Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 15

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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472

    February
    Bridge Note

    325,000

    (46,348
    )

    278,652

    Total
    As of March 31, 2025
     
    $
    2,506,628

    $
    (135,088
    )
     
    $
    2,371,540

    12

     Loan
    Payable
     
    Outstanding
        Principal

    Unamortized
        Debt
Discount

    Outstanding
        Principal,
net of
        Debt
Discount

    May
    Promissory Note
     
    $
    1,455,416

    $
    —

    $
    1,455,416

    Convertible
    Note

    726,212

    (127,426
    )

    598,786

    Total
    As of December 31, 2024
     
    $
    2,181,628

    $
    (127,426
    )
     
    $
    2,054,202

NOTE
6 – STOCKHOLDERS’ EQUITY

Initial
Public Offering

On
February 21, 2024, the Company completed its IPO and issued 1,100,000 shares of Common Stock at a price of $6.00 per
share. The aggregate net proceeds from the IPO were approximately $5.9 million after deducting approximately $0.9 million of
underwriting discounts and commissions and offering expenses.

Stock
Split

On
February 15, 2024, the Company effected a 9-for-1 reverse stock split. All share and per share amounts have been retrospectively
adjusted for the reverse stock split.

2023
Plan Amendment

On
June 12, 2024, the Board authorized an amendment to the Channel Therapeutics Corporation 2023 Equity Incentive Plan (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 2023 Plan Amendment 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