Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 2273

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 12
Chunk 2273
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    $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 31, 2024 and 2023, the Company recorded a full valuation allowance of its deferred tax assets.

The
Company has a net operating loss carryforward for federal tax purposes totalling approximately $16.4 million at December
31, 2024. Approximately $16.4 million net operating losses incurred in fiscal 2018 through fiscal 2024 that do not expire
and can be utilized to offset up to 80% of future taxable income under the Tax Cuts and Jobs Act.

Utilization of NOL and tax
credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that may have occurred
or that could occur in the future, as required by the Internal Revenue Code (the “Code”), as amended, as well as similar
state provisions. In general, an “ownership change” as defined by the Code results from a transaction or series of
transactions over a three-year period resulting in an ownership change of more than 50 percent of the outstanding stock of a company
by certain stockholders or public groups.

NOTE
9 – SEGMENT DISCLOSURE

The
clinical-stage biotech segment focused on developing and commercializing new therapeutics to alleviate pain. Our clinical focus
is to selectively target the sodium ion-channel known as “NaV1.7”, which has been genetically validated as a pain
re