Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 23

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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2024, respectively.

    18

RSUs

A
summary of the status of the Company’s nonvested RSUs as of March 31, 2025, and changes during the three months ended March
31, 2025, is presented below:

    Non-vested
    RSUs
     
    RSUs

    Weighted-
    Average
    Exercise
    Price

    Non-vested
    at December 31, 2024

    292,166

    $
    1.08

    Granted

    —

    —

    Vested

    (46,345)

    (1.10
    )

    Forfeited

    —

    —

    Non-vested
    at March 31, 2025

    245,821

    $
    1.07

The
total number of RSUs granted during the three months ended March 31, 2025 and 2024 was 0 and 0,
respectively. 

The
Company recognized stock-based compensation expense related to warrant vesting amortization of $51,910 and $0 for the
three months ended March 31, 2025 and 2024, respectively, which is included in general and administrative expenses in the consolidated
statements of operations.

NOTE
7 – LEGAL

Parexel
Claim

On
July 31, 2024, the Company received a demand letter from an attorney representing Parexel International (IRL) Limited (“Parexel”).
 The letter, which was addressed to both the Company and Chromocell Holdings, purports to be a notice of default of
a note (the “Promissory Note”) between Chromocell Holdings and Parexel and seeks the payment of allegedly
unpaid principal in the amount of $682,551 plus interest exceeding $177,000.  The Company denies that it is liable for any
of the amounts sought by Parexel; the Company is not a party to the Promissory Note and does not believe it is
liable for any amounts allegedly due thereunder.  The Company intends to defend itself vigorously in the matter.

NOTE
8 – SEGMENT DISCLOSURE

The
clinical-stage biotech segment focused on developing and commercializing new therapeutics to alleviate pain. Our clinical focus
is to selectively target the sodium