Company: PTHS
Filing Date: 2025-08-28
Form Type: S-3
Source: 0001753926-25-001403
Chunk: 64

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-28
Form: S-3
Chunk 64
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 | Our                                                                                                                           
 Common Stock is currently listed on the NYSE American LLC under the symbol “PTHS”.                                            |

(1) The
number of shares of Common Stock outstanding at the commencement of the offering is based on 3,042,143 shares of Company Common
Stock outstanding as of the date of this prospectus, and excludes:

| ● | 2,628,900                                                                                                                      
 shares of Common Stock issuable upon conversion of 26,289 shares of Series A Preferred Stock which have not yet been converted 
 into shares of our Common Stock;                                                                                               |

| ● | 1,557,074 shares                                                                                                            
 of Common Stock issuable upon the exercise of outstanding options granted under our amended and equity incentive plan, with 
 a weighted average exercise price of $16.01;                                                                                |

| ● | 515,520 shares of                                                                                            
 Common Stock underlying restricted stock units granted under our amended and restated equity incentive plan; |

| ● | 5,500 shares of                                                                                                                 
 Common Stock issuable upon the exercise of outstanding warrants to purchase shares of our Common Stock granted under our equity 
 incentive plan, with a weighted average exercise price of $75.00; and                                                           |

| ● | 327,406 shares of                                                                                              
 Common Stock that are reserved for future grants or sale under our amended and restated equity incentive plan. |

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USE OF PROCEEDS</div>

We will not receive any of the proceeds from the sale of our Common Stock by the Selling Stockholders. The Selling Stockholders will receive all of the net proceeds from the sales of the shares of our Common Stock offered by them pursuant to this prospectus. We have agreed to bear the expenses relating to the registration of the Common Stock for the Selling Stockholders.

<div align='center'>35

PRIVATE PLACEMENT OF SERIES A PREFERRED STOCK</div>

On April 16, 2025, the Company entered
into the Merger Agreement with Merger Sub, LNHC and, solely for purposes of Article III thereof, Ligand, pursuant to which (i)
Merger Sub merged with and into LNHC, with LNHC as the surviving company in the merger and, after giving effect to such merger,
continuing as a wholly-owned subsidiary of the Company (the “Merger”) and (ii) the Company’s name was changed
from Channel Therapeutics Corporation to Pelthos Therapeutics Inc. In connection with the Merger, the Company issued 31,278