# EDGAR Filing Document

**Accession Number:** 0000886163
**File Stem:** 0000950170-25-093838
**Filing Date:** 2025-7
**Character Count:** 14032
**Document Hash:** 0f471cff729b7823a2a6f38bbd314554
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-093838.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0000950170-25-093838

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pelthos Therapeutics Inc.
- **CENTRAL INDEX KEY:** 0001919246
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 863335449
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94460
- **FILM NUMBER:** 251105544

**BUSINESS ADDRESS:**
- **STREET 1:** 685 US HIGHWAY ONE
- **CITY:** NORTH BRUNSWICK
- **STATE:** NJ
- **ZIP:** 08902
- **BUSINESS PHONE:** 9176446313

**MAIL ADDRESS:**
- **STREET 1:** 685 US HIGHWAY ONE
- **CITY:** NORTH BRUNSWICK
- **STATE:** NJ
- **ZIP:** 08902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Channel Therapeutics Corp
- **DATE OF NAME CHANGE:** 20241118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Chromocell Therapeutics Corp
- **DATE OF NAME CHANGE:** 20220323
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIGAND PHARMACEUTICALS INC
- **CENTRAL INDEX KEY:** 0000886163
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 770160744
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 3911 SORRENTO VALLEY BLVD
- **STREET 2:** SUITE 110
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** 858-550-7500

**MAIL ADDRESS:**
- **STREET 1:** 3911 SORRENTO VALLEY BLVD
- **STREET 2:** SUITE 110
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_1.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**PELTHOS THERAPEUTICS INC.**

*(Name of Issuer)*

**Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**171126204**

*(CUSIP Number)*

**Todd C. Davis, CEO**<br>Ligand Pharmaceuticals Incorporated<br>555 Heritage Drive, Suite 200<br>Jupiter FL 33458<br>(858) 550-7500

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/01/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **171126204** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ligand Pharmaceuticals Incorporated** | Name of reporting person<br>**Ligand Pharmaceuticals Incorporated** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4927868.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4927868.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4927868.00** | Aggregate amount beneficially owned by each reporting person<br>**4927868.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**49.9%** | Percent of class represented by amount in Row (11)<br>**49.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1)	Includes 1,500,000 shares of common stock, par value $0.0001 per share (the "Common Stock"), and 34,278.681 shares of Series A Convertible Preferred Stock, par value $0.0001 per share (the "Series A Preferred Stock"). The Reporting Person may not convert any of the Series A Preferred Stock held by the Reporting Person to the extent that after giving effect to such conversion, the Reporting Person together with its Attribution Parties (as defined in the certificate of designations) collectively would beneficially own in excess of 49.9% of the shares of Common Stock outstanding immediately after giving effect to such conversion.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
PELTHOS THERAPEUTICS INC.

**(c) Address of Issuer's Principal Executive Offices:**
4020 Stirrup Creek Drive, Suite 110, Durham, NC, 27703

This statement on Schedule 13D (the "Schedule 13D") relates to the shares of common stock, par value $0.0001 per share (the "Common Stock"), and Series A Convertible Preferred Stock, par value $0.0001 per share (the "Series A Preferred Stock") of Pelthos Therapeutics Inc. (f/k/a Channel Therapeutics Corporation), a Nevada corporation (the "Issuer"), whose principal executive offices are located at 4020 Stirrup Creek Drive, Suite 110, Durham, NC 27703.

**Item 4. Purpose of Transaction**

On the Closing Date, Todd C. Davis, who serves as the Chief Executive Officer and as a director of Ligand, and Richard Baxter, who serves as Senior Vice President, Investment Operations, of Ligand, were elected to the Board of Directors of the Issuer. As directors of the Issuer, Messrs. Davis and Baxter may have the ability to affect and influence control of the Issuer until such time of their resignation.

General

Ligand acquired the securities described in this Schedule 13D in connection with the closing of the PIPE Financing and the Merger and intend to review their investments in the Issuer on a continuing basis. Any actions Ligand might undertake may be made at any time and from time to time without prior notice and will be dependent upon Ligand's review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments.

Ligand may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. In addition, Ligand may engage in discussions with management, the Issuer's board of directors, and other securityholders of the Issuer and other relevant parties or encourage, cause or seek to cause the Issuer or such persons to consider or explore extraordinary corporate transactions, such as: a merger, reorganization or take-private transaction that could result in the de-listing or de-registration of the Common Stock; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuer's business or corporate structure, including changes in management or the composition of the board of directors. To facilitate their consideration of such matters, Ligand may retain consultants and advisors and may enter into discussions with potential sources of capital and other third parties. Ligand may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. Ligand will likely take some or all of the foregoing steps at preliminary stages in their consideration of various possible courses of action before forming any intention to pursue any particular plan or direction.

Other than as described above, Ligand does not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, Ligand may change its purpose or formulate different plans or proposals with respect thereto at any time.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Ligand beneficially owns, in the aggregate, 1,500,000 shares of Common Stock, constituting approximately 49.5% of the Common Stock outstanding. Ligand beneficially owns, in the aggregate, 34,278.681 shares of Series A Preferred Stock, constituting approximately 59.5% of the Series A Preferred Stock outstanding.

Each share of Channel Series A Preferred Stock is convertible into 100 shares of Channel Common Stock (after giving effect to the one-for-ten reverse stock split effected on July 1, 2025).The Reporting Person may not convert any of the Series A Preferred Stock held by the Reporting Person to the extent that after giving effect to such conversion, the Reporting Person together with its Attribution Parties (as defined in the certificate of designations) collectively would beneficially own in excess of 49.9% of the shares of Common Stock outstanding immediately after giving effect to such conversion.

The aggregate percentages of Common Stock reported owned by Ligand is based upon 3,029,501 shares of Common Stock outstanding and the aggregate percentages of Series A Preferred Stock reported owned by Ligand is based upon 57,568.68 shares of Series A Preferred Stock outstanding, based on information provided by the Issuer.

**(b)**
Ligand has sole voting and sole dispositive power with respect to all of the shares of Common Stock and Series A Preferred Stock that it beneficially owns.

Holders of Series A Preferred Stock are entitled to receive notice of and vote at all shareholder meetings alongside holders of Common Stock, voting together as a single class, provided, that Ligand will be deemed to have waived any voting rights such that the aggregate voting rights of any Common Stock beneficially owned by Ligand and/or any of its Attribution Parties, collectively, on any record date shall not exceed 49.9%. As a result, Ligand's ownership of Series A Preferred Stock and Common Stock does not represent more than 49.9% of the aggregate voting power of the Issuer's Series A Preferred Stock and Common Stock.

**(c)**
Except as otherwise described in this Schedule 13D, Ligand has not effected any transactions in the Common Stock or other equity security of the Issuer during the last 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Registration Rights Agreement

As contemplated by the Purchase Agreement, on July 1, 2025, the Issuer, Ligand and the other investors in the PIPE Financing (the "PIPE Investors") entered into a registration rights agreement (the "Registration Rights Agreement"). Pursuant to the Registration Rights Agreement, among other things, the Issuer agreed to register for resale certain shares of its Common Stock and Series A Preferred Stock held by such investors from time to time, including shares issued in the Merger and in the PIPE Financing.

Pursuant to the Registration Rights Agreement, the Issuer will prepare and file a resale registration statement with the SEC on or prior to the later of (i) thirty (30) days following the closing of the PIPE Financing and (ii) fifteen (15) calendar days after the due date of the next periodic report required pursuant to Section 13 of the Exchange Act. The Issuer will use its reasonable best efforts to cause this registration statement to be declared effective by the SEC within 120 calendar days of the closing of the PIPE Financing (or within 150 calendar days if the SEC reviews the registration statement).

The foregoing description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by the full text of such agreement, a copy of which is filed hereto as Exhibit 7 and is incorporated herein by reference.

Lock-Up Agreement

In connection with the closing of the Merger and the PIPE Financing, the Issuer entered into Lock-Up Agreements with certain of its stockholders, directors and executive officers, including Ligand, pursuant to which such parties have agreed not to, except in limited circumstances, offer, pledge, sell, contract to sell, sell any option 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 the Issuer's Common Stock or Series A Preferred Stock, from the closing of the Merger until December 31, 2025, subject to certain exceptions.

The foregoing description of the Lock-Up Agreement does not purport to be complete and is qualified in its entirety by the full text of such agreement, a copy of which is filed hereto as Exhibit 8 and is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Ligand Pharmaceuticals Incorporated

**Signature:** /s/ Octavio Espinoza

**Name/Title:** Octavio Espinoza, Chief Financial Officer

**Date:** 07/02/2025