Company: PTHS
Filing Date: 2025-09-29
Form Type: 424B3
Source: 0001753926-25-001561
Chunk: 4

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-09-29
Form: 424B3
Chunk 4
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dazimer) topical gel, 10.3%, for the treatment of molluscum contagiosum, was approved by the U.S. Food and Drug Administration in 2024. On July 1, 2025 (the “Merger Closing Date”), we consummated the previously announced merger transaction contemplated by that certain Agreement and Plan of Merger, dated as of April 16, 2025 (the “Merger Agreement”), by and among Channel Therapeutics Corporation (“Channel”), CHRO Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”), LNHC, and solely for the purposes of Article III thereof, Ligand Pharmaceuticals Incorporated, a Delaware corporation (“Ligand”). Pursuant to the Merger Agreement, (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) Channel’s name was changed from Channel Therapeutics Corporation to Pelthos Therapeutics Inc. Risk Factor Summary Investing in our securities involves significant risks. You should carefully consider all of the information in this prospectus before making an investment in our securities. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more fully in the section titled “Risk Factors.” Risks Associated with Our Business Our ability to implement our business strategy is subject to numerous risks that you should be aware of before making an investment decision. These risks are described more fully in the section entitled “Risk Factors,” immediately following this prospectus summary. These risks include the following, among others: Risks Related to Our Financial Position and Capital Needs

| ● | The                                                                                        
 report of the independent registered public accounting firm on our 2024 and 2023 financial 
 statements contains a going concern qualification.                                         |

| ● | We                                                    
 have incurred significant losses since our inception. |

| ● | We                                                                                       
 have a limited operating history and history of commercializing products, which may make 
 it difficult for you to evaluate the success of our business to date and to assess our   
 future viability.                                                                        |

Risks Related to the Commercialization of Our Product and any Future Product Candidates

| ● | We                                                                                     
 depend heavily on the commercial success of ZELSUVMI, which was approved by the FDA in 
 January 2024, which we have only recently launched in the United