Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 201

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 3
Chunk 201
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 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 the Company and Mr. Kopfli, breach
of fiduciary duty by Mr. Kopfli, as well as breach of contract against Chromocell Holdings. The Company also asserted a “faithless
servant” claim against Mr. Kopfli, seeking a ruling that Mr. Kopfli was not entitled to compensation from the Company. The
Company 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 the Company.

By
Order dated October 3, 2024, the court in the New York Action awarded the Company a default judgment against Mr. Kopfli and Chromocell
Holdings on all claims. On July 25, 2025, following an inquest held before the court regarding the Company’s damages, the
court entered an order (i) holding that the Company (identified in the order as Chromocell Therapeutics Corporation) is entitled
to damages against Mr. Kopfli and Chromocell Corporation, jointly and severally, in the amount of $17,950,205.38, as well as additional
damages against Mr. Kopfli in the amount of $348,461, and (ii) directing entry of judgment in the Company’s favor for those
amounts, accordingly. As of June 30, 2025, the Company has removed the accrual of $348,461 in compensation expenses.

Item
1A. Risk Factors

As
a smaller reporting company, the Company is not required to include the disclosure required under this Item 1A.

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds

Recent
Sales of Unregistered Securities  

On
January 23, 2025, the Company agreed to issue 2,500 shares of Common Stock to a vendor in consideration for the services provided
by the vendor to the Company.

46 

The
offers and sales of the above securities were deemed to be exempt from registration under the Securities Act in reliance upon
Section 4(a)(2) of the Securities Act or Regulation D promulgated thereunder