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Pelthos Therapeuties Corporate Corporate Presentation Presentation Q 2 2 0 2 5 SO) NSD) NaN CONFIDENTIAL 1
Important Information for Investors This confidential presentation ("Presentation") is for informational purposes
only and is being provided to interested parties solely in their capacity as potential investors for the purpose of evaluating
a potential private offering of securities (the "Purpose") by Channel Therapeutics Corporation f/k/a Chromocell Therapeutics
Corporation (collectively with its subsidiaries, "CHRO"), in connection with a potential business combination between
CHRO and LNHC Inc. (collectively with its wholly owned subsidiary Pelthos Therapeutics Inc., "LNHC") (the "Proposed
Transaction"). By accepting this Presentation, you acknowledge and agree that all of the information contained herein is
confidential, that you will use such information only for the Purpose and that you shall not use such information in any way that
is detrimental to CHRO or LNHC. The information contained herein does not purport to be allinclusive and none of CHRO, LNHC, or
any of their respective affiliates or respective control persons, officers, directors, employees or representatives makes any
representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in
this Presentation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning
the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained
herein to make any investment or other decision. This Presentation has been prepared by LNHC. While LNHC believes that the financial
and other information contained herein is accurate, LNHC expressly disclaims any and all liability for the contents of, or omissions
from, this Presentation and for any other written or oral communication transmitted or made available to a recipient. This Presentation
includes certain statements and estimates provided by LNHC with respect to LNHC's historical and anticipated performance
as well as LNHC's relative position within its market and industry. Such statements and estimates reflect various assumptions
by LNHC (some of which may not be stated) that may or may not prove to be accurate. None of LNHC or its affiliates or employees,
directors, officers, contractors, advisors, members, successors, representatives or agents makes any representations or warranties
(express or implied) concerning the accuracy or completeness of this Presentation, nor shall have they have any liability for
any representations or warranties (expressed or implied) contained in, or for any omissions from or errors in, this Presentation
or any other written or oral communications transmitted to the recipient in the course of its evaluation of LNHC and/or the Proposed
Transaction. Only those particular representations and warranties that may be made in a definitive agreement when, as and if one
is executed, and subject to such limitations and restrictions as may be specified in such definitive agreement, shall have any
legal effect. The projections and estimates of LNHC's financial and operating performance throughout this Presentation have
been provided to assist parties who may be interested in the Proposed Transaction but are not to be viewed as facts and should
not be relied upon as a representation of future results. The assumptions underlying the estimates and projections contained herein
are subject to significant economic and competitive uncertainties and contingencies beyond LNHC's control. Also, judgments
based upon past performance may not be necessarily indicative of future performance or industry trends. Consequently, no assurances
are made or implied as to the reliability of such projections or estimates and the inclusion of the projections and estimates
herein should not be regarded as a representation that the projected results will be achieved. No independent accounting firm
has examined or reviewed the financial estimates or projections contained herein, and accordingly, no conclusion or any form of
assurance with respect thereto is provided. Certain information contained in this Presentation relates to or is based on studies,
publications, surveys and CHRO's own internal estimates and research. In this Presentation, LNHC relies on, and refers to,
publicly available information and statistics regarding market participants in the sector in which LNHC competes and other industry
data. Any comparison of LNHC to any other entity assumes the reliability of the information available to LNHC. LNHC obtained this
information and statistics from third-party sources, including reports by market research firms and company filings. In addition,
all of the market data included in this Presentation involve a number of assumptions and limitations, and there can be no guarantee
as to the accuracy or reliability of such assumptions. Finally, while LNHC believes its internal research is reliable, such research
has not been verified by any independent source and LNHC has not independently verified the information. This Presentation and
the information contained herein shall be subject to the terms of the Confidentiality and Non-Disclosure Agreement previously
executed by the recipient. The recipient agrees not to use or disclose to any person or entity any information contained in this
Presentation, the fact that it obtained confidential information concerning LNHC, the fact that discussions or negotiations are
taking place, or have taken place, concerning the Proposed Transaction involving LNHC, or any of the other terms, conditions or
other facts with respect to the Proposed Transaction. In furnishing this Presentation, neither CHRO nor LNHC undertakes an obligation
to provide the recipient with access to any additional information or to update or correct any information provided. This Presentation
shall not be deemed an indication of the state of affairs of LNHC nor shall it constitute an indication that there has been no
change in the business or affairs of LNHC since the date hereof. LNHC and CHRO expressly reserve the right, without giving reason,
at any time and in any respect, to terminate discussions with any or all parties, to reject any or all proposals and to negotiate
with any party with respect to the Proposed Transaction. No person is authorized to give any information not contained in this
Presentation. No other information has been authorized by LNHC to be provided other than the information contained herein. Any
information not contained herein must not be relied upon as having been authorized by LNHC. Except as otherwise indicated, this
Presentation reflects information made available as of the date on the cover page of this summary. Neither the delivery of this
Presentation nor any transaction made hereunder shall, under any circumstances, create the implication that there has been no
change in the affairs of LNHC since the respective dates at which the information is given herein or the date hereof. The information
contained in this Presentation should not be assumed to have been updated at any time subsequent to the date shown on the first
page of this Presentation and the delivery of this Presentation does not constitute a representation by any person that such information
will be updated at any time after the date of this Presentation. CONFIDENTIAL 2
(cont.) Private Placement This Presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities
of CHRO or LNHC, nor does it constitute an offer to sell or a solicitation of an offer to buy any securities from any person in
any state or other jurisdiction in which such offer or solicitation would be unlawful. Furthermore, nothing contained in this
Presentation shall be deemed to be a recommendation to buy or sell securities of CHRO or LNHC, nor shall it be relied upon to
make personal investment decisions. Recipients of this Presentation should not construe the contents hereof to constitute legal,
tax, regulatory, financial, accounting or other advice. Any recipient of this Presentation should seek advice from its own independent
tax advisor, legal counsel and/or other advisor with respect to such matters. ANY SECURITIES TO BE OFFERED IN ANY TRANSACTION
CONTEMPLATED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR ANY APPLICABLE STATE OR FOREIGN SECURITIES LAW. ANY SECURITIES TO BE OFFERED IN ANY TRANSACTION CONTEMPLATED HEREBY
HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR
OTHER UNITED STATES OR FOREIGN REGULATORY AUTHORITY, AND WILL BE OFFERED AND SOLD SOLELY IN RELIANCE ON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS PROVIDED BY THE SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (INCLUDING REGULATION
D OR REGULATION S UNDER THE SECURITIES ACT). THIS DOCUMENT DOES NOT CONSTITUTE, OR FORM A PART OF, AN OFFER TO SELL OR THE SOLICITATION
OF AN OFFER TO BUY IN ANY STATE OR OTHER JURISDICTION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION.
Forward Looking Statements Certain statements in this Presentation may constitute "forward-looking statements". Forward-looking
statements include, but are not limited to, statements regarding LNHC's expectations, hopes, beliefs, intentions or strategies
regarding the future including, without limitation, statements regarding: the commercial launch of ZELSUVMI and the expected timing
thereof; the market opportunity for ZELSUVMI; the combined company's expected cash and cash runway; the Proposed Transaction
including any with respect to the combined company and any anticipated benefits from the Proposed Transaction; LNHC's strategic
plans for its commercialization of ZELSUVMI; the unknown degree and competing factors of market acceptance for ZELSUVMI; the competition
it will face; LNHC's global supply chain and ability to maintain safety stock; LNHC's ability to protect its intellectual
property and the strength of LNHC's intellectual property portfolio; possible acquisitions of complimentary FDA-approved
products; LNHC's NITRICIL platform; LNHC's plans for clinical studies preclinical studies, as well as clinical trials,
including timing of regulatory filings and data readouts and other developments or results in connection therewith; and plans
to obtain term loan and receivables facilities. In addition, any statements that refer to projections, forecasts, or other characterizations
of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate,"
"believe," continue," " could," "estimate," " expect," " intend,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," " should," " strive," "would," "aim," "target,"
"commit," and similar expressions may identify forward-looking statements, but the absence of these words does not
mean that statement is not forward looking. Forward-looking statements are based on current expectations and assumptions that,
while considered reasonable, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not
possible to predict all risks and uncertainties. Risks and uncertainties that may cause actual results to differ materially from
current expectations include, but are not limited to: uncertainties related to commercialization or market acceptance of FDA-approved
products; uncertainties inherent in preclinical studies and clinical trials; risks and uncertainties regarding whether results
from preclinical studies and clinical trials will be predictive of the results of future trials; risks related to the expected
timing of submissions to regulatory authorities and timing for review by such regulatory authorities; risks and uncertainties
related to collaborations with third parties; competition; the risk that LNHC may not be able to execute on its business plans
and strategies; risk and uncertainties related to the Proposed Transaction, including the risk that the Proposed Transaction may
not be consummated on the anticipated terms or at all: the risk that the parties' expectations with respect to the benefits
of the Proposed Transaction and the combined company may not be realized; the company's ability to obtain a new loan facility