Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 379

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 379
---
 Officer, Treasurer, Secretary and Director

    Date:
    March 27, 2025
    By:
    /s/
    Ezra Friedberg

    Ezra Friedberg

    Director

    Date:
    March 27, 2025
    By:
    /s/
    Todd Davis

    Todd Davis

    Director

    Date:
    March 27, 2025
    By:
    /s/
    Richard Malamut

    Richard Malamut

    Director

    Date:
    March 27, 2025
    By:
    /s/
    Chia-Lin Simmons

    Chia-Lin Simmons

    Director

109 

CHANNEL
THERAPEUTICS CORPORATION 

INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS 

    Page

    Report of Independent Registered Public Accounting Firm (PCAOB ID 688)
    F-2

    Audited Financial Statements

    Consolidated Balance Sheets
    F-3

    Consolidated Statements of Operations
    F-4

    Consolidated Statements of Changes in Stockholders’ Equity (Deficit)
    F-5

    Consolidated Statements of Cash Flows
    F-6

    Notes to the Consolidated Financial Statements
    F-7

F-1 

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Shareholders and Board of Directors of 

Channel
Therapeutics Corporation 

Freehold,
New Jersey

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheets of Channel Therapeutics Corporation (the “Company”) as of
December 31, 2024 and 2023, the related consolidated statements of operations, changes in stockholders’ deficit and cash
flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the
“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated
financial position of the Company as of December 31, 2024 and 2023, and the consolidated results of its operations and its cash
flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted
in the United States of America.

Explanatory
Paragraph – Going Concern

The
accompanying financial statements have been prepared assuming that the Company will continue as