Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 357

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 357
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995

    (1)
    Represents
    the shares of Common Stock authorized for issuance under the 2023 Plan.  In February 2024, the board
    of directors approved an amendment to the 2023 Plan, subject to stockholder approval
    which was subsequently obtained. An aggregate of 3,000,000 shares were originally authorized for issuance under the 2023 Plan, and
    after the amendment and our Reverse Stock Split in connection with the IPO, an aggregate of 444,444 shares have been authorized
    under the 2023 Plan. On June 12, 2024, the board of directors authorized an amendment to the 2023 Plan to increase
    the number of shares of Common Stock authorized for issuance thereunder by 1,500,000 from 444,444 shares
    to 1,944,444 shares. On October 22, 2024, the increase in the number of shares in the 2023 Plan was approved
    by the affirmative vote of a majority of the outstanding shares of Common Stock present in person, by remote communication,
    if applicable, or represented by proxy at the Annual Meeting.  As of March
    26, 2025, options to purchase an aggregate of 925,449
    shares of our Common Stock with a weighted-average exercise price of $5.95 per
    share, were outstanding under the 2023 Plan, with 1,108,995 shares of our Common
    Stock remaining available for future issuance. Unissued shares subject to awards that expire, are forfeited, or are cancelled
    will again become available for issuance under the 2023 Plan.

    (2)
    As of December 31,
    2024.

98 

Item
13. Certain Relationships and Related Transactions, and Director Independence

Transactions
with Related Parties

The
following is a summary of transactions among related parties that occurred since the Company’s incorporation, and any ongoing
related party relationships:

In
May 2021, Chromocell Holdings, the Company and Flamands International Holdings LLC (“Flamands”) commenced negotiations
regarding a three-party agreement whereby Chromocell Holdings would spin off assets and liabilities associated with its therapeutics
operations to the Company and Flamands would provide funding to the Company. As the parties contemplated various transactional
structures, an agreement was never effectuated because significant details concerning the assumption of liabilities