Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 519

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 519
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 and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. |

| • | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed. |

| • | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. |

| • | Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. |

F-31

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We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ BDO USA, P.C.

Raleigh, North Carolina

May 7, 2025

<div align='center'>F-32</div>

TABLE OF CONTENTS

LNHC, Inc. Balance Sheets (in thousands)

|                                                     |     | As of December 31, |     |           |
|                                                     |     |               2024 |     |      2023 |
|                                                     |     |          Successor |     | Successor |
| ASSETS                                              |     |                    |     |           |
| Current assets:                                     |     |                    |     |           |
| Accounts receivable, net                            |     |                 $— |     |        $9 |
| Inventory                                           |     |              4,526 |     |         — |
| Prepaid expenses and other current assets           |     |                798 |     |       412 |
| Total current assets                                |     |              5,324 |     |       421 |
| Intangible assets, net                              |     |              9,802 |     |    10,516 |
| Goodwill                                            |     |              6,604 |     |     6,604 |
| Property and equipment, net                         |     |             11,483 |     |    12,584 |
| Operating lease right-of-use assets, net            |     |              3,646