Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 15

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 15
---
 Note. Interest expense totaled $18,588 for the three months ended June 30, 2025,
compared to $0 for three months ended June 30, 2024. The Company recognized $103,058 and $0, respectively, of amortization
of debt discount included in interest expense on the statements of operations for the three months ended June 30, 2025 and 2024.
Interest expense totaled $49,540 for the six months ended June 30, 2025, compared to $0 for six months ended June 30,
2024. The Company recognized $166,668 and $0, respectively, of amortization of debt discount included in interest expense
on the statements of operations for the six months ended June 30, 2025 and 2024. As of June 30, 2025, all of the July Note had
been converted (as outlined below) and there was $0 in outstanding principal on the July Note.

    12 

July
Note Conversions

On
July 24, 2024, the Company entered into a securities purchase agreement with the July Note Holder, pursuant to which the Company
issued to the July Note Holder the July Note in the aggregate principal amount of $750,000, which is convertible into shares of
Common Stock. On April 16, 2025, the July Note Holder converted $400,000 of principal of its note, at a conversion price of $15.06
per share, into 26,561 shares of the Company’s common stock, on April 21, 2025, the July Note Holder further converted $200,000
of principal of its note, at a conversion price of $15.06 per share, into 13,281 shares of the Company’s Common Stock, and
on June 30, 2025, the July Note Holder further converted the remaining $136,993 of principal of its note, at a conversion price
of $15.06 per share, into 9,097 shares of the Company’s Common Stock.

Waiver
of Exchange Cap

On
October 22, 2024, the affirmative vote of a majority of the outstanding shares of Common Stock present in person, by remote communication,
if applicable, or represented by proxy at the Annual Meeting approved the waiver of the Exchange Cap in connection with the July
Note and the CEF Purchase Agreement.

February
Bridge Note

On