Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 2108

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 10
Chunk 2108
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, 2024, the Company issued warrants to purchase up to 55,000 shares of Common Stock to the representative of the
underwriters of the IPO (the “Representative”). These warrants have an exercise price of $7.50, have a cashless exercise
provision, are exercisable 180 days following the commencement of sales of the shares of Common Stock of the IPO and have an expiration
date of February 21, 2029. No expense was recognized to the warrants issued to such warrants from the IPO as these warrants constituted
offering costs of the IPO.

RSUs

A
summary of the status of the Company’s nonvested RSUs as of December 31, 2024, and changes during the year ended December
31, 2024, is presented below:

 Schedule
of nonvested RSUs

    Non-vested RSUs 
    RSUs  
    Weighted- Average Exercise Price 

    Non-vested at December 31, 2023 
     —  
    $— 

    Granted 
     356,664  
    $1.12 

    Vested 
     64,498  
    $(1.30)

    Forfeited 
     —  
    $— 

    Non-vested at December 31, 2024 
     292,166  
    $1.08 

The
total number of RSUs granted during the years ended December 31, 2024 and 2023 was 356,664 and 16,667,
respectively. The exercise price for these RSUs was $0.64 or $1.30 per share.

On
June 23, 2023, the Company and Camden Capital LLC amended and restated the Consultant Agreement by entering into an Amended and
Restated Consultant Agreement, whereby the RSU for 16,667 shares of common stock was cancelled, and the Company agreed to grant
Camden Capital LLC an option to acquire 27,778 shares of common stock within 30 days of the closing of the IPO. As of June 23,
2023, such RSU for 16,667 shares of common stock had not vested, and no expense was recorded on the Company’s financial
statements. 

The
Company recognized stock-based compensation expense related to warrant vesting amortization of $104,484 and $0 for the