Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 119

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part II, Item 1A
Chunk 119
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$500,000, to $750,000. In addition, the Plan Amendment extended the termination date of the Repurchase Plan from December 31,
2024 to June 30, 2025, prior to which Common Stock may be repurchased, unless completed sooner or otherwise extended.

We
did not repurchase any shares during the first quarter of the fiscal year covered by this Quarterly Report on Form 10-Q. 

Item
3. Defaults Upon Senior Securities

None.

Item
4. Mine Safety Disclosures

Not
applicable.

Item
5. Other Information

On May 8, 2025, we issued an unsecured
promissory note in the aggregate principal amount of $325,000 (the “May Bridge Note”) to the Holder, for a purchase
price of $250,000, pursuant to which the Company promises to pay the Holder or its registered assigns the principal sum of $325,000
or such amount equal to the outstanding principal amount of the May Bridge Note together with interest. The May Bridge Note will
bear interest on the outstanding principal amount at an annual rate equal to 6.0%. The May Bridge Note may be prepaid by the Company
without penalty, in whole or in part, upon two days’ prior written notice to the Holder. All unpaid principal, together with
any then unpaid and accrued interest and other amounts payable under the May Bridge Note, will otherwise be due and payable on
the earliest of: (i) September 30, 2025, (ii) the consummation of a Corporate Event (as defined in the May Bridge Note), or (iii)
when, upon or after the occurrence of an Event of Default (as defined in the May Bridge Note), such amounts are declared due and
payable by the Holder or made automatically due and payable in accordance with the terms of the May Bridge Note.

On May 12, 2025, the Company executed a
first amendment (the “February Bridge Note Amendment”) to the February Bridge Note. The February Bridge Note Amendment
extends the maturity date of the February Bridge Note from May 25, 2025 to September 30, 2025. Aside from extending the maturity
date of the February Bridge Note, the February Bridge Note Amendment does not amend, alter, restate or otherwise change the principal
terms and conditions of the February Bridge Note as described in Item 1.01 of the Company’s Current Report on Form 8-K filed
on March