Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 2426

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 2426
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 approved
    by the affirmative vote of a majority of the outstanding shares of Common Stock present in person, by remote communication,
    if applicable, or represented by proxy at the Annual Meeting.  As of March
    26, 2025, options to purchase an aggregate of 925,449
    shares of our Common Stock with a weighted-average exercise price of $5.95 per
    share, were outstanding under the 2023 Plan, with 1,108,995 shares of our Common
    Stock remaining available for future issuance. Unissued shares subject to awards that expire, are forfeited, or are cancelled
    will again become available for issuance under the 2023 Plan.

    (2)
    As of December 31,
    2024.

98 

Item
13. Certain Relationships and Related Transactions, and Director Independence

Transactions
with Related Parties

The
following is a summary of transactions among related parties that occurred since the Company’s incorporation, and any ongoing
related party relationships:

In
May 2021, Chromocell Holdings, the Company and Flamands International Holdings LLC (“Flamands”) commenced negotiations
regarding a three-party agreement whereby Chromocell Holdings would spin off assets and liabilities associated with its therapeutics
operations to the Company and Flamands would provide funding to the Company. As the parties contemplated various transactional
structures, an agreement was never effectuated because significant details concerning the assumption of liabilities were never
finalized. Chromocell Holdings instead provided multiple advances to the Company for its operations from May 2021 through August
2022. At December 31, 2021, all amounts previously received from Chromocell Holdings by the Company were recorded as advances
payable on the Company’s consolidated financial statements. 

On
August 10, 2022, the Company and Chromocell Holdings entered into the Contribution Agreement effecting (1) the contribution by
Chromocell Holdings to the Company of assets related to Chromocell Holdings’ therapeutics business, which we transferred
to the Company (the “Therapeutics Business”), including all intellectual property secrets related to Chromocell Holdings’
NaV1.7 program and its clinical-stage CC8464 lead compound, (2) assumption by the Company of direct liabilities related to Chromocell
Holdings’ historical Therapeutics Business in the amount of $1,556,323 as well as a cash payment by the Company to Chromocell