Ligand Pharmaceuticals Inc - Jul 1, 2025 Form 4 Insider Report for Pelthos Therapeutics Inc. (PTHS)

Role: 10%+ Owner
Signature: /s/ Octavio Espinoza, Chief Financial Officer of Ligand Pharmaceuticals Incorporated
Stock symbol: PTHS
Transactions as of: Jul 1, 2025
Transactions value $: $15,000,000
Form type: 4
Date filed: 7/3/2025, 09:33 AM
Previous filing: Nov 3, 2022
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
LIGAND PHARMACEUTICALS INC	10%+ Owner	555 HERITAGE DRIVE, SUITE 200, JUPITER	/s/ Octavio Espinoza, Chief Financial Officer of Ligand Pharmaceuticals Incorporated	2025-07-02	0000886163

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PTHS	Common Stock	Conversion of derivative security	$15M	+1.5M		$10.00	1.5M	Jul 1, 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PTHS	Series A Convertible Preferred Stock	Conversion of derivative security	$0	-15K	-83.33%	$0.00	3K	Jul 1, 2025	Common Stock	1.5M	$10.00	Direct	F1, F3
transaction	PTHS	Series A Convertible Preferred Stock	Other		+31.3K	+1042.62%		34.3K	Jul 1, 2025	Common Stock	3.13M	$10.00	Direct	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The numbers reported herein have been adjusted to reflect the 1-for-10 reverse stock split effected by the Issuer on July 1, 2025.
F2	Received in exchange for shares of LNHC, Inc. common stock in connection with the merger of CHRO Merger Sub, Inc. ("Merger Sub"), a wholly owned subsidiary of the Issuer, with and into LNHC, Inc., a wholly-owned subsidiary of the reporting person, with LNHC continuing as a wholly-owned subsidiary of the Issuer and the surviving corporation of the merger, pursuant to the Merger Agreement, dated as of April 16, 2025, by and among the Issuer, Merger Sub, LNHC, and solely for the purposes of Article III thereof, the reporting person.
F3	The Series A convertible preferred stock is convertible at any time, at the holder's election, and has no expiration date. The Series A convertible preferred stock is subject to a contractual limitation such that the reporting person may not convert Series A convertible preferred stock 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) would beneficially own in excess of 49.9% of the shares of common stock outstanding immediately after giving effect to such conversion.