Company: PTHS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001753926-25-001764
Chunk: 59

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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    Nine Months Ended September 30, 2025  
    Nine Months Ended September 30, 2024 

    Revenue 

    Commercial operations 
    $7,112  
    $—  
    $7,112  
    $— 

    Research and Development operations 
     294  
     —  
     294  
     — 

    Total revenue 
    $7,406  
    $—  
    $7,406  
    $— 

    Net loss 

    Commercial operations 
    $(16,387) 
    $—  
    $(16,387) 
    $— 

    Research and Development operations 
     149  
     (1,695) 
     (5,268) 
     (6,029)

    Net loss and comprehensive loss 
    $(16,238) 
    $(1,695) 
    $(21,655) 
    $(6,029)

    As of  September 30, 2025 

    Assets 

    Commercial operations 
    $125,360 

    Research and Development operations 
     1,073 

    Total assets 
    $126,433 

    37

The
net revenues attributed to the Commercial Operations segment are derived from the sale of the Company’s commercial product,
and the net revenues attributed to the Research and Development Operations segment are primarily derived from the arrangement
with the Company’s licensing partner in Japan. Total assets by reporting segment are not reviewed by the CODM when evaluating
the reporting segments’ performance, however, the Commercial Operations segment includes the acquired assets associated
with the LNHC acquisition and changes in such assets, while the Research and Development Operations segment is comprised of the
assets associated with the historical business of the Company.

Substantially
all revenue was derived from product sales or from licensing agreements originating in the United States. All of the Company’s
long-lived assets are maintained in the United States. As of September 30, 2025, three of the Company’s wholesaler customers
accounted for more than 94% of its total gross accounts receivable balance at 34%, 32% and 28%, respectively.

NOTE
14 – SUBSEQUENT EVENTS

Kopfli
Matter

On
February 14, 2024, Chromocell’s board of directors received a demand letter from an attorney representing