Pelthos Therapeutics Stock Price, News & Analysis

Pelthos Therapeutics Inc. (NYSE American: PTHS) is a biopharmaceutical company focused on commercializing therapeutic products for patients with significant unmet treatment burdens. According to its public filings and disclosures, Pelthos centers its business on dermatology and cutaneous infectious diseases, with an emphasis on conditions that are highly communicable and often affect children and families.

The company’s lead product is ZELSUVMI™ (berdazimer) topical gel, 10.3%, a nitric oxide–releasing topical medication indicated for the treatment of molluscum contagiosum in adults and pediatric patients one year of age and older. ZELSUVMI was approved by the U.S. Food and Drug Administration (FDA) in 2024 and is described in company materials as the first and only prescription therapy approved for at-home use by patients, parents, or caregivers to treat molluscum contagiosum. Pelthos has launched ZELSUVMI commercially and reports that it is building sales, marketing, and commercial infrastructure to promote the product to pediatricians, pediatric dermatologists, dermatologists, and infectious disease specialists.

Molluscum contagiosum is characterized in Pelthos’ disclosures as a highly contagious viral skin infection caused by a poxvirus, with lesions that can appear on many areas of the body and may persist for months to years. The company cites estimates that millions of people in the United States are affected, with a large proportion being children. By offering a topical, once-daily, nitric oxide–based treatment that can be applied outside of a medical setting, Pelthos positions ZELSUVMI as an option intended to address both the clinical and social burden of this condition.

Beyond ZELSUVMI, Pelthos is assembling a portfolio of FDA-approved dermatology products focused on infectious and parasitic skin diseases. Through an acquisition from Biofrontera Inc. and Ferrer Internacional S.A., Pelthos obtained U.S. commercialization rights to Xepi® (ozenoxacin) Cream, 1%, a non-fluorinated quinolone antimicrobial indicated for the topical treatment of impetigo due to Staphylococcus aureus or Streptococcus pyogenes in adult and pediatric patients two months of age and older. The company has stated that Xepi addresses needs in antibiotic-resistant skin infections and that it intends to relaunch Xepi in the United States.

Pelthos has also acquired Xeglyze® (abametapir), a prescription pediculicide indicated for the topical treatment of head lice infestation in patients six months of age and older. Under an asset purchase agreement with Hatchtech Pty Ltd., Pelthos purchased rights and related intellectual property for the Xeglyze product, together with associated regulatory materials and inventory. Company statements note that Xeglyze is an FDA-approved, single-application topical treatment and that Pelthos plans to commercialize the product worldwide.

Pelthos’ corporate evolution reflects a merger-driven transition into commercial-stage dermatology. A Form 8-K/A filing describes the July 1, 2025 merger among Channel Therapeutics Corporation, LNHC, Inc., and Ligand Pharmaceuticals Incorporated, after which the combined company adopted the Pelthos Therapeutics name and business plan. LNHC’s origins trace to the acquisition of Novan, Inc. assets by Ligand, including the nitric oxide–based NITRICIL™ technology platform and the development program that became ZELSUVMI. Following the merger and related private placement financing, Pelthos’ common stock began trading on the NYSE American under the symbol PTHS.

The company’s business model, as described in SEC filings, is centered on commercialization rather than early-stage discovery. Pelthos emphasizes launching and growing sales of ZELSUVMI and integrating additional FDA-approved dermatology products such as Xepi and Xeglyze into a shared commercial infrastructure. Management commentary in earnings releases highlights efforts to expand prescriber adoption, secure payer coverage, and leverage existing sales relationships across multiple pediatric and dermatology indications.

Pelthos reports that ZELSUVMI was developed using the proprietary NITRICIL technology platform, now owned by Ligand and licensed to Pelthos for manufacturing and commercialization of ZELSUVMI. Company disclosures describe NITRICIL as a nitric oxide–based platform designed to enable localized, tunable delivery of nitric oxide for dermatologic conditions. The FDA approval of ZELSUVMI is cited by Pelthos as validation of this technology in molluscum contagiosum.

From a corporate finance perspective, Pelthos has used a combination of equity, preferred stock, and debt to fund its operations and product acquisitions. The company completed a private placement of Series A Convertible Preferred Stock concurrent with the LNHC merger, raising gross proceeds of approximately $50.1 million to support the launch and growth of ZELSUVMI. In November 2025, Pelthos entered into a senior secured convertible note financing with investors including Ligand, providing additional capital and granting investors certain royalty interests tied to Xepi and ZELSUVMI-related payments in Japan.

In January 2026, Pelthos and its subsidiaries entered into a Venture Loan and Security Agreement with Horizon Technology Finance Corporation, providing a senior secured term loan facility of up to $50 million. The company’s 8-K filing states that proceeds are intended to support commercialization of ZELSUVMI and the launches of Xepi and Xeglyze, as well as working capital and general corporate purposes. The loan is secured by substantially all of the borrowers’ assets, including intellectual property, subject to customary exceptions, and is accompanied by warrants to purchase Pelthos common stock.

Corporate governance and board composition are addressed in Pelthos’ proxy materials and 8-K filings. The company is incorporated in Nevada and maintains its principal executive office in Durham, North Carolina. It is classified as an emerging growth company under applicable securities regulations. The board has established standard committees such as Audit, Compensation, and Nominating and Corporate Governance, and has adopted a director compensation policy that includes cash retainers and potential equity awards under the Pelthos Therapeutics Inc. 2023 Equity Incentive Plan.

Pelthos’ public communications consistently describe its mission as bringing therapeutic products to patients with unmet needs, particularly in dermatology and pediatric infectious skin diseases. Its current portfolio and strategy, as reflected in SEC filings and press releases, focus on the commercial execution and lifecycle management of ZELSUVMI, Xepi, and Xeglyze, supported by financing arrangements and partnerships designed to fund product launches and ongoing operations.