Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 528

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 528
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 Company does business and management performs a regular assessment of tax risk of Company's return filing positions. Due to the complexity of some of the uncertainties, the ultimate resolution may result in payments that are materially different from current estimate of the tax liability. These differences, as well as any interest and penalties, will be reflected in the provision for income taxes in the period in which they are determined. Recently Issued Accounting Standards Not Yet Adopted The Company does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the financial statements or disclosures. Note 3: Novan Acquisition On September 27, 2023, Ligand closed the Novan Acquisition to acquire certain assets of Novan pursuant to the agreement Ligand entered into with Novan on July 17, 2023 for $15,000 in cash (which agreement contemplated Novan filing for bankruptcy relief) and provide up to $15,000 in debtor-in-possession (“DIP”) financing inclusive of a $3,000 bridge loan funded on the same day. Novan filed for Chapter 11 reorganization on July 17, 2023. On September 27, 2023, the bankruptcy court approved Ligand's $12,200 bid to purchase from Novan its lead product candidate berdazimer gel, 10.3%, all other assets related to the NITRICIL technology platform and the rights to one commercial stage asset. The remaining commercial assets of Novan were to be sold to other parties pursuant to the bankruptcy court's order. The approved $12,200 bid was credited to the $15,000 DIP financing, with the balance of $2,800 and accrued interest repaid to Ligand. The Novan Acquisition was accounted for as a business combination. The following table sets forth an allocation of the purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed, with the excess recorded to goodwill (in thousands):

| Restricted cash                                         |     |    $583 |
| Property and equipment, net                             |     |  13,054 |
| Operating lease right-of-use asset                      |     |   4,104 |
| Other assets                                            |     |     137 |
| Intangible assets acquired                              |     |  10,700 |
| Goodwill                                                |     |   6,604 |
| Deferred revenue                                        |     |  -4,508 |
| Operating lease liabilities                             |     |  -4,