Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1397

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 1397
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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, 2024, compared to $98,036 the year ended
December 31, 2023. The net principal amount of this note was $316,324 as of December 31, 2023. These
notes were exchanged for 93,831 shares of Common Stock at the time
of the Company’s IPO.

    F-16 

Director
Note

On
December 6, 2022, the Company and Mr. Todd Davis, one of the Company’s directors, entered into a note payable agreement
(the “Director Note”) for $175,000. The Director Note had an original issuance discount of $75,000, no other interest
and matures on December 31,