Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 236

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 236
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-revenue.

    F-27 

The
accounting policies of the clinical-stage biotech segment are the same as those described in the summary of significant accounting
policies.

The
chief operating decision maker assesses performance for the clinical-stage biotech segment and decides how to allocate resources
based on net loss that also is reported on the statement of operations as consolidated net loss.

The
measure of segment assets is reported on the balance sheet as total assets.

The
chief operating decision maker uses net loss to evaluate spending in deciding how funds should be allocated in preforming the
Company’s research and development. Net loss is used to monitor budget versus actual results.

The Company has
one reportable segment: clinical-stage biotech. This segment performs research and development for biotech products. Since the
Company only has one segment, the segment information is the same as the consolidated financials.

The Company’s
chief operating decision maker is the chief executive officer, with such individual also holding the position of chief financial
officer.

NOTE
10 – SUBSEQUENT EVENTS

Bridge
Note

On February 25, 2025, the Company issued an unsecured promissory note in the aggregate principal amount
of $325,000 (the “Bridge Note”) to 3i, L.P., a Delaware limited partnership (the “Holder”), for a purchase
price of $250,000, pursuant to which the Company promises to pay the Holder or its registered assigns the principal sum of $325,000
or such amount equal to the outstanding principal amount of the Note together with interest. The Note will bear interest on the
outstanding principal amount at an annual rate equal to 6.0%. The 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 Note, will otherwise be due and payable on the earliest of: (i) May 25, 2025, (ii)
the consummation of a Corporate Event (as defined in the 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 Note.

F-28