Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 3

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 3
---
    —

    $
    —

    Cash paid for interest
    expense
     
    $
    18,750

    $
    —

    NONCASH INVESTING
    AND FINANCING ACTIVITIES:

    Debt discount from
    common stock issued for extension of bridge loan
     
    $
    —

    $
    447,779

    Conversion of notes
    to common stock
     
    $
    736,992

    $
    1,362,821

    Transfer of liabilities
    to Chromocell Corporation for Series C Preferred Stock
     
    $
    —

    $
    2,153,362

    Offering costs
    recorded to debt discount
     
    $
    39,063

    $
    —

The
accompanying notes are an integral part of these condensed consolidated financial statements.

5 

PELTHOS
THERAPEUTICS INC. 

NOTES
TO CONDENSED  CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE
1 – ORGANIZATION AND NATURE OF BUSINESS

Company
Background

Chromocell
Therapeutics Corporation (“Chromocell” or the “Predecessor”) was incorporated in Delaware on March 19,
2021. On November 18, 2024 (“Reincorporation Merger Effective Date”), Chromocell merged with and into its wholly-owned
subsidiary, Channel Therapeutics Corporation, a Nevada corporation (the “Reincorporation Merger”), pursuant to an
agreement and plan of merger, dated as of November 18, 2024 (the “Reincorporation Merger Agreement”) for the purposes
of reincorporating Chromocell in Nevada. All information disclosed in this Form 10-Q for periods prior to the Reincorporation
Merger Effective Date relates to the Predecessor, and all information disclosed in this Form 10-Q for periods after the Reincorporation
Merger Effective Date relates Channel Therapeutics Corporation, a Nevada corporation (“Channel”).

On
August 10, 2022, the Company entered into that certain Contribution Agreement with Chromocell Corporation, a Delaware corporation
(“Chromocell Holdings”), pursuant to which, effective July 12, 2022, Chromocell Holdings contributed all assets and
liabilities related to Chromocell Holdings’ historical therapeutic business, including all patents, pre-clinical and