Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 642

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1C
Chunk 642
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 2024,During
the year ended December 31, 2024, the Company had a net loss of approximately $8.0 million. As of December 31, 2024, the
Company has cash of approximately $0.5 million and a working capital deficit. During
the year ended December 31, 2024, the Company had a net loss of approximately $8.0 million. As of December 31, 2024, the
Company has cash of approximately $0.5 million and a working capital deficit$8.0 million. As of December 31, 2024, the
Company has cash of approximately $0.5 million and a working capital deficit of approximately
$2.7 million, compared to approximately $0.1 million in cash and a working capital
deficit of approximately $6.4 million at December 31, 2023.

Based on the Company’s current projections, management believes there is substantial doubt about
its ability to continue to operate as a going concern and fund its operations through at least the next twelve months following
the issuance of these consolidated financial
statements. While the Company will continue to invest in its business and the development of CC8464, CT2000, and CT3000, and potentially
other molecules, it is unlikely that the Company will generate product or licensing revenue during the next twelve months. During
the year ended December 31, 2024, the Company completed its initial public offering, raising $5.7 million, after
deducting the underwriting discounts and commissions and offering expenses, and it is likely
the Company will need to raise additional funds through either strategic partnerships or the capital markets. However, there is
no assurance that the Company will be able to raise such additional funds on acceptable terms, if at all. If the Company raises
additional funds by issuing securities, existing stockholders may be diluted.

The
consolidated financial
statements included in this report do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets or the amounts and classification of liabilities that may result from the matters discussed herein.
While the Company believes in the viability of the Company’s strategy to generate sufficient revenue, control costs, and
raise additional funds, when necessary, there can be no assurances to that effect. The Company’s ability to continue as
a going concern is dependent upon the ability to implement the