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United States securities and exchange commission logo





                             December 4, 2023

       Sumit Mehta
       Chief Executive Officer
       Iris Parent Holding Corp.
       6 Centerpointe Drive #625
       La Palma, California 90623

                                                        Re: Iris Parent Holding
Corp.
                                                            Registration
Statement on Form S-4
                                                            Filed November 8,
2023
                                                            File No. 333-275409

       Dear Sumit Mehta:

                                                        We have reviewed your
registration statement and have the following comments.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe a comment applies to your
facts and circumstances
       or do not believe an amendment is appropriate, please tell us why in
your response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to this letter, we may have additional comments.

       Registration Statement on Form S-4

       Summary of the Proxy Statement/Prospectus
       Terms of the Business Combination, page 3

   1.                                                   We note your response
to comment 8 and reissue in part. Your disclosure states that the
                                                        shares of ParentCo
Common Stock and the ParentCo Public Warrants are expected to be
                                                        listed on Nasdaq.
Please revise to include the substantive portion of your response, that
                                                        the Nasdaq closing
condition cannot be waived without recirculation or resolicitation.
       Management and Board of Directors Following the Business Combination,
page 7

   2.                                                   Please also clarify
here and elsewhere, if true, that ParentCo could delay compliance with
                                                        the majority
independent board requirement in Nasdaq Rule 5605(b) until such time as it
                                                        is no longer a
controlled company.
 Sumit Mehta
FirstName   LastNameSumit
Iris Parent Holding  Corp. Mehta
Comapany4,
December    NameIris
               2023 Parent Holding Corp.
December
Page  2     4, 2023 Page 2
FirstName LastName
Risks Related to Iris's Liquidity and Capital Resources, page 73

3.       We note your disclosure that Liminatus agreed to provide you with a
series of advances
         from the proceeds of the business combination to be received by
Liminatus at the closing
         of the business combination. That such advances have totaled $350,000
through
         September 11, 2023, and that you are in the process of negotiating an
agreement to
         finalize the formal repayment terms for these advances. Please update
to disclose all
         advances to date, update for the finalized repayment terms, clarify
whether you, the
         Sponsor or any affiliates, have given up any equity in consideration
for such advances,
         and clarify that such advances returned to you by Liminatus from the
proceeds of the
         business combination will have the effect of reducing the amount of
capital that would
         otherwise have been available to Liminatus to fund its business plans
after the business
         combination and may cause Liminatus to need to raise capital sooner
than if the advances
         had not been agreed to, and that any such capital raising could be
dilutive to shareholders
         who do not redeem their shares. Please also tell us where the
transactions related to the
         advances are reflected in the unaudited pro forma combined balance
sheet. Please also
         update the disclosure in the third full paragraph on page 202 to
reflect the advances, as
         appropriate.
Background of the Business Combination, page 100

4.       We note your response to comment 15 and reissue in part. Please revise
your disclosure to
         clarify how the Iris board considered the disclosed conflicts of
interest with Cantor in
         negotiating and recommending the business combination. Moreover,
please revise to
         disclose the acquisition criteria set forth in your 8-K filed on July
27, 2022, and clarify
         how Liminatus met those criteria.
5.       We note your response to our prior comment 16, and reissue in part.
Please revise your
         disclosure to further discuss the factors and conditions that
supported and led to a
         final enterprise valuation of $250 million.
Regulatory Matters, page 114

6.       We note from your response to comment 17 that the parties to the
Business Combination
         have determined that the transaction does not meet the relevant HSR
Act thresholds, so
         the parties do not intend to make any notice filings under the HSR
Act. If your response is
         accurate, please revise your disclosure, that the Business Combination
and the transactions
         contemplated thereby are not subject to any additional regulatory
requirements except for
         filings under the HSR Act and the expiration of any applicable waiting
period thereunder,
         to reconcile with your response.
Business of Liminatus, page 171

7.       We note your revisions in response to comment 23, and reissue in part.
Please revise your
         disclosure to remove all statements related to the safety and efficacy
of your product
 Sumit Mehta
FirstName   LastNameSumit
Iris Parent Holding  Corp. Mehta
Comapany4,
December    NameIris
               2023 Parent Holding Corp.
December
Page  3     4, 2023 Page 3
FirstName LastName
         candidates. For example, we continue to note the following statements:

                "The GCC Vaccine has demonstrated a good safety profile in a
Phase I clinical
              trial..." (page 179);
                "This vaccine vector employs recombinant human type 5
adenovirus (rAd5) and is
              rendered replication-deficient, increasing safety associated with
its clinical use."
              (page 181); and
                "The     efficacy, and safety of Ad5.F35-mGCC-S1 has been
demonstrated..." (page
              184).
Management of ParentCo Following the Business Combination, page 207

8.       It appears that Mr. Dam, Dr. Yoo, Dr. Lee and Dr. Choi are currently
employed by other
         entities. Please indicate whether these officers will continue to
serve at the other entities
         after the business combination or will serve full time at Liminatus.
If they will continue to
         also serve at other entities, please disclose potential conflicts of
interest and include risk
         factor disclosure as appropriate, including, as indicated in your
response to comment 30,
         that Liminatus has no employment agreements with its executive
officers. Since the
         executive officers appear to be joining Liminatus at the time of the
business combination,
         please include appropriate risk factor disclosure as requested by
comment 29.
Beneficial Ownership of Securities, page 219

9.       We note your revisions in response to comment 32. Please further
revise to identify in
         footnote 2 the natural persons who have voting and/or investment power
over the shares
         held by the Sponsor.
Condensed Financial Statements
Unaudited Financial Statements of Liminatus Pharma, LLC, page F-44

10.      We note that you have labeled the financial statements as unaudited in
the Index to
         financial statements on page F-1. Please revise your filing to label
the headers for the
         condensed financial statements and the footnotes as unaudited to
clearly distinguish
         between audited and unaudited financial information.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Ibolya Ignat at 202-551-3636 or Kevin Kuhar at
202-551-3662 if you have
questions regarding comments on the financial statements and related matters.
Please contact
 Sumit Mehta
Iris Parent Holding Corp.
December 4, 2023
Page 4

Cindy Polynice at 202-551-8707 or Tim Buchmiller at 202-551-3635 with any other
questions.



                                                         Sincerely,
FirstName LastNameSumit Mehta
                                                         Division of
Corporation Finance
Comapany NameIris Parent Holding Corp.
                                                         Office of Life
Sciences
December 4, 2023 Page 4
cc:       Chauncey M. Lane, Esq.
FirstName LastName
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