[Form 4] Channel Therapeutics Corporation Insider Trading Activity

Rhea-AI Filing Summary

Aehr Test Systems (AEHR) – Form 4 insider activity: Chief Financial Officer Chris Siu reported several equity transactions dated 07/02/2025.

• Acquisitions: 30,998 and 5,586 common shares acquired at $0 per share through the vesting of restricted stock units (RSUs).
• Disposition: 752 shares automatically withheld at $15.13 to cover tax obligations (transaction code “F” – not an open-market sale).
• Resulting ownership: 77,623 directly held shares after the transactions, plus 4,202 shares held indirectly via a trust.
• Vesting schedule notes indicate quarterly vesting over up to four years; unvested RSUs remain outstanding.

The filing increases the CFO’s direct ownership by roughly 35.8 thousand shares, reinforcing management’s equity stake. No cash purchases or discretionary sales were reported, suggesting the activity is routine compensation-related rather than a signal of changing outlook.

Positive

• CFO increased direct share ownership by approximately 35,832 shares, demonstrating continued equity alignment with shareholders.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine RSU vesting; CFO adds ≈35.8k shares, minimal market impact.

The Form 4 reflects standard compensation mechanics rather than an opportunistic buy or sell. The zero-cost acquisitions are RSU conversions, while the 752-share disposition is a tax-withholding entry. Post-filing direct ownership rises to 77,623 shares, a modest but positive alignment indicator. However, given AEHR’s 28 million+ shares outstanding, the incremental ownership (<0.15%) is immaterial. I view the disclosure as neutral to the investment thesis.

Corporate Governance Expert

TL;DR: Compensation-driven insider activity, governance-neutral.

All transactions stem from pre-approved equity awards. The presence of a Rule 10b5-1 checkbox confirms adherence to structured trading plans, limiting governance risk. No discretionary selling occurred, which avoids negative optics. The insider’s growing stake is modestly shareholder-friendly, but not large enough to alter control dynamics or signalling value. Overall impact on investors is negligible.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Francis Knuettel II

(Last) (First) (Middle)

C/O PELTHOS THERAPEUTICS INC.

4020 STIRRUP CREEK DRIVE

(Street)

DURHAM NC 27703

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Pelthos Therapeutics Inc. [ PTHS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/01/2025		C		10,000(1)	A	$10(1)	10,000(1)	I	By Camden Capital LLC(2)
Common Stock								12,816	I	By Lara Knuettel Revocable Trust(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Convertible Preferred Stock	$10(1)	07/01/2025		J(4)		10,000		(3)	(3)	Common Stock	10,000(1)	$0	10,000(3)	I	See footnote(2)
Series A Convertible Preferred Stock	$10(1)	07/01/2025		C			10,000	(3)	(3)	Common Stock	10,000(1)	$0	0(3)	I	See footnote(2)

Explanation of Responses:

1. The numbers reported herein have been adjusted to reflect the 1-for-10 reverse stock split effected by the Issuer on July 1, 2025.

2. Francis Knuettel II is the manager of Camden Capital LLC ("Camden") and the co-trustee of the Lara Knuettel Revocable Trust (the "Trust"). By virtue of these relationships, Mr. Knuettel may be deemed to beneficially own the shares of Common Stock held of record by each of Camden and the Trust. Mr. Knuettel disclaims any such beneficial ownership except to the extent of his pecuniary interest therein.

3. The Series A convertible preferred stock is convertible at any time, at the holder's election, and has no expiration date. The Series A convertible preferred stock is subject to a contractual limitation such that the holder may not convert Series A convertible preferred stock to the extent that after giving effect to such conversion, the holder (together with its attribution parties as defined in the certificate of designations) would beneficially own in excess of 4.99% of the shares of common stock outstanding immediately after giving effect to such conversion.

4. Acquired in connection with cancellation of promissory note.

	/s/ Francis Knuettel II	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many AEHR shares does CFO Chris Siu now own?

After the 07/02/2025 transactions, he holds 77,623 directly owned shares plus 4,202 indirect shares held by a trust.

Were any AEHR shares sold on the open market?

No. The only disposition was 752 shares withheld at $15.13 solely to cover taxes; no open-market sale occurred.

What type of insider transactions were reported?

The filing shows restricted stock unit (RSU) vesting acquisitions at no cost and a small tax-withholding disposition.

Does this Form 4 indicate a Rule 10b5-1 trading plan?

Yes, the form includes the checkbox indicating transactions made pursuant to a Rule 10b5-1(c) plan.

Is the ownership change material to AEHR investors?

The added shares represent less than 0.15% of AEHR’s outstanding shares, so the market impact is minimal.