License with InnoBation***

On October 1, 2022, we signed an agreement, as amended (the "CD47 Assignment Agreement"), to be assigned the License and Development Agreement by and between InnoBation Bio Co. Ltd. and Valetudo Therapeutics LLC ("Valetudo"), our related party and an entity under common control with us, effective March 31, 2023 (the "CD47 License"). Under the CD47 Assignment Agreement, we received exclusive worldwide rights to develop and commercialize the CD47 immune checkpoint inhibitor to treat solid cancers, and companion diagnostics used to monitor treatment with CD47 products (collectively, "CD47 Products"). On March 31, 2023, we issued 78,555,554 shares of our Class A member units to Curis Biotech Holdings LLC, the parent company of Valetudo, as consideration for the CD47 Assignment Agreement. The license was recorded at Valetudo's costs basis of zero, thus we recorded class A membership interest of $0.8 million, for the par value of the units issued, with an offset to additional paid-in capital in our balance sheet. We will also pay license fees and management fees to be mutually agreed with InnoBation from time to time.

We have not paid and do not owe any license fees, management fees, developmental or regulatory milestone payments or royalty payments under the CD47 License to date.

**Components of Results of Operations**

***Revenue***

To date, we have not generated any revenue from any sources, including from product sales, and we do not expect to generate any revenue from the sale of products in the foreseeable future. If our development efforts for our product candidates are successful and result in regulatory approval or license agreements with third parties, we may generate revenue in the future from product sales. However, there can be no assurance as to when we will generate such revenue, if at all.

***Operating Expenses***

 ****

*Research and Development Expenses*

Research and development costs primarily consist of costs incurred by TDT who was performing our preclinical and clinical trials for our products in accordance with the license agreements with TDT and the annual fee paid to TDT. Research and development expenses are recognized as incurred and payments made prior to costs being incurred are capitalized until the costs are incurred. Costs incurred in obtaining technology licenses through asset acquisitions are charged to research and development expense if the licensed technology has not reached technological feasibility and has no alternative future use. Research and development expenses could include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· external research and development expenses incurred under agreements with clinical
research to conduct our preclinical studies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· labor costs for TDT employees involved in research and development efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· costs related to manufacturing material for preclinical
studies and clinical trials, including fees paid to contract manufacturing organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· laboratory supplies and research materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· costs related to compliance with regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· allocated expenses for facilities, depreciation, and other allocated cost.

Research and development activities are central to our business model. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We plan to substantially increase our research and development expenses for the foreseeable future as we develop our product candidates and manufacturing processes and conduct discovery and research activities for our preclinical and clinical programs. We cannot determine with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our product candidate due to the inherently unpredictable nature of preclinical and clinical development. Clinical and preclinical development timelines, the probability of success and development costs can differ materially from expectations. We anticipate that we will make determinations as to how we pursue our product candidate and how much funding to direct to each program on an ongoing basis in response to the results of future preclinical studies and clinical trials, regulatory developments, and our ongoing assessments as to commercial potential. We will need to raise substantial additional capital in the future. Our clinical development costs are expected to increase significantly as we commence, continue, and expand our clinical trials. Our future expenses may vary significantly each period based on factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· per patient clinical trial costs, including based on the number
of doses that patients receive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of patients who enroll in each clinical trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of clinical trials required for approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of sites included in the clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the countries in which the clinical trials are conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the length of time required to enroll eligible patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the drop-out or discontinuation rates of patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· potential additional safety monitoring requested by regulatory
agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the duration of patient participation in the clinical trials
and follow-up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the phase of development of the product candidate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· third party contractors failing to comply with regulatory requirements or meet
their contractual obligations to us in a timely manner, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the cost of insurance, including product liability insurance,
in connection with clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· regulators or institutional review boards requiring that we or our investigators
suspend or terminate clinical development for various reasons, including noncompliance with regulatory requirements or a finding that
the participants are being exposed to unacceptable health risks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the efficacy and safety profile of our product candidates.

*General and Administrative Expenses*

General and administrative expenses currently consist of consulting fees for the chief executive officer and professional fees for legal costs relating to our corporate matters, accounting and tax services and travel expenses. Other general and administrative expenses may also include professional fees for patents, insurance costs and board of directors' expenses.

We anticipate that our general and administrative expenses will increase in the future as we continue to support research and development activities and incur increased costs of operating a public company. These costs include increased headcount to support expanded operations and infrastructure, and the initiation, continuation and expansion of our preclinical studies and clinical trials for our product candidates. Additionally, we anticipate increased costs associated with maintaining compliance with Nasdaq rules and SEC requirements such as accounting, audit, legal and consulting services, as well as director and officer liability insurance, investor, and public relations activities.

**Results of Operations for the Three Months Ended March 31, 2025 and 2024**

*General and Administrative Expenses* 

General and administrative expenses were $0.3 million for the three months ended March 31, 2025 as compared to $0.1 million for the three months ended March 31, 2024. The increase of $0.2 million was primarily related to increases in accounting and legal costs related to the Business Combination and general corporate matters during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.

*Research and Development Expenses*

Research and development expenses were $0 for the three months ended March 31, 2025 as compared to $1.6 million for the three months ended March 31, 2024. The decrease of $1.6 million was related to the termination of the CAR-T License and Vaccine License in August 2024.

*Other Income and Expenses*

 

Interest expense was $0.1 million for the three months ended March 31, 2025 and 2024, respectively. The immaterial increase was primarily related to additional borrowings from related parties of the Company from March of 2024 through March of 2025.

Interest income was $0.1 million for the three months ended March 31, 2025 as compared to approximately $20 thousand for the three months ended March 31, 2024. The increase in interest income was primarily related to the additional issuances of loans to Iris from March of 2024 through March of 2025.

**Going Concern, Liquidity and Capital Resources**

***Overview***

Since our inception, we have not generated any revenue and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of March 31, 2025, we had cash of approximately $35 thousand. We have funded our operations through the sale of equity, raising an aggregate of $4.5 million of gross proceeds from the sale of membership interests, and debt, issuing $10.0 million of bonds and $10.7 million of notes through March 31, 2025. Subsequent to March 31, 2025, the Company raised additional gross proceeds of $3.6 million of notes with Prophase, which is a related party of the Company.

***Going Concern***

The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months after the unaudited condensed financial statements are issued.

The Company's cash requirements include, but are not limited to, research and development costs, license fees and working capital requirements. Due to these cash requirements, the Company does not believe that it will have sufficient cash to fund operations for one year after the date that the accompanying unaudited condensed financial statements are issued.

Based on the above, the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the accompanying unaudited condensed financial statements are issued. The Company's financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Managements plans relating to the above matter include raising additional cash through equity and debt financings or other arrangements to fund operations. There can be no assurance that the Company will be able to raise adequate capital under acceptable terms, if at all. The sale of additional equity may dilute existing members and newly issued member units may contain senior rights and preferences compared to currently outstanding ordinary shares. Issued debt securities may contain covenants and limit the Company's ability to pay dividends or make other distributions to members. If the Company is unable to obtain such additional financing, future operations would need to be reevaluated.

***Capital Requirements***

To date, we have not generated any revenue from any source, including the commercial sale of approved drug products, and we do not expect to generate revenue for at least the next few years. If we fail to complete the development of our product candidate in a timely manner or fail to obtain their regulatory approval, our ability to generate future revenue will be adversely affected. We do not know when, or if, we will generate any revenue from our product candidate, and we do not expect to generate revenue unless and until we obtain regulatory approval of, and commercialize, our product candidate.

We expect our expenses to increase significantly in connection with our ongoing activities, particularly as we continue the research and development of, and seek marketing approval for, our product candidate. In addition, if we obtain approval for our product candidate, we expect to incur significant commercialization expenses related to sales, marketing, manufacturing, and distribution. Furthermore, following the completion of the Business Combination, we expect to incur additional costs associated with operating as a public company.

We will also be required to pay all clinical trial costs and expenses in connection with the development of the CD47 Products.

We are also required to repay the following related party debt as of March 31, 2025, which is summarized as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lender** | **Issuance Date** | **Maturity Date** | **Interest Rate** | **Original Principal** | **March 31, 2025** |
| Feelux Co., Ltd | September 15, 2018 | September 15, 2018 | 1% | $10000 | $10000 |
| CARTCellkor, Inc. | March 18, 2019 | March 18, 2020 | 0% | 800 | 800 |
| Ewon Comfortech Co., Ltd | December 12, 2022 | December 12, 2023 | 2% | 5000 | 2000 |
| Ewon Comfortech Co., Ltd | September 10, 2023 | September 9, 2024 | 2% | 200 | 200 |
| Ewon Comfortech Co., Ltd | December 19, 2023 | December 18, 2024 | 0% | 1000 | 1000 |
| Valetudo | December 1, 2022 | June 1, 2023 | 0% | 700 | 700 |
| Valetudo | June 2, 2023 | December 1, 2023 | 0% | 300 | 300 |
| Valetudo | June 28, 2023 | December 27, 2023 | 0% | 200 | 200 |
| Valetudo | July 10, 2023 | January 31, 2024 | 6% | 250 | 250 |
| Valetudo | August 1, 2023 | January 31, 2024 | 6% | 250 | 250 |
| Valetudo | August 3, 2023 | February 2, 2024 | 6% | 150 | 150 |
| Valetudo | November 27, 2023 | January 26, 2024 | 6% | 200 | 200 |
| Valetudo | January 5, 2024 | February 28, 2024 | 6% | 600 | 600 |
| Valetudo | January 22, 2024 | February 28, 2024 | 6% | 150 | 150 |
| Prophase | February 26, 2024 | June 1, 2024 | 6% | 200 | 200 |
| Prophase | March 6, 2024 | June 1, 2024 | 6% | 250 | 250 |
| Prophase | April 1, 2024 | June 1, 2024 | 6% | 250 | 250 |
| Prophase | May 1, 2024 | June 1, 2024 | 6% | 50 | 50 |
| Prophase | May 13, 2024 | June 1, 2024 | 6% | 220 | 220 |
| Prophase | May 30, 2024 | July 1, 2024 | 6% | 320 | 320 |
| Prophase | May 31, 2024 | July 1, 2024 | 6% | 200 | 200 |
| Prophase | July 15, 2024 | September 14, 2024 | 6% | 30 | 30 |
| Prophase | July 25, 2024 | September 24, 2024 | 6% | 3 | 3 |
| Prophase | July 30, 2024 | September 29, 2024 | 6% | 50 | 50 |
| Prophase | August 13, 2024 | October 12, 2024 | 6% | 30 | 30 |
| Prophase | August 14, 2024 | October 13, 2024 | 6% | 20 | 20 |
| Prophase | February 12, 2025 | April 11, 2025 | 6% | 206 | 206 |
| Prophase | March 7, 2025 | June 6, 2025 | 6% | 207 | 207 |
| Hana Immunotherapeutics | August 1, 2024 | September 30, 2024 | 6% | 300 | 300 |
| Hana Immunotherapeutics | August 27, 2024 | October 26, 2024 | 6% | 550 | 550 |
| Amantes LLC | November 1, 2024 | January 1, 2025 | 6% | 400 | 400 |
| Amantes LLC | November 27, 2024 | January 26, 2025 | 6% | 300 | 300 |
| Amantes LLC | January 2, 2025 | March 1, 2025 | 6% | 250 | 250 |
| Amantes LLC | January 23, 2025 | March 22, 2025 | 6% | 50 | 50 |
| Total |  |  |  | $23686 | $20686 |

---

Subsequent to March 31, 2025, we borrowed a total of $3.6 million from Prophase, a related party of the Company due to having common executives, pursuant to loan agreements between the Company and Prophase (the "Prophase April 2025 Loans"). The Prophase 2025 Loans bear interest at 6% per annum and are due in May 2025. Given that Prophase is a related party, the Company and Prophase have mutually agreed to defer repayment of the past due loans until a time that is mutually agreed upon by both parties.

As the Company's loans are with related parties, the Company and its related parties have mutually agreed to defer repayment of the past due loans until the completion of the Business Combination. As such, the Company deems that it is not in default of its loan agreements. Such amounts were still due and payable subsequent to the closing of the Business Combination.

We therefore anticipate that we will need substantial additional funding in connection with our continuing operations. We intend to devote most of the net proceeds from the Business Combination to clinical development of our product candidates, repaying our debt, our public company compliance costs and certain of the milestone payments under the CAR-T License and the Vaccine License agreements, if any. Based on our current business plans, we believe that the net proceeds from the Business Combination will not enable us to fund our operating expenses and capital requirements through at least the next twelve months.

Because of the numerous risks and uncertainties associated with research, development, and commercialization of pharmaceutical drug products, we are unable to estimate the exact amount of our operating capital requirements. Our future funding requirements will depend on many factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· the extent to which we develop, in-license or acquire other product candidates
and technologies in our product candidate pipeline;

&nbsp;&nbsp;&nbsp;&nbsp;· the costs and timing of process development and manufacturing scale-up activities
associated with our product candidates and other programs as we advance them through clinical development;

&nbsp;&nbsp;&nbsp;&nbsp;· the number and development requirements of product candidates
that we may pursue;

&nbsp;&nbsp;&nbsp;&nbsp;· the costs, timing, and outcome of regulatory review of our product
candidates;

&nbsp;&nbsp;&nbsp;&nbsp;· the timing and amount of our milestone and royalty payments to InnoBation under
the CD47 License;

&nbsp;&nbsp;&nbsp;&nbsp;· the costs and timing of future commercialization activities, including product
manufacturing, marketing, sales, and distributions, for any of our product candidates for which we receive marketing approval;

&nbsp;&nbsp;&nbsp;&nbsp;· the costs and timing of preparing, filing and prosecuting patent applications,
maintaining and enforcing our intellectual property rights and defending any intellectual property-related claims;

&nbsp;&nbsp;&nbsp;&nbsp;· the revenue, if any, received from sales of our product candidates for which we
receive marketing approval; and

&nbsp;&nbsp;&nbsp;&nbsp;· the costs of operating as a public company.

Identifying potential product candidates and conducting preclinical studies and clinical trials is a time-consuming, expensive, and uncertain process that takes many years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve product sales. In addition, our product candidate, if approved, may not achieve commercial success. Our commercial revenues, if any, will be derived from sales of our product candidates that we do not expect to be commercially available in the near term, if at all. Accordingly, we will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the terms of these equity securities or this debt may restrict our ability to operate. Any future debt financing and equity financing, if available, may involve covenants limiting and restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, entering into profit-sharing or other arrangements or declaring dividends. If we raise additional funds through collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, we may be required to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us. If we are unable to raise capital when needed or on acceptable terms, we could be forced to delay, reduce or eliminate our research and development programs or future commercialization efforts.

 ****

***Cash Flows***

*Operating Activities* 

Our net cash used in operating activities was $0.2 million for the three months ended March 31, 2025, as compared to $0.9 million for the three months ended March 31, 2024. The decrease in cash used in operating activities can be primarily attributed to a decrease in the Company's net loss of $1.4 million offset by an increase in cash used in operating assets and liabilities of $0.7 million .

*Investing Activities* 

Net cash used in investing activities was $0.6 million for the three months ended March 31, 2025 as compared to $0.7 million for the three months ended March 31, 2024 due to loans made to Iris.

*Financing Activities* 

Net cash provided by financing activities for the three months ended March 31, 2025 of $0.7 million resulted from borrowings from Prophase of $0.7 million. Net cash provided by financing activities for the three months ended March 31, 2024 of $1.2 million resulted from borrowings from Valetudo and Prophase of $0.8 million and $0.4 million, respectively.

**Critical Accounting Policies and Significant Judgments and Estimates**

This Management's Discussion and Analysis of Financial Condition and Results of Operations is based on our unaudited condensed financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and expenses, and the disclosure of contingent assets and liabilities, in our unaudited condensed financial statements. In accordance with U.S. GAAP, we evaluate our estimates and judgments on an ongoing basis. We base our estimates on historical experience, known trends and events, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We define our critical accounting policies as those accounting principles that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as the specific manner in which we apply those principles. While our significant accounting policies are more fully described in Note 2 to our audited financial statements and Note 2 in our unaudited condensed financial statements appearing elsewhere in this filing, we believe the following are the critical accounting policies used in the preparation of our unaudited condensed financial statements that require significant estimates and judgments.

***Research and Development***

Research and development costs primarily consist of costs incurred for preclinical and clinical trials for our products. Research and development expenses are recognized as incurred and payments made prior to costs being incurred are capitalized until the costs are incurred. Costs incurred in obtaining technology licenses through asset acquisitions are charged to research and development expense if the licensed technology has not reached technological feasibility and has no alternative future use.

**Recent Accounting Pronouncements**

See Note 2 to our unaudited condensed financial statements included elsewhere in this filing for information about recent accounting pronouncements, the timing of their adoption, and our assessment, if any, of their potential impact on our financial condition and results of operations.

**Emerging Growth Company and Smaller Reporting Company Status**

In April 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Upon the closing of the Business Combination, we became an emerging growth company and delayed the adoption of certain accounting standards until those standards would otherwise apply to private companies. We elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In addition, as an emerging growth company, we have taken advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· being permitted to present only two years of audited financial statements in addition
to any required financial statements, with correspondingly reduced disclosure in the section titled "Management's Discussion
and Analysis of Financial Condition and Results of Operations";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an exception from compliance with the auditor attestation requirements of Section
404 of the Sarbanes-Oxley Act of 2002, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reduced disclosure about our executive compensation arrangements in our periodic
reports, proxy statements and registration statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· exemptions from the requirements of holding non-binding advisory votes on executive
compensation or golden parachute arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an exemption from compliance with the requirements of the Public Company Accounting
Oversight Board regarding the communication of critical audit matters in the auditor's report on financial statements.

We would cease to qualify as an emerging growth company on the date that is the earliest of: (i) December 31, 2026, (ii) the last day of the fiscal year in which we have more than $1.235 billion in total annual gross revenues, (iii) the date on which we are deemed to be a "large accelerated filer" under the rules of the SEC, which means the market value of our common shares that is held by non-affiliates exceeds $700.0 million as of the prior June 30th, or (iv) the date on which we have issued more than $1.0 billion of non-convertible debt over the prior three-year period. We may choose to take advantage of some but not all of these reduced reporting burdens. We have taken advantage of certain reduced reporting requirements in this filing. Accordingly, the information contained herein may be different than you might obtain from other public companies in which you hold equity interests.

## Exhibit 99.7

**Exhibit 99.7**

**IRIS ACQUISITION CORP**

**CONDENSED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** | **(Unaudited)** |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash<sup>(1)</sup> | $62242 | $65343 |
| &nbsp;&nbsp;&nbsp;Restricted cash - held in Trust Account | 702359 | 739195 |
| &nbsp;&nbsp;&nbsp;Due from Sponsor |  | 1256 |
| &nbsp;&nbsp;&nbsp;Franchise tax receivable |  | 5200 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 6045 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 770646 | 812658 |
| **Other assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and investments held in Trust Account | 1345389 | 2016274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 2116035 | 2828932 |
| **LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS' DEFICIT** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 2890203 | 2613095 |
| &nbsp;&nbsp;&nbsp;Due to related party | 75000 | 75000 |
| &nbsp;&nbsp;&nbsp;Class A common stock pending redemption (59,844 shares and 64,453 shares as of March 31, 2025 and December 31, 2024, respectively) | 702359 | 739195 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 4529 | 2913 |
| &nbsp;&nbsp;&nbsp;Excise tax payable | 179899 | 129008 |
| &nbsp;&nbsp;&nbsp;Promissory notes - related party | 1453720 | 1453720 |
| &nbsp;&nbsp;&nbsp;Promissory notes - Liminatus | 4243500 | 3668500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 9549210 | 8681431 |
| &nbsp;&nbsp;&nbsp;Deferred underwriting fee payable | 9660000 | 9660000 |
| &nbsp;&nbsp;&nbsp;Warrant liability | 379315 | 357400 |
| **Total liabilities** | 19588525 | 18698831 |
| **Commitments and Contingencies (Note 7)** |  |  |
| Class A Common Stock Subject to Possible Redemption, $0.0001 par value; 280,000,000 shares authorized; 114,633 shares at $9.51 redemption value shares issued and outstanding as of March 31, 2025 and 174,477 shares at $10.07 redemption value shares issued and outstanding as of December 31, 2024 | 1089868 | 1756468 |
| **Stockholders' deficit** |  |  |
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |  |  |
| Class A common stock, $0.0001 par value; 280,000,000 shares authorized;<br> 6,900,000 (excluding 114,633 and 174,477 shares subject to possible redemption) shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | 690 | 690 |
| Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024 |  |  |
| Extension deposits from Sponsor | (192083) | (160677) |
| Additional paid-in-capital | 45616 | 51795 |
| Accumulated deficit | (18416581) | (17518175) |
| **Total stockholders' deficit** | (18562358) | (17626367) |
| **Total liabilities, common stock subject to possible redemption, and stockholders' deficit** | $2116035 | $2828932 |

---

(1) As of March 31, 2025 and December 31, 2024, include $27,347 and $12,347, respectively, of the restricted cash to be used for tax payments only.

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**IRIS ACQUISITION CORP**

**CONDENSED STATEMENTS OF OPERATIONS**

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2025** | **2024** |
| Formation and operating costs | $712458 | $721754 |
| Forgiveness of unrelated vendor payables | 115189 | - |
| &nbsp;&nbsp;&nbsp;**Loss from operations** | (827647) | (721754) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized loss on change in fair value of warrant liabilities | (21915) | (178734) |
| &nbsp;&nbsp;&nbsp;Unrealized loss on change in fair value of derivative liability |  | 2202 |
| &nbsp;&nbsp;&nbsp;Interest income on investments held in Trust Account | 16894 | 47241 |
| &nbsp;&nbsp;&nbsp;Interest expense | (57098) | (1339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expense** | (62119) | (130630) |
| **Loss before income taxes** | (889766) | (852384) |
| Provision for income taxes | (1616) | (5847) |
| **Net loss** | $(891382) | $(858231) |
| Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption | 7055859 | 7275074 |
| **Basic and diluted net loss per share, Class A common stock subject to possible redemption** | $(0.13) | $(0.12) |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**IRIS ACQUISITION CORP**

**CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT**

(UNAUDITED)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Extension** | **Additional** | | **Total** |
|  | **Class A** | **Class A** | **deposits due** | **Paid-in** |<br>**Accumulated** | **Stockholders'** |
|  | **Shares** | **Amount** | **from Sponsor** | **Capital** | **Deficit** | **Deficit** |
| **Balance as of January 1, 2025** | **6900000** | $**690** | $**(160677)** | $**51795** | $**(17518175)** | $**(17626367)** |
| Deemed contribution for extension deposit from Sponsor |  |  | (31406) | 31406 |  |  |
| Remeasurement of Class A common stock to redemption amount |  |  |  | (37585) |  | (37585) |
| Excise tax payable attributable to redemption of Class A common stock |  |  |  |  | (7024) | (7024) |
| Net loss | - | - | - | - | (891382) | (891382) |
| **Balance - March 31, 2025** | **6900000** | $**690** | $**(192083)** | $**45616** | $**(18416581)** | $**(18562358)** |
|  | **Common Stock** | **Common Stock** | **Extension** | **Additional** |  | **Total** |
|  | **Class A** | **Class A** | **deposits due** | **Paid-in** | **Accumulated** | **Stockholders'** |
|  | **Shares** | **Amount** | **from Sponsor** | **Capital** | **Deficit** | **Deficit** |
| **Balance as of January 1, 2024** | **6900000** | $**690** | $**-** | $**140000** | $**(14883124)** | $**(14742434)** |
| Remeasurement of Class A common stock to redemption amount |  |  |  | (86389) |  | (86389) |
| Excise tax payable attributable to redemption of Class A common stock |  |  |  |  | (12657) | (12657) |
| Recovery of excess redemptions - tax claim |  |  |  |  | 294669 | 294669 |
| Net loss | - | - | - | - | (858231) | (858231) |
| **Balance - March 31, 2024** | **6900000** | $**690** | $**-** | $**53611** | $**(15459343)** | $**(15405042)** |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**IRIS ACQUISITION CORP**

**CONDENSED STATEMENTS OF CASH FLOWS**

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| Net loss | $(891382) | $(858231) |
| Adjustments to reconcile net loss to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on change in fair value of warrant liabilities | 21915 | 178734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on change in fair value of derivative liability |  | (2202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on investments held in Trust Account | (16894) | (47241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount on related party loans |  | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in current assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Sponsor | 1256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise tax receivable | 5200 | 19100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (4381) | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 320975 | 75767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 1616 | (265988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(561695)** | **(903722)** |
| **Cash Flows from Investing Activities** |  |  |
| Proceeds from Trust Account for tax payments | 15000 | 294519 |
| Advances to Trust Account |  | (45685) |
| Redemption of investments | 741021 |  |
| Extension deposits to Trust Account | (31406) | - |
| **Net cash provided by investing activities** | **724615** | **248834** |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from promissory note - Liminatus | 575000 | 700000 |
| &nbsp;&nbsp;&nbsp;Redemption of Class A common stock subject to possible redemption | (741021) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | **(166021)** | **700000** |
| **Net change in cash** | **(3101)** | **45112** |
| Cash - beginning of the period | 65343 | 156425 |
| Cash - end of the period | $**62242** | $**201537** |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for income taxes | $- | $271835 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Remeasurement of Class A common stock subject to redemption value | $37585 | $86389 |
| &nbsp;&nbsp;&nbsp;Pending redemptions of Class A common stock | $702359 | $1265669 |
| &nbsp;&nbsp;&nbsp;Excise tax payable | $50891 | $12657 |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**IRIS ACQUISITION CORP**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**Note 1. Organization and Description of Business Operations**

Iris Acquisition Corp (the "Company" or "Iris") formally known as Tribe Capital Growth Corp I (the name of the Company changed on July 27, 2022), is a blank check company incorporated in Delaware on November 5, 2020. The Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the "Business Combination").

As of March 31, 2025, the Company had not commenced any operations. All activity for the period from November 5, 2020 (inception) through March 31, 2025 relates to the Company's formation and the initial public offering described below (the "IPO"), and subsequent to the IPO identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO and unrealized gains and losses and the change in fair value of its warrants.

The Company's sponsor is Iris Acquisition Holdings LLC (formerly known as Tribe Arrow Holdings I LLC), a Delaware limited liability company (the "Sponsor"). The registration statement for the Company's IPO was declared effective on March 4, 2021 (the "Effective Date"). On March 9, 2021, the Company consummated the IPO of 27,600,000 units (the "Units"), which included the full exercise by the underwriters of the over-allotment option to purchase an additional 3,600,000 Units, at $10.00 per Unit, generating gross proceeds of $276,000,000, which is discussed in Note 3.

Simultaneously with the closing of the IPO, the Company consummated the sale of 5,013,333 warrants (the "Private Warrants") to the Sponsor and Cantor Fitzgerald & Co. ("Cantor"), the representative of the underwriters of the IPO, at a price of $1.50 per Private Warrant, generating gross proceeds of $7,520,000, which is discussed in Note 4. Each warrant (including the Private Warrants and the warrants included as part of the Units) entitles the holder to purchase one share of common stock at a price of $11.50 per share.

Transaction costs for the IPO amounting to $15,627,893 (consisting of $5,520,000 of underwriting discount, $9,660,000 of deferred underwriting discount, and $447,893 of other offering costs) were recognized, of which $606,622 was (i) allocated to the public warrants and Private Warrants and (ii) included in the statements of operations, and $15,021,271 was charged directly to stockholders' equity.

Following the closing of the IPO on March 9, 2021, $276,000,000 (approximately $10.00 per Unit) from the net proceeds of the sale of the Units in the IPO, including the proceeds from the sale of the Private Warrants, was deposited in a trust account ("Trust Account"), located in the United States with Continental Stock Transfer & Trust Company acting as trustee (the "Trustee"), and was invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. In December 2022, the Company instructed the Trustee with respect to the Trust Account, to liquidate the U.S. government treasury obligations or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in an interest bearing cash account. In September 2023, the Company further instructed the Trustee to move the funds held in the Trust Account to an interest bearing bank deposit program until the earlier of the consummation of a business combination or the liquidation of the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay franchise taxes, the proceeds from the IPO and the sale of the Private Warrants will not be released from the Trust Account until the earliest of (i) the completion of initial Business Combination, (ii) the redemption of the Company's public shares if the Company does not complete an initial Business Combination within approximately 56 months from the closing of the IPO, subject to applicable law, or (iii) the redemption of the Company's public shares properly submitted in connection with a stockholder vote to amend its amended and restated certificate of incorporation to modify the substance or timing of the Company's obligation to redeem 100% of its public shares if the Company has not consummated an initial Business Combination within approximately 56 months from the closing of the IPO or with respect to any other material provisions relating to stockholders' rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of the Company's creditors, if any, which could have priority over the claims of the Company's public stockholders.

The Company will provide its public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, in its sole discretion. The stockholders will be entitled to redeem their shares for a pro rata share of the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (which interest shall be net of income taxes payable), divided by the number of then outstanding public shares, subject to the limitations. The amount in the Trust Account is initially approximately $10.00 per public share. The per share amount the Company will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the representative of the underwriters.

The shares of common stock subject to redemption are recorded at redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification ("ASC") Topic 480, *Distinguishing Liabilities from Equity* ("ASC 480"). In such case, the Company will proceed with a Business Combination if the Company seeks stockholder approval, and a majority of the issued and outstanding shares voted are voted in favor of the Business Combination.

***Extension of the Combination Period***

On December 26, 2024, the Company extended the time to complete the initial Business Combination to June 30, 2025 as described below (the "Combination Period"). However, if the Company is unable to complete the initial Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of income taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish the public stockholders' rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining stockholders and the Company's board of directors, liquidate and dissolve, subject, in each case, to the Company's obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to any Founder Shares and public shares they hold in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a stockholder vote to approve an amendment to the Company's amended and restated certificate of incorporation, (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete the initial Business Combination within the Combination Period, and (iv) vote any Founder Shares held by them and any public shares purchased during or after the IPO in favor of the initial Business Combination.

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share, due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor's only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations. None of the Company's officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

**Redemptions of Public Shares**

On December 20, 2022, stockholders holding 26,186,896 Public Shares properly exercised their right to redeem their shares (and did not withdraw their redemption) for cash at a redemption price of approximately $10.08 per share, for an aggregate redemption amount of $263,963,913. Following such redemptions, 1,413,104 Public Shares remained outstanding in the trust. During 2023, the redemption price was adjusted which resulted in the net payment of $298,431 of the second tranche redemption payment.

On September 7, 2023, stockholders holding 1,006,495 Public Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.29 per share, subject to adjustment for applicable taxes, including, but not limited to, franchise tax, excise tax and income tax, for an aggregate redemption amount of $10,358,754. Following such redemptions, 406,609 Public Shares remained outstanding.

In January 2024, the Company recovered an excess redemption to shareholders in the amount of $294,669 for federal tax payments that were due.

On March 7, 2024, stockholders holding 119,572 Public Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.58 per share, adjusted for applicable taxes in the amount of $60,000, including, but not limited to, franchise tax, excise tax and income tax, for an aggregate redemption amount of $1,265,669. Following such redemptions, 287,037 Public Shares remained outstanding. The redemptions were settled on April 2, 2024.

On September 5, 2024, stockholders holding 48,107 Public Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.17 per share, subject to adjustment for applicable taxes, including, but not limited to, franchise tax, excise tax and income tax, for an aggregate redemption amount of $537,200. Following such redemptions, 238,930 Public Shares remained outstanding. The redemptions were settled on September 5, 2024.

On December 20, 2024, stockholders holding 64,453 Public Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.47 per share, subject to adjustment for taxes payable from the trust account, for an aggregate redemption amount of approximately $739,195. Following such redemptions, 174,477 Public Shares will remain outstanding. The redemptions were settled on February 3, 2025.

On March 4, 2025, stockholders holding 59,844 Public Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.74 per share, subject to adjustment for taxes payable from the trust account, for an aggregate redemption amount of approximately $702,359. Following such redemptions, 114,633 Public Shares will remain outstanding. The redemptions were settled on May 1, 2025 .

**Business Combination Agreement**

On November 30, 2022, the Company, Iris Parent Holding Corp. ("ParentCo"), Liminatus Pharma, LLC, a Delaware limited liability company ("Liminatus"), Liminatus Pharma Merger Sub, Inc. ("Liminatus Merger Sub") and SPAC Merger Sub, Inc. ("SPAC Merger Sub") entered into a business combination agreement (as it may be amended, supplemented or otherwise modified from time to time, the "Business Combination Agreement") whereby (a) Liminatus Merger Sub will merge with and into Liminatus (the "Liminatus Merger"), with Liminatus surviving the Liminatus Merger as a direct wholly-owned subsidiary of ParentCo, and (b) simultaneously with the Liminatus Merger, SPAC Merger Sub will merge with and into Iris (the "SPAC Merger" and, together with the Liminatus Merger, the "Mergers"), with Iris surviving the SPAC Merger as a direct wholly-owned subsidiary of ParentCo (the transactions contemplated by the foregoing clauses (a) and (b) the "Business Combination").

Liminatus is an early stage single-asset biotech company focused on oncology. The company is looking to develop a next generation CD47 checkpoint inhibitor targeting various solid tumors. CD47 is a potent 'do not eat me' signal that enables cancer cells to evade detection by the immune system. The CD47 next generation antibody has shown to preferentially bind to immune cells, but negligibly to red blood cells and platelets without inducing destruction of red blood cells which is a key differentiating feature. The next generation of anti CD47 monoclonal antibodies have catalysed a resurgence of interest in the field. Currently IND enabling studies are underway to progress the asset into clinical trials.

Liminatus is actively reviewing opportunities to in-license or acquire other clinical candidates that match the area of expertise of the company.

Concurrently with the execution of the Business Combination Agreement, ParentCo and Iris have entered into an equity subscription agreement (the "PIPE Equity Subscription Agreement") with one accredited investor (the "PIPE Investor") pursuant to which the PIPE Investor has committed to purchase 1,500,000 shares of ParentCo Common Stock at a purchase price per share of $10.00 (the "PIPE Shares"), for an aggregate purchase price of $15,000,000 (the "PIPE Equity Investment"). The obligations to consummate the transaction contemplated by the PIPE Equity Subscription Agreement are conditioned upon, among other things, customary closing conditions and the consummation of the transactions contemplated by the Business Combination Agreement.

On July 19, 2024, the parties to the Business Combination Agreement amended the Business Combination Agreement to extend the date by which the parties thereto can terminate the Business Combination Agreement, which was September 3, 2024.

On July 23, 2024, the PIPE Equity Subscription Agreement was amended to increase the PIPE Investor's committed purchase of PIPE Shares from 1,500,000 to 2,500,000, increase the PIPE Equity Investment from $15,000,000 to $25,000,000, and extend the date by which the PIPE Investor can terminate the agreement to September 3, 2024.

On August 16, 2024, the parties to the Business Combination Agreement amended the Business Combination Agreement (the "Fifth Amendment") to extend the date by which the parties thereto can terminate the Business Combination Agreement, which is December 31, 2024. Also on August 16, 2024, the parties to the PIPE Equity Subscription Agreement entered into an amendment to such agreement to extend the termination date of the agreement to December 31, 2024.

On October 23, 2024, the parties to the Business Combination Agreement amended the Business Combination Agreement to amend the consideration to be paid in the Transactions to consist of 17.5 million shares of ParentCo's common stock at $10 per share value.

On October 31, 2024, the PIPE Equity Subscription Agreement was amended to decrease the PIPE Investor's committed purchase of PIPE Shares from 2,500,000 to 1,500,000 and decrease the PIPE Equity Investment from $25,000,000 to $15,000,000.

On December 26, 2024, the parties to the Business Combination Agreement amended the Business Combination Agreement to extend the date by which the parties thereto can terminate the Business Combination Agreement to June 30, 2025.

On December 26, 2024, the parties amended the date by which the PIPE Investor can terminate the agreement to June 30, 2025.

Upon the closing of the Business Combination on April 30, 2025, the PIPE funds were remitted to the combined company.

Simultaneously with the PIPE Equity Subscription Agreement, ParentCo and Iris entered into a convertible note subscription agreement (the "Convertible Note Subscription Agreement") with one accredited investor (the "PIPE Subscriber") pursuant to which the PIPE Subscriber committed to subscribe for and purchase 8% convertible notes (the "Convertible Notes") of and from ParentCo in an aggregate principal amount of $25,000,000 (the "Convertible Notes Investment") due three years after the Closing of the Business Combination, with an initial conversion price of $11.50 per share of ParentCo Common Stock, which was subject to future downward adjustment based upon the market price of the publicly traded ParentCo Common Stock. The parties to the Convertible Note Subscription Agreement terminated the Convertible Note Subscription Agreement on July 23, 2024.

Pursuant to the Business Combination Agreement, among other matters, at the effective time of the Business Combination (the "Effective Time"), (i) every issued and outstanding security issued by Iris during its initial public offering (each, an "Iris Unit") was automatically separated and broken out into its constituent parts and the holder thereof was deemed to hold one share of Iris Class A Common Stock, par value $0.0001 per share (the "Iris Class A Shares") and one-fourth of one whole redeemable warrant that was included as part of each Iris Unit (the "Public Warrants"), and such underlying constituent securities of Iris were converted in accordance with the applicable terms of the Business Combination Agreement, (ii) at the Effective Time, each issued and outstanding Iris Class A Share was converted automatically into and thereafter represent the right to receive one share of common stock, par value $0.0001 per share ("Common Stock"), of ParentCo, following which all Iris Class A Shares ceased to be outstanding and were automatically canceled and ceased to exist, (iii) at the Effective Time, each issued and outstanding Public Warrant immediately and automatically represented the right to purchase shares of Common Stock on the same terms and conditions as are set forth in the applicable warrant agreement, (iv) at the Effective Time, each issued and outstanding non-redeemable warrant of Iris that was issued by Iris in a private placement at the time of the consummation of its initial public offering, entitling the holder thereof to purchase one Iris Class A Share at $11.50 per share, except those issued to Cantor Fitzgerald & Co. ("Cantor"), were forfeited, and (v) the private placement warrants issued to Cantor immediately and automatically represented the right to purchase shares of Common Stock.

On April 30, 2025 (the "Closing Date"), Iris consummated the business combination Mergers pursuant to the terms of the Business Combination Agreement by and among, ParentCo, Iris, Liminatus, Liminatus Merger Sub and SPAC Merger Sub. Upon the consummation of the Business Combination, Iris's Class A common stock, units and public warrants ceased trading on the OTC Pink Marketplace, and ParentCo Common Stock and ParentCo Public Warrants began trading on The Nasdaq Stock Market ("Nasdaq") on May 1, 2025, under the symbols "LIMN" and "LIMNW," respectively.

Upon the closing of the Business Combination, Iris Class A Common Stockholders received 7,014,633 shares of the combined company's common stock.

In addition to the above, the combined company, in aggregate, issued 19,000,000 shares of Common Stock to the Liminatus securityholders and to the PIPE Investor.

Pursuant to the terms of the Business Combination Agreement, 6,900,000 Iris public warrants were converted into a right to purchase the combined company's Common Stock.

As it relates to the Iris private warrants, Iris's sponsor forfeited 4,177,778 private warrants, while the 835,555 private warrants issued to Cantor were converted into a right to purchase shares of the combined company's Common Stock.

**Nasdaq Delisting Notice**

On May 2, 2024, the Company received a written notice from the Listing Qualifications Department of Nasdaq, notifying the Company that because it no longer meets the minimum 500,000 publicly held shares requirement for The Nasdaq Capital Market, pursuant to Listing Rule 5810(d)(2) of the Rules this deficiency now becomes an additional basis for delisting and the Company must address this deficiency. The Company timely requested a hearing before the Nasdaq Hearings Panel (the "Hearing"). On May 21, 2024, the Company received a response from the Nasdaq Hearings Panel (the "Panel") granting the Company's request for continued listing on the Nasdaq Capital Market. The Company had until September 3, 2024 to demonstrate compliance with all applicable requirements for initial listing on the Nasdaq Global Market.

On August 21, 2024, the Company received a written notice (the "Notice") from Nasdaq that pursuant to Nasdaq Listing Rule 5810(d)(2), the Company's failure to timely file Form 10-Q for the quarter ended June 30, 2024 (the "Q2 2024 Form 10-Q") by August 19, 2024 served as an additional basis for delisting. On August 23, 2024, the Company filed the Q2 2024 Form 10-Q.

On September 4, 2024, the Company received written notice (the "Notice Letter") from the Panel indicating that the Panel had determined to delist the Company's securities from The Nasdaq Stock Market LLC ("Nasdaq") and that trading in the Company's securities would be suspended at the open of trading on September 6, 2024, due to the Company's failure to satisfy the terms of the Panel's Decision. Pursuant to the terms of the Decision, amongst other things, the Company was required to close its initial business combination, with the new entity demonstrating compliance with the initial listing criteria set forth in Nasdaq Listing Rule 5500 on or before September 3, 2024. Accordingly, the Panel determined to delist the Company's securities from Nasdaq as set forth in the Notice Letter.

Following the suspension of trading on Nasdaq, the Company's Units, shares of Class A common stock and warrants began trading on the OTC Pink Marketplace under the symbols "IRAAU," "IRAA" and "IRAAW," respectively.

**Going Concern, Liquidity and Capital Resources**

The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months after the unaudited condensed financial statements are issued.

As of March 31, 2025, the Company had $62,242 of cash in its operating bank account, which includes $27,347 of restricted cash to be used for tax payments, and working capital deficit of $8,778,564. To fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Company's Sponsor or an affiliate of the Sponsor or certain of the Company's officers and directors may, but are not obligated to, provide the Company with Working Capital Loans (see Note 5). As of March 31, 2025 and December 31, 2024, there were no Working Capital Loans outstanding. Additionally, the Company issued promissory notes to the Sponsor and Liminatus to fund working capital deficiencies or finance transaction costs in connection with a Business Combination. As of March 31, 2025 and December 31, 2024, there was $4,243,500 and $3,668,500 respectively, of promissory notes issued to Liminatus, which are included in Promissory notes - Liminatus in the accompanying unaudited condensed balance sheets. Additionally, there were $1,453,720 of promissory notes issued to related parties as of both March 31, 2025 and December 31, 2024, which are included in Promissory notes - related party in the accompanying unaudited condensed balance sheets. Upon the consummation of the business combination on April 30, 2025, the Company survives as a direct wholly-owned subisidary of ParentCo.

In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standards Board ("FASB") ASC 205-40, *Presentation of Financial Statements—Going Concern*, management has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the accompanying unaudited condensed financial statements are issued. The Company's unaudited condensed financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Management's plans relating to the above include raising additional cash through equity and debt financings or other arrangements to fund operations after completion of the Business Combination. There can be no assurance that the Company will be able to raise adequate capital under acceptable terms, if at all. The sale of additional equity may dilute existing members and newly issued member units may contain senior rights and preferences compared to currently outstanding ordinary shares. Issued debt securities may contain covenants and limit the Company's ability to pay dividends or make other distributions to members. If the Company is unable to obtain such additional financing, future operations would need to be reevaluated.

**Note 2. Significant Accounting Policies**

**Basis of Presentation**

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company's Annual Report on Form 10-K, filed with the SEC on April 16, 2025. The interim results for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future interim periods.

**Emerging Growth Company Status**

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

**Use of Estimates**

The preparation of the unaudited condensed financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting periods. Actual results may differ materially and adversely from these estimates. The Class A shares subject to possible redemption and the valuation of the Private Placement Warrants required management to exercise significant judgement in its estimates.

**Cash**

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of March 31, 2025 and December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company had operating cash (i.e., cash held outside the Trust Account) of $62,242 and $65,343, respectively. As of March 31, 2025 and December 31, 2024, there were certain amounts that are restricted as they were withdrawn from the Trust Account for income tax payments, which totaled $27,347 and $12,347, respectively.

**Cash and Cash Equivalents held in Trust Account**

As of March 31, 2025 and December 31, 2024, the Company had a total of $2,047,748 and $2,016,274, respectively in the Trust Account held in money market funds cash equivalents. As noted above, on March 4, 2025 stockholders holding 59,844 shares properly exercised their right to redeem their shares. As of March 31, 2025 the stockholders have not been paid out to the respective stockholders. As of March 31, 2025 and December 31, 2024, the Company had a total of $702,359 and $739,195, respectively, that were owed to the stockholders, and recorded on the unaudited condensed balance sheets as Restricted Cash - held in Trust Account.

**Concentration of Credit Risk**

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. As of March 31, 2025 and December 31, 2024, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

**Fair Value of Financial Instruments**

 ****

The fair value of the Company's assets and liabilities, which qualify as financial instruments under ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), approximates the carrying amounts in the unaudited condensed balance sheets, excluding the warrants, primarily due to their short-term nature.

 ****

**Derivative Financial Instruments**

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, *Derivatives and Hedging* ("ASC 815"). Derivative instruments are recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed statements of operations. Derivative assets and liabilities are classified in the unaudited condensed balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the unaudited condensed balance sheet date. The Company has determined that the warrants are a derivative instrument as of March 31, 2025.

**Fair Value Measurements**

The Company's financial assets and liabilities are accounted for in accordance with FASB ASC 820, *Fair Value Measurements and Disclosures,* which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The fair value hierarchy requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:

Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the instrument's anticipated life.

Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised by management in determining fair value is greatest for instruments categorized as Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

**Common Stock Subject to Possible Redemption**

The Company accounts for its shares of common stock subject to possible redemption in accordance with the guidance in ASC 480. Common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) is classified as a component of temporary equity. At all other times, shares of common stock are classified as stockholders' equity. The Company's common stock features certain redemption rights that are considered to be outside of the Company's control and subject to the occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value of $9.51 and $10.07 as of March 31, 2025 and December 31, 2024, respectively, as temporary equity, outside of the stockholders' equity section of the Company's unaudited condensed balance sheets.

**Net Loss per Common Stock**

The Company complies with accounting and disclosure requirements of ASC Topic 260, *Earnings Per Share*. The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock (see Note 8 for more details). The Company has two classes of common stock, which are referred to as Class A common stock and Class B common stock. Earnings and losses are shared pro rata between the two classes of shares. The Company has not considered the effect of the warrants sold in the IPO and the Private Placement to purchase an aggregate of 11,913,333 of the Company's Class A common stock in the calculation of diluted loss per share, since their exercise is contingent upon future events. As a result, diluted net loss per share of common stock is the same as basic net loss per share of common stock for the periods. Accretion of the carrying value of Class A common stock to redemption value is excluded from net loss per common stock because the redemption value approximates fair value. As of March 31, 2025 and March 31, 2024, the Company only had Class A common stock outstanding. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for the Class A common stock.

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| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2025** | **2024** |
| Basic and diluted net loss per share: |  |  |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(891382) | $(858231) |
| Denominator |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted weighted average shares outstanding | 7055859 | 7275074 |
| Basic and diluted net loss per share | $(0.13) | $(0.12) |

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**Income Taxes**

The Company accounts for income taxes in accordance with ASC Topic 740, *Income Taxes* ("ASC 740"). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carryforwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. Management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore maintained a full valuation allowance.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. There were no tax accruals relating to uncertain tax positions.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2025 and December 31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only "major" tax jurisdiction. The Company is subject to income tax examinations by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

The Company files income tax returns in the U.S. federal jurisdiction and is subject to federal examination by the federal taxing authorities. The Company was incorporated in the State of Delaware and is required to pay franchise taxes to the State of Delaware on an annual basis.

**Advances due from Sponsor**

The Company accounts for advances due from the Sponsor as a contra equity balance unless payment has been received subsequent to year end. As of March 31, 2025 and December 31, 2024, the Company has $192,083 and $160,677, respectively, of extension deposit advances due from the Sponsor. See Note 5.

**Forgiveness of Unrelated Vendor Payables**

The Company negotiated and certain vendors agreed to forgive outstanding payables. For the three months ended March 31, 2025, the outstanding balance totaled $365,189 will be settled for $250,000. As the Company was unable to provide payment in full, a compromise for a one-time lump-payment was agreed upon for each vendor. For the three months ended March 31, 2025, the Company recognized a gain for the forgiven of the outstanding payable of $115,189 which were recorded in the unaudited condensed statements of operations.

**Recently Adopted Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," that addresses requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2024. The amendments in this ASU must be applied on a retrospective basis to all prior periods presented in the financial statements and early adoption is permitted. The Company's management does not believe the adoption of ASU 2023-09 will have a material impact on its financial statements.

**Recently Issued Accounting Pronouncements**

On November 4, 2024, the FASB issued ASU 2024-03, Accounting Standards Update 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements; however, the amendments affect where such information appears in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact that the adoption of this standard will have on its financial statements.

Management does not believe that any additional recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's unaudited condensed financial statements.

**Risks and Uncertainties**

The Company may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond its control. The business could be impacted by various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. More specifically, uncertainties regarding elevated inflation and interest rates, and changes in countries' trade policies and tariffs, including rising trade tensions between the United States and China, could have a material adverse effect on the value of the Company's securities. The Company cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude which they may negatively impact our business. The Company's unaudited condensed financial statements do not include any adjustments that might result from the outcome of these uncertainties.

**Inflation Reduction Act of 2022**

On August 16, 2022, the Inflation Reduction Act of 2022 (the "IR Act") was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the "Treasury") has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. In April 2024, the Treasury issued proposed regulations providing guidance with respect to the excise tax. Taxpayers must rely on these proposed regulations until final regulations are issued. Under the proposed regulations, liquidating distributions made by publicly traded domestic corporations are exempt from the excise tax. In addition, any redemptions that occur in the same taxable year as a liquidation is completed will also be exempt from such tax.

On December 27, 2022, the Treasury published Notice 2023-2, which provided clarification on some aspects of the application of the excise tax. The notice generally provides that if a publicly traded U.S. corporation completely liquidates and dissolves, distributions in such complete liquidation and other distributions by such corporation in the same taxable year in which the final distribution in complete liquidation and dissolution is made are not subject to the excise tax. On June 28, 2024, the Treasury finalized certain of the proposed regulations (those relating to procedures for reporting and paying the Excise Tax). The remaining regulations (largely relating to the computation of the Excise Tax) remain in proposed form. The Treasury intends to finalize these proposed regulations at a later date and, until such time, taxpayers may continue to rely on the proposed regulations.

For the redemption that occurred on September 7, 2023, the Company incurred an excise tax of $103,587, calculated as 1% of the fair market value of the shares redeemed on September 7, 2023. As of March 31, 2025, the excise tax associated with the September 7, 2023 redemptions had yet to be paid. As such, the Company has recorded $43,867 as an accrual for interest and penalties associated with the unpaid excise taxes. The interest and penalties associated with the unpaid excise taxes are included within excise tax payable in the accompanying unaudited condensed balance sheets.

For the redemption that occurred on March 7, 2024, the Company incurred an excise tax of $12,657, calculated as 1% of the fair market value of the shares redeemed on March 7, 2024.

For the redemption that occurred on September 5, 2024, the Company incurred an excise tax of $5,372, calculated as 1% of the fair market value of the shares redeemed on September 5, 2024.

For the redemption that occurred on December 20, 2024, the Company incurred an excise tax of $7,392, calculated as 1% of the fair market value of the shares redeemed on December 20, 2024.

For the redemption that occurred on March 4, 2025, the Company incurred an excise tax of $7,024, calculated as 1% of the fair market value of the shares redeemed on March 4, 2025.

As of March 31, 2025 and December 31, 2024, the Company recorded a total of $136,032 and $129,008 of excise tax liability. The liability does not impact the accompanying unaudited condensed statements of operations and is offset against additional paid-in capital or accumulated deficit if additional paid-in capital is not available.

During the second quarter of 2024, the Internal Revenue Service issued final regulations with respect to the timing and payment of the excise tax. Pursuant to those regulations, the Company would need to file a return and remit payment for any liability incurred during the period from January 1, 2023 to December 31, 2023 on or before October 31, 2024. As of the filing date, the Company has not remitted payment.

The Company is currently evaluating its options with respect to payment of this obligation. As the Company was unable to timely pay its obligation in full, it will be subject to additional interest and penalties which are currently estimated at 10% interest per annum and a 5% failure to file penalty per month and 0.5% failure to pay penalty per month or a portion of a month up to 25% of the total liability for any amount that is unpaid from November 1, 2024, until paid in full. During the three months ended March 31, 2025 and 2024, the Company recorded $31,782 and $0, respectively, of interest and penalties associated with unpaid excise tax expenses. Such expenses have been recorded as interest expense in the Company's unaudited condensed statements of operations.

In early 2025, the U.S. government implemented new tariff measures impacting global trade. As a result, the Company anticipates continued uncertainty and volatility with respect to capital markets, the costs of materials and supply chains. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact to the Company's operating results cannot be reasonably estimated.

**Note 3. Initial Public Offering**

On March 9, 2021, the Company sold 27,600,000 units, which includes 3,600,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option, at a purchase price of $10.00 per Unit, generating gross proceeds of $276,000,000. Each Unit consists of one share of Class A common stock, and one-fourth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The warrants will become exercisable on the later of 30 days after the completion of the initial Business Combination or 12 months from the closing of the IPO, March 9, 2021, and will expire five years after the completion of the initial Business Combination, or earlier upon redemption or liquidation (see Note 8).

The Company paid an underwriting fee at the closing of the IPO of $5,520,000. As of March 9, 2021, an additional fee of $9,660,000 (see Note 7) was deferred and will become payable upon the Company's completion of an initial Business Combination. The deferred portion of the fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its initial Business Combination.

All of the 27,600,000 shares of Class A common stock sold as part of the units in the IPO contain a redemption feature which allows for the redemption of such shares of Class A common stock in connection with the Company's liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company's certificate of incorporation. In accordance with SEC and its staff's guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity.

The Class A common stock is subject to SEC and its staff's guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company recognizes changes in redemption value immediately as they occur. Immediately upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable common stock resulted in charges against additional paid-in capital and accumulated deficit.

As of March 31, 2025 and December 31, 2024, the common stock reflected on the unaudited condensed balance sheets are reconciled in the following table:

---

| | |
|:---|:---|
| Class A common stock subject to possible redemption as of December 31, 2024 | $1756468 |
| Less: 2024 adjustment to share price for shares redeemed in December 2024 | (1826) |
| Less: Shares redeemed in March 2025 | (702359) |
| Plus: Remeasurement of carrying value to redemption value | 37585 |
| Class A common stock subject to possible redemption as of March 31, 2025 | $1089868 |

---

Upon the closing of the Business Combination, holders of the Company's Class A common stock received 7,014,633 shares of the combined company's common stock.

***Warrants*** — Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed herein. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company's board of directors and, in the case of any such issuance to the initial stockholders or their affiliates, without taking into account any Founder Shares held by the initial stockholders or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company's Class A common stock during the 20 trading day period starting on the trading day after the day on which the Company consummates its initial Business Combination (such price, the "Market Value") is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The warrants will become exercisable on the later of 12 months from the closing of the IPO or 30 days after the completion of its initial Business Combination and will expire five years after the completion of the Company's initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

The Company has agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of the initial Business Combination, it will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A common stock issuable upon exercise of the warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Company's Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Once the warrants become exercisable, the Company may call the warrants for redemption for cash:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in whole and not in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· at a price of $0.01 per warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon not less than 30 days' prior written notice of redemption to each warrant holder (the "30-day redemption period"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, and only if, the closing price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending three business days before the Company sends to the notice of redemption to the warrant holders.

If and when the warrants become redeemable by the Company for cash, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

**Note 4. Private Placement** 

Simultaneously with the closing of the IPO, the Sponsor and Cantor purchased an aggregate of 5,013,333 Private Warrants at a price of $1.50 per Private Warrant, for an aggregate purchase price of $7,520,000, in a private placement. Each Private Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share. A portion of the proceeds from the private placement was added to the proceeds from the IPO held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Warrants will expire worthless.

The Private Warrants are identical to the public warrants included as part of the Units sold in the IPO except that they will be non-redeemable and exercisable on a cashless basis for as long as the Private Warrants are held by the Sponsor or Cantor, the representative of the underwriters, or its permitted transferees. Additionally, for so long as the Private Warrants are held by Cantor or its designees or affiliates, they may not be exercised after five years from the commencement of sales of the IPO.

On November 30, 2022, the Sponsor entered into a Sponsor Forfeiture Agreement (the "Sponsor Forfeiture Agreement") with the Company and Liminatus, pursuant to which, contingent upon the closing of the Business Combination, the Sponsor agreed to forfeit all 4,177,778 of its Private Placement Warrants to purchase shares of the Company's Class A common stock, exercisable at $11.50 per share (the "Forfeited Private Placement Warrants"), acquired by the Sponsor in March 2021 in connection with the Initial Public Offering.

Upon the closing of the Business Combination, the Sponsor forfeited 4,177,778 private warrants, while the 835,555 private warrants issued to Cantor were converted into a right to purchase shares of the combined company's Common Stock. In addition, pursuant to the terms of the Business Combination Agreement, 6,900,000 public warrants were converted into a right to purchase the combined company's Common Stock.

**Note 5. Related Party Transactions**

**Founder Shares**

In December 2020, the Sponsor paid $25,000, or approximately $0.004 per share, to cover certain offering costs in consideration for 5,750,000 Class B common stock, par value $0.0001 (the "Founder Shares"). In February 2021, the Company effected a stock dividend of 0.2 shares for each share of Class B common stock outstanding, resulting in the Sponsor holding an aggregate of 6,900,000 Founder Shares (up to an aggregate of 900,000 of which were subject to forfeiture depending on the extent to which the underwriters' over-allotment option is exercised). As a result of the underwriters' election to fully exercise their over-allotment option, the 900,000 shares were no longer subject to forfeiture.

On September 20, 2023, the Sponsor converted all of its Class B common stock on a one-for-one basis into Class A common stock. The Sponsor will not have any redemption rights in connection with the Converted Shares, and the Converted Shares will be subject to the restrictions on transfer entered into by the Sponsor in connection with the IPO.

The Sponsor has agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination and (B) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction after the initial Business Combination that results in all of its stockholders having the right to exchange their Class A common stock for cash, securities or other property (the "lock-up"). Notwithstanding the foregoing, if the closing price of the Company's Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, the Founder Shares will be released from the lock-up.

**Promissory Note — Related Party**

On May 27, 2022, the Sponsor agreed to loan the Company up to $300,000 for working capital purposes. These loans are non-interest bearing, unsecured and are due on demand. As of March 31, 2025 and December 31, 2024, the outstanding note is due on demand.

On October 10, 2022, the Company issued an unsecured promissory note in the aggregate principal amount up to $550,000 to Iris Acquisition Holdings LLC, the Company's Sponsor. Pursuant to the Note, the Sponsor agreed to loan to the Company an aggregate amount up to $550,000 payable on demand. The Note does not bear interest. In the event that the Company does not consummate a business combination, the Note will be repaid only from amounts remaining outside of the Company's trust account, if any. The proceeds of the Note will be used by the Company for working capital purposes. As of March 31, 2025 and December 31, 2024, the Company's outstanding balance was $540,000 under this loan.

On December 20, 2022, the Company issued an unsecured promissory note in the aggregate principal amount up to $750,000 to the Company's Sponsor. Pursuant to the Note, the Sponsor agreed to loan to the Company an aggregate amount up to $750,000, which was due the earlier of six months or the consummation of a business combination. As of March 31, 2025 and December 31, 2024, the Note is due and payable on demand. The Note does not bear interest. Upon the closing of a business combination, the Company shall pay an amount equal to 150% of the principal amount. In the event that the Company does not consummate a business combination, the Note will be repaid only from amounts remaining outside of the Company's trust account, if any. The proceeds of the Note will be used by the Company for working capital purposes. As of March 31, 2025 and December 31, 2024, the Company's outstanding balance was $613,720 under this loan.

In accordance with ASC 815, the premium for the 150% of the principal upon a business combination was determined to be an embedded feature that is bifurcated from the notes and is recorded as derivative liability. Management used a probability weighted expected return model to estimate the fair value of the redemption features at issuance of the promissory note – related party and as of March 31, 2025 and December 31, 2024. As of March 31, 2025 and December 31, 2024, the fair value of the derivative liability was $0. The Company recorded a decrease in fair value of the derivative liability of $0 and $2,202 for the three months ended March 31, 2025 and three months ended March 31, 2024, respectively. At issuance the debt discount for derivative liability was $104,428. As of March 31, 2025 and December 31, 2024, the debt discount for derivative liability was $0. For the three months ended March 31, 2025 and March 31, 2024, the Company recorded accretion of the debt discount of $0 and $1,339, respectively, which is included in interest expense on the accompanying unaudited condensed statements of operations.

In March 2023, during the United States banking crisis, the Company held cash in FRB and transferred $120,000 to the Sponsor to avoid delays in receiving funds from the bank in the event of collapse. In June 2023, this amount was still held by the Sponsor and used as a repayment of the outstanding principal balance.

On March 13, 2024, the December 2022 unsecured promissory note with the Sponsor was amended and restated to eliminate the 150% that would have been due upon the closing of a business combination.

At March 31, 2025 and December 31, 2024, the total balance outstanding on the promissory notes - related party amounted to $1,453,720.

**Related Party Loans**

In addition, to fund working capital deficiencies or finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required on a non-interest bearing basis ("Working Capital Loans"). If the Company completes the initial Business Combination, the Company would repay the Working Capital Loans. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans, but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to 1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the Private Warrants. As of March 31, 2025 and December 31, 2024, the Company had no borrowings under the Working Capital Loans.

In addition, in order to fund the extension payments, the Sponsor or its designees has agreed to loan to the Company the lesser of: (x) $50,000 and (y) $0.035 per month for each public share that is not redeemed (the "Extension Payments Loan"). During March 2024, the agreed Extension Payments Loan payments were updated to the lesser of: (x) $30,000 and (y) $0.06 per month for each public share that is not redeemed. During September 2024, the agreed Extension Payments Loan payments were updated to the lesser of: (x) $17,000 and (y) $0.06 per month for each public share that is not redeemed. The Extension Payments Loan will only be made on a month-to-month basis at the end of every month and until the consummation of the business combination transaction. The amount of the Extension Payments Loan will not bear interest and will be repayable by the Company to the Sponsor or its designees upon consummation of an initial business combination, in cash, at the option of the Sponsor. As of March 31, 2025 and December 31, 2024, the Company had $192,083 and $160,677, respectively, recorded as Extension deposits due from Sponsor on the accompanying unaudited condensed balance sheet for unfunded extension payments from the Sponsor that were funded by the Company.

On July 24, 2024, Hana Immunotherapeutics, LLC, an affiliate of Chris Kim, the Chief Executive Officer of Liminatus, agreed to loan Gaius Investment Partners ("Gaius"), the buyer of the managing member of the Company's Sponsor, Columbass Limited ("Columbass"), approximately $1.216 million to facilitate Gaius' acquisition of Columbass. As a result of the Acquisition, the former managing member, Columbass Limited, resigned as managing member of the Sponsor on October 30, 2024, and Iris Equity Holdings LLC was appointed as managing member of the Sponsor.

**Administrative Support Agreement**

On March 11, 2024, the Company entered into an administrative support agreement (the "Agreement") with Arrow Capital Management LLC ("Arrow"). Pursuant to the Agreement, Arrow will provide certain office space, utilities and secretarial and administrative support (the "Services") to the Company. In exchange for the Services, the Company will pay to Arrow $10,000 per month, beginning January 1, 2024, and continuing until the earlier of the consummation by the Company of an initial business combination or the Company's liquidation.

On August 30, 2024, the Company amended the Agreement with Arrow. In exchange for the Services mentioned above, the Company will pay to Arrow $30,000 per month, beginning September 1, 2024, and continuing until the earlier of the consummation by the Company of an initial business combination or the Company's liquidation.

For the three months ended March 31, 2025, the Company incurred $90,000 for the administrative support agreement, which is included in formation and operating costs on the unaudited condensed statements of operations. For the three months ended March 31, 2024, the Company incurred $30,000 for the administrative support agreement, which is included in formation and operating costs on the unaudited condensed statements of operations.

**Note 6. Promissory Note - Liminatus**

On October 4, 2023, the Company issued an unsecured promissory note in the aggregate principal amount up to $1,500,000 to Liminatus. Pursuant to the Note, Liminatus agreed to loan to the Company an aggregate amount up to $1,500,000 payable following the earlier of (i) closing of the Business Combination, as defined in the Business Combination Agreement dated November 30, 2022, or (ii) thirty (30) days following the termination of the Business Combination Agreement; provided, however, in the event the Company commences liquidation proceedings, this Note shall be cancelled and all amounts due, including all principal and accrued interest, shall be forgiven.

Interest on the Note compounds annually and accrues on each unpaid Advance made under this Note at the rate of 5% per annum. On February 28, 2024, the Liminatus unsecured promissory note was amended and restated to increase the aggregate principal amount to up to $2,500,000, and add advances that occurred under the note. On August 2, 2024, the Liminatus unsecured promissory note was amended and restated to increase the aggregate principal amount to up to $3,500,000, and add advances that occurred under the note. On November 27, 2024, the Liminatus unsecured promissory note was amended and restated to increase the aggregate principal amount to up to $5,000,000, and add advances that occurred under the note. As of March 31, 2025 and December 31, 2024, the Company's outstanding balance was $4,243,500 and $3,668,500, respectively. For the three months ended March 31, 2025 and March 31, 2024, the Company recorded interest expense of $57,098 and $1,339, respectively, which is included within interest expense on the unaudited condensed statements of operations and accounts payable and accrued expenses on the unaudited condensed balance sheets. As of March 31, 2025, total outstanding accrued interest was $185,206, and is included in accounts payable and accrued expenses in the Company's unaudited condensed balance sheets.

**Note 7. Commitments and Contingencies**

**Registration Rights**

The holders of the (i) Founder Shares, which were issued in a private placement prior to the closing of the IPO, (ii) Private Warrants, which were issued in a private placement simultaneously with the closing of the IPO and the shares of Class A common stock underlying such Private Warrants (iii) the PIPE Shares issuable pursuant to the PIPE Equity Subscription Agreement, and (iv) Private Warrants that may be issued upon conversion of Working Capital Loans will have registration rights to require the Company to register a sale of any of the Company's securities held by them pursuant to a registration rights agreement to be signed prior to or on the Effective Date. The holders of these securities are entitled to make up to three demands, excluding Form S-3 demands, that the Company registers such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to the Company's completion of its initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

**Underwriting Agreement**

The underwriters are entitled to an underwriting discount of 2% (or $5,520,000) of the gross proceeds of the IPO and deferred underwriting discount of 3.5% (or $9,660,000) of the gross proceeds of the IPO upon the completion of the Company's initial Business Combination.

On October 11, 2023, the Company executed a Fee Reduction Agreement with the underwriters to reduce the deferred underwriting discount of $9,660,000 to $8,000,000 in the event that the business combination with Liminatus is consummated. Pursuant to the terms of the agreement, the reduced deferred underwriting discount shall be payable by the Company to the underwriters in $1,000,000 cash and $7,000,000 of the common equity securities of the public entity that survives the transaction. As of March 31, 2025, the deferred underwriting discount of $9,660,000 has not been reduced to $8,000,000 because the release of the payable will occur upon the consummation of the business combination with Liminatus, which occurred on April 30, 2025. Upon the consummation of the Business Combination, $9,160,000 in deferred underwriting fees were settled, of which $7,000,000 will be settled in common shares of the combined company upon the earlier of (i) 180 days from the consummation of the Business Combination, and (ii) the Company's next share offering, $500,000 was settled in cash and $1,660,000 was waived and no longer payable. The remaining $500,000 will be settled upon the earlier of the consummation of the combined company's next share offering, or in six months from the date of the business combination.

**Capital Markets Advisory Agreement**

On July 19, 2024, the Company entered into a capital markets advisory agreement with Benjamin Securities, Inc. and Liminatus Pharma, LLC to perform certain services for the Company and Liminatus Pharma, LLC. The Company and Benjamin Securities, Inc. subsequently amended the agreement shortly after execution to delay the services provided until the business combination becomes effective. As such, no obligations are owed to Benjamin Securities, Inc. until the business combination becomes effective, which occurred on April 30, 2025. The combined entity remitted payment to Benjamin Securities, Inc. in the amount of $500,250 upon the consummation of the Business Combination.

**Note 8. Stockholders' Deficit**

**Preferred stock**—The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 and with such designations, voting and other rights and preferences as may be determined from time to time by the Company's board of directors. At March 31, 2025 and December 31, 2024, there were no shares of preferred stock issued or outstanding.

**Class A common stock**—The Company is authorized to issue 280,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of March 31, 2025 and December 31, 2024, there were 7,014,633 and 7,074,477, respectively, shares issued and outstanding, of which 114,633 and 174,477 are subject to possible redemption, respectively.

**Class B common stock**—The Company is authorized to issue 20,000,000 Class B common stock with a par value of $0.0001 per share. At both March 31, 2025 and December 31, 2024, there were no shares of Class B common stock outstanding.

Stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of the Company's stockholders except as required by law. Unless specified in the Company's amended and restated certificate of incorporation, or as required by applicable provisions of the Delaware General Corporation Law or applicable stock exchange rules, the affirmative vote of a majority of the Company's shares of common stock that are voted is required to approve any such matter voted on by its stockholders.

The Class B common stock are convertible at any time and from time to time at the option of the holder thereof and will automatically convert into Class A common stock upon the consummation of the initial Business Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of Class A common stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 83% of the total number of Class A common stock outstanding after such conversion, including the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding (i) any shares of Class A common stock redeemed by public stockholders in connection with the initial Business Combination and (ii) any Class A common stock or equity-linked securities exercisable for or convertible into Class A common stock issued, or to be issued, to any seller in the initial Business Combination and any Private Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

On September 20, 2023, the Sponsor converted all of its Class B common stock on a one - for - one basis into Class A common stock (such shares, the "Converted Shares"). The Sponsor will not have any redemption rights in connection with the Converted Shares, and the Converted Shares will be subject to the restrictions on transfer entered into by the Sponsor in connection with the IPO.

Upon the closing of the Business Combination, the holders of the Company's Class A common stock received 7,014,633 shares of the combined company's common stock.

**Note 9. Income Taxes**

The Company's effective tax rate for the three months ended March 31, 2025 and 2024 was (0.2)% and (0.7)%, respectively. The Company's effective tax rate differs from the statutory income tax rate of 21% primarily due to the business combination costs, changes in the fair value of warrant liabilities and change in the valuation allowance. The Company has used a discrete effective tax rate method to calculate taxes for the three months ended March 31, 2025. The Company believes that the use of the discrete method is more appropriate than the estimated effective tax rate method as the estimated annual effective tax rate method is not reliable due to a high degree of uncertainty in estimating annual pretax earnings.

**Note 10. Recurring Fair Value Measurements**

As of March 31, 2025 and December 31, 2024, the Company's warrant liabilities were valued at $379,315 and $357,400, respectively. Under the guidance in ASC 815-40, the warrants do not meet the criteria for equity treatment. As such, the warrants must be recorded on the unaudited condensed balance sheets at fair value. This valuation is subject to re-measurement at each balance sheet date. With each re-measurement, the warrant valuation will be adjusted to fair value, with the change in fair value recognized in the Company's unaudited condensed statements of operations.

All of the Company's permitted investments are held in the form of cash in the Company's Trust Account and are classified within Level 1 of the fair value hierarchy. Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets. The Company's warrant liability for the Private Placement Warrants is based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the Private Placement Warrant liability is classified within Level 3 of the fair value hierarchy. The Company's warrant liability for the Public Warrants is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. The fair value of the Public Warrant liability is classified within Level 1 of the fair value hierarchy.

The following table presents fair value information as of March 31, 2025 and December 31, 2024 of the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Amount at Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **March 31, 2025 (Unaudited)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash held in Trust Account | $1345389 | $1345389 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash - held in Trust Account | 702359 | 702359 |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Warrants | 207000 | 207000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Warrants | 172315 |  |  | 172315 |
| **December 31, 2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash held in Trust Account | $2016274 | $2016274 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash - held in Trust Account | 739195 | 739195 |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Warrants | 207000 | 207000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Warrants | 150400 |  |  | 150400 |

---

Measurement - The Company established the initial fair value for the warrants on March 9, 2021, the date of the consummation of the IPO. On March 31, 2025 and December 31, 2024, the fair value was remeasured. In May 2021, the Public Warrants were separately traded in the open market and the valuation for the Public Warrants was based on unadjusted quoted prices at March 31, 2025 and December 31, 2024. For March 31, 2025 and December 31, 2024, the Company used a Monte Carlo simulation model to value the Private Placement Warrants.

The key inputs into the Monte Carlo simulation model for the Warrants were as follows at initial measurement, March 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025**<br>**(Unaudited)** |<br>**December 31, 2024** |
| Risk-free interest rate | 4.10% | 4.19% |
| Expected term (years) | 0.83 | 0.80 |
| Expected volatility | 14.40% | -% |
| Stock Price | $9.00 | $11.22 |
| Exercise Price | $11.50 | $11.50 |

---

The change in the fair value of the warrant and derivative liabilities classified as Level 3 for the year ended March 31, 2025 is summarized as follows:

---

| | |
|:---|:---|
| Fair Value at December 31, 2024 | $150400 |
| Change in fair value | 21915 |
| Fair Value at March 31, 2025 | $172315 |

---

**Note 11. Segment Information**

ASC Topic 280, *Segment Reporting*, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker ("CODM"), or group, in deciding how to allocate resources and assess performance.

The Company is a blank check company formed for the purpose of effecting a Business Combination. As of March 31, 2025, the Company had not commenced any operations. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on the investments held in the Trust Account.

The Company's CODM has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company is a single segment entity. When evaluating the Company's performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025**<br>**(Unaudited)** |<br>**December 31, 2024** |
| Cash | $62242 | $65343 |
| Cash and investments held in Trust Account | $1345389 | $2016274 |

---

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2025** | **2024** |
| Other general and administrative expenses | $507004 | $558479 |
| Professional services fees in connection with Business Combination | 320643 | 163275 |
| **Total operating expense** | $**827647** | $**721754** |
| Interest income on investments held in Trust Account | $16894 | $47241 |

---

The key measures of segment profit or loss reviewed by the CODM are interest earned on investments held in Trust Account and operating and formation costs. The CODM reviews interest earned on investments held in Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. Within the operating expenses, the CODM specifically reviews professional service fees in connection with the Business Combination, which are a significant segment expense, and include legal fees, and advisory fees, as these represent significant costs affecting the Company's consummation of the Business Combination. Other general and administrative expenses, including accounting expenses, printing expenses, and regulatory filing fees, are reviewed in aggregate to ensure alignment with budget and contractual obligations. These expenses are monitored to manage and forecast cash available to complete a business combination within the required period.

All other segment items included in net income or loss are reported on the unaudited condensed statement of operations and described within their respective disclosures.

**Note 12. Subsequent Events**

The Company's management has evaluated subsequent events and transactions that occurred after the unaudited condensed balance sheet date up to the date that the unaudited condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events other than the below that would have required adjustment or disclosure in the unaudited condensed financial statements.

On April 3, 2025, the Company obtained additional advances under the Liminatus unsecured promissory note of $200,000, which resulted in a total outstanding principal balance of $4,443,500

Pursuant to the Business Combination Agreement, on April 30, 2025, the Mergers were completed (see Note 1). In connection with the completion of the Mergers, the Liminatus unsecured promissory was netted as Iris and Liminatus are now one consolidated entity.

Upon the consummation of the Business Combination, $9,160,000 in deferred underwriting fees were settled, of which $7,000,000 will be settled in common shares of the combined company upon the earlier of (i) 180 days from the consummation of the Business Combination, and (ii) the Company's next share offering, $500,000 was settled in cash and $1,660,000 was waived and no longer payable. The remaining $500,000 will be settled upon the earlier of the consummation of the combined company's next share offering, or in six months from the date of the business combination.

Upon the consummation of the Business Combination, on April 30, 2025, the combined company remitted payment to Benjamin Securities, Inc. in the amount of $500,250 in connection with the capital markets advisory agreement.

On May 1, 2025, the Company paid $702,359 to the shareholders whom redeemed their shares on March 4, 2025.

## Exhibit 99.8

**Exhibit 99.8**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**OF IRIS ACQUISITION CORP**

*You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes included as exhibits or incorporated by reference into the Current Report on Form 8-K, as amended (the "Current Report"), to which this discussion and analysis is filed as an exhibit. Unless the context otherwise requires, when we use the terms "we," "us," and "our" in the following discussion and analysis, we are referring to Iris Acquisition Corp prior to the completion of the business combination with Liminatus Pharma, LLC ("Liminatus").*

**Overview**

We are a blank check company incorporated on November 5, 2020 as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On November 30, 2022, we executed a Business Combination Agreement with Liminatus Pharma, LLC ("Liminatus"), which consummated on April 30, 2025 (the "Closing Date").

**Initial Public Offering**

The registration statement for the Company's initial public offering ("IPO") was declared effective by the Securities Exchange Commission ("SEC") on March 4, 2021. On March 9, 2021, the Company consummated the IPO of 27,600,000 units (the "Units") at a price of $10.00 per Unit, for total gross proceeds of $276,000,000. Each Unit consists of one share of Class A common stock, $0.0001 par value, and one-fourth of one redeemable warrant entitling its holder to purchase one share of common stock at a price of $11.50 per share.

Simultaneously with the closing of the IPO, pursuant to the Warrant Purchase Agreements, the Company completed the private sale of an aggregate of 5,013,333 Warrants (each a "Private Placement Warrant") to Iris Acquisition Holdings LLC (the "Sponsor") and Cantor Fitzgerald & Co. ("Cantor") at a purchase price of $1.50 per Private Placement Warrant. The sale of the Private Placement Warrants generated gross proceeds to the Company of $7,520,000.

**Extension of Business Combination Period and Other Transactions**

After the special stockholders meeting held on December 20, 2022, to vote upon a charter amendment to extend the time to complete a business combination until June 9, 2023 (subject to an additional three month extension at the discretion of the Board), stockholders holding 26,186,896 Public Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.08 per share, for an aggregate redemption amount of $263,963,913. Following such redemptions, 1,413,104 Public Shares remained outstanding in the trust.

On April 26, 2023, Dr. Borade, an Audit Committee member, notified us of his intent to resign as a member of our Board effective April 26, 2023. Dr. Borade's decision to resign was not the result of any dispute or disagreement with us on any matter relating to our operation, policies (including accounting or financial policies) or practices.

On May 30, 2023, our Board held a meeting and: (i) extended the date by which we must consummate a Business Combination for a three month period from June 9, 2023 to September 9, 2023, and (ii) appointed Nicholas Fernandez to serve as a director. Consistent with this extension by our Board, the parties to the Business Combination Agreement amended the Business Combination Agreement on June 1, 2023, to extend the date by which the parties thereto can terminate the Business Combination Agreement if the transaction has not closed by that date (the "Outside Date") from June 7, 2023, to September 30, 2023.

On August 16, 2023, we filed a preliminary proxy statement with the SEC containing a proposal to stockholders to amend our amended and restated certificate of incorporation to, among other things, extend the date by which we must consummate a business combination from September 9, 2023, to March 9, 2024. On August 14, 2023, the parties to the Business Combination Agreement amended the Business Combination Agreement to extend the Outside Date from September 30, 2023 to March 9, 2024.

On September 7, 2023, we filed with the Secretary of State of the State of Delaware an amendment to our amended and restated certificate of incorporation to: (i) to change the date by which we must consummate a business combination from September 9, 2023 to December 9, 2023 (the "Second Extension Amendment") (subject to an additional three month extension at the discretion of our Board); (ii) to remove from the charter the limitation on share repurchases prior to the consummation of a business combination that would cause our net tangible assets to be less than $5,000,001 following such repurchases, and the limitation that we shall not consummate a business combination if it would cause our net tangible assets to be less than $5,000,001 either immediately prior or subsequent to the consummation of such business combination (the "NTA Amendment"); and (iii) to amend the charter to provide for the right of a holder of shares of the Class B common stock, par value $0.0001 per share, to convert such shares into shares of the Class A common stock on a one-for-one basis prior to the closing of a business combination (the "Founder Share Amendment" and, together with the Extension Amendment and the NTA Amendment, the "Charter Amendments").

Our stockholders approved the Charter Amendments at a special meeting of stockholders (the "Second Special Meeting") on September 7, 2023.

In connection with the Second Special Meeting, stockholders holding 1,006,495 Public Shares properly exercised their right to redeem their shares for cash at a redemption price of $10.29 per share, subject to adjustment for applicable taxes, including, but not limited to, franchise tax, excise tax and income tax, for an aggregate redemption amount of $10,358,754. Following such redemptions, 406,609 Public Shares remained outstanding.

On September 25, 2023, the Sponsor converted all of its Class B common stock on a one-for-one basis into Class A common stock. The Sponsor will not have any redemption rights in connection with the Converted Shares, and the Converted Shares will be subject to the restrictions on transfer entered into by the Sponsor in connection with the IPO.

On December 5, 2023, the Board held a meeting and extended the date by which the Company must consummate a Business Combination for a three month period from December 9, 2023 to March 9, 2024.

On February 7, 2024, we filed a preliminary proxy statement with the SEC containing a proposal to stockholders to amend our amended and restated certificate of incorporation to, among other things, extend the date by which we must consummate a business combination from to March 9, 2024, to June 9, 2024 (subject to an additional three month extension at the discretion of the Board). Our stockholders approved the amendments to the Certificate of Incorporation at the special meeting on March 7, 2024.

On March 7, 2024, we filed with the Secretary of State of the State of Delaware an amendment to our amended and restated certificate of incorporation to change the date by which we must consummate a business combination to June 9, 2024 (the "Third Extension Amendment") (subject to an additional three month extension at the discretion of our Board). Our Board approved the additional three month extension on May 13, 2024 extending the date to consummate a business combination to September 9, 2024.

Our stockholders approved the Third Extension Amendment at a special meeting of stockholders (the "Third Special Meeting") on March 7, 2024.

In connection with the Third Special Meeting, stockholders holding 119,572 shares properly exercised their right to redeem their shares for cash at a redemption price of $10.58 per share, adjusted for applicable taxes in the amount of $60,000 including, but not limited to, franchise tax, excise tax and income tax, for an aggregate redemption amount of $1,265,669. Following such redemptions, 287,037 shares remained outstanding.

On March 9, 2024, the parties to the Business Combination Agreement amended the Business Combination Agreement to extend the Outside Date to July 31, 2024. Additionally, on March 9, 2024, the parties to the PIPE Equity Subscription Agreement and Convertible Note Subscription Agreement entered into amendments to such agreements to extend the termination date of the respective agreements to July 31, 2024.

On May 13, 2024, the Board extended the date by which the Company must consummate a Business Combination for a three month period from June 9, 2024 to September 9, 2024, pursuant to the discretion granted to the Board by the stockholders.

On July 19, 2024, the parties to the Business Combination Agreement amended the Business Combination Agreement to extend the Outside Date to September 3, 2024.

On July 23, 2024, the PIPE Equity Subscription Agreement was amended to increase the PIPE Investor's committed purchase of PIPE Shares from 1,500,000 to 2,500,000, increase the PIPE Equity Investment from $15,000,000 to $25,000,000, and extend the date by which the PIPE Investor can terminate the agreement to September 3, 2024. On July 23, 2024, the parties to the Convertible Note Subscription Agreement terminated such agreement.

On August 16, 2024, Liminatus informed us that Targeted Diagnostics & Therapeutics, Inc., Liminatus's license partner for the intellectual property and other rights related to GCC (CAR-T therapy and cancer vaccine), terminated the License and Development Agreement, dated June 10, 2018, by and between Targeted Diagnostics & Therapeutics, Inc. and Liminatus. As a result of this termination, a post-effective amendment to ParentCo's Registration Statement on Form S-4 was filed on November 8, 2024, to disclose the change to Liminatus's business and to reschedule a previously scheduled meeting of stockholders to a later date.

On August 16, 2024, the parties to the Business Combination Agreement amended the Business Combination Agreement to extend the Outside Date to December 31, 2024. Also on August 16, 2024, the parties to the PIPE Equity Subscription Agreement entered into an amendment to such agreement to extend the termination date of the agreement to December 31, 2024.

On August 26, 2024, we filed a proxy statement with the SEC containing a proposal to stockholders to amend our Certificate of Incorporation to extend the date by which we must consummate a business combination from September 9, 2024 to December 31, 2024. Our stockholders approved the amendments to the Certificate of Incorporation at the special meeting on September 5, 2024. On September 5, 2024, we filed with the Secretary of State of the State of Delaware an amendment to our amended and restated certificate of incorporation to change the date by which we must consummate a business combination to December 31, 2024. Additionally, on September 5, 2024, stockholders holding 48,107 shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.17 per share, for an aggregate redemption amount of approximately $537,200, subject to adjustment for applicable taxes, including, but not limited to, franchise tax, excise tax and income tax. Following such redemptions, 238,930 Public Shares remained outstanding.

On October 23, 2024, the parties to the Business Combination Agreement amended the Business Combination Agreement to, among other things, reduce the enterprise value associated with Liminatus to $175 million.

On October 31, 2024, the PIPE Equity Subscription Agreement was amended to decrease the PIPE Investor's committed purchase of PIPE Shares from 2,500,000 to 1,500,000, and decrease the PIPE Equity Investment from $25,000,000 to $15,000,000.

On December 9, 2024, we filed a proxy statement with the SEC containing a proposal to stockholders to amend the Certificate of Incorporation to extend the date by which Iris must consummate a business combination from December 31, 2024 to March 31, 2025 (subject to an additional three month extension at the discretion of the Board). Our stockholders approved the amendments to the Certificate of Incorporation at the special meeting on December 20, 2024.

On December 20, 2024, stockholders holding 64,453 public shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.47 per share, subject to adjustment for taxes payable from the trust account, for an aggregate redemption amount of approximately $739,195. Following such redemptions, 174,477 Public Shares will remain outstanding. The redemptions were settled on February 3, 2025.

On December 26, 2024, we filed with the Secretary of State of the State of Delaware an amendment to our amended and restated certificate of incorporation to change the date by which we must consummate a business combination to March 31, 2025 (subject to an additional three month extension at the discretion of the Board). On December 26, 2024, the parties to the Business Combination Agreement amended the Business Combination Agreement to extend the date by which the parties thereto can terminate the Business Combination Agreement to June 30, 2025.

On December 26, 2024, the parties amended the date by which the PIPE Investor can terminate the agreement to June 30, 2025.

On March 4, 2025, we held a special meeting of stockholders. At the special meeting, the Company's stockholders voted to approve the business combination, and adopt the Business Combination Agreement, among other items. In connection with the special meeting, stockholders holding 59,844 public shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.74 per share, subject to adjustment for taxes payable from the trust account, for an aggregate redemption amount of approximately $702,359.

On April 30, 2025, the Business Combination consummated, which is discussed in further detail below.

**Business Combination**

On November 30, 2022, the Company, Iris Parent Holding Corp. ("ParentCo"), Liminatus, Liminatus Pharma Merger Sub, Inc. ("Liminatus Merger Sub") and SPAC Merger Sub, Inc. ("SPAC Merger Sub") entered into a business combination agreement (as it may be amended, supplemented or otherwise modified from time to time, the "Business Combination Agreement") whereby (a) Liminatus Merger Sub will merge with and into Liminatus (the "Liminatus Merger"), with Liminatus surviving the Liminatus Merger as a direct wholly-owned subsidiary of ParentCo, and (b) simultaneously with the Liminatus Merger, SPAC Merger Sub will merge with and into Iris (the "SPAC Merger" and, together with the Liminatus Merger, the "Mergers"), with Iris surviving the SPAC Merger as a direct wholly-owned subsidiary of ParentCo (the transactions contemplated by the foregoing clauses (a) and (b) the "Business Combination").

Liminatus is an early stage single-asset biotech company focused on oncology. The company is looking to develop a next generation CD47 checkpoint inhibitor targeting various solid tumors. CD47 is a potent 'do not eat me' signal that enables cancer cells to evade detection by the immune system. The CD47 next generation antibody has shown to preferentially bind to immune cells, but negligibly to red blood cells and platelets without inducing destruction of red blood cells which is a key differentiating feature. The next generation of anti CD47 monoclonal antibodies have catalysed a resurgence of interest in the field. Currently IND enabling studies are underway to progress the asset into clinical trials.

Liminatus is actively reviewing opportunities to in-license or acquire other clinical candidates that match the area of expertise of the company.

Concurrently with the execution of the Business Combination Agreement, ParentCo and Iris have entered into an equity subscription agreement (the "PIPE Equity Subscription Agreement") with one accredited investor (the "PIPE Investor") pursuant to which the PIPE Investor has committed to purchase 1,500,000 shares of ParentCo Common Stock at a purchase price per share of $10.00 (the "PIPE Shares"), for an aggregate purchase price of $15,000,000 (the "PIPE Equity Investment"). The obligations to consummate the transaction contemplated by the PIPE Equity Subscription Agreement are conditioned upon, among other things, customary closing conditions and the consummation of the transactions contemplated by the Business Combination Agreement.

Simultaneously with the PIPE Equity Subscription Agreement, ParentCo and Iris entered into a convertible note subscription agreement (the "Convertible Note Subscription Agreement") with one accredited investor (the "PIPE Subscriber") pursuant to which the PIPE Subscriber committed to subscribe for and purchase 8% convertible notes (the "Convertible Notes") of and from ParentCo in an aggregate principal amount of $25,000,000 (the "Convertible Notes Investment") due three years after the Closing of the Business Combination, with an initial conversion price of $11.50 per share of ParentCo Common Stock, which was subject to future downward adjustment based upon the market price of the publicly traded ParentCo Common Stock. The parties to the Convertible Note Subscription Agreement terminated the Convertible Note Subscription Agreement on July 23, 2024.

Pursuant to the Business Combination Agreement, among other matters, at the effective time of the Business Combination (the "Effective Time"), (i) every issued and outstanding security issued by Iris during its initial public offering (each, an "Iris Unit") was automatically separated and broken out into its constituent parts and the holder thereof was deemed to hold one share of Iris Class A Common Stock, par value $0.0001 per share (the "Iris Class A Shares") and one-fourth of one whole redeemable warrant that was included as part of each Iris Unit (the "Public Warrants"), and such underlying constituent securities of Iris were converted in accordance with the applicable terms of the Business Combination Agreement, (ii) at the Effective Time, each issued and outstanding Iris Class A Share was converted automatically into and thereafter represent the right to receive one share of common stock, par value $0.0001 per share ("Common Stock"), of ParentCo, following which all Iris Class A Shares ceased to be outstanding and were automatically canceled and ceased to exist, (iii) at the Effective Time, each issued and outstanding Public Warrant immediately and automatically represented the right to purchase shares of Common Stock on the same terms and conditions as are set forth in the applicable warrant agreement, (iv) at the Effective Time, each issued and outstanding non-redeemable warrant of Iris that was issued by Iris in a private placement at the time of the consummation of its initial public offering, entitling the holder thereof to purchase one Iris Class A Share at $11.50 per share, except those issued to Cantor Fitzgerald & Co. ("Cantor"), were forfeited, and (v) the private placement warrants issued to Cantor immediately and automatically represented the right to purchase shares of Common Stock.

On April 30, 2025 (the "Closing Date"), Iris consummated the business combination Mergers pursuant to the terms of the Business Combination Agreement by and among, ParentCo, Iris, Liminatus, Liminatus Merger Sub and SPAC Merger Sub. Upon the consummation of the Business Combination, Iris's Class A common stock, units and public warrants ceased trading on the OTC Pink Marketplace, and ParentCo Common Stock and ParentCo Public Warrants began trading on The Nasdaq Stock Market ("Nasdaq") on May 1, 2025, under the symbols "LIMN" and "LIMNW," respectively.

Upon the closing of the Business Combination, Iris Class A Common Stockholders received 7,014,633 shares of the combined company's common stock.

In addition to the above, the combined company, in aggregate, issued 19,000,000 shares of Common Stock to the Liminatus securityholders and to the PIPE Investor.

Pursuant to the terms of the Business Combination Agreement, 6,900,000 Iris public warrants were converted into a right to purchase the combined company's Common Stock.

As it relates to the Iris private warrants, Iris's sponsor forfeited 4,177,778 private warrants, while the 835,555 private warrants issued to Cantor were converted into a right to purchase shares of the combined company's Common Stock.

Upon the closing of the Business Combination on April 30, 2025, the PIPE funds were remitted to the combined company.

**Results of Operations**

We have neither engaged in any operations nor generated any revenues to date. Our only activities for the period from November 5, 2020 (inception) through March 31, 2025 were organizational activities, those necessary to prepare for the IPO, and identifying a target company for our initial Business Combination, which closed on April 30, 2025. We generate non-operating interest income from our cash and marketable securities held in the Trust Account and changes in the value of warrant liabilities. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing), as well as for due diligence expenses. We will not generate any operating revenues until, at the earliest, the closing and completion of our initial Business Combination, which closed on April 30, 2025.

For the three months ended March 31, 2025, we had a net loss of $891,382, which consisted of $827,647 of formation and offering costs, $21,915 of unrealized loss on the change in fair value of warrants, $57,098 of interest expense and income tax provision of $1,616, which are offset by interest income on investments held in the Trust Account of $16,894.

For the three months ended March 31, 2024, we had a net loss of $858,231, which consisted of $721,754 of formation and offering costs, $178,734 of unrealized loss on the change in fair value of warrants, $1,339 of interest expense and income tax provision of $5,847, which are offset by interest income on investments held in the Trust Account of $47,241 and a gain on the fair value of derivatives of $2,202.

**Going Concern, Liquidity and Capital Resources**

As of March 31, 2025, we had $62,242 in our operating bank account, which includes $27,347 of restricted cash to be used for tax payments and negative working capital of approximately $8,778,564. In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of the Sponsor or certain of our officers and directors may, but are not obligated to, provide us Working Capital Loans. As of March 31, 2025, there were no Working Capital Loans outstanding. Additionally, the Company issued promissory notes to the Sponsor and Liminatus to fund working capital deficiencies or finance transaction costs in connection with a Business Combination. As of March 31, 2025 and December 31, 2024, there was $4,243,500 and $3,668,500 respectively, of promissory notes issued to Liminatus, which are included in Promissory notes - Liminatus in the accompanying unaudited condensed balance sheets. Additionally, there were $1,453,720 of promissory notes issued to related parties as of both March 31, 2025 and December 31, 2024, which are included in Promissory notes - related party in the accompanying unaudited condensed balance sheets. Upon the consummation of the business combination on April 30, 2025, the Company ceased to exist and is survived by the combined company.

As of March 31, 2025, we had cash equivalents in the form of investments held in the Trust Account of $2,047,748, which includes $702,359 of restricted cash to be used for pending Class A common stock redemptions. We have used substantially all of the funds held in the Trust Account, including any amounts representing interest earned on investments held in the Trust Account to complete the Business Combination.. We have also withdrawn interest earned on investments held in the Trust Account to pay income and franchise taxes.

In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standards Board ("FASB") ASC 205-40, *Presentation of Financial Statements—Going Concern*, management has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the accompanying unaudited condensed financial statements are issued. The Company's unaudited condensed financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Management's plans relating to the above include raising additional cash through equity and debt financings or other arrangements to fund operations after the completion the Business Combination. There can be no assurance that the Company will be able to raise adequate capital under acceptable terms, if at all. The sale of additional equity may dilute existing members and newly issued member units may contain senior rights and preferences compared to currently outstanding ordinary shares. Issued debt securities may contain covenants and limit the Company's ability to pay dividends or make other distributions to members. If the Company is unable to obtain such additional financing, future operations would need to be reevaluated.

***Cash Flows***

*Operating Activities* 

Our net cash used in operating activities was $561,695 for the three months ended March 31, 2025, as compared to $903,722 for the three months ended March 31, 2024. The decrease in cash used in operating activities can be primarily attributed to an increase in the Company's net loss of $33,151, an increase in changes in operating assets and liabilities of $500,787, which were offset by a decrease in unrealized loss on change in the fair value of warrant liabilities of $156,819.

*Investing Activities* 

Net cash provided by investing activities was $724,615 for the three months ended March 31, 2025 as compared to $248,834 for the three months ended March 31, 2024 primarily due to an increase in proceeds from the Trust Account for redemptions in the amount of $741,021 offset by a decrease in proceeds from the Trust account used for tax payments of $279,519.

*Financing Activities* 

Net cash used in financing activities for the three months ended March 31, 2025 of $166,021 resulted from the payment of redemptions of Class A common stock of $741,021 offset by borrowings from Liminatus of $575,000. Net cash provided by financing activities for the three months ended March 31, 2024 of $700,000 resulted from borrowings from Liminatus.

**Critical Accounting Policies and Significant Judgments and Estimates**

Management's discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements and related disclosures requires us to make estimates, assumptions and judgments that affect the reported amount of assets, liabilities, costs and expenses and related disclosures.

We consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. The critical accounting estimates, assumptions, judgements and the related policies that we believe have the most significant impact on its financial statements are described below:

**Fair Value of Warrants**

In determining the fair value of our Private Placement Warrants, our Board used the most observable inputs available. The valuation approach utilized the Monte Carlo simulation model. Some of the inputs used in the model include the expected common stock price volatility, 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 our valuation of our Private Placement Warrants as of each valuation date and may have a material impact on the valuation of these warrants.

**Recently Adopted Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," that addresses requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2024. The amendments in this ASU must be applied on a retrospective basis to all prior periods presented in the financial statements and early adoption is permitted. The Company adopted this standard on January 1, 2025 and determined that the adoption does not have a material impact on these unaudited condensed financial statements.

**Recent Issued Accounting Pronouncements**

On November 4, 2024, the FASB issued ASU 2024-03, Accounting Standards Update 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements; however, the amendments affect where such information appears in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact that the adoption of this standard will have on its financial statements.

Management does not believe that any additional recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's unaudited condensed financial statements.