Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 2373

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 15
Chunk 2373
---
i) amended and restated the Investor Note to extend the maturity date
to February 29, 2024, and (ii) in consideration therefor, agreed to issue to such Holder of the Investor Note 77,778 shares
of Common Stock on the earlier to occur of the IPO or February 29, 2024.

As
of December 31, 2024, the Investor Note and the accrued interest on the note has been fully paid off. As of December 31, 2023,
there was $98,036 in accrued interest on
the note. Interest expense totaled $15,517 for the year ended December 31, 2024, compared to $98,036 the year ended
December 31, 2023. The net principal amount of this note was $316,324 as of December 31, 2023. These
notes were exchanged for 93,831 shares of Common Stock at the time
of the Company’s IPO.

    F-16 

Director
Note

On
December 6, 2022, the Company and Mr. Todd Davis, one of the Company’s directors, entered into a note payable agreement
(the “Director Note”) for $175,000. The Director Note had an original issuance discount of $75,000, no other interest
and matures on December 31, 2023, or, if earlier to occur, upon the closing of an underwritten offering of securities resulting
in at least $15 million in gross proceeds. Mr. Davis, as lender, has the right but not the obligation to subscribe to the
underwritten offering by presenting the Director Note in whole or in part to purchase such securities as legal tender therefor,
on a dollar-for-dollar basis based upon the offering price of such securities to the public. The Director Note bears no interest
except in the case of certain events of default.

On
December 28, 2023, the Company entered into an amendment to the Director Note, which extended the maturity date to February 29,
2024. The Director Note was exchanged for 29,167 shares of Common
Stock at the time of the Company’s IPO.

April
Bridge Financing

On
April 17, 2023, the Company entered into a bridge loan for working capital purposes, with various accredited investors, all
of whom are pre-existing stockholders, in the aggregate principal amount of $393,808 (