Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 81

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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 the central nervous system (“CNS”). The Company’s
goal is to develop a novel and proprietary class of NaV blockers that target the body’s peripheral nervous system.

Overview

The
Company has a limited operating history and has not generated revenue from its intended operations. The Company’s business
and operations are sensitive to general business and economic conditions in the U.S. and worldwide along with local, state, and
federal governmental policy decisions. A host of factors beyond the Company’s control could cause fluctuations in these
conditions. Adverse conditions may include changes in the biotechnology regulatory environment, technological advances that render
the Company’s technologies obsolete, availability of resources for clinical trials, acceptance of technologies into the
medical community, and competition from larger, more well-funded companies.

Initial
Public Offering

On
February 21, 2024, the Company completed the initial public offering of its Common Stock (the “IPO”) and issued 110,000 shares
of its Common Stock at a price of $60.00 per share. The aggregate net proceeds from the IPO were approximately $5.7 million after
deducting $0.9 million in underwriting discounts and commissions and offering expenses.

    6 

Reincorporation
Merger and Name Change

On
October 22, 2024, the affirmative vote of a majority of the outstanding shares of Common Stock present in person, by remote communication,
if applicable, or represented by proxy at the Annual Meeting approved the Reincorporation Merger. The Reincorporation Merger occurred
on November 18, 2024.

Merger
Transactions

On
July 1, 2025 (the “Merger Closing Date”), Channel consummated the previously announced merger transaction contemplated
by that certain Agreement and Plan of Merger, dated as of April 16, 2025 (the “Merger Agreement”), by and among Channel,
CHRO Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”), LNHC, Inc.
a Delaware corporation and a wholly owned subsidiary of Ligand Pharmaceuticals Incorporated (“Ligand”), and solely
for the purposes of Article III thereof, Ligand. Pursuant to the Merger Agreement, (i) Merger Sub merged with and into LNHC, with
LNHC as the surviving company in the merger and, after giving effect to such merger, continuing as a wholly-owned subsidiary of