Pantheon holding Q Execute Damage?

Good day everyone,

my question is:

Imagine there is a Pantheon and in a straight line in front of him is a minion and behind the minion is a Champion with HP below 25%

When I throw my Q and the Q hit the minion as a "first target" Pantheons Q gets Damage Reduction with a Fall Off for Distance traveled.

Does the Q do the full DMG when hitting a target below 25% in example the champion a mentioned, or does it still deal the decreased damage with the "execute" damage on top?

Because taking the 100% crit damage apply with below 15% hp on all his AA and Q and just packing it on a Q which is rather "medium fast" and still decrease the damage when you manage to hit a low HP Target behind like 5 Minions would be pretty meh.

So long question short, is the new Pantheon Q just a "spear thrust" right in front, or will the old crit mechanic with the new Skill shot be a bit rewarding, or a complete Downfall?

Because i think it would be nice when the Q reduction isnt as hard or isnt there when pantheon actually manages to hit a low HP Champion.

I think you got me fam!