---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-120457"
form_type: "8-K"
ticker: "PTHS"
cik: "0001919246"
company_name: "Pelthos Therapeutics Inc."
filed_at: "2026-10-30T13:17:39+00:00"
generated_at: "2026-10-30T13:19:17.366123+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Pelthos to merge with Castle Creek in stock deal; up to $300M D-Fi milestones plus $57.5M PIPE

## Summary
- Pelthos to issue 5.2M shares to Castle Creek stockholders, who are expected to own ~32.5% of Pelthos fully diluted pre-PIPE, excluding contingent shares.
- Milestones: $50M on D-Fi clinical milestone by 6/30/2029; $50M on first U.S. sale; $50M at $100M TTM sales; $75M at $250M; $75M at $500M.
- Up to 5.8M contingent shares if FDA approves D-Fi by 3/31/2036 (cut 5%/quarter after 3/31/2031); 80% of PRV proceeds; 10% escrow.
- PIPE: 57,500 Series B preferred at $1,000 stated value plus 496,951 warrants for ~$57.5M; option buyer can add up to $26.6M; max $80M.
- Ligand and holders of ~56.2% voting power approved share issuances by written consent; board grows from 8 to 10 with two Castle Creek designees.

## SEC filing metadata
- accession: 0001104659-26-120457
- form_type: 8-K
- ticker: PTHS
- cik: 0001919246
- company_name: Pelthos Therapeutics Inc.
- filed_at: 2026-10-30T13:17:39+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 3.03, 5.03, 5.02, 5.07, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1919246/000110465926120457/0001104659-26-120457-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1919246/000110465926120457/tm2628523d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-120457
- JSON: https://secwatch.observer/filing/0001104659-26-120457.json
- Plain text: https://secwatch.observer/filing/0001104659-26-120457.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.