Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 126

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 126
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 Holdings’ therapeutic business, including all patents, pre-clinical and
Phase I study results and data, and trade secrets related to the CC8464 compound, in exchange for the issuance by us of 111,112
shares of our common stock, par value $0.0001 per share (“Common Stock”)
and (ii) 600,000 shares of Series A Convertible Preferred Stock (“Series
A Preferred Stock”).

On
August 2, 2023, we entered into a Side Letter to the Contribution Agreement with Chromocell Holdings (the “Holdings Side
Letter”). Pursuant to the Holdings Side Letter, upon closing of our initial public offering (“IPO”): (a) Chromocell
Holdings re-assumed all $1.6 million in direct liabilities previously assumed by the Company in accordance with the Contribution
Agreement, (b) Chromocell Holdings waived the Company’s obligations to make a cash payment in the amount of $0.6 million
to Chromocell Holdings, and (c) in consideration thereof, we issued to Chromocell Holdings 2,600 shares of  Series C Preferred
Stock.

On
February 21, 2024, we completed the IPO and issued and sold 110,000 shares of Common Stock at a price to the public of $60.00
per share. The aggregate net proceeds from the IPO were approximately $5.7 million after deducting underwriting discounts and
commissions of approximately $0.5 million and offering expenses of approximately $0.4 million.

In
connection with the completion of the IPO: (A) we effected the 9-for-1 reverse stock split effective February 15, 2024 (the “Reverse
Stock Split”) of our shares of Common Stock, (B) all 600,000 issued and outstanding shares of our Series A Preferred Stock
automatically converted into 49,943 shares of Common Stock, (C) $389,757 and accrued interest of approximately $28,336 as of February
21, 2024 outstanding under our senior secured convertible notes issued in a bridge
financing in April 2023 for an aggregate principal amount of $393,808 (the “April Bridge Financing”) after
giving effect to the Representative Affiliate Transactions (as defined below), automatically converted into approximately 8,711
shares of Common Stock, (D) $197,421 and accrued interest of $8,169 as of February