Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 440

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 440
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 the effective date of the note.

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#### TABLE OF CONTENTS

### UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
Certain terms used below, but not otherwise defined, in this section shall have the meanings ascribed to them elsewhere in this information statement.

The following unaudited pro forma condensed combined financial information presents the financial information of Channel, adjusted to give effect to the merger with LNHC and the related PIPE Financing, as well as certain other significant pre-closing transactions completed by LNHC, to the extent not yet reflected in LNHC’s historical financial information (as more fully described below). The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X.

The unaudited pro forma condensed combined balance sheet as of March 31, 2025 combines the historical balance sheets of Channel and LNHC on a pro forma basis as if the Merger, PIPE Financing and certain pre-closing transactions of LNHC had been consummated on March 31, 2025. The unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2025 and year ended December 31, 2024 combine the historical statements of operations of Channel and LNHC for such periods on a pro forma basis as if the Merger and PIPE Financing had been consummated on January 1, 2024, the beginning of the earliest period presented.

Assumptions and estimates underlying the unaudited pro forma adjustments included in the unaudited pro forma condensed combined financial statements are described in the accompanying notes. The unaudited pro forma adjustments are based on available preliminary information and certain assumptions that Channel believes are reasonable under the circumstances. The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results and financial position that would have been achieved had the Merger and PIPE Financing occurred on the dates indicated. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

The Merger, PIPE Financing and other significant transactions are each described in detail below.

The Merger

On April 16, 2025, Channel, Merger Sub, LNHC, and solely for the purposes of Article III thereof, Ligand, entered into the Merger Agreement, pursuant to which, among other things, and subject to the satisfaction or waiver