Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 211

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 211
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 of an underwritten offering of securities resulting in at least $15 million in gross proceeds. On
December 28, 2023, the Company entered into an amendment to the Director Note, which extended the maturity date to February 29,
2024. On February 21, 2024, the principal and accrued interest on this note converted into 29,167 shares of the Company’s
Common Stock.

April
and September Bridge Financings

On
April 17, 2023 and September 1, 2023, the Company entered into bridge notes, the investors in which were almost entirely existing
investors. Related party investors in the April Bridge Financing include Chromocell Holdings, Boswell Prayer Ltd., Motif Pharmaceuticals
Ltd, Aperture Healthcare Ventures Ltd., MDB Merchants Park LLC, Balmoral Financial Group LLC and AME Equities LLC (each a related
party based on share ownership in excess of 5% or resulting from a principal at one of the entities being on the Board).
All of these investors, except Chromocell Holdings, also participated in the September Bridge Financing. On February 21, 2024,
the principal and accrued interest on these notes converted into 130,494 shares of the Company’s Common Stock. See Note
5 for terms of these notes.

    F-14 

Due
from/to Chromocell Holdings

As
of December 31, 2024, the Company had a $40,400 receivable due from Chromocell Holdings, from which the Company was spun
out in August 2022. This amount is comprised of expenses paid by the Company to be reimbursed by Chromocell Holdings. No interest
is incurred on these amounts.

As
of December 31, 2023, the Company had a $5,386 liability due to Chromocell Holdings. This amount is comprised of expenses
paid by Chromocell Holdings to be reimbursed by the Company. No interest is incurred on these amounts.

Side
Letter to the Contribution Agreement and Issuance of Series C Convertible Redeemable Preferred Stock

On
August 2, 2023, the Company entered into a side letter to the Contribution Agreement (the “Holdings Side Letter”)
with Chromocell Holdings. Pursuant to the side letter, upon closing of the Company’s IPO: (a) Chromocell Holdings re-assumed
all $1.6 million in direct liabilities previously