Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 210

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 210
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 below do not purport to be indicative of actual future results, or to reflect the prices at which any securities may trade in the public markets, which may vary depending upon various factors, including changes in interest rates, dividend rates, market conditions, economic conditions and other factors that influence the price of securities.

For purposes of the financial analyses described below, M&N Sarchet utilized an Income Approach and a Market Approach, with the Market Approach divided into two distinct market-based models.

Selected Publicly-Traded Companies Analysis

M&N Sarchet reviewed publicly available financial and stock market information of ten selected publicly-traded biopharmacology companies that M&N Sarchet deemed to be relevant to LNHC based on their stage of development (i.e., revenue generating, negative or barely EBITDA positive, etc.) targeting a variety of diseases, including dermatological conditions. The group of selected publicly-traded companies that M&N Sarchet reviewed were as follows (shown in descending order of market capitalization):

#### Publicly-Traded Company Name
Eton Pharmaceuticals, Inc.

Fulcrum Therapeutics, Inc.

scPharmaceuticals Inc.

Mersana Therapeutics, Inc.

Fennec Pharmaceuticals Inc.

Sutro Biopharma, Inc.

CytomX Therapeutics, Inc.

Generation Bio Co.

Verrica Pharmaceuticals Inc.

Kezar Life Sciences, Inc.

For each of the selected publicly-traded companies, M&N Sarchet calculated the market value of equity, which M&N Sarchet defined as shares outstanding times current market price (“MVEq”) and the business enterprise value, which M&N Sarchet defined as MVEq plus debt, preferred stock and minority interests, less cash and cash equivalents. Financial data for the selected publicly-traded companies was based on publicly available data obtained from SEC filings and other data sources and closing stock prices on December 31, 2024. M&N Sarchet reviewed the maximum, third quartile, mean, median, first quartile and minimum revenue of the selected publicly-traded companies and compared these to the revenue of LNHC.

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M&N Sarchet next determined implied MVEq multiples of trailing-twelve-month (as of December 31, 2024) revenue for each of the publicly-traded companies and calculated the maximum, third quartile, mean, median, first quartile and minimum MVEq