<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Red Peony Association 1st -->
          <cik>0002071622</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock , par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>04/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001971387</issuerCik>
        <issuerName>Liminatus Pharma, Inc.</issuerName>
        <issuerCusip>53271X108</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>6 Centerpointe Drive #625</com:street1>
          <com:city>La Palma</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>90623</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Red Peony Association 1st</reportingPersonName>
      <citizenshipOrOrganization>M5</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1470000.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1470000.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1470000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.7</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>* Percentage is calculated based on 26,014,633 shares of Common Stock outstanding upon consummation of the Business Combination on April 30, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Liminatus Pharma, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>6 Centerpointe Drive #625, La Palma, CA 90623</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Red Peony Association 1st</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>353, Hyoryeong-ro, Seocho-dong, Seocho-gu, Seoul, Republic of Korea</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Republic of South Korea</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>1,470,000</amountBeneficiallyOwned>
        <classPercent>0</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>1,470,000</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>1,470,000</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Red Peony Association 1st</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Kyung Bok Hyun</signature>
        <title>Kyung Bok Hyun/Authorized Representative</title>
        <date>06/26/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
