Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1774

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9A
Chunk 1774
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 understanding of internal control over financial reporting but
not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.
Accordingly, we express no such opinion.

Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that our audits provide a reasonable basis for our opinion.

/s/
Marcum llp

Marcum
llp

We
have served as the Company’s auditor since 2021.

Hartford,
Connecticut
March 27, 2025 

Marcum
LLP 

F-2 

Item
1. Financial Statements

CHANNEL
THERAPEUTICS CORP

CONSOLIDATED
BALANCE SHEETS

    December 31, 2024  
    December 31, 2023 

    ASSETS 

    CURRENT ASSETS 

    Cash 
    $513,443  
    $96,391 

    Prepaid expenses 
     65,300  
     — 

    Due from Chromocell Corporation 
     40,400  
     — 

    Deferred offering costs 
     750,000  
     — 

    TOTAL CURRENT ASSETS 
     1,369,143  
     96,391 

    TOTAL ASSETS 
    $1,369,143  
    $96,391 

    LIABILITIES AND STOCKHOLDERS’ DEFICIT 

    CURRENT LIABILITIES 

    Accounts payable and accrued expenses 
    $1,897,127  
    $4,620,925 

    Accrued compensation 
     —  
     645,947 

    Investor Note, net of debt discount 
     —  
     316,324 

    Loan payable, net of debt discount 
     2,054,202  
     202,279 

    Loan payable - related party, net of debt discount 
     131,868  
     750,082 

    Due to Chromocell Corporation