Todd C. Davis - Jul 1, 2025 Form 4 Insider Report for Pelthos Therapeutics Inc. (PTHS)

Role: Director, 10%+ Owner
Signature: /s/ Todd C. Davis
Stock symbol: PTHS
Transactions as of: Jul 1, 2025
Transactions value $: $15,000,000
Form type: 4
Date filed: 7/3/2025, 09:02 PM
Previous filing: Jul 2, 2025
Next filing: Jul 7, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Davis Todd C	Director, 10%+ Owner	C/O PELTHOS THERAPEUTICS INC., 4020 STIRRUP CREEK DRIVE, DURHAM	/s/ Todd C. Davis	2025-07-03	0001392029

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	By Ligand Pharmaceuticals Incorporated	F1, F2
holding	PTHS	Common Stock						2.92K	Jul 1, 2025	Direct

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	See footnote	F1, F2, F3
transaction	PTHS	Series A Convertible Preferred Stock	Other		+31.3K	+1.01%		3.13M	Jul 1, 2025	Common Stock	3.13M	$10.00	See footnote	F1, F2, F3, F4

* 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	Todd Davis is the Chief Executive Officer and a member of the board of directors of Ligand Pharmaceuticals Inc. ("Ligand"). By virtue of this relationship, Mr. Davis may be deemed to beneficially own the shares of Common Stock held of record by Ligand. Mr. Davis disclaims any such beneficial ownership except to the extent of his pecuniary interest therein.
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 holder may not convert Series A convertible preferred stock to the extent that after giving effect to such conversion, the holder (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.
F4	Received in exchange for shares of LNHC, Inc. ("LNHC") 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, a wholly-owned subsidiary of Ligand, 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, Ligand.