Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 724

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 724
---
 | Francis Knuettel II                                 |
|                                  |     | Title:                  |     | President                                           |
| LNHC, INC.                       |     |                         |     |                                                     |
| By:                              |     | /s/ Richard Baxter      |     |                                                     |
|                                  |     | Name:                   |     | Richard Baxter                                      |
|                                  |     | Title:                  |     | Senior Vice President, Investment Operations        |

For purposes of Article III:

| LIGAND PHARMACEUTICALS INCORPORATED |     |                    |     |                                              |
| By:                                 |     | /s/ Richard Baxter |     |                                              |
|                                     |     | Name:              |     | Richard Baxter                               |
|                                     |     | Title:             |     | Senior Vice President, Investment Operations |

[ Signature Page to Agreement and Plan of Merger]

A-65

#### TABLE OF CONTENTS

#### Annex B

### SECURITIES PURCHASE AGREEMENT
This

### SECURITIES PURCHASE AGREEMENT
(the “

#### Agreement
”), dated as of April 16, 2025, is by and among Channel Therapeutics Corporation, a Nevada corporation with offices located at 4400 Route 9 South, Suite 1000, Freehold, NJ 07728 (the “

#### Company
”), LNHC, Inc. a Delaware corporation, with offices located at 4020 Stirrup Creek Drive Suite 110, Durham, NC 27703 (the “

#### Target
”, and together with the Company, the “

#### BC Parties
”), and each of the investors listed on the Schedule of Buyers attached hereto (individually, a “

#### Buyer
” and collectively, the “

#### Buyers
”).

### RECITALS
A. Prior to the date hereof the Company has obtained bridge notes, in an aggregate amount not to exceed $24,000,000 (the “

#### Bridge Notes
”), from certain of the Buyers (the “

#### Bridge Buyers
”), which shall become due and payable at the time of Closing (as defined below).

B. Concurrently with the execution of this Agreement, the Company entered into that certain Agreement and Plan of Merger (the “

#### Merger Agreement
”), with the Target, and CHRO Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“

#### Merger Sub
”), pursuant to which, among other things,