Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 209

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 209
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 CONTENTS
Summary of Material Financial Analyses

The following is a summary of the material financial analyses performed by M&N Sarchet in arriving at the Fairness Opinion. These summaries of financial analyses alone do not constitute a complete description of the financial analyses M&N Sarchet employed in reaching its conclusions. M&N Sarchet assigned different weighting to the different valuation models it employed, as set forth in the exhibits to the Fairness Opinion. Some of the summaries of the financial analyses performed by M&N Sarchet include information presented in tabular format. In order to understand the financial analyses performed by M&N Sarchet more fully, you should read the tables together with the text of each summary. The tables alone do not constitute a complete description of M&N Sarchet’s financial analyses, including the methodologies and assumptions underlying the analyses, and if viewed in isolation could create a misleading or incomplete view of the financial analyses performed by M&N Sarchet. The summary data set forth below does not represent and should not be viewed by anyone as constituting conclusions reached by M&N Sarchet with respect to any of the analyses performed by it in connection with the Fairness Opinion. Rather, M&N Sarchet made its determination as to the fairness, from a financial perspective, to Channel of the Merger Partner Valuation used to calculate the exchange ratio described in more detail in the section titled “ The Merger-Exchange Ratio ” beginning on page 125 of this information statement on the basis of its experience and professional judgment after considering the results of all of the analyses performed. Accordingly, the data presented and the corresponding imputed ranges of values for LNHC and corresponding imputed ranges of ownership percentages of the combined company for Channel should be considered as a whole and in the context of the full narrative description of all of the financial analyses set forth in the following pages, including the assumptions underlying these analyses.

Except as otherwise noted, the information utilized by M&N Sarchet in its analyses, to the extent that it was based on market data, was based on market data as it existed on or before December 31, 2024 and is not necessarily indicative of current market conditions. The analyses described below do not purport to be indicative of actual future results, or to reflect the prices at which any securities may trade in the public markets, which may vary depending upon various factors, including changes in interest rates, dividend rates, market conditions, economic conditions and other factors that influence the