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Red Flags Detected

  • Material Weakness (new) — Management identified material weakness in controls over fair-value accounting for November 2025 convertible debt, requiring restatement and concluding internal controls were ineffective as of March 31, 2026.
  • Restatement (new) — Q1 2026 financials restated due to misapplication of ASC 820 fair-value standards for convertible debt; net loss increased $14.8M and convertible debt liability rose $15.8M.
NYSE: PTHS Pelthos Therapeutics Inc. 10-Q/A

Pelthos restates Q1 2026 on convertible-debt error; net loss widens $14.8M to $25.1M

Filed August 13, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 14, 2026 · ~2 min read

Key Financials

SEC XBRL

Period financials are unchanged from the original 10-Q (same period end Mar 31, 2026). This amendment updates disclosure only — see the diff below.

Key Changes

  • high

    Q1 2026 net loss restated from $10.2M to $25.1M (loss per share $3.09 to $7.57) after correcting fair-value accounting for November 2025 convertible debt; convertible debt liability increased $15.8M to $39.1M.

    Notes: Restatement verify on EDGAR →
  • high

    Management identified material weakness in internal controls over convertible-debt accounting, concluding disclosure controls were ineffective as of March 31, 2026; remediation plan includes replacing valuation firm and hiring specialized finance personnel.

    Controls & Procedures verify on EDGAR →
  • medium

    CFO Francis Knuettel II terminated April 6, 2026, replaced by John M. Gay effective April 10; termination stated as not due to disagreement on operations or policies.

    Notes: Subsequent Events verify on EDGAR →

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View original filing on SEC.gov

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 17, 2026 · How we verify