Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 88

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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 filed. The Company has filed its tax returns for the year ended December
31, 2024 and after review of the prior year consolidated financial statements and the results of operations through December 31,
2024, the Company has recorded a full valuation allowance on its deferred tax asset.

    10 

Recently
Issued Accounting Pronouncements

In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated
information about a reporting entity’s effective tax rate reconciliation, as well as information related to income taxes
paid to enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for the annual
periods beginning after December 15, 2024. The Company is currently evaluating the impact ASU No. 2023-09 will have on its condensed
consolidated financial statements.

In
November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
No. 2024-03, "Disaggregation of Income Statement Expenses," which requires disclosures of certain disaggregated income
statement expense captions into specified categories within the footnotes to the financial statements. The requirements of the
ASU are effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December
15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application.
The Company is currently evaluating the impact ASU No. 2024-03 will have on its condensed consolidated financial statements.

Other
new accounting pronouncements issued, but not effective until after June 30, 2025, did not and are not expected to have a material
impact on our financial position, results of operations or liquidity.

NOTE
4 – RELATED PARTY TRANSACTIONS

Due
from/to Chromocell Holdings

As
of June 30, 2025 and December 31, 2024, the Company had a $40,400 asset due from Chromocell Holdings. This amount is comprised
of expenses paid by the Company to be reimbursed by Chromocell Holdings. No interest is incurred on these amounts.

Related
Party Note

On
May 10, 2024, the Company and Camden Capital LLC, a company controlled by Mr. Knuettel, the Company’s Chief Financial
Officer, converted certain