---
schema_version: "secwatch.filing_event.v1"
accession: "0001753926-25-000652"
form_type: "8-K"
ticker: "PTHS"
cik: "0001919246"
company_name: "Pelthos Therapeutics Inc."
filed_at: "2025-04-17T23:59:59+00:00"
generated_at: "2026-05-23T12:26:02.563646+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Channel Therapeutics to merge with LNHC in reverse merger; Ligand to own ~55%

## Summary
- LNHC valued at $67M; Channel at $15M; combined entity renamed Pelthos Therapeutics Inc.
- Post-closing ownership: legacy CHRO 7.7%, Ligand 55.1%, other PIPE investors 37.2%.
- PIPE financing of $50.1M from Ligand, Nomis Bay, others; convertible at $1.00/share.
- New board includes Scott Plesha (CEO), Francis Knuettel II (CFO); lock-up until Dec 31, 2025.
- Auditor changed from Marcum to CBIZ; material weaknesses in internal controls continue.

## SEC filing metadata
- accession: 0001753926-25-000652
- form_type: 8-K
- ticker: PTHS
- cik: 0001919246
- company_name: Pelthos Therapeutics Inc.
- filed_at: 2025-04-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 3.02, 4.01, 5.07, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1919246/000175392625000652/0001753926-25-000652-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1919246/000175392625000652/g084777_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001753926-25-000652
- JSON: https://secwatch.observer/filing/0001753926-25-000652.json
- Plain text: https://secwatch.observer/filing/0001753926-25-000652.txt

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