Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 386

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 386
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 AND ANALYSIS OF FINANCIAL CONDITION

### AND RESULTS OF OPERATIONS OF LNHC
The following discussion and analysis should be read in conjunction with the section titled “Unaudited Pro Forma Financial Statements” and our financial statements and related notes included elsewhere in this information statement. This discussion and analysis and other parts of this information statement contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth in the section titled “Risk Factors Related to LNHC’s Business” and elsewhere in this information statement. You should carefully read the “Risk Factors” section of this information statement to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled “Cautionary Note Regarding Forward-Looking Statements”.

Solely with respect to this “Management’s Discussion and Analysis of Financial Condition and Results of Operations of LNHC” section, “the Company,” “we,” “us” and “our” refers to LNHC, Inc. and its subsidiary.

**Separation from Ligand and Merger Agreement with Channel**

Prior to completion of the Merger, LNHC will continue to be a wholly-owned subsidiary of Ligand. We have historically operated as part of Ligand since the Novan Acquisition date on September 27, 2023, and not as a separate, publicly-traded company. Our financial statements have been derived from Ligand’s historical accounting records and are presented on a carve-out basis. All sales and costs as well as assets and liabilities directly associated with our business activity are included as a component of the financial statements. The financial statements also include allocations of certain general, administrative, sales and marketing expenses and cost of sales from Ligand’s corporate office and from other Ligand businesses to us and allocations of related assets, liabilities, and Ligand’s investment, as applicable. We believe the allocations have been determined on a reasonable basis; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had we been an entity that operated separately from Ligand during the periods presented. Further, the historical financial statements may not be reflective of what our results of operations, income (loss), historical financial position, equity or cash flows might be in the future.