Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 200

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 200
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 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.

    F-7 

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 conditions in the U.S. and worldwide along with local, state, and
federal governmental policy decisions. A host of factors beyond the Company’s control could cause fluctuations in these
conditions. Adverse conditions may include changes in the biotechnology regulatory environment, technological advances that render
the Company’s technologies obsolete, availability of resources for clinical trials, acceptance of technologies into the
medical community, and competition from larger, more well-funded companies.

Initial
Public Offering

On October 22, 2024, the affirmative vote of a majority of the outstanding shares of Common Stock present
in person, by remote communication, if applicable, or represented by proxy at the Annual Meeting approved the
Reincorporation Merger. The Reincorporation Merger occurred on November 18, 2024.

Reincorporation
Merger and Name Change

On October 22, 2024, the affirmative vote
of a majority of the outstanding shares of Common Stock present in person, by remote communication, if applicable, or represented
by proxy at the Annual Meeting approved the Reincorporation Merger. The Reincorporation Merger occurred on November 18, 2024.

    F