Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 440

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 440
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 -1,178 |
| Loan Payable                                                     |     |  -12,619 |
| Deferred revenue, net of current portion                         |     |   -2,246 |
| Operating lease liabilities, net of current portion              |     |   -3,117 |
| Deferred tax liability                                           |     |   -8,874 |
| Other long-term liabilities                                      |     |  -19,100 |
| Total estimated fair value of net assets acquired                |     |   19,145 |
| Estimated goodwill                                               |     | $​20,670 |

Preliminary goodwill is calculated as the excess of the estimated merger consideration over the estimated fair value of the underlying net assets to be acquired. The goodwill arising from the transaction is primarily attributable to expected synergies. The final calculation of goodwill could differ materially from the preliminary amounts presented in these unaudited pro forma condensed combined financial statements due to several factors including, but not limited to, fluctuations in the fair value of Channel’s common stock, changes in the estimated fair value of assets

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acquired and liabilities assumed, and differences in the actual assets acquired and liabilities assumed at the effective time of the Merger. Each of these potential adjustments would have a corresponding impact to the preliminary calculation of goodwill. The following table shows the effect of changes in the fair value of Channel Series A Preferred Stock and the resulting impact to estimated goodwill (in thousands, except preferred stock price):

|              |     |    Series A 
   Preferred 
 Stock Price |     | Estimated 
  goodwill |
| As presented |     |      $1,260 |     |   $20,670 |
| 10% increase |     |      $1,386 |     |   $24,652 |
| 10% decrease |     |      $1,134 |     |   $16,689 |

A decrease in the fair value of LNHC’s assets or an increase in the fair value of LNHC’s liabilities from the preliminary valuations would result in a corresponding dollar-for-dollar increase in the estimated amount of goodwill as presented above. An increase in the fair value LNHC’s assets or a decrease in the fair value of LNHC’s liabilities from the preliminary valuations would result in a corresponding dollar-for-dollar decrease in the estimated amount of goodwill. Note 4 – Pro Forma Transaction Accounting Adjustments The following pro forma adjustments are included in the unaudited pro forma condensed combined balance sheet as of December 31, 2024 to