Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1153

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 5
Chunk 1153
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’s repayment obligations. In addition, pursuant
to the Investor Note Side Letters, the Company agreed to register the 8,890 shares of Common Stock (5,556 issued for the June
23, 2023 side letter, and 3,334 issued for the August 17, 2023 side letter) for resale. The Company recorded an expense of $75,600
from the issuance of the 3,333 shares of Common Stock based on a share price of $22.68. The $22.68 share price was based on a
third-party valuation of the Company’s Common Stock, with certain adjustments as set forth below in detail in Note 7 –
Stockholders’ Equity.

Effective
October 10, 2023, the Company entered into a side letter with the Holder of the Investor Note, which extended the maturity date
of the Investor Note to November 14, 2023, and the Company issued to the Holder of the Investor Note 3,334 shares of
Common Stock.

Effective
November 13, 2023, the Company entered into another side letter with the holder of the Investor Note pursuant to which the Company
(i) amended and restated the Investor Note to extend the maturity date to January 31, 2024, and (ii) in consideration therefor,
agreed to issue to such Holder of the Investor Note 3,334 shares of Common Stock on each of November 29, 2023, December
29, 2023 and January 29, 2024, provided the Investor Note remained outstanding as of such date.

Effective
January 30, 2024, the Company entered into another side letter with the holder of the Investor Note (the “January Investor
Note Side Letter”) pursuant to which the Company (i) amended and restated the Investor Note to extend the maturity date
to February 29, 2024, and (ii) in consideration therefor, agreed to issue to such Holder of the Investor Note 77,778 shares
of Common Stock on the earlier to occur of the IPO or February 29, 2024.

As
of December 31, 2024, the Investor Note and the accrued interest on the note has been fully paid off. As of December 31, 2023,
there was $98,036 in accrued interest on
the note. Interest expense totaled $15,517 for the year ended December 31, 202