STOCKHOLDERS’ EQUITY (Tables)

9 Months Ended

Sep. 30, 2025

	Three months Ended				Nine months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Research & development	$	—	$	—	$	—	$	—
Selling, general and administrative		2,812		437		3,662		1,110
Total	$	2,812	$	437	$	3,662	$	1,110

Stock Options	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Life
Outstanding December 31, 2024		87,049		$	58.50
Granted		1,458,775			13.54
Expired		(9,923	)		65.58
Exercised		(6,500	)		13.00
Outstanding September 30, 2025		1,529,401		$	15.76		9.69 years
Exercisable September 30, 2025		133,429		$	38.95		8.51 years

The activity related to stock options during the nine months ended September 30, 2024 consisted of the following:

Stock Options	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Life
Outstanding December 31, 2023		19,756		$	226.80
Granted		63,400		$	13.00
Expired		(1,112	)	$	226.80
Exercised		—		$	—
Outstanding September 30, 2024		82,044		$	61.60		9.40 years
Exercisable September 30, 2024		20,890		$	145.70		8.87 years

	Nine Months Ended September 30,
	2025			2024
Expected volatility		86.11	%		196.00	%
Risk-free interest rate		4.28	%		4.20	%
Expected term (in years)		5.94			10.00
Expected dividend yield		—	%		—	%
Weighted-average fair value per option	$	10.02		$	12.98

Non-vested RSUs	RSUs			Weighted- Average Exercise Price
Non-vested at December 31, 2024		29,219		$	10.80
Granted		476,157			13.54
Vested		(31,425	)		12.23
Forfeited		(2,464	)		13.50
Non-vested at September 30, 2025		471,487		$	13.45

The activity related to RSUs during the nine months ended September 30, 2024 consisted of the following:

Non-vested RSUs	RSUs			Weighted- Average Exercise Price
Non-vested at December 31, 2023		—		$	—
Granted		25,800		$	13.00
Vested		(3,225	)	$	13.00
Forfeited		—		$	—
Non-vested at September 30, 2024		22,575		$	13.00

Pelthos Therapeutics Inc. 10-Q