Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 2111

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 10
Chunk 2111
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For
the years ended December 31, 2024 and 2023, there was no income tax provision recorded. The tax benefit was added to the net operating
loss to which a full valuation allowance was applied.

A
reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to income taxes as reflected
in the consolidated financial statements is as follows:

 Schedule reconciliation of income tax expense (benefit)

    2024  
    2023 

    Income taxes at U.S. statutory rate 
     21.00% 
     19.11%

    Income taxes at state rate 
     —% 
     9.00%

    Change in valuation allowance 
     (21.00)% 
     (28.11)%

    Total provision for income taxes 
     —% 
     —%

Deferred
taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income
tax purposes. The significant components of the Company’s deferred tax assets and liabilities as of December 31,
2024 and 2023 are comprised of the following:

 Schedule of deferred taxes

    December 31, 

    2024  
    2023 

    Deferred tax assets 

    Net operating loss carryforwards 
    $4,297,287  
    $2,248163 

    Stock-based compensation 
     470,245  
     518,174 

    Accrued compensation 
     —  
     181,576 

    Capitalized organizational costs 
     —  
     22,016 

    Capitalized intellectual property costs 
     —  
     620,440 

    Interest expense limitation 
     24,664  
     36,202 

    Capitalized R&D 
     799,623  
     — 

    Total deferred tax assets 
     5,591,819  
     3,626,571 

    Valuation allowance 
     (5,591,819) 
     (3,626,571)

    Net deferred tax assets 
     —  
     — 

    Deferred tax liabilities 

    Total deferred tax liabilities 
     —  
     — 

    Net deferred taxes 
    $—  
    $— 

For
the years ended December