Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 14

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 (the “February
Bridge Note”) to 3i, L.P., a Delaware limited partnership (the “Holder”), for a purchase price of $250,000,
pursuant to which the Company promises to pay the Holder or its registered assigns the principal sum of $325,000 or such amount
equal to the outstanding principal amount of the February Bridge Note together with interest. The February Bridge Note bears interest on the outstanding
principal amount at an annual rate equal to 6.0%. The February Bridge Note may be prepaid by the Company without penalty, in whole
or in part, upon two days’ prior written notice to the Holder. All unpaid principal, together with any then unpaid and accrued
interest and other amounts payable under the February Bridge Note, will otherwise be due and payable on the earliest of: (i) May
25, 2025, (ii) the consummation of a Corporate Event (as defined in the February Bridge Note), or (iii) when, upon or after the
occurrence of an Event of Default (as defined in the February Bridge Note), such amounts are declared due and payable by the Holder
or made automatically due and payable in accordance with the terms of the February Bridge Note.

As
of March 31, 2025, there was $1,816 in accrued
interest and $46,348 unamortized debt discount on the February Bridge Note. Interest expense totalled $1,816 for the three
months ended March 31, 2025, compared to $0 for three months ended March 31, 2024. The Company recognized $28,652 and
$0, respectively, of amortization of debt discount included in interest expense on the statements of operations for the three
months ended March 31, 2025 and 2024. As of March 31, 2025, there as $325,000 in outstanding principal on the February Bridge
Note.

Outstanding
Principal on Notes

    Loan
    Payable
     
    Outstanding
        Principal

    Unamortized
        Debt
Discount

    Outstanding
        Principal,
net of
        Debt
Discount

    May
    Promissory Note
     
    $
    1,455,416

    $
    —

    $
    1,455,416

    Convertible
    Note

    726,212

    (88,740
    )

    637,