Company: PTHS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001753926-25-001764
Chunk: 9

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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    Shares issued for payment of account payable or for services 
    $50  
    $7 

    Conversion of notes to common stock 
    $737  
    $1,363 

    Transfer of liabilities to Chromocell Corporation for Series C Preferred Stock 
    $—  
    $2,153 

    Account payable and accrued expenses converted to notes 
    $—  
    $1,455 

    Account payable and accrued expenses converted to notes - related party 
    $—  
    $132 

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

7

PELTHOS
THERAPEUTICS INC.  

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

(Unaudited) 

(dollar
values in thousands, except per share data)

NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

Description
of Business

Pelthos
Therapeutics Inc., (the “Company”) is a bio-pharmaceutical company committed to commercializing innovative, safe,
and efficacious therapeutic products to help patients with unmet treatment burdens.

The
Company currently has rights to one commercial product, ZELSUVMI™ (berdazimer) topical gel, 10.3% for the treatment of molluscum
contagiosum, which was approved by the U.S. Food and Drug Administration (“FDA”) in January 2024 and was commercially
launched in July 2025. Berdazimer sodium is the active pharmaceutical ingredient (“API”) used in ZELSUVMI and is the
backbone of the NITRICIL™ platform technology. The Company leases its manufacturing facility, owns and operates the equipment
used in the production of the API, and has the personnel, know-how, and experience to produce the API for ZELSUVMI. In addition, the Company also has rights to
clinical stage assets that selectively target the sodium ion-channel known as “NaV1.7”, which has been genetically
validated as a pain receptor in human physiology. A NaV1.7 blocker is a chemical entity that modulates the structure of the sodium-channel
in a way to modulate the transmission of pain perception to the central nervous system.

Company
Background

The Company was effectively formed on July
1, 2025 with a merger transaction between Channel Therapeutics Corporation (“Channel”) and LNHC, Inc.