Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 94

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 Bridge Note bears 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 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.

    13 

As
of June 30, 2025, there was $2,832 in accrued
interest and $52,741 unamortized debt discount on the May Bridge Note. Interest expense totaled $2,832 for the three months
ended June 30, 2025, compared to $0 for three months ended June 30, 2024. The Company recognized $30,384 and $0, respectively,
of amortization of debt discount included in interest expense on the statements of operations for the three months ended June
30, 2025 and 2024. Interest expense totaled $2,832 for the six months ended June 30, 2025, compared to $0 for six months
ended June 30, 2024. The Company recognized $30,384 and $0, respectively, of amortization of debt discount included in interest
expense on the statements of operations for the six months ended June 30, 2025 and 2024. As of June 30, 2025, there was $325,000
in outstanding principal on the May Bridge Note.

June
Bridge Note

On
June 23, 2025, the Company issued an unsecured promissory note in the aggregate principal amount of $162,500 (the “June
Bridge Note”) to the Holder, for a purchase price of $125,000, pursuant to which the Company promises to pay the Holder
or its registered assigns the principal sum of $162,500 or such amount equal to the outstanding principal amount of the June Note
together with interest. The June Bridge Note bears