Company: PTHS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001753926-25-001764
Chunk: 60

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 Chromocell Holdings
and its former Chief Executive Officer and former Chief Strategy Officer, Mr. Christian Kopfli, who was released for “cause.”
Mr. Kopfli alleged an improper termination for “cause” and claimed to seek monetary damages in the amount of $479.
Of the $479 asserted by Mr. Kopfli, as of September 30, 2024, Chromocell had accrued $363 in compensation expenses associated
with Mr. Kopfli’s prior employment with Chromocell. However, Chromocell believed the assertions made by Mr. Kopfli were
without merit and commenced a lawsuit against Mr. Kopfli and Chromocell Holdings in the Supreme Court for the State of New York,
County of New York on June 7, 2024 (Index No. 652917/2024, the “New York Action”), asserting causes of action against
Mr. Kopfli for breach of the Employment Agreement entered into on January 10, 2023 between Chromocell and Mr. Kopfli, breach of
fiduciary duty by Mr. Kopfli, as well as breach of contract against Chromocell Holdings. Chromocell also asserted a “faithless
servant” claim against Mr. Kopfli, seeking a ruling that Mr. Kopfli was not entitled to compensation from Chromocell. Chromocell
sought monetary damages against Mr. Kopfli and Chromocell Holdings in the New York Action, plus disgorgement of all compensation
previously paid or accrued to Mr. Kopfli by Chromocell.

By
Order dated October 3, 2024, the court in the New York Action awarded Chromocell a default judgment against Mr. Kopfli and Chromocell
Holdings on all claims. On October 7, 2025, following an inquest held before the Court regarding Chromocell’s damages, a
judgment was entered in favor of Chromocell and against Mr. Kopfli and Chromocell Holdings, jointly and severally, in the amount
of $17,951, as well as additional damages against Mr. Kopfli in the amount of $348. As of June 30, 2025, the Company removed the
accrual of $348 in compensation expenses.

Convertible Note Financing (Private
Placement)

On November 6, 2025 (the “Convertible
Note Financing Closing Date”), the Company entered into