Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 569

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 569
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mation of the Merger, (ii) the approval of the listing of the additional shares of common stock issuable upon conversion of the Series A Preferred Stock on the NYSE American having been obtained and the shares of common stock issuable upon conversion of the Series A Preferred Stock to be issued in the Merger pursuant to the Merger Agreement having been approved for listing, subject to official notice of issuance, on the NYSE American; (iii) entry into certain royalty agreements, (iv) the PIPE Financing (as defined in the Merger Agreement) having been consummated or being consummated concurrently with the closing of the Merger or immediately before the closing of the Merger, (v) 20 calendar days shall have elapsed following the commencement of mailing of an information statement on Schedule 14C to Channel’s shareholders; and (vi) other customary conditions.

Management is currently assessing the accounting for the above transactions and their impact on the Company’s condensed financial statements for the respective periods.

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TABLE OF CONTENTS

Report of Independent Auditor To the Board of Directors and Management of Ligand Pharmaceuticals Incorporated Opinion We have audited the financial statements of LNHC, Inc. (a wholly-owned subsidiary of Ligand Pharmaceuticals, Incorporated) (the Company), which comprise the balance sheets as of December 31, 2023 and 2024, and the related statements of operations, changes in parent company net investment and cash flows for the period September 28, 2023 (Inception) to December 31, 2023 (Successor) and year ended December 31, 2024 (Successor), and the related notes (collectively referred to as the “financial statements”). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company for the period September 28, 2023 (Inception) to December 31, 2023 and at December 31, 2024, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our