Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 45

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 45
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 the Company issued an unsecured promissory note in the aggregate principal amount of $325,000 (the “Bridge
Note”) to 3i, L.P., a Delaware limited partnership (the “Holder”), for a purchase price of $250,000, pursuant
to which the Company promises to pay the Holder or its registered assigns the principal sum of $325,000 or such amount equal to
the outstanding principal amount of the Note together with interest. The Note will bear interest on the outstanding principal
amount at an annual rate equal to 6.0%. The Note may be prepaid by the Company without penalty, in whole or in part, upon two
days’ prior written notice to the Holder. All unpaid principal, together with any then unpaid and accrued interest and other
amounts payable under the Note, will otherwise be due and payable on the earliest of: (i) May 25, 2025, (ii) the consummation
of a Corporate Event (as defined in the Note), or (iii) when, upon or after the occurrence of an Event of Default (as defined
in the Note), such amounts are declared due and payable by the Holder or made automatically due and payable in accordance with
the terms of the Note.

25 

Corporate
Information

Chromocell
Holdings, our predecessor, was founded in 2002 to commercialize “Chromovert Technology,” a proprietary discovery technology
with a potential broad range of applications in the biomedical field, including the potential capability to create complex targets
(cell-lines) needed for effective high-throughput screening that is commonly used both in therapeutics and flavors discovery.
Initially, Chromocell Holdings focused on applications in the food and flavors space.

In
2012, Chromocell Holdings started applying the technology in the therapeutics area. Chromocell Holdings focused its efforts on
projects where it believed that the discovery of novel medications was largely held back by difficulties creating complex targets
(cell lines) needed for effective high-throughput screening. The NaV1.7 ion-channel is a complex target with a well-established
role in pain modulation and management believed it presented an opportunity to apply the technology in an area of unmet medical
need. Upon creating the necessary NaV1.7 assays and conducting a large high-throughput campaign, Chromocell Holdings’ research
team discovered CC8464. After pre-clinical studies and assessments, an IND was filed and CC8464 was evaluated in a Phase 1