Company: PTHS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001753926-25-001764
Chunk: 67

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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, which
speak only as of the date of this Report. All subsequent written and oral forward-looking statements concerning other matters
addressed in this Report and attributable to us or any person acting on our behalf are expressly qualified in their entirety by
the cautionary statements contained or referred to in this Report.

Except
to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result
of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or
otherwise.

Overview

Pelthos
Therapeutics Inc., (the “Company”) is a bio-pharmaceutical company committed to commercializing innovative, safe,
and efficacious therapeutic products to help patients with unmet treatment burdens. The July 1, 2025 merger transaction between
Channel Therapeutics Corporation (“Channel”) and LNHC, Inc. (“LNHC”), discussed below, resulted in the
Company currently having (i) a commercially marketed product, ZELSUVMI for the treatment of molluscum contagiosum, which was launched
in July 2025; (ii) a manufacturing facility, equipment and know-how to produce the active pharmaceutical ingredient (“API”)
used in ZELSUVMI and the NITRICIL technology platform; and (iii) clinical-stage assets which selectively target the sodium ion-channel
known as “NaV1.7”, which has been genetically validated as a pain receptor in human physiology.

Background

The
Company was effectively formed on July 1, 2025 with a merger transaction between Channel Therapeutics Corporation (“Channel”)
and LNHC, Inc. (“LNHC”).

Chromocell
Therapeutics Corporation (“Chromocell”) was incorporated in Delaware on March 19, 2021. On
February 21, 2024, Chromocell completed the initial public offering of its Common
Stock (the “IPO”).

On
November 18, 2024, Chromocell merged with and into its wholly-owned subsidiary, Channel, a Nevada corporation, pursuant to an
agreement and plan of merger, dated as of November 18, 2024 for the purposes of reincorporating Chromocell in Nevada.

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LNHC
was incorporated in the state of Delaware in September 2023 by Ligand Pharmaceuticals, Inc. (“Ligand”) and was initially
formed to facilitate a transaction between Ligand and Novan, Inc. (“