Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 3

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 3
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ger Effective Date”), Chromocell Therapeutics Corporation, a Delaware corporation
(the “Predecessor”), merged with and into its wholly-owned subsidiary, Channel Therapeutics Corporation, a Nevada
corporation (the “Reincorporation Merger”), pursuant to an agreement and plan of merger, dated as of November 18,
2024 (the “Reincorporation Merger Agreement”). All information disclosed in this Form 10-Q for periods prior to the
Reincorporation Merger Effective Date relates to the Predecessor, and all information disclosed in this Form 10-Q for periods
after the Reincorporation Merger Effective Date relates to Channel Therapeutics Corporation, a Nevada corporation.

On
August 10, 2022, the Company entered into that certain Contribution Agreement (the “Contribution Agreement”) with
Chromocell Corporation, a Delaware corporation (“Chromocell Holdings”), pursuant to which, effective July 12, 2022
(the “Contribution Date”), Chromocell Holdings contributed all assets and liabilities related to Chromocell Holdings’
historical therapeutic business, including all patents, pre-clinical and Phase I study results and data, and trade secrets related
to the CC8464 compound to the Company (See Note 4). On October 22, 2024, the Company’s shareholders approved a reincorporation
merger of the Company in the State of Nevada with and into Channel Therapeutics Corporation, wholly-owned subsidiary of the Company,
with Channel Therapeutics Corporation remaining as the surviving corporation immediately following the reincorporation merger
(the “Reincorporation Merger”). The Reincorporation Merger occurred on November 18, 2024.

The
Company is a clinical-stage biotech company focused on developing and commercializing new therapeutics to alleviate pain. The
Company’s clinical focus is to selectively target the sodium ion-channel known as “NaV1.7”, which has been genetically
validated as a pain receptor in human physiology. A NaV1.7 blocker is a chemical entity that modulates the structure of the sodium-channel
in a way to prevent the transmission of pain perception to the central nervous system (“CNS”). The Company’s
goal is to develop a novel and proprietary class of NaV blockers that target the body’s peripheral nervous system.

Overview

The
Company has a limited operating history and has not generated revenue from its intended operations. The Company’s business
and operations are sensitive to general business and economic