Company: PTHS
Filing Date: 2025-09-29
Form Type: 424B3
Source: 0001753926-25-001561
Chunk: 30

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-09-29
Form: 424B3
Chunk 30
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 limitations on our ability to incorporate the technology covered by these license agreements.

On March 24, 2025, LNHC assigned its
IP portfolio related to the Novan acquisition, including the NITRICIL technology, to Ligand Pharmaceuticals Inc. (“Ligand”)
and entered into an exclusive license and sublicense agreement with Ligand, pursuant to which Ligand licensed to LNHC the intellectual
property rights necessary to make, use, sell or offer to sell ZELSUVMI for the treatment of molluscum contagiosum in humans worldwide,
except for Japan. This license agreement imposes various diligence, milestone payment, royalty, insurance, and other obligations
on us, while also granting us the rights to certain patents related to our products.

In spite of our efforts to comply with
our obligations under our in-license agreements, our licensors might conclude that we have materially breached our obligations
under our license agreements and might therefore, including in connection with any aforementioned disputes, terminate the relevant
license agreement, thereby removing or limiting our ability to develop and commercialize technology covered by these license agreements.
If any such in-license is terminated, or if the licensed patents fail to provide the intended exclusivity, competitors or other
third parties might have the freedom to market or develop technologies similar to ours.

In some circumstances, we may not have
the right to control the preparation, filing, prosecution, maintenance and defense of patent applications or patents covering
technology that we license from third parties. In such circumstances, our licensors generally have rights to file, prosecute,
and maintain the licensed patents in their name, generally with our right to comment on such filing, prosecution, and maintenance,
with some obligation for the licensor to consider or incorporate our comments. If our licensors having rights to file, prosecute
and maintain our patent rights fail to conduct these activities for patents or patent applications covering any of our product
candidates, our ability to develop and commercialize those product candidates may be adversely affected and we may not be able
to prevent competitors from making, using or selling competing products. Additionally, there could also be delays at the USPTO
caused by staffing cuts and other U.S. government actions as a result of the Department of Government Efficiency or other executive
actions to reduce the size of the U.S. government, which may adversely affect us or our licensors. We cannot be certain that such
activities by our licensors have been or will be conducted in compliance with applicable laws and regulations or will result in
valid and enforceable patents or