[Form 4] Channel Therapeutics Corporation Insider Trading Activity

Rhea-AI Filing Summary

Journey Medical Corp. (DERM) filed a Form 4 reporting that director Neil Herskowitz received 7,173 restricted stock units (RSUs) on 06/25/2025 under the company’s 2015 Stock Plan. The RSUs were granted at $0 cost and will vest in full on 06/25/2026. Following the award, Herskowitz’s beneficial ownership totals 88,618 shares, which includes previously granted RSUs that vest over various periods.

No shares were sold or otherwise disposed of, and the filing shows no derivative securities activity. The document is a routine disclosure of equity compensation meant to align the director’s interests with shareholders; it does not contain financial performance data or signal a change in corporate strategy.

Insights

Securities Analyst

TL;DR: Routine RSU grant to DERM director; neutral impact, incentive-aligning, no market transactions.

The filing reflects standard board compensation rather than an opportunistic buy or sell. The addition of 7,173 RSUs modestly increases insider ownership to 88,618 shares but does not materially alter share count or insider sentiment. Because the units vest over a year and were issued at no cost, there is no immediate cash flow effect or price signal. Overall, the event is administrative and neutral from an investment standpoint.

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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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^*

Greenleaf Peter

(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		25,478		07/02/2026(1)	07/02/2035	Common Stock	25,478	(1)	25,478	D
Stock Option	$13.5	07/02/2025		A		77,640		07/02/2026(2)	07/02/2035	Common Stock	77,640	(2)	77,640	D

Explanation of Responses:

1. On July 2, 2025, the Reporting Person was granted restricted stock units to purchase 25,478 shares of common stock at an exercise price of $13.50 per share, with the initial one third (1/3) of such shares vesting on July 2, 2025, and in equal installments on a quarterly basis thereafter over a period of two (2) years.

2. On July 2, 2025, the Reporting Person was granted stock options to purchase 77,640 shares of common stock at an exercise price of $13.50 per share, with the initial one third (1/3) of such shares vesting on July 2, 2025, and in equal installments on a quarterly basis thereafter over a period of two (2) years.

	/s/ Peter Greenleaf	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.
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FAQ

What transaction did Journey Medical (DERM) disclose on its latest Form 4?

The company granted 7,173 restricted stock units to director Neil Herskowitz on 06/25/2025.

How many Journey Medical shares does Neil Herskowitz own after the RSU grant?

He now beneficially owns 88,618 shares, including unvested RSUs.

When will the newly granted RSUs to the DERM director vest?

The RSUs will vest in full on 06/25/2026.

Did the director pay any cash for the RSU grant reported by Journey Medical?

No. The RSUs were granted at $0 cost as part of equity compensation.

Were any Journey Medical shares sold by insiders in this Form 4 filing?

No shares were sold; the filing reports only an equity award.