Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 2070

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 10
Chunk 2070
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, $0.0001 par value, 200,000,000 shares authorized, 6,103,813 and 3,906,300 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 
     613  
     391 

    Additional paid in capital 
     18,760,320  
     7,074,646 

    Accumulated deficit 
     (21,474,987) 
     (13,519,649)

    TOTAL STOCKHOLDERS’ DEFICIT 
     (2,714,054) 
     (6,444,552)

    TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 
    $1,369,143  
    $96,391 

The
accompanying notes are an integral part of these consolidated financial statements.

F-3 

CHANNEL
THERAPEUTICS CORP

CONSOLIDATED
STATEMENTS OF OPERATIONS

FOR
THE YEARS ENDED DECEMBER 31, 2024 AND 2023

    Years Ended December 31, 

    2024  
    2023 

    OPERATING EXPENSES 

    General and administrative expenses 
    $4,110,045  
    $2,738,948 

    Research and development 
     1,179,436  
     2,579,418 

    Professional fees 
     2,281,968  
     1,543,918 

    Total operating expenses 
     7,571,449  
     6,862,284 

    NET LOSS FROM OPERATIONS 
     (7,571,449) 
     (6,862,284)

    OTHER (EXPENSE) INCOME 

    Interest expense 
     (786,393) 
     (518,509)

    Other income 
     39,413  
     — 

    Gain on default judgement 
     363,091  
     — 

    Total other (expense) income 
     (383,091) 
     (518,509)

    Net loss before provision for income taxes 
     (7,955,338) 
     (7,380,793)

    Provision for income taxes 
     —