Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 16

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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February 25, 2025, the Company issued an unsecured promissory note in the aggregate principal amount of $325,000 (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 June 30, 2025, there was $6,678 in accrued
interest and $3,733 unamortized debt discount on the February Bridge Note. Interest expense totaled $4,862 for the three
months ended June 30, 2025, compared to $0 for three months ended June 30, 2024. The Company recognized $52,524 and
$0, respectively, of amortization of debt discount included in interest expense on the statements of operations for the three
months ended June 30, 2025 and 2024. Interest expense totaled $6,678 for the six months ended June 30, 2025, compared to
$0 for six months ended June 30, 2024. The Company recognized $98,142 and $0, respectively, of amortization of debt
discount included in interest expense on the statements of operations for the six months ended June 30, 2025 and 2024. As of June
30, 2025, there was $325,000 in outstanding principal