Company: PTHS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001753926-25-001764
Chunk: 72

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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 LNHC entered into a bridge loan
agreement with two third-party lenders, part of the group of strategic investors who participated in the PIPE Financing, for an
aggregate amount, including interest, of $6.1 million. This loan reduced their funding commitment with respect to the Merger transaction.
In addition, as part of the Merger closing a settlement of a related party note of $0.1 million also occurred.

43

The
following are details of the Merger and PIPE Financing as it relates to Series A Preferred Stock and proceeds from the PIPE Financing
(in thousands, except share and per share amounts):

    Series
    A Preferred Shares Issued  
    Allocated
    Gross Proceeds  
    Notes
    Settlement  
    Payables
    Settlement and Expenses  
    Net
    Proceeds 

    Beginning Balance as of July 1, 2025 
     —  
    $—  
    $—  
    $—  
    $— 

    Preferred Stock (Series
    A) Issued - Merger 
     31,278  
     —  
     —  
     —  
     — 

    Preferred Stock (Series A) Issued -
    PIPE Financing 
     50,100  
     50,100  
     (20,340) 
     (2,376) 
     27,384 

    Preferred Stock
    (Series A) Converted to Common Stock 
     (23,810) 
     —  
     —  
     —  
     — 

    Ending Balance as of July 1, 2025 
     57,568  
    $50,100  
    $(20,340) 
    $(2,376) 
    $27,384 

The
July 1, 2025 Merger resulted in the Company having (i) a commercial product, ZELSUVMI; (ii) the facility, equipment and know-how
to manufacture the API used in ZELSUVMI and the NITRICIL technology platform; and (iii) clinical-stage NaV1.7 assets.

ZELSUVMI

ZELSUVMI
(berdazimer) topical gel, 10.3% is a nitric oxide (NO) releasing agent indicated for the topical treatment of molluscum contagiosum
in adults