Pelthos Therapeutics Announces Third Quarter Fiscal 2025 Financial Results
Pelthos Therapeutics (NYSE American: PTHS) reported third quarter fiscal 2025 results on November 13, 2025, following its merger and equity raise. Key commercial and corporate actions include a July 2025 launch of ZELSUVMI (first FDA-approved at‑home molluscum contagiosum treatment) that generated $7.1 million in net revenues with 2,716 units dispensed by 1,169 prescribers in Q3. The company closed a $50.1 million private placement, completed the XEPI acquisition in November 2025, and closed an $18 million convertible notes financing. Cash as of September 30, 2025 was $14.2 million.
Pelthos Therapeutics (NYSE American: PTHS) ha riportato i risultati del terzo trimestre dell'esercizio 2025 il 13 novembre 2025, dopo la fusione e la raccolta di capitale. Le principali azioni commerciali e societarie includono il lancio a luglio 2025 di ZELSUVMI (primo trattamento domiciliare approvato dalla FDA per la mollusco contagiosum) che ha generato 7,1 milioni di dollari di entrate nette con 2.716 unità dispensate da 1.169 prescrittori nel terzo trimestre. L'azienda ha chiuso un private placement da 50,1 milioni di dollari, completato l'acquisizione XEPI a novembre 2025 e chiuso un finanziamento da 18 milioni di dollari tramite note convertibili. La cassa al 30 settembre 2025 era di 14,2 milioni di dollari.
Pelthos Therapeutics (NYSE American: PTHS) informó los resultados del tercer trimestre fiscal 2025 el 13 de noviembre de 2025, tras su fusión y recaudación de capital. Las principales acciones comerciales y corporativas incluyen el lanzamiento en julio de 2025 de ZELSUVMI (primer tratamiento para molluscum contagiosum aprobado por la FDA para uso en casa) que generó 7,1 millones de dólares en ingresos netos con 2.716 unidades dispensadas por 1.169 prescriptores en el tercer trimestre. La empresa cerró una colocación privada de 50,1 millones de dólares, completó la adquisición de XEPI en noviembre de 2025 y cerró un financiamiento de notas convertibles de 18 millones de dólares. El efectivo al 30 de septiembre de 2025 era de 14,2 millones de dólares.
Pelthos Therapeutics (NYSE American: PTHS) 는 2025년 11월 13일, 합병 및 자본 조달 이후 2025 회계연도 3분기 실적을 발표했다. 주요 상업 및 기업 조치로는 2025년 7월 출시된 ZELSUVMI(미 FDA가 승인한 가정용 molluscum contagiosum 치료제)가 3분기 순매출 7.1백만 달러를 창출하고 2,716단위가 1,169명의 처방의에 의해 조제되었다. 이 회사는 5,01천만 달러의 비공개 배정을 마감했고, 2025년 11월에 XEPI 인수를 완료했으며, 1800만 달러의 전환사채 금융도 마감했다. 2025년 9월 30일 기준 현금은 1420만 달러였다.
Pelthos Therapeutics (NYSE American: PTHS) a publié les résultats du troisième trimestre fiscal 2025 le 13 novembre 2025, après sa fusion et son augmentation de capital. Les principales actions commerciales et corporatives comprennent le lancement en juillet 2025 de ZELSUVMI (premier traitement à domicile pour molluscum contagiosum approuvé par la FDA) qui a généré 7,1 millions de dollars de revenus nets avec 2 716 unités dispensées par 1 169 prescripteurs au T3. L'entreprise a clôturé une placement privé de 50,1 millions de dollars, a finalisé l'acquisition de XEPI en novembre 2025 et a clôturé un financement par souches convertibles de 18 millions de dollars. La trésorerie au 30 septembre 2025 était de 14,2 millions de dollars.
Pelthos Therapeutics (NYSE American: PTHS) berichtete am 13.11.2025 über die Ergebnisse des dritten Quartals des Geschäftsjahres 2025, nach der Fusion und der Kapitalerhöhung. Wichtige kommerzielle und unternehmensbezogene Maßnahmen umfassen die im Juli 2025 eingeführte ZELSUVMI (erstes von der FDA zugelassenes Heimbehandlungsmittel gegen Molluscum contagiosum), das 7,1 Millionen US-Dollar Nettoumsatz mit 2.716 Einheiten generierte, abgegeben von 1.169 Verschreibern im Q3. Das Unternehmen schloss eine Privatplatzierung über 50,1 Millionen USD ab, erlangte im November 2025 die XEPI-Akquisition und schloss eine Finanzierung in Form von Wandelanleihen über 18 Millionen USD ab. Das Bargeld zum 30. September 2025 betrug 14,2 Millionen USD.
Pelthos Therapeutics (NYSE American: PTHS) أعلنت نتائج الربع الثالث من السنة المالية 2025 في 13 نوفمبر 2025، بعد اندماجها وجمع رأس المال. تشمل الإجراءات التجارية والشركات الأساسية الرئيسية إطلاق ZELSUVMI في يوليو 2025 (أول علاج منزلي لعلاج Molluscum contagiosum معتمد من FDA) الذي حقق 7,1 ملايين دولار من الإيرادات الصافية مع 2,716 وحدة تم صرفها من قبل 1,169 مقدماً للوصفات الطبية في الربع الثالث. أغلقت الشركة عرضاً خاصاً بقيمة 50,1 مليون دولار، أكملت الاستحواذ على XEPI في نوفمبر 2025، وأغلقت تمويلاً من خلال سندات قابلة للتحويل بقيمة 18 مليون دولار. النقد حتى 30 سبتمبر 2025 كان 14,2 مليون دولار.
- ZELSUVMI net product revenue of $7.1M in first commercial quarter
- 2,716 ZELSUVMI units dispensed by 1,169 unique prescribers in Q3
- Raised $50.1M equity private placement to support launch and growth
- Completed acquisition of XEPI in November 2025, adding a complementary dermatology product
- Closed an $18M private convertible notes financing in November 2025
- Net loss of $16.2M for Q3 2025
- Selling, general and administrative expenses of $19.6M in the quarter
- Cost of goods sold of $2.3M including acquisition-related inventory step-up
- Cash balance of $14.2M at September 30, 2025
Insights
Launch early traction: ZELSUVMI generated meaningful initial sales but overall commercial scale remains limited.
Pelthos reported that the commercial launch of ZELSUVMI produced
These metrics show product-market fit at a launch stage but do not by themselves demonstrate sustainable market penetration; continued unit growth, repeat prescribing, and geographic dispersion will determine real commercial momentum.
Watch the month-to-month unit trend (management disclosed
The company strengthened liquidity for commercialization but reported a sizeable operating loss and relies on recent financings.
Pelthos closed an equity private placement of
GAAP results show a net loss of
Key near-term items to monitor are cash runway and upcoming integration costs for XEPI (closed November 2025), conversion terms of convertible securities, and quarterly cash-flow versus marketing spend over the next two fiscal quarters to judge financing sufficiency.
Conference call scheduled for November 13, 2025 at 8:00am ET
Commercial launch of ZELSUVMI, the first FDA-approved at-home molluscum contagiosum treatment, exceeded expectations and generated
2,716 ZELSUVMI units prescribed by 1,169 unique
prescribers in the third quarter of fiscal 2025
DURHAM, N.C., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Pelthos Therapeutics Inc. (NYSE American: PTHS), a biopharmaceutical company committed to commercializing innovative therapeutic products for unmet patient needs (“Pelthos” or the “Company”), today announced its financial results for the three and nine months ended September 30, 2025, which can be found at the Financial Results section of the Company’s website at https://ir.pelthos.com/financial-info/financial-results.
Third Quarter and Recent Highlights
- Closed the merger of Channel Therapeutics Corporation and LNHC, Inc. to create Pelthos Therapeutics and raised
$50.1 million in an equity private placement to support the launch and growth of ZELSUVMI™. - ZELSUVMI, the first at home FDA-approved treatment for molluscum contagiosum, a viral skin pox that largely afflicts children, was launched in July 2025, exceeded expectations and generated
$7.1 million in net sales in the first quarter of commercial operations. - 2,716 units of ZELSUVMI were dispensed and were written by 1,169 unique prescribers.
- Completed the acquisition of XEPI® in November 2025, which added a complementary dermatology product to the Pelthos portfolio anchored by ZELSUVMI. XEPI is a novel FDA-approved topical treatment for impetigo that addresses a critical unmet need in antibiotic-resistant skin infections caused by staph and strep infections, most commonly affecting children. Impetigo affects approximately 3 million people in the U.S. every year and is among the most common bacterial skin infections seen in pediatric offices.
- Closed an
$18 million private convertible notes financing in November 2025. This funding will facilitate both the purchase and relaunch of XEPI, expedite the commercial rollout of ZELSUVMI, and provide general working capital.
Management Commentary
Scott Plesha, CEO of Pelthos commented, “We are delighted with the commercial launch of ZELSUVMI in our first quarter as a merged company. The launch metrics, revenue growth and gross to net discounts have exceeded our expectations. We anticipate strong continued growth for ZELSUVMI in Q4 2025, as evidenced by the 2,189 units prescribed in October alone. The market uptake during the first quarter of ZELSUVMI’s launch demonstrates enthusiastic adoption by physicians and strong demand from patients and caregivers, clearly addressing a significant unmet need. Our commercial operations and newly launched marketing programs will further educate healthcare providers, parents and caregivers, as this product represents a significant shift in the treatment paradigm for molluscum contagiosum.”
“In addition, the acquisition of XEPI has added a second highly complementary product to our portfolio. FDA-approved XEPI treats an infectious skin condition primarily impacting children, which aligns with the same target market as ZELSUVMI. This presents our sales reps and Pelthos with a synergistic opportunity to increase revenue by leveraging our current commercial relationships and infrastructure. Although it is still early days, Pelthos is well-positioned to capitalize on the large addressable markets and unmet needs presented by these two products.”
Third Quarter 2025 Financial Summary (three months ended September 30, 2025)
- Cash position: Cash as of September 30, 2025 was
$14.2 million . - Net product revenue of ZELSUVMI during our first quarter of commercial operations as a merged company was
$7.1 million . - Cost of goods sold was
$2.3 million , which includes direct and indirect costs related to the manufacture, production, packaging, and distribution of the Company’s commercial products and the stepped-up fair value of the inventory at the time of the merger. Additional details on cost of goods sold are included in the Non-GAAP Financial Information section below. - Selling, general and administrative expenses were
$19.6 million , consisting of personnel and non-personnel expenses to support growing sales of ZELSUVMI. Personnel-related expenses include salaries, incentive pay, benefits and share-based compensation for personnel engaged in sales, marketing, regulatory, quality, medical, non-capitalizable manufacturing, finance, information technology and administrative functions. - Net loss was
$16.2 million , or a net loss of$5.30 per basic and fully diluted common share. On an as converted basis, reflecting the conversion of our Series A and Series C Convertible Preferred Stock, Pelthos had a net loss of$1.83 per share. Additional details on net loss are included in the Non-GAAP Financial Information section below. - Capitalization on an as converted basis, reflecting the conversion of the Series A and Series C Convertible Preferred Stock is approximately 8.9 million shares, of which, approximately 3.1 million shares of common stock are outstanding.
Summary Financial Statements
| Pelthos Therapeutics Inc. | ||||||
| Selected Condensed Consolidated Balance Sheet Data (unaudited) (in thousands) | ||||||
| September 30, 2025 | December 31, 2024 | |||||
| Cash and cash equivalents | $ | 14,203 | $ | 513 | ||
| Accounts receivable, net | 7,988 | — | ||||
| Inventory, net | 24,096 | — | ||||
| Accounts payable | 5,666 | 1,897 | ||||
| Accrued expenses | 11,890 | — | ||||
| Total current assets | $ | 49,761 | $ | 1,369 | ||
| Total assets | 126,433 | 1,369 | ||||
| Total current liabilities | 24,768 | 4,083 | ||||
| Total liabilities | 68,180 | 4,083 | ||||
| Total stockholders' equity (deficit) | 58,253 | (2,714) | ||||
| Pelthos Therapeutics Inc. | |||||||||||||
| Condensed Consolidated Statements of Operations (unaudited) (in thousands except share and per share data) | |||||||||||||
| For the Three months Ended September 30, | For the Nine months Ended September 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenue | |||||||||||||
| Net product revenues | $ | 7,112 | $ | — | $ | 7,112 | $ | — | |||||
| License and collaboration revenues | 294 | — | 294 | — | |||||||||
| Total revenue | 7,406 | — | 7,406 | — | |||||||||
| Operating expenses | |||||||||||||
| Cost of goods sold | 2,316 | — | 2,316 | — | |||||||||
| Selling, general and administrative | 19,628 | 1,634 | 23,984 | 4,853 | |||||||||
| Research and development | 145 | 415 | 854 | 894 | |||||||||
| Amortization of intangible assets | 679 | — | 679 | — | |||||||||
| Total operating expenses | 22,768 | 2,049 | 27,833 | 5,747 | |||||||||
| Operating loss | (15,362) | (2,049) | (20,427) | (5,747) | |||||||||
| Other (expense) income | |||||||||||||
| Interest expense | (1,346) | (39) | (1,698) | (678) | |||||||||
| Interest income and other income | 5 | 393 | 5 | 396 | |||||||||
| Total other (expense) income | (1,341) | 354 | (1,693) | (282) | |||||||||
| Net loss before provision for income taxes | (16,703) | (1,695) | (22,120) | (6,029) | |||||||||
| Provision for income taxes | (465) | — | (465) | — | |||||||||
| Net loss and comprehensive loss | $ | (16,238) | $ | (1,695) | $ | (21,655) | $ | (6,029) | |||||
| Net loss per common share - basic and diluted | $ | (5.30) | $ | (2.93) | $ | (14.96) | $ | (11.12) | |||||
| Weighted average number of common shares outstanding during the period - basic and diluted | 3,061,488 | 579,229 | 1,447,469 | 542,036 | |||||||||
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) interest expense, (iii) interest and other income, (iv) amortization of intangible assets, (v) depreciation expense, and (vi) the provision for income taxes. We have provided a reconciliation below of Net Loss and Comprehensive Loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA.
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 and Comprehensive Loss to Adjusted EBITDA for each of the periods indicated:
| For the Three months Ended September 30, | For the Nine months Ended September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net loss and comprehensive loss | $ | (16,238) | $ | (1,695) | $ | (21,655) | $ | (6,029) | ||||
| Adjustments: | ||||||||||||
| Stock-based compensation | 2,812 | 437 | 3,662 | 1,110 | ||||||||
| Interest expense | 1,346 | 39 | 1,698 | 678 | ||||||||
| Interest and other income | (5) | (393) | (5) | (396) | ||||||||
| Amortization of intangible assets | 679 | — | 679 | — | ||||||||
| Depreciation | 389 | — | 389 | — | ||||||||
| Provision for income taxes | (465) | — | (465) | — | ||||||||
| Adjusted EBITDA | $ | (11,482) | $ | (1,612) | $ | (15,697) | $ | (4,637) | ||||
Adjusted Cost of Goods Sold (“COGs”)
To provide investors with additional information regarding the Company’s financial results, we have provided within this press release Adjusted COGs, a non-GAAP financial measure. We define Adjusted COGs as Cost of Goods Sold adjusted to eliminate (i) expense related to inventory write down as a result of excess, obsolescence or scrap, and (ii) the inventory valuation step-up recognized in connection with the July 1, 2025 acquisition of LNHC Inc. We have provided a reconciliation below of Cost of Goods Sold, the most directly comparable GAAP financial measure, to Adjusted COGs.
We have included Adjusted COGs 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 Cost of Goods Sold in calculating Adjusted COGs can provide a useful measure for period-to-period comparisons of our business.
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. was recognized as an adjustment to Cost of Goods Sold in the three and nine months ended September 30, 2025.
Accordingly, we believe that Adjusted COGs provides useful information to investors in understanding and evaluating our operating results. Our use of Adjusted COGs 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 Cost of Goods Sold to Adjusted COGs for each of the periods indicated:
| For the Three months Ended September 30, | For the Nine months Ended September 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Cost of goods sold | $ | 2,316 | — | $ | 2,316 | — | ||||||||
| Write-off of inventory | (792) | — | (792) | — | ||||||||||
| ASC 805 Basis Step-Up | (1,111) | — | (1,111) | — | ||||||||||
| Adjusted COGs | $ | 413 | $ | — | $ | 413 | $ | — | ||||||
Webcast and Conference Call
Management will host a conference call today at 8:00 am ET to discuss the Company’s third fiscal quarter of 2025 results. Interested parties may participate in the call by dialing:
(877) 451-6152 (Domestic)
(201) 389-0879 (International)
Conference ID: 13756828
The live webcast will be accessible in the Investors section of the Company’s website or by following the direct link:
https://ir.pelthos.com/news-events/ir-calendar/detail/20251113-third-quarter-2025-financial-results-call (opens in new window or tab)
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 biopharmaceutical company committed to commercializing innovative, safe, and efficacious therapeutic products to help patients with unmet treatment burdens. The company’s lead product 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 will see continuing ZELSUVMI growth in Q4 2025; (ii) the anticipated benefits of the acquisition of XEPI and that it will leverage our existing commercial and sales operations and provide additional opportunities to expand our revenue while benefiting from overhead cost synergies given XEPI’s complementary target market; (iii) our belief that Pelthos is well-positioned to capitalize on large addressable markets with ZELSUVMI and XEPI; (iv) our belief that the exclusion of certain items in calculating Adjusted EBITDA and Adjusted COGs can provide a useful measure for period-to-period comparisons of our business; and (v) our belief that Adjusted COGs provides useful information to investors in understanding and evaluating our operating results. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those set forth in such forward-looking statements include, but are not limited to, risks and uncertainties related to there being no guarantee that the trading price of the combined company’s Common Stock will be indicative of the combined company’s value or that the combined company’s Common Stock will become an attractive investment in the future; we may rely on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may not receive expected revenue; we and our partners may not be able to timely or successfully advance any product(s) in our internal or partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and approved; and changes in general economic conditions, including as a result of war, conflict, epidemic diseases, the implementation of tariffs, and ongoing or future litigation could expose us to significant liabilities and have a material adverse effect on us. These and other risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission. The information in this press release is provided only as of the date of this press release, and we undertake no obligation to update any forward-looking statements contained in this press release based on new information, future events, or otherwise, except as required by law.
Contacts
Investors:
Mike Moyer
Managing Director
LifeSci Advisors, LLC
mmoyer@lifesciadvisors.com
Media:
KWM Communications
Kellie Walsh
pelthos@kwmcommunications.com
(914) 315-6072
FAQ
How much revenue did Pelthos (PTHS) report from ZELSUVMI in Q3 2025?
How many ZELSUVMI units were prescribed and by how many prescribers in Q3 2025 for PTHS?
What financing did Pelthos (PTHS) complete to support ZELSUVMI and XEPI in November 2025?
When did Pelthos complete the acquisition of XEPI and what does it add to PTHS?
What was Pelthos’ cash position and net loss for Q3 2025?
How did Pelthos describe commercial traction for ZELSUVMI in Q4 2025 near-term outlook?
