Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 112

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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RV, Ligand, and Madison purchased, all of the Company’s and Pharmaceutical
Sub’s rights, title and interest in and to a portion of the Company’s and Pharmaceutical Sub’s revenue payments
and all accounts related to or utilizing (i) Nitricil based technology, (ii) Xepi, or (iii) NaV channel based technology and,
in each case, any improvements, successors, replacements or varying dosage forms of the foregoing, other than ZELSUVMI (the “Channel
Covered Products”). In addition, (A) prior to the expiration of the Initial Royalty Term (as defined in the Channel Products
Royalty Agreement), (i) NRV will receive a 5.3% royalty, Ligand will receive a 1.7% royalty and Madison will receive a 1.5% royalty
on Net Sales (as defined in the Channel Products Royalty Agreement) of the Channel Covered Products worldwide, and (ii) NRV will
receive 12.23%, Ligand will receive 3.92% and Madison will receive 3.46% of non-royalty sublicensing payments received by Pharmaceutical
Sub for its sublicensing of rights to the Channel Covered Products worldwide; and (B) after the expiration of the Initial Royalty
Term, (i) NRV will receive a 4.24% royalty, Ligand will receive a 1.36% royalty and Madison will receive a 1.2% royalty on Net
Sales of the Channel Covered Products worldwide, and (ii) NRV will receive 12.23%, Ligand will receive 3.92% and Madison will
receive 3.46% of non-royalty sublicensing payments received by Pharmaceutical Sub for its sublicensing of rights to the Channel
Covered Products worldwide.

Name
Change

In
connection with the consummation of the Merger, the Company changed its name from “Channel Therapeutics Corporation”
to “Pelthos Therapeutics, Inc.” pursuant to the Name Change Certificate of Amendment.

After
consummation of the Merger and the Reverse Stock Split, shares of the Company’s Common Stock were listed on the NYSE American
under the symbol “PTHS,” and the CUSIP number relating to the Common Stock was changed to 171126 204. Holders of shares
of Channel Therapeutics Corporation who have filed reports under the Exchange Act with respect to those shares should indicate
in their next filing, or any