Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 125

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 125
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 of migraine. An intranasal
spray formulation of Rizatriptan (the “Rizatriptan Spray Formulation”) may potentially have a faster onset of action
than an oral form and may be easier to tolerate than swallowing a pill when patients are experiencing nausea as a result of the
migraine headache. According to a study that was reported in 2001, Rizatriptan has a higher bioavailability and a more rapid onset
of action which may be responsible for better results in resolving migraines as well as better results in patients reporting that
they are “pain free” after 2 hours. Both Sumatriptan and Rizatriptan are competitors for the same indication, though
neither are widely marketed because they are generic drugs.

32 

Ondansetron
is an anti-emetic that is available in oral and intravenous form. An Ondansetron sublingual spray formulation (the “Ondansetron
Spray Formulation”) may potentially have a faster onset of action than an oral form and may be easier to tolerate than swallowing
a pill when patients are experiencing nausea. Under the terms of the Benuvia License Agreement, Benuvia will be responsible for
the manufacturing and supply of the Spray Formulations, but we will have exclusive, worldwide rights to develop, commercialize
and distribute the Spray Formulations.

We
currently do not have strategy and development plans for the Spray Formulations licensed from Benuvia. 

Background

Channel
was incorporated in Delaware on March 19, 2021. On November 18, 2024, Chromocell merged with and into its wholly-owned subsidiary,
Channel pursuant to the Reincorporation Merger Agreement, dated as of November 18, 2024 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 to Channel Therapeutics Corporation, a Nevada corporation.

On
August 10, 2022, we entered into the Contribution Agreement with Chromocell Holdings.
Pursuant to the Contribution Agreement, as of the Contribution Date, we acquired from Chromocell Holdings all assets, liabilities
and results of operations related to Chromocell