Company: PTHS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001753926-25-001764
Chunk: 63

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 day after the date the Company is
notified by the SEC that the registration statement will not be reviewed.

Amended and Restated Lock-Up Agreement

As previously disclosed in the Company’s
Current Report on Form 8-K filed on April 17, 2025, certain investors (the “Lock-Up Investors”) and Ligand entered
into lock-up agreements (collectively, the “Lock-Up Agreements”), pursuant to which such parties agreed not to, except
in limited circumstances, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly,
any shares of common stock or preferred stock, par value $0.0001 per share, from July 1, 2025 until December 31, 2025, subject
to certain exceptions set forth in each of the Lock-Up Agreements.

As an inducement to certain Investors to
enter into the November 2025 Securities Purchase Agreement, the Lock-Up Investors and Ligand, have, on the Convertible Note Financing
Closing Date, entered into amended and restated lock-up agreements (collectively, the “Amended and Restated Lock-Up Agreements”),
pursuant to which the Lock-Up Investors and Ligand have received terms identical to those included in the Lock-Up Agreements signed
by certain other investors who were parties to that certain securities purchase agreement, dated April 16, 2025, by and among the
Company, LNHC, and the others investors thereto.

    39

Channel Products Royalty Agreement Amendment

As an inducement to certain Investors to
enter into the November 2025 Securities Purchase Agreement, on the Convertible Note Financing Closing Date, CPC and the Company,
as seller, and NRV, Ligand, and Madison, as purchasers, entered into Amendment No. 1 to the Channel Products Royalty Agreement
(the “Channel Products Royalty Agreement Amendment”), pursuant to which the Company, NRV, Ligand and Madison amended
the definition of the Channel Covered Products to exclude (i) Nitricil based technology and (ii) Xepi.

Assignment Agreement Amendment

As an inducement to certain Investors to
enter into the November 2025 Securities Purchase Agreement, on the Convertible Note Financing Closing Date, LNHC and Ligand entered
into Amendment No. 1 to the Assignment Agreement (