Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 486

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 486
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) in the aggregate
principal amount of $389,757, after giving effect to the Representative Affiliate Transactions. During the year ended December
31, 2023, the Company received an aggregate of $303,651 in Advances prior to the close of the April Bridge Financing from certain
of the participating investors. Such Advances accrued interest at a rate of eight percent (8%) per annum until close of the April
Bridge Financing on April 17, 2023, for a total of $19,323 in aggregate interest on all Advances during the year ended December
31. The April Bridge Financing consists of senior secured convertible notes that had a maturity date of October 17, 2023. On October
12, 2023, we entered into a first amendment to the senior secured convertible notes in the April Bridge Financing, which extended
the maturity of the notes to November 1, 2023. On October 24, 2023, we entered into a second amendment to the senior secured convertible
notes in the April Bridge Financing, which extended the maturity of the notes to November 14, 2023. On November 13, 2023, we entered
into a third amendment to the senior secured convertible notes in the April Bridge Financing, which further extended the maturity
of the notes to February 29, 2024. Such notes accrue interest on the unpaid principal amount at a rate of eight percent (8%) per
annum and will automatically convert into 87,109 shares of Common Stock in connection with the IPO at a twenty percent (20%) discount
to the price per IPO Share (based on the IPO price of $6.00 per IPO Share). The senior secured convertible notes issued in the
April Bridge Financing are secured by a security interest in all of our assets (including our patents and intellectual property
licenses). In connection with the April Bridge Financing, on April 17, 2023, we also entered into a securities purchase agreement
with holders of the notes, pursuant to which we are required to file a registration statement within 180 calendar days after consummation
of the IPO, providing for the resale of Common Stock received by holders of the notes upon conversion of such notes.

On
September 1, 2023, we entered into the September Bridge Financing with various accredited investors, certain of which are pre-existing
stockholders, including Aperture Healthcare Ventures Ltd., MDB Merchants Park LLC, Balmoral and AME Equities LLC (each a