Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1254

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 6
Chunk 1254
---
,948 

    Research and development 
     1,179,436  
     2,579,418 

    Professional fees 
     2,281,968  
     1,543,918 

    Total operating expenses 
     7,571,449  
     6,862,284 

    NET LOSS FROM OPERATIONS 
     (7,571,449) 
     (6,862,284)

    OTHER (EXPENSE) INCOME 

    Interest expense 
     (786,393) 
     (518,509)

    Other income 
     39,413  
     — 

    Gain on default judgement 
     363,091  
     — 

    Total other (expense) income 
     (383,091) 
     (518,509)

    Net loss before provision for income taxes 
     (7,955,338) 
     (7,380,793)

    Provision for income taxes 
     —  
     — 

    NET LOSS 
    $(7,955,338) 
    $(7,380,793)

    Net loss per common share - basic and diluted 
    $(1.43) 
    $(5.78)

    Weighted average number of common shares outstanding during the year - basic and diluted 
     5,574,473  
     1,276,543 

The
accompanying notes are an integral part of these consolidated financial statements.

F-4 

CHANNEL
THERAPEUTICS CORP

CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR
THE YEARS ENDED DECEMBER 31, 2024 AND 2023

    Preferred A Shares  
    Preferred A Shares Par  
    Preferred C Shares  
    Preferred C Shares Par  
    Common Shares  
    Par  
    Additional Paid-in Capital  
    Accumulated Deficit  
    Total Stockholders’ Deficit 

    Balance, December 31, 2022 
     600,000  
    $60  
     —  
    $—  
     1,111,112  
    $111  
    $2,432,148  
    $(6,138,856) 
    $(3,706,537)

    Stock-based