Every 10-Q that Pelthos Therapeutics Inc. (PTHS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow PTHS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PTHS filings page.
Pelthos Therapeutics Inc. reported its first substantial commercial period with Q2 2026 revenue of $15.6 million and six‑month 2026 revenue of $26.5 million, driven primarily by Zelsuvmi and initial license and collaboration revenue. There was no revenue in the comparable 2025 periods.
Operating scale-up and financing costs led to a Q2 2026 net loss of $23.4 million and a six‑month 2026 net loss of $48.5 million, versus $3.4 million and $5.4 million losses a year earlier. Cash and cash equivalents were $24.2 million at June 30, 2026, with net cash used in operations of $20.8 million in the first half. The balance sheet shows total liabilities of $138.9 million, including $43.3 million of related‑party convertible notes and a $26.6 million venture loan, resulting in a stockholders’ deficit of $1.5 million. Management states it sees sufficient liquidity, including an undrawn portion of a $50 million venture loan facility, to fund operations for at least twelve months.
Pelthos restated its March 31, 2026 quarter to revise Level 3 fair value measurements for convertible debt. The company highlights strong quarter‑over‑quarter growth in Zelsuvmi net product revenue since launch and continues amortizing significant acquired intangibles related to Zelsuvmi, Xepi and Xeglyze.
Pelthos Therapeutics Inc. restated its quarter ended March 31, 2026 to correct a misapplication of ASC 820 in valuing Level 3 convertible debt. The fair value of convertible debt increased by $15.8 million to $39.1 million, raising total liabilities to $126.1 million and reducing stockholders’ equity to $19.3 million.
The change turned a previously reported gain on the debt into a $9.6 million loss and increased net loss for the quarter by $14.8 million to $25.1 million (basic and diluted loss per share $7.57). Comprehensive loss was $22.9 million. The restatement did not affect cash flows.
Management concluded a material weakness in internal control over financial reporting related to accounting for convertible debt existed as of March 31, 2026 and continues. Cash and cash equivalents were $32.0 million and working capital $44.8 million, and the company cites product revenues, a November 2025 convertible note and a January 2026 $50 million venture loan facility (of which $30 million was drawn) in concluding there is no substantial doubt about its ability to continue as a going concern for at least 12 months.
Pelthos Therapeutics Inc. reported its first meaningful commercial quarter, with total revenue of $10.9 million for the three months ended March 31, 2026, driven mainly by ZELSUVMI product sales of $10.7 million. Operating expenses rose to $24.0 million, leading to a net loss of $10.2 million compared with a $2.0 million loss a year earlier.
Cash, cash equivalents and restricted cash increased to $32.2 million, helped by net proceeds of $29.3 million from a new venture loan and security agreement, partly offset by $13.1 million of cash used in operating activities. Total assets were $145.4 million and stockholders’ equity was $35.1 million, reflecting substantial intangible assets and goodwill from recent acquisitions and the LNHC merger.
Pelthos Therapeutics Inc. reported Q3 2025 results following its July 1 merger with LNHC and commercial launch of ZELSUVMI. Revenue reached $7.4 million, all generated in the quarter after launch. The company recorded a net loss of $16.2 million for Q3 and $21.7 million for the nine months ended September 30, 2025.
Cash and cash equivalents were $14.2 million as of September 30, 2025, with working capital of $25.0 million. Management disclosed “substantial doubt” about the ability to continue as a going concern, citing expected commercialization, manufacturing, and development costs. Total assets rose to $126.4 million, including $32.5 million of net definite-lived intangibles and $30.6 million of goodwill from the LNHC acquisition. SG&A was $19.6 million and cost of goods sold $2.3 million in Q3.
The company completed a PIPE concurrent with the merger, issuing 50,100 Series A preferred shares for gross proceeds of $50.1 million and net proceeds of $27.4 million after settlements; 23,810 preferred shares converted into 2,381,000 common shares. Common shares outstanding were 3,061,681 as of November 7, 2025.
Pelthos Therapeutics Inc. reported a net loss of $3.45 million for the quarter and $5.42 million for the six months ended June 30, 2025, driven by operating expenses including professional fees of $1.61 million and general and administrative costs of $1.11 million in the quarter. Research and development expense for the quarter was $514,814. Net loss per share was $(5.38) for the quarter and $(8.64) for six months on a weighted average share base of 626,736 for the six-month period.
Balance sheet and liquidity pressures are prominent: cash totaled $59,172 and the company reported a working capital deficit of about $6.5 million as of June 30, 2025. Management disclosed substantial doubt about the company’s ability to continue as a going concern. Subsequent to the reporting period, the company completed a Merger and a PIPE financing that generated approximately $50.1 million in Series A Preferred Stock proceeds and effected a 10-for-1 reverse stock split and name change to Pelthos Therapeutics Inc., and also entered into royalty sale agreements related to ZELSUVMI and other products. These transactions materially change the company’s capital structure, ownership mix, and future revenue rights.