Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 184

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 184
---
 • | business combinations involving it; |

| • | sales or distributions by Ligand of all or any portion of its ownership interest in the combined company; |

| • | the nature, quality and pricing of services LNHC has agreed to provide Ligand; and |

| • | business opportunities that may be attractive to both Ligand and LNHC. |

The combined company may not have sufficient assets and resources for it to operate as an independent company, and it may experience difficulty in separating its assets, resources and operations from Ligand. Because the combined company has not operated as an independent company in the past, it may have difficulty doing so. In addition to those provided to it by Ligand, the combined company will need to acquire additional financial resources, assets and resources to support its operations as an independent company. Additionally, the combined company may also face difficulty in separating its resources and operations from Ligand. For example, the combined company may face difficulties hiring additional personnel to assist with administrative and technical functions and acquiring office and laboratory space for use in the ordinary course operations of its business. If the combined company has difficulty operating as an independent company, fails to acquire assets or hire requisite personnel that it needs to operate, or incurs unexpected costs in separating its business from Ligand’s business, its financial condition and results of operations will be adversely affected. You may have difficulty evaluating LNHC’s business because it has no history as a separate company and its historical financial information may not be representative of its results as a separate company from Ligand. The historical financial information included in this information statement does not necessarily reflect the financial condition, results of operations or cash flows that LNHC would have achieved as an independent company during the periods presented or those that it will achieve in the future, and the assumptions used in preparing its

101

#### TABLE OF CONTENTS
financial information may not be accurate. LNHC’s historical financial information reflects allocations of corporate expenses from Ligand for various corporate functions. LNHC believes that these allocations are comparable to the expenses it would have incurred had it operated as a separate company, although it may incur higher expenses as a separate company.

<div align='center'>102</div>

#### TABLE OF CONTENTS

### THE MERGER
This section and the section titled “The Merger Agreement” beginning on page 129 of this information statement describe the material aspects of the Merger and the Merger Agreement. While Channel and LNHC believe that this description covers the material terms of the Merger and the Merger Agreement, it