I believe this theory might have been mentioned somewhere, but what if Pan and Malcolm are one and the same, but at the same time they’re not? Let me explain. What if who we know as Pan is really the essence of the darkest evil that was originally trapped within Pandora’s box and it in turn possessed Malcolm and took on the form of a boy? Malcolm’s body is merely a vessel, and Pan has retained all of Malcolm’s memories. I do think the name “Pan” being a part of “Pandora’s Box” is no coincidence. Perhaps Hooks comment “He may look like a boy, but he’s a bloody demon” is not far off from the truth. This would really explain why Pan is as powerful as he is.
This reminds me of the main antagonist of Kingdom Hearts, which itself is a Disney crossover video game franchise. The main villain of the series is named Master Xehanort, a wicked keyblade master who embraces the darkness. In the prequel game “Birth By Sleep”, Xehanort turns traitor on everybody and one thing he ends up doing is possessing the body of a stronger and younger keyblade master named Terra. He changes the appearance Terra’s body and gains full control over it completely, while Terra’s original essence remains prisoner.