Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 115

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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000 and (ii) provides for a termination date of April 11,
2035.

    25 

Kopfli
Matter

On
February 14, 2024, the Company’s board of directors received a demand letter from an attorney representing 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 $479,169.
Of the $479,169 asserted by Mr. Kopfli, as of September 30, 2024, the Company had accrued $363,091 in compensation expenses associated
with Mr. Kopfli’s prior employment with the Company. However, the Company 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 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