8-K12B: Liminatus Pharma Completes Business Combination with Iris Acquisition Corp, Begins Trading on Nasdaq

Liminatus Pharma, a pre-clinical stage biopharmaceutical company, finalized its business combination with Iris Acquisition Corp and will commence trading on the Nasdaq under the ticker symbols LIMN and LIMNW on May 1, 2025.

Summary

• Liminatus Pharma, LLC and Iris Acquisition Corp completed their business combination on April 30, 2025.
• The combined entity is now named Liminatus Pharma, Inc.
• Liminatus Pharma, Inc.'s common stock and warrants are expected to begin trading on the Nasdaq under the ticker symbols LIMN and LIMNW on May 1, 2025.
• The business combination was approved by Iris's stockholders on March 4, 2025.
• Liminatus is focused on developing novel cancer therapies, with its lead candidate, IBA101, targeting advanced solid cancers, including non-small cell lung cancer.
• The company is led by Chris Kim (CEO), Scott Dam (CFO), and Byong C. Yoo (CSO).

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to the completion of the business combination and the company's plans to develop novel cancer therapies. However, the company is still in the pre-clinical stage, which introduces significant uncertainty.

Positives

• The business combination provides Liminatus Pharma with access to public markets and capital.
• Liminatus has a clinical candidate, IBA101, in development for advanced solid cancers.
• The company has a strong leadership team in place.

Risks

• Liminatus is a pre-clinical stage company, and the success of its drug development programs is uncertain.
• The biopharmaceutical industry is highly competitive.
• The company's future success depends on its ability to raise financing.
• The company is subject to legal and regulatory risks.
• The company is exposed to risks related to manufacturing active pharmaceutical ingredients, drug product, and other materials we need.

Future Outlook

Liminatus Pharma intends to develop a broad array of transformative therapies for cancer patients as a leading global biopharmaceutical company.

Management Comments

• 'We are grateful to all participants in this business combination for sharing our vision,' said Chris Kim, Chief Executive Officer of Liminatus.
• 'We are proud to have successfully completed our business combination with Liminatus and to support their next chapter as a Nasdaq-listed company,' said Sumit Mehta, Chief Executive Officer of Iris.
• 'This milestone marks the beginning of an exciting journey, and we believe Liminatus is poised to drive transformative impact and innovation in its field,' said Sumit Mehta, Chief Executive Officer of Iris.

Industry Context

The business combination reflects a trend of SPAC mergers in the biopharmaceutical industry, allowing companies like Liminatus to access public markets and funding to advance their drug development programs.

Comparison to Industry Standards

• Liminatus's focus on CD47 checkpoint inhibitors places it in a competitive landscape with other companies developing similar therapies, such as Forty Seven Inc. (acquired by Gilead) and ALX Oncology.
• The success of Liminatus will depend on the efficacy and safety of its lead candidate, IBA101, compared to these competing therapies.

Stakeholder Impact

• Shareholders of Iris Acquisition Corp have their shares converted into shares of Liminatus Pharma, Inc.
• Employees of Liminatus Pharma, LLC become employees of the combined company.
• The business combination provides Liminatus with access to capital to advance its drug development programs, potentially benefiting cancer patients.

Next Steps

• Liminatus Pharma will commence trading on the Nasdaq under the ticker symbols LIMN and LIMNW on May 1, 2025.
• The company will continue to develop its lead candidate, IBA101, and other cancer therapies.

Key Dates

Keywords

business combination, Liminatus Pharma, Iris Acquisition Corp, Nasdaq, biopharmaceutical, cancer therapies, IBA101, CD47, merger