Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 532

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 532
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 1, 2023, the Company entered into a bridge loan for working capital purposes, with various accredited investors, certain
of which are pre-existing stockholders, in the aggregate principal amount of $198,128 (the “September Bridge Financing”).
The September Bridge Financing consisted of senior secured convertible notes that had a maturity date of March 1, 2024. Such notes
accrued interest on the unpaid principal amount at a rate of eight percent (8%) per annum and automatically converted into shares
of Common Stock in connection with the IPO at a twenty percent (20%) discount to the price per IPO Share plus an additional 62
shares of Common Stock issuable as further consideration for the September Bridge Financing. The senior secured convertible notes
issued in the September Bridge Financing were secured by a security interest in all of the Company’s assets (including patents
and intellectual property licenses). In connection with the September Bridge Financing, on September 1, 2023, the Company also
entered into a securities purchase agreement with holders of the notes, pursuant to which the Company is required to file a registration
statement within 180 calendar days after consummation of the IPO, providing for the resale of Common Stock received by holders
of the notes upon conversion of such notes. Additionally, the Company entered into a subordination and intercreditor agreement,
effective September 1, 2023, with the holders of the senior secured convertible notes issued in the April Bridge Financing, pursuant
to which those notes and certain liens of the Company would be subordinated to the rights of the holders of the notes issued in
the September Bridge Financing. These notes were exchanged for 42,767 shares of Common
Stock at the time of the Company’s IPO.

    F-17 

October
Promissory Notes

On
October 12, 2023, the Company and four existing investors entered into promissory notes (the “October Promissory Notes”)
with an aggregate face amount of $210,000 and an aggregate purchase price of $175,000. The October Promissory Notes matured
on November 12, 2023 or, if earlier to occur, upon the closing of the IPO. The October Promissory Notes bore no interest except
in the case of certain events of default. On November 7, 2023, the Company amended and restated the October Promissory Notes to
extend the maturity dates of the October Promissory