Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 391

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 391
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accompanying audited financial statement has been prepared in accordance with accounting principles generally accepted in the
United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. 

Revision
of previously issued financial statements

During the course of preparing the Company’s Annual Report on Form 10-K for the year ended
December 31, 2024, the Company identified a misstatement in the prior year financial statements. This misstatement related to the
reporting an incorrect number of shares of Common Stock issued for cash in the Company’s consolidated statement of changes
in stockholders’ deficit. This led to an incorrect amount of total common shares outstanding on the Company’s consolidated
statement of changes in stockholders’ deficit and on the Company’s consolidated balance sheet. On the Company’s
consolidated balance sheet as of December 31, 2023, the Company disclosed shares of Common Stock issued and outstanding of 3,914,338.
This amount of shares has been revised to 3,906,300, a change of 8,038 shares. On the Company’s consolidated statement of
changes in stockholders’ deficit for the year ended December 31, 2023, the Company disclosed shares of Common Stock issued
for cash of 2,533,853. This amount of shares has been revised to 2,525,815, a change of 8,038 shares. Also, on the Company’s
consolidated statement of changes in stockholders’ deficit for the year ended December 31, 2023, the Company disclosed total
shares of Common Stock issued and outstanding as of December 31, 2023 of 3,914,338. This amount of shares has been revised to 3,906,300,
a change of 8,038 shares.

    F-9 

Emerging
Growth Company

The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the
“Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies
that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered
public accounting firm attestation requirements of Section 404 of the Sarbanes-Ox