The deal hinges on a carefully calibrated issuance of equity. Liminatus will release common stock up to the 19.99% threshold permitted by Nasdaq rules without requiring investor consent. The remainder of the $320 million valuation will be delivered as non-voting convertible preferred stock, which remains locked until shareholders formally approve the conversion. Beyond the initial equity stake, InnocsAI holders gain rights to 20% of proceeds from future strategic transactions.

Chief Executive Chris Kim characterized the move as a pivotal shift for the firm’s oncology portfolio. By integrating InnocsAI’s next-generation cell therapy pipeline, Liminatus seeks to cement its standing as a diversified biotechnology player. The aggressive timeline underscores the company’s intent to secure these assets before the third quarter begins.