Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 128

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 128
---
 of stockholders held on October 22, 2024 approved a reincorporation merger of the
Company in the State of Nevada with and into Channel Therapeutics Corporation, a wholly-owned subsidiary of the Company, with
Channel Therapeutics Corporation remaining as the surviving corporation immediately following the Reincorporation Merger. The
Reincorporation Merger occurred on November 18, 2024.

On
December 18, 2024, 747,187 shares of Common Stock and 2,600 shares of Series C Preferred Stock held by Chromocell Holdings were
transferred by the Company to AWI in satisfaction of a default judgement against Chromocell Holdings regarding the default by
Chromocell Holdings of a secured promissory note by order of the Supreme Court of the State of New York, County of New York on
November 25, 2024 in the matter Alexandra Wood (Canada) Inc v. Chromocell Corp., Index No. 651735/2024. AWI subsequently
transferred 17,300 shares of Chromocell Holding’s shares of Common Stock that it received such that AWI now owns 57,419
shares of the Common Stock originally issued to Chromocell Holdings in connection with the Contribution Agreement.

Trends
and Other Factors Affecting Our Business

On
December 23, 2023, we entered into an exclusive licensing agreement (the “Benuvia License Agreement”) with Benuvia
Operations LLC (“Benuvia”) for the Diclofenac Spray Formulation (as defined below), an intranasal spray formulation
of Rizatriptan and an Ondansetron sublingual spray formulation (collectively, the “Spray Formulations”), diversifying
our pipeline of non-opioid pain treatment therapies, while adding therapeutic options for related conditions. The sublingual formulation
of a Diclofenac spray for the treatment of acute pain (the “Diclofenac Spray Formulation”) is patented and has started
clinical development in human volunteers. Preliminary pharmacokinetics suggest that this formulation may have a faster onset of
action than oral Diclofenac tablets. Diclofenac is an NSAID that is also marketed under additional brand names including Voltaren
and Cataflam in its pill form. Rizatriptan, whose brand name is Maxalt, is used for the acute treatment of Migraines as a pill.