Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 435

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 435
---
 in the historical combined financial statements.

Effective January 1, 2025, LNHC entered into a bridge loan agreement with Ligand based on which any amounts of cash transfers from Ligand to LNHC, or settlement of LNHC expenses directly by Ligand, starting from January 1, 2025, would be considered a loan in the amount up to $18.0 million, of which approximately $6.6 million was funded through the date of this filing, (the “Ligand Bridge Loan”). The repayment of Ligand Bridge Loan at closing of the Merger will reduce Ligand’s commitment in the PIPE Financing.

On March 24, 2025, LNHC assigned its IP portfolio to Ligand, and entered into an exclusive license and sublicense agreement with Ligand, pursuant to which Ligand licensed to LNHC 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 (the “IP Assignment Agreement”). In addition, Ligand and LNHC entered into an Exclusive License and Sublicense Agreement, dated March 24, 2025 (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.

<div align='center'>245</div>

TABLE OF CONTENTS

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET AS OF DECEMBER 31, 2024 (in thousands)

|                                                     |     |      Channel 
 Therapeutics 
 (Historical) |     |      LNHC Inc 
 (As Adjusted) 
      (Note 5) |     | Transaction 
  Accounting 
 Adjustments 
    (Note