Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1873

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9B
Chunk 1873
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, 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 
     —  
     5,386 

    TOTAL CURRENT LIABILITIES 
     4,083,197  
     6,540,943 

    TOTAL LIABILITIES 
     4,083,197  
     6,540,943 

    COMMITMENTS AND CONTINGENCIES 
     -   

    STOCKHOLDERS’ DEFICIT 

    Preferred stock Series A, $0.0001 par value, 700,000 shares authorized, 0 and 600,