Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 80

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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(Unaudited)

NOTE
1 – ORGANIZATION AND NATURE OF BUSINESS

Company
Background

Chromocell
Therapeutics Corporation (“Chromocell” or the “Predecessor”) was incorporated in Delaware on March 19,
2021. On November 18, 2024 (“Reincorporation Merger Effective Date”), Chromocell merged with and into its wholly-owned
subsidiary, Channel Therapeutics Corporation, a Nevada corporation (the “Reincorporation Merger”), pursuant to an
agreement and plan of merger, dated as of November 18, 2024 (the “Reincorporation Merger Agreement”) for the purposes
of reincorporating Chromocell in Nevada. All information disclosed in this Form 10-Q for periods prior to the Reincorporation
Merger Effective Date relates to the Predecessor, and all information disclosed in this Form 10-Q for periods after the Reincorporation
Merger Effective Date relates Channel Therapeutics Corporation, a Nevada corporation (“Channel”).

On
August 10, 2022, the Company entered into that certain Contribution Agreement with Chromocell Corporation, a Delaware corporation
(“Chromocell Holdings”), pursuant to which, effective July 12, 2022, Chromocell Holdings contributed all assets and
liabilities related to Chromocell Holdings’ historical therapeutic business, including all patents, pre-clinical and Phase
I study results and data, and trade secrets related to the CC8464 compound to the Company (See Note 4). On October 22, 2024, the
Company’s shareholders approved a reincorporation merger of the Company in the State of Nevada with and into Pelthos Therapeutics
Inc., wholly-owned subsidiary of the Company, with Pelthos Therapeutics Inc. remaining as the surviving corporation immediately
following the reincorporation merger (the “Reincorporation Merger”). The Reincorporation Merger occurred on November
18, 2024.

The
Company is a clinical-stage biotech company focused on developing and commercializing new therapeutics to alleviate pain. The
Company’s clinical focus is to selectively target the sodium ion-channel known as “NaV1.7”, which has been genetically
validated as a pain receptor in human physiology. A NaV1.7 blocker is a chemical entity that modulates the structure of the sodium-channel
in a way to prevent the transmission of pain perception to