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

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 (“LNHC”).
See below within this Note 1 as well as Note 3 — “Acquisition of LNHC, Inc.” for further information regarding
the merger transaction between Channel and 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”) by issuing 110,000 shares of its Common Stock at a price of $60.00 per share. The aggregate net
proceeds from the IPO were approximately $5,900 after deducting $900 in underwriting discounts and commissions and offering expenses.

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.

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. (“Novan”). On September 27, 2023, Ligand acquired
certain assets of Novan, after providing debtor in possession financing and acquiring specific assets from Novan, under Section
363 of the U.S. Bankruptcy Code (a “363 transaction”). Novan was a medical dermatology company focused on developing
and commercializing innovative therapeutic products for skin diseases. Through its NITRICIL technology platform, Novan developed
ZELSUVMI (berdazimer gel, 10.3%), formerly named SB206, as a topical prescription gel for the treatment of viral skin infections,
with a focus on molluscum contagiosum. As of the acquisition date in September 2023 by Ligand, all assets and liabilities acquired
in the Novan acquisition were held by LNHC, which was a wholly owned subsidiary of Ligand, including the NITRICIL technology platform.

On
March 24, 2025, LNHC assigned its intellectual property portfolio related to the Novan acquisition, including the NITRICIL technology,
to Ligand and entered into an exclusive license and sublicense agreement with Ligand, pursuant to which Ligand licensed to the
Company the intellectual property rights necessary to make, use