Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 443

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 443
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5 (the “IP License Agreement”), pursuant to which Ligand granted to LNHC an exclusive, sublicensable license under the intellectual property rights assigned to Ligand pursuant to the IP Assignment Agreement to exploit ZELSUVMI (berdazimer) topical gel for the treatment of molluscum contagiosum in humans anywhere in the world except Japan. LNHC will pay Ligand royalties on net sales of the licensed program and will also pay milestone payments upon the achievement of certain sales and commercial achievements.

On April 16, 2025, LNHC entered into a bridge loan agreement with two PIPE Investors for an aggregate amount of $6.0 million, (the “PIPE Investor Bridge Loans”). The repayment of the PIPE Investor Bridge Loan at closing of the Merger will partially offset the respective PIPE Investors’ obligation to pay the purchase price for their respective commitments in the PIPE Financing.

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TABLE OF CONTENTS

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET AS OF MARCH 31, 2025 (in thousands)

|                                                     |     |      Channel 
 Therapeutics 
 (Historical) |     |      LNHC Inc 
 (As Adjusted) 
      (Note 5) |     | Transaction 
  Accounting 
 Adjustments 
    (Note 4) |     | Note |     | Pro Forma 
  Combined |
| ASSETS                                              |     |              |     |               |     |             |     |      |     |           |
| Current assets:                                     |     |              |     |               |     |             |     |      |     |           |
| Cash and cash equivalents                           |     |         $131 |     |        $6,000 |     |     $36,881 |     | 4(e) |     |   $38,840 |
|                                                     |     |              |     |               |     |      -2,400 |     | 4(c) |     |           |
|                                                     |     |              |     |               |     |         325 |     | 4(k) |     |           |
|                                                     |     |              |     |               |     |      -2,097 |     | 4(k) |     |           |
| Accounts receivable, net                            |     |              |     |           167 |     |             |     |      |     |       167 |
| Inventory                                           |     |