[Form 4] Channel Therapeutics Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing – Pelthos Therapeutics Inc. (PTHS)

Director Richard Malamut reported two equity awards dated 2 July 2025 following the company’s 1-for-10 reverse stock split on 1 July 2025:

• 19,108 Restricted Stock Units (RSUs) convertible into common shares at an exercise price of $13.50; vest quarterly over three years, first vesting 2 July 2026.
• 58,230 Stock Options with a $13.50 strike price; identical quarterly vesting over three years and an expiration date of 2 July 2035.

Post-grant, Malamut holds 28,012 RSUs and 58,230 options, all in direct ownership. The filing records no open-market purchases or sales—only compensation-related grants—so immediate cash flow impact is nil. The awards modestly increase the company’s fully-diluted share count yet strengthen director-shareholder alignment by tying compensation to long-term share performance.

Positive

• Director alignment: Quarterly-vesting RSUs and options tie compensation to future share performance.
• Transparent disclosure: Form 4 details reverse-split adjustments and Rule 10b5-1 compliance, reducing governance risk.

Negative

• Potential dilution: Issuance of 77,338 additional equity instruments marginally increases the fully-diluted share count.

Insights

Securities Analyst

TL;DR – Compensation grants, no cash trades; limited dilution, better alignment.

The 77,338 post-split equity instruments represent a routine director compensation package. Because the strike price equals the company-set grant price of $13.50, the options are only valuable if shares appreciate, which aligns incentives. Dilution is marginal given Pelthos’s likely multi-million-share base, but investors should add the shares to fully-diluted models. No insider selling occurred, so the filing does not signal negative sentiment. Overall impact: neutral-slightly positive governance signal.

Corporate Governance Expert

TL;DR – Standard equity package enhances alignment; governance practices intact.

The grant follows a recent 1-for-10 reverse split, showing the board promptly adjusted equity plans to preserve intended incentive value. Quarterly vesting over three years promotes retention while avoiding excessive front-loading. Full disclosure of Rule 10b5-1 language and precise share adjustments demonstrates compliance, lowering governance risk. The only caveat is minor dilution, typical for equity-heavy compensation programs. Overall, the filing is governance-positive but financially immaterial.

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
Estimated average burden
hours per response:			0.5

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^*

Malamut Richard

(Last) (First) (Middle)

C/O PELTHOS THERAPEUTICS INC.

4020 STIRRUP CREEK DRIVE, SUITE 110

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2025

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

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
Restricted Stock Units	$13.5	07/02/2025		A		19,108		07/02/2026(1)	07/02/2035	Common Stock	19,108	(1)	28,012(3)	D
Stock Option	$13.5	07/02/2025		A		58,230		07/02/2026(2)	07/02/2035	Common Stock	58,230	(2)	58,230	D

Explanation of Responses:

1. On July 2, 2025, the Reporting Person was granted restricted stock units to purchase 19,108 shares of common stock at an exercise price of $13.50 per share, which shall vest on a quarterly basis thereafter over a period of three (3) years.

2. On July 2, 2025, the Reporting Person was granted stock options to purchase 58,230 shares of common stock at an exercise price of $13.50 per share, which shall vest on a quarterly basis thereafter over a period of three (3) years.

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

	/s/ Richard Malamut	07/07/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Pelthos Therapeutics (PTHS) shares were granted to Richard Malamut?

He received 19,108 RSUs and 58,230 stock options post-reverse-split.

What is the exercise price of the new PTHS options?

Both the RSUs (structured as purchase rights) and options carry a $13.50 exercise price.

When do the newly granted RSUs and options begin vesting?

They vest quarterly, starting on 2 July 2026, and will be fully vested after three years.

Did the Form 4 report any open-market sales or purchases?

No. The filing only records equity awards—no cash transactions were reported.

How was the share count affected by Pelthos’s reverse stock split?

All numbers in the filing reflect the 1-for-10 reverse split completed on 1 July 2025.