Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 391

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 391
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                 $27,520 |     |          $8,045 |     |      $18,985 |

Research and development expense was $11.3 million during the year ended December 31, 2024 (Successor), a decrease of $4.8 million, or 30%, compared to a sum of $11.5 million and $4.6 million for the periods from January 1, 2023 to September 27, 2023 (Predecessor) and September 28, 2023 to December 31, 2023 (Successor), respectively. The decrease in research and development expense was primarily attributable to the fact that ZELSUVMI received an FDA approval in January 2024. From that point, the volume of research and development efforts significantly decreased. Also, beginning from the FDA approval date, the Company started to capitalize a portion of labor and overhead into the cost of inventory. The Company also paid a one-time success bonus to its research and development employees upon obtaining the FDA approval which was recorded in 2024 expenses. Selling, general and administrative expense was $15.5 million during the year ended December 31, 2024 (Successor), an increase of $4.8 million, or 45%, compared to a sum of $7.5 million and $3.2 million for the periods from January 1, 2023 to September 27, 2023 (Predecessor) and September 28, 2023 to December 31, 2023 (Successor), respectively. The increase in selling, general and administrative expense was primarily attributable to ZELSUVMI commercialization work, including marketing and education materials and conference costs. The Company also paid a one-time success bonus to its administrative employees upon obtaining the FDA approval which was recorded in 2024 expenses. Amortization of intangibles was $714 thousand during the year ended December 31, 2024 (Successor), an increase of $530 thousand, or 288%, compared to a sum of zero and $184 thousand for the periods from January 1, 2023 to September 27, 2023 (Predecessor) and September 28, 2023 to December 31, 2023 (Successor), respectively. The increase in amortization of intangibles is related to the application of purchase accounting adjustments to Novan upon which the Company recognized an intangible asset for NITRICIL technology in the amount of $