Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 2239

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 12
Chunk 2239
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 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-8 

NOTE
2 – LIQUIDITY AND GOING CONCERN

A
fundamental principle of the preparation of financial statements in accordance with GAAP is the assumption that an entity will
continue in existence as a going concern, which contemplates continuity of operations and the realization of assets and settlement
of liabilities occurring in the ordinary course of business. In accordance with this requirement, the Company has prepared its
accompanying consolidated financial statements assuming the Company will continue as a going concern.

During
the year ended December 31, 2024,During
the year ended December 31, 2024, the Company had a net loss of approximately $8.0 million. As of December 31, 2024, the
Company has cash of approximately $0.5 million and a working capital deficit. During
the year ended December 31, 2024, the Company had a net loss of approximately $8.0 million. As of December 31, 2024, the
Company has cash of approximately $0.5 million and a working capital deficit$8.0 million. As of December 31, 2024, the
Company has cash of approximately $0.5 million and a working capital deficit of approximately
$2.7 million, compared to approximately $0.1 million in cash and a working capital
deficit of approximately $6.4 million at December 31, 2023.

Based on the Company’s current projections, management believes there is substantial doubt about
its ability to continue to operate as a going concern and fund its operations through at least the next twelve months following
the issuance of these consolidated financial
statements. While the Company will continue to invest in its business and the development of CC8464, CT2000, and CT3000, and potentially
other molecules, it is unlikely that the Company will generate product or licensing revenue during the next twelve months. During
the year ended December 31, 2024, the Company completed its initial public offering, raising $5.7 million,