Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 30

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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mation 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 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.

February Bridge Note Amendment

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.

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Cautionary
Notice Regarding Forward Looking Statements

This
Quarterly Report on Form 10-Q (this “Report”) contains “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements discuss matters that are not historical
facts. Because they discuss future events or conditions, forward-looking statements may include words such as “anticipate,”
“believe,” “estimate,” “intend,” “could,” “should,” “would,”
“may,” “seek,” “plan,” “might,” “will,” “expect,” “predict,”
“project,” “forecast,” “potential,” “continue,” negatives thereof or similar expressions.
These forward-looking statements are found at various places throughout this Report and include information concerning possible
or assumed future results of Channel Therapeutics Corporation’s (“Channel”, the “Company”, “our”,
“us” or “we”) operations; business strategies; future cash flows; financing plans; plans and objectives
of management; any other statements regarding future operations, future cash needs, business plans and future financial results,
and any other statements that are not historical facts.

22

From
time to time, forward-looking statements also are included in our other periodic reports on Form 10-K, 10-Q and 8-K, in our press
releases, in our presentations, on our website and in other materials released