Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 212

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 212
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 assumed by the Company in accordance with the Contribution Agreement, (b) Chromocell
Holdings waived the Company’s obligations to make a cash payment in the amount of $0.6 million to Chromocell Holdings, and
(c) in consideration thereof, the Company issued to Chromocell Holdings 2,600 shares of Series C Convertible Redeemable Preferred
Stock of the Company, par value of $0.0001 per share (the “Series C Preferred Stock”).

The
Series C Preferred Stock has a liquidation preference of $1,000 per share. Holders of the Series C Preferred Stock are not entitled
to dividends, have no voting rights other than as required by law, and the shares of Series C Preferred Stock are convertible
into shares of Common Stock at a price of $7.50 per share of Common Stock. Following the IPO, at the Company’s option, the
shares of Series C Preferred Stock are convertible into shares of Common Stock automatically if, the trading price of the Common
Stock exceeds certain thresholds and are redeemable by the Company for cash.

Related
Party Note

On
May 10, 2024, the Company and Camden Capital LLC, a company controlled by Mr. Knuettel, the Company’s Chief Executive
Officer and Chief Financial Officer, entered converted certain payables into a promissory note for $131,868. The note matures
on December 15, 2024, or, if earlier to occur, upon the closing of a public or private offering or other financing or capital-raising
transaction of any kind. As of December 31, 2024, the note was in default, though the Company has not received any notice from
Mr. Knuettel. The note accrued interest at the rate of 4.86% per annum through December 15, 2024 and 6.86% thereafter. As
of December 31, 2024, the note had an outstanding principal of $131,868 and accrued interest of $4,242.

 Outstanding
Principal on Related Party Notes

 Schedule
of Outstanding
Principal on Related Party Notes

    Note Payable – Related Party 
    Outstanding  Principal  
    Unamortized  Debt Discount  
    Outstanding  Principal, net of  Debt Discount 

    Related Party Note 
    $131,868  
    $—  
    $131,868 

    Total as of