Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1189

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 6
Chunk 1189
---
4  
    2023  
    $ Change  
    % Change 

    Consultant 
    $286,680  
    $68,900  
    $217,780  
     316%

    Lab Gas 
     1,818  
     —  
     1,818  
     NA 

    Lab Cell Storage 
     88,662  
     48,572  
     40,090  
     83%

    Chemistry Manufacturing and Controls (“CMC”) 
     642,304  
     —  
     642,304  
     NA 

    IP Services 
     159,972  
     2,461,946  
     (2,301,974) 
     (94)%

    Total 
    $1,179,436  
    $2,579,418  
    $(1,399,982) 
     (54)%

The
Company incurred less research and development expenses for the year ended December 31, 2024, as compared to the corresponding
period in 2023 primarily as a result of a decrease in IP services of $2,301,974.

Professional
Fees

We
incurred professional expenses for the years ended December 31, 2024 and 2023 of $2,281,968 and $1,543,918, respectively. For
the year ended December 31, 2024, compared to the same period in 2023, this represented an increase of $738,050, or 48%, as a
result of higher auditing and legal expenses associated with the Company operating as a public company since February 2024.

Other
(Expense) Income

We
incurred other expense for the year ended December 31, 2024 of $383,889 as compared to other expense for the year ended December
31, 2023 of $518,509. For the year ended December 31, 2024, compared to the same period in 2023, this represented a decrease
of $134,620 or 26%. The other expense for the years ended December 31, 2024
and 2023 was primarily the result of increased interest expense, net of a gain on default judgement of $363,091. The increase
in the interest expense was due to the remaining amortization of the