Company: PTHS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001753926-25-001764
Chunk: 68

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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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, sell or offer to sell ZELSUVMI for the treatment of molluscum
contagiosum in humans worldwide, except for Japan.

On
March 24, 2025, LNHC and Ligand also entered into a master services agreement under which Ligand, or related parties, may contract
with LNHC to provide API for clinical or commercial use related to the NITRICIL technology. In addition, the agreement also allows
Ligand to require LNHC to provide manufacturing technology transfer services, if requested, for products other than ZELSUVMI,
to a potential third-party manufacturer.

July
1, 2025 Merger

On July 1, 2025 (the “Merger
Closing Date”), the Company consummated the previously announced merger transaction contemplated by that certain Agreement
and Plan of Merger (the “Merger”) by and among the Company, CHRO Merger Sub, Inc. a Delaware Corporation and a wholly
owned subsidiary of the Company (“Merger Sub”), LNHC, and solely for the purposes of Article III of the merger agreement,
Ligand. Pursuant to the merger agreement, (i) Merger Sub merged with and into LNHC, with LNHC as the surviving company in the