Pelthos Therapeutics Announces Second Quarter 2026 Financial Results
Rhea-AI Summary
Pelthos Therapeutics (NYSE American: PTHS) reported second quarter 2026 Zelsuvmi® net product revenue of $15.4 million, up 45% from $10.7 million in the first quarter. Total revenue was $15.6 million. Zelsuvmi units dispensed rose 48% quarter-over-quarter to 11,925 from 8,084, with 4,571 unique prescribers in the quarter.
Since its July 2025 launch, Zelsuvmi has generated $42.3 million in net sales, with 29,126 units dispensed and more than 25,000 patients treated. Pelthos ended June 30, 2026 with $24.2 million in cash and a $50 million Horizon term loan facility, $30 million drawn and potential access to an additional $10 million. Net loss was $23.4 million in Q2 2026 versus $25.1 million in Q1, and Adjusted EBITDA was a loss of $5.7 million versus $8.0 million. Total liabilities were $138.9 million and stockholders’ equity was a $1.5 million deficit.
Positive
- Zelsuvmi net product revenue increased 45% QoQ to $15.4 million in Q2 2026
- Zelsuvmi units dispensed grew 48% QoQ to 11,925, from 8,084 in Q1 2026
- Cumulative Zelsuvmi net sales reached $42.3 million in first four commercial quarters
- Adjusted EBITDA loss improved to $(5.7) million from $(8.0) million QoQ
- Cash and cash equivalents increased to $24.2 million from $18.0 million at December 31, 2025
- Horizon term loan facility totals $50 million with $30 million drawn and potential access to $10 million more
Negative
- Net loss was $(23.4) million in Q2 2026, following $(25.1) million in Q1 2026
- Selling, general and administrative expense rose 31% QoQ to $27.7 million
- Cost of goods sold included a $0.9 million commercial API inventory write-off in Q2 2026
- Interest expense totaled $2.4 million in Q2 2026, driven by debt and royalty obligations
- Total liabilities reached $138.9 million with a stockholders’ deficit of $1.5 million as of June 30, 2026
- Adjusted EBITDA remained negative at $(5.7) million in Q2 2026
News Explained
Pelthos separates 3.7 million issued common shares from roughly 9.0 million shares reported on an as-converted basis.
In its
For existing common holders, the disclosure provides an ownership reference that assumes conversion rather than stating that all
The company also reported a
That disclosure places the manufacturing response at the commenced stage, but leaves the write-off as a second-quarter cost-of-goods item.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 14 | First-quarter earnings | Positive | +6.5% | ZELSUVMI revenue and dispensed units increased during the first quarter. |
| Mar 19 | Full-year earnings | Positive | -4.6% | Early ZELSUVMI revenue growth and financing accompanied a negative 24-hour reaction. |
| Nov 13 | Third-quarter earnings | Positive | -7.3% | ZELSUVMI launched and financings closed while shares declined over the following day. |
| Aug 18 | Second-quarter earnings | Positive | +1.4% | Merger and private placement financing accompanied a positive 24-hour reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings announcements showed no consistent directional pattern, with two aligned and two divergent 24-hour reactions.
Key Terms
senior secured term loan facility financial
adjusted ebitda financial
convertible notes financial
out-of-specification technical
active pharmaceutical ingredient medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Zelsuvmi® net product revenue grew
11,925 Zelsuvmi units were dispensed by 4,571 unique prescribers during the second quarter of 2026, representing a
More than 25,000 patients have now been prescribed Zelsuvmi since it was commercially launched in July 2025
Management will host a conference call today, August 13, 2026, at 8:30 a.m. ET
DURHAM, N.C., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Pelthos Therapeutics Inc. (NYSE American: PTHS), a biopharmaceutical company committed to commercializing innovative therapeutic products for unmet patient needs (“Pelthos,” “we” or the “Company”), today announced its financial results for the second quarter ended June 30, 2026, which can be found in the Financial Results section of the Company’s website at https://ir.pelthos.com/financial-info/financial-results.
Second Quarter and Recent Highlights
- Zelsuvmi, the first at-home FDA-approved treatment (ages 1 and above) for molluscum contagiosum, a highly contagious viral skin infection that largely afflicts children, was launched in July 2025 and has generated
$42.3 million in net sales in the first four quarters of commercial operations. - As of June 30, 2026, 29,126 units of Zelsuvmi have been dispensed and written by 7,414 unique prescribers. Units of Zelsuvmi dispensed increased from 8,084 in the first quarter of 2026 to 11,925 in the second quarter of 2026, representing a
48% increase. For the first full year, since its commercial launch in July of 2025 through the end of the second quarter of 2026, more than 25,000 patients have been prescribed Zelsuvmi. - In January 2026, we entered into a
$50.0 million senior secured term loan facility with Horizon Technology Finance, of which we drew$30.0 million at the close. Based on the Company achieving trailing twelve-month net product revenues of$42.3 million as of June 30, 2026, we believe we have achieved access to an additional$10.0 million under the Horizon facility, subject to the lender’s discretion. - The Company’s cash balance as of June 30, 2026 was
$24.2 million , which based on its current projections, is expected to support the current business plan. - As of June 30, 2026, we had approximately 9.0 million shares outstanding on an as-converted basis, which includes the conversion of approximately 52,128 shares of the Company’s Series A and 2,600 shares of Series C Convertible Preferred Stock, and approximately 3.7 million shares of common stock issued and outstanding.
Management Commentary
Scott Plesha, CEO of Pelthos, commented, “The growing adoption of Zelsuvmi and an increasing number of prescriptions written contributed significantly to our strong performance in the second quarter. We expect further growth for Zelsuvmi, with over 4,200 units dispensed in July and total units dispensed since the launch surpassing a significant milestone of 30,000. We believe that our continued commercial success, combined with the Horizon facility, and potential access to additional funds subject to the lender’s discretion, will provide us with the capital and flexibility necessary to advance our business plan. This includes the planned commercialization of Xepi® in the first quarter of 2027 and Xeglyze® in the third quarter of 2027.”
Second Quarter 2026 Financial Summary
- Net product revenue for Zelsuvmi during the second quarter of 2026 was
$15.4 million , as compared to$10.7 million in the first quarter of 2026, representing a45% quarter-over-quarter increase. - Cost of goods sold was
$3.6 million for the second quarter of 2026 compared to$1.7 million in the first quarter of 2026. Cost of goods sold includes fair value adjustments related to finished goods and active pharmaceutical ingredient inventory (“API”) on hand at the time of the Company’s merger in July 2025. Cost of goods sold for the second quarter of 2026 includes a$0.9 million write-off of commercial API inventory identified through the Company’s routine in-process quality control and testing as narrowly falling outside specific tolerances for use in commercial drug product. The underlying procedural cause of these out-of-specification results was addressed and subsequent API manufacturing has commenced and met specifications. - Selling, general and administrative (“SG&A”) expenses were
$27.7 million for the second quarter of 2026, as compared to$21.1 million for the first quarter of 2026, representing a31% quarter-over-quarter increase. Quarter-over-quarter changes in SG&A included: (i) an increase in royalty and milestone expense of$6.0 million , due primarily to two non-recurring sales based milestones recorded during the second quarter in an amount of$5.3 million , (ii) an increase in cash basis personnel costs of$0.4 million , including$0.5 million of non-recurring severance, (iii) an increase of$0.7 million in non-cash expenses, comprised of stock based compensation and depreciation, and (iv) an increase of$0.7 million in corporate expenses; offset by (v) a reduction in regulatory and manufacturing related expenses of$0.8 million , and (vi) a reduction in marketing, travel, sales and commercial expenses of$0.5 million . - Interest expense for the second quarter of 2026 and first quarter of 2026, respectively, was
$2.4 million . Interest expense is attributable to (i) the Company’s existing convertible notes and its Horizon facility; and (ii) the accounting treatment of certain royalty and purchase agreement obligations entered into by the Company. - Change in fair value of debt, related to the convertible notes issued in November 2025, was
$3.7 million in the second quarter of 2026, as compared to$9.6 million for the first quarter of 2026. At issuance, the Company analyzed the terms of the convertible notes and its embedded features concluding it was appropriate to account for the convertible notes at fair value. Accordingly, the Company initially recognized the convertible notes at fair value and will subsequently measure the convertible notes at fair value with changes in fair value recorded in current period earnings or other comprehensive income. - Net loss for the second quarter of 2026 was
$(23.4) million , as compared to$(25.1) million for the first quarter of 2026. - Adjusted EBITDA for the second quarter of 2026 was
$(5.7) million , as compared to$(8.0) million for the first quarter of 2026, on a comparative basis discussed within the Non-GAAP Financial Information below. - See additional detail within the Summary Financial Statement tables and Non-GAAP Financial Information below.
Webcast and Conference Call
Management will host a conference call and webcast today at 8:30 a.m. ET to discuss the Company’s second quarter 2026 results and provide a corporate update. Interested parties may participate in the call by dialing:
(877) 451-6152 (Domestic)
(201) 389-0879 (International)
Conference ID: 13761132
The live webcast will be accessible in the Investors section of the Company’s website or by following the direct link:
https://viavid.webcasts.com/starthere.jsp?ei=1767131&tp_key=12eae87cb3
For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Pelthos’ website.
About Pelthos Therapeutics
Pelthos Therapeutics is a commercial-stage biopharmaceutical company focused on building and advancing a portfolio of differentiated cutaneous infectious disease products that address unmet patient needs. Zelsuvmi® (berdazimer) topical gel,
Forward-Looking Statements
This press release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, regarding Pelthos’ current expectations. All statements, other than statements of historical fact, could be deemed to be forward-looking statements. In some instances, words such as “plans,” “believes,” “expects,” “anticipates,” and “will,” and similar expressions, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our good faith beliefs (or those of the indicated third parties) and speak only as of the date hereof. These forward-looking statements include, without limitation, references to our expectations regarding (i) our belief that we have achieved access to an additional
Contacts
Investors:
LifeSci Advisors, LLC
Mike Moyer, Managing Director
mmoyer@lifesciadvisors.com
Media:
KWM Communications
Kellie Walsh
pelthos@kwmcommunications.com
(914) 315-6072
| Summary Financial Statements | |||||||
| Pelthos Therapeutics Inc. Selected Condensed Consolidated Balance Sheet Data (unaudited) (in thousands) | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| Cash and cash equivalents | $ | 24,192 | $ | 17,973 | |||
| Accounts receivable, net | 14,482 | 8,858 | |||||
| Inventory | 21,472 | 23,574 | |||||
| Total current assets | 63,356 | 53,410 | |||||
| Total assets | 137,356 | 130,397 | |||||
| Accounts payable | $ | 5,853 | $ | 2,986 | |||
| Accrued expenses | 20,745 | 15,364 | |||||
| Total current liabilities | 31,959 | 25,993 | |||||
| Total liabilities | 138,857 | 91,516 | |||||
| Total stockholders' (deficit) equity | $ | (1,501 | ) | $ | 38,881 | ||
| Total liabilities and stockholders' equity | 137,356 | 130,397 | |||||
| Pelthos Therapeutics Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands except share and per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue | |||||||||||||||
| Net product revenues | $ | 15,420 | $ | — | $ | 26,085 | $ | — | |||||||
| License and collaboration revenues | 183 | — | 424 | — | |||||||||||
| Total revenue | 15,603 | — | 26,509 | — | |||||||||||
| Operating expenses | |||||||||||||||
| Cost of goods sold | 3,610 | — | 5,283 | — | |||||||||||
| Selling, general and administrative | 27,673 | 2,716 | 48,777 | 4,356 | |||||||||||
| Research and development | 600 | 515 | 786 | 709 | |||||||||||
| Amortization of intangible assets | 1,043 | — | 2,074 | — | |||||||||||
| Total operating expenses | 32,926 | 3,231 | 56,920 | 5,065 | |||||||||||
| Operating loss | (17,323 | ) | (3,231 | ) | (30,411 | ) | (5,065) | ||||||||
| Other (expense) income | |||||||||||||||
| Interest expense | (2,389 | ) | (218 | ) | (4,742 | ) | (352) | ||||||||
| Change in fair value of convertible debt | (3,705 | ) | — | (13,337 | ) | — | |||||||||
| Total other expense | (6,094 | ) | (218 | ) | (18,079 | ) | (352) | ||||||||
| Net loss before provision for income taxes | (23,417 | ) | (3,449 | ) | (48,490 | ) | (5,417 | ||||||||
| Provision for income taxes | — | — | — | — | |||||||||||
| Net loss | $ | (23,417 | ) | $ | (3,449 | ) | $ | (48,490 | ) | $ | (5,417) | ||||
| Net loss per common share - basic and diluted | $ | (6.62 | ) | $ | (5.29 | ) | $ | (14.15 | ) | $ | (8.56) | ||||
| Weighted average number of common shares outstanding - basic and diluted | 3,539,464 | 651,921 | 3,426,232 | 632,513 | |||||||||||
The table below sets forth the income statement for the second quarter of 2026 and the first quarter of 2026.
| Pelthos Therapeutics Inc. | ||||||
| Condensed Consolidated Statements of Operations (unaudited) (in thousands except share and per share data) | ||||||
| Three Months Ended | ||||||
| June 30, 2026 | March 31, 2026 | |||||
| (As Restated) | ||||||
| Revenue | ||||||
| Net product revenues | $ | 15,420 | $ | 10,665 | ||
| License and collaboration revenues | 183 | 241 | ||||
| Total revenue | 15,603 | 10,906 | ||||
| Operating expenses | ||||||
| Cost of goods sold | 3,610 | 1,673 | ||||
| Selling, general and administrative | 27,673 | 21,104 | ||||
| Research and development | 600 | 186 | ||||
| Amortization of intangible assets | 1,043 | 1,031 | ||||
| Total operating expenses | 32,926 | 23,994 | ||||
| Operating loss | (17,323 | ) | (13,088) | |||
| Other (expense) income | ||||||
| Interest expense | (2,389 | ) | (2,353) | |||
| Change in fair value of convertible debt | (3,705 | ) | (9,632) | |||
| Total other expense | (6,094 | ) | (11,985) | |||
| Net loss before provision for income taxes | (23,417 | ) | (25,073) | |||
| Provision for income taxes | — | — | ||||
| Net loss | $ | (23,417 | ) | $ | (25,073) | |
| Net loss per common share - basic and diluted | $ | (6.62 | ) | $ | (7.57) | |
| Weighted average number of common shares outstanding - basic and diluted | 3,539,464 | 3,311,742 | ||||
Non-GAAP Financial Information
Adjusted EBITDA
To provide investors with additional information regarding the Company’s financial results, we have provided within this press release Adjusted EBITDA, a non-GAAP financial measure. We define Adjusted EBITDA as net loss adjusted to eliminate (i) stock-based compensation expense, (ii) the inventory valuation step-up recognized in cost of goods sold resulting from the July 1, 2025 acquisition of LNHC, Inc., as described below, (iii) change in fair value of convertible debt, (iv) non-recurring milestones due to license agreement counterparties, (v) interest expense, (vi) amortization of intangible assets, (vii) depreciation expense, and (viii) the provision for income taxes. We have provided a reconciliation below of Net Loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA.
The Company accounts for business acquisitions using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. ASC 805 requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values, as determined in accordance with ASC 820, Fair Value Measurements (“ASC 820”), as of the acquisition date. As part of the July 1, 2025 acquisition of LNHC, Inc., the fair value of the inventory acquired was estimated using the top/down method that considers the estimated selling price, costs to complete, disposal costs, profit margin on disposal effort, and holding costs. Significant assumptions include management’s estimates for the selling price and the costs to be incurred related to the disposal effort of the inventory. The non-cash inventory valuation step-up from the acquisition of LNHC, Inc. is recognized within cost of goods sold in the periods presented.
We have included Adjusted EBITDA in this press release because it is a key measure used by our management to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operating plans. In particular, we believe the exclusion of certain items from net loss in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors in understanding and evaluating our operating results. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP
The following table presents a reconciliation of Net Loss to Adjusted EBITDA for each of the periods indicated (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net loss | $ | (23,417 | ) | $ | (3,449 | ) | $ | (48,490 | ) | $ | (5,417 | ) | |||
| Adjustments: | |||||||||||||||
| Stock-based compensation | 2,760 | 394 | 4,668 | 850 | |||||||||||
| Cost of goods sold basis step-up | 2,295 | — | 3,934 | — | |||||||||||
| Change in fair value of convertible debt | 3,705 | — | 13,337 | — | |||||||||||
| Non-recurring milestones | 5,250 | — | 5,250 | — | |||||||||||
| Interest expense | 2,389 | 218 | 4,742 | 352 | |||||||||||
| Amortization of intangible assets | 1,043 | — | 2,074 | — | |||||||||||
| Depreciation | 278 | — | 747 | — | |||||||||||
| Adjusted EBITDA | $ | (5,697 | ) | $ | (2,837 | ) | $ | (13,738 | ) | $ | (4,215 | ) | |||
