Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 211

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 211
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ACC was used to determine an appropriate present value factor which was then applied to the implied MVEq resulting from the application of the public company revenue multiples to bring the company implied MVEq to present value (i.e., December 31, 2024). The results of this analysis are summarized below:

|              |     | First Quartile |     | Third Quartile |
| Implied MVEq |     | $150.0 million |     | $286.5 million |

M&N Sarchet next determined implied MVEq multiples of calendar year 2027 consensus estimates of forecast revenue against current MVEq. As in the above, the first and third quartile multiples of the publicly-traded companies were applied to the forecast LNHC 2027 revenue. M&N Sarchet then applied the same present value factor as determined above to the implied MVEq to bring the company implied MVEq to present value (i.e., December 31, 2024). The results of this analysis are summarized below:

|              |     | First Quartile |     | Third Quartile |
| Implied MVEq |     | $65.8 million  |     | $172.4 million |

No company utilized in this selected publicly-traded companies analysis is identical to LNHC. In performing this selected publicly-traded companies analysis, M&N Sarchet made judgments and assumptions with regard to industry performance, general business, economic, market and financial conditions and other matters, such as the impact of competition, industry growth and the absence of any adverse material change in the financial condition and prospects of LNHC or the selected publicly-traded companies or the industry or in the financial markets in general. Selected Precedent Transaction Analysis M&N Sarchet reviewed publicly available data obtained from SEC filings and other data sources concerning the terms of ten selected biopharmacology transactions since 2020 that M&N Sarchet considered to be relevant to LNHC based on their stage of development (i.e., revenue generating, negative or barely positive EBITDA, etc.). The group of selected acquired companies that M&N Sarchet reviewed were as follows: Acquired Company Name Dash Pharmaceuticals LLC LogicBio Therapeutics, Inc. Neos Therapeutics, Inc. Cancer Prevention Pharmaceuticals, Inc. Zyla Life Sciences Societal CDMO, Inc. Opiant Pharmaceuticals, Inc. Alimera Sciences, Inc. Adamas Pharmaceuticals, Inc. BioSpecifics Technologies Corp.