Company: PTHS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001753926-25-001764
Chunk: 104

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 104
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 entered into a Transition Services
Agreement (the “Ligand TSA”).

Ligand
Assignment Agreement

On
March 24, 2025, LNHC assigned all of its intellectual property rights, including patents, to Ligand. The Assignment Agreement
covered all assets within the NITRICIL patent portfolio and other nitric oxide releasing compounds previously held by LNHC. Historically,
Novan and LNHC, through the 363 transaction, acquired exclusive rights to intellectual property, including those that were ultimately
developed into the specific library of NITRICIL compounds, pursuant to license agreements with the University of North Carolina
at Chapel Hill (“UNC”), entered into in July 2007 and October 2009, which were subsequently amended, restated and
consolidated in June 2012 (the “UNC License Agreement”). Under the UNC License Agreement, Novan, and subsequently
LNHC, was granted an exclusive, worldwide license, with the ability to sublicense, to develop and commercialize products utilizing
the licensed intellectual property. Novan and LNHC amended the UNC License Agreement multiple times since June 2012 to both expand
the scope of licensed patents to cover additional nitric oxide technologies and to modify certain regulatory and/or commercial
milestones under the UNC License Agreement. The Assignment Agreement assigned all of these rights, patents and intellectual property
to Ligand.

As
of September 30, 2025 the last to expire patent related to ZELSUVMI originating from the UNC License Agreement, described
below, is May 2026. Prior to the Assignment Agreement, LNHC had progressed the development of that in-licensed intellectual property
portfolio from the UNC License Agreement and obtained 12 U.S. patents, in addition to two U.S. patents obtained with the original
UNC License Agreement, resulting in a total of 14 issued U.S. patents covering ZELSUVMI. These 14 U.S. patents are expected to
expire during the time period beginning in 2026 and ending in 2035. Upon the initial FDA approval of ZELSUVMI, LNHC applied for
1,280 days of patent term extension (“PTE”), for the U.S. patent covering ZELSUVMI compositions. Assuming grant of
the PTE application, the term of this patent may be extended from February 27, 2034, to August 30, 2037.

Ligand
Royalty Agreement 

Under
the terms of the ZELS