---
schema_version: "secwatch.filing_event.v1"
accession: "0001753926-25-001715"
form_type: "8-K"
ticker: "PTHS"
cik: "0001919246"
company_name: "Pelthos Therapeutics Inc."
filed_at: "2025-11-07T23:59:59+00:00"
generated_at: "2026-05-16T23:09:36.061595+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Pelthos raises $18M via convertible notes; acquires Xepi from Biofrontera

## Summary
- Issued $18.0M aggregate 8.5% senior secured convertible notes due Nov 2027; conversion price $34.442/sh (adjustable to $29.73 on shareholder approval).
- Acquired Xepi (ozenoxacin) cream from Biofrontera for up to $10M: $3M cash upfront, $1M conditional, $6M milestone payments.
- Entered Ferrer License Agreement for exclusive manufacture/commercialization of Xepi in US; 12-year initial term.
- Granted investors 5% royalty on Xepi net sales and rights to Sato/ZELSUVMI milestone payments under convertible note.

## SEC filing metadata
- accession: 0001753926-25-001715
- form_type: 8-K
- ticker: PTHS
- cik: 0001919246
- company_name: Pelthos Therapeutics Inc.
- filed_at: 2025-11-07T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1919246/000175392625001715/0001753926-25-001715-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1919246/000175392625001715/g084989_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001753926-25-001715
- JSON: https://secwatch.observer/filing/0001753926-25-001715.json
- Plain text: https://secwatch.observer/filing/0001753926-25-001715.txt

## Source-grounded claims
- claim_id: 72060b3674c6f630bdc109b21d3075c84e1e3032
  claim: Pelthos Therapeutics Inc. incurred convertible notes of $18.0 million with Investors, including Ligand Pharmaceuticals Incorporated at 8.5% per annum (increases to 18.0% in the event of default) maturing November 6, 2027.
  evidence_excerpt: On November 6, 2025, Pelthos Therapeutics Inc., a Nevada corporation (the “ Company ”), entered into a securities purchase agreement (the “ Securities Purchase Agreement ”) with certain investors, including Ligand Pharmaceuticals Incorporated, a Delaware corporation (“ Ligand ”) (collectively, the “ Investors ”), pursuant to which, among other things, on the Closing Date, the Investors purchased for cash, and the Company issued and sold to the Investors, senior secured convertible notes of the Company (the “ Convertible Notes ”) in the aggregate original principal amount of $18.0 million, which are convertible into shares of the Company’s common stock, par value $0.0001 per share (the “ Common Stock ”) (such transaction, the “ Convertible Note Financing ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1919246/000175392625001715/0001753926-25-001715-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.