Pelthos Therapeutics restates Q1 2026 results due to convertible debt valuation error

Pelthos Therapeutics Inc.

Non-reliance on Q1 2026 10-Q; restatement due to ASC 820 misapplication for Level 3 convertible debt fair value.
Restatement increases convertible debt fair value by $15.8M, accumulated deficit by $14.8M, reduces AOCI by $1.0M.
Non-cash expense up $14.8M; no impact on revenue, operating expenses, or cash position.
Material weakness in internal controls over Level 3 fair value measurements; remediation planned.

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