Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 482

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 482
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 audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum llp

Marcum llp

We have served as the Company’s auditor since 2021.

Hartford, Connecticut

March 27, 2025

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TABLE OF CONTENTS

CHANNEL THERAPEUTICS CORP CONSOLIDATED BALANCE SHEETS

|                                                                                                                                                                                   |     | December 31, 
         2024 |     | December 31, 
         2023 |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|-------------:|:----|-------------:|
| ASSETS                                                                                                                                                                            |     |              |     |              |
| CURRENT ASSETS                                                                                                                                                                    |     |              |     |              |
| Cash                                                                                                                                                                              |     |     $513,443 |     |      $96,391 |
| Prepaid expenses                                                                                                                                                                  |     |       65,300 |     |            — |
| Due from Chromocell Corporation                                                                                                                                                   |     |       40,400 |     |            — |
| Deferred offering costs                                                                                                                                                           |     |      750,000 |     |            — |
| TOTAL CURRENT ASSETS                                                                                                                                                              |     |    1,369,143 |     |       96,391 |
| TOTAL ASSETS                                                                                                                                                                      |     |   $1,369,143 |     |      $96,391 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT                                                                                                                                             |     |              |     |              |
| CURRENT LIABILITIES                                                                                                                                                               |     |              |     |              |
| Accounts payable and accrued expenses                                                                                                                                             |     |   $1,897,127 |     |   $4,620,925 |
| Accrued compensation                                                                                                                                                              |     |            — |     |      645,947 |
| Investor Note, net of debt discount                                                                                                                                               |     |            — |     |      316,324 |
| Loan payable, net of debt discount                                                                                                                                                |     |    2,054,202 |