Pelthos Therapeutics Inc. SEC Filings

Pelthos Therapeutics Inc. reported first quarter 2026 results that show rapid ZELSUVMI growth but continued losses. Net product revenue for ZELSUVMI reached $10.7 million, up about 17% from $9.1 million in the fourth quarter of 2025, with total revenue of $10.9 million for the quarter.

ZELSUVMI dispensed units increased from 6,312 in the prior quarter to 7,884 in the first quarter of 2026, a 25% rise, and cumulative ZELSUVMI net sales since its July 2025 launch reached $26.9 million. The company expanded its sales force to 64 territory managers to support commercialization.

Pelthos remains unprofitable, posting a net loss of $10.2 million and Adjusted EBITDA of negative $8.0 million for the quarter. Cash and cash equivalents were $32.0 million as of March 31, 2026, supported by a $50.0 million senior secured term loan facility, of which $30.0 million was drawn in January 2026.

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 Amendment No. 2 updates beneficial ownership for 3i, 3i Management LLC and Maier Joshua Tarlow, reporting beneficial ownership of 337,026 shares, representing 9.99% of common stock based on 3,355,543 shares outstanding as of March 11, 2026.

The disclosed position comprises 318,933 common shares plus up to 18,093 shares issuable upon conversion of 800 shares of Series A Convertible Preferred Stock and a senior secured convertible note (original principal $1,000,000), each conversion subject to a 9.99% beneficial-ownership blocker. Mr. Tarlow has shared voting and dispositive power via management and partnership structures.

Pelthos Therapeutics Inc. Chief Financial Officer John M. Gay has filed an initial ownership report showing equity-based compensation holdings. He holds 30,518 restricted stock units (RSUs), each representing one share of common stock, granted on July 2, 2025 under the company’s 2023 Equity Incentive Plan.

The RSUs vest with one-third on July 2, 2026 and the remainder in equal quarterly installments over the following two years, contingent on continued service. He also holds stock options to purchase 93,000 shares of common stock at an exercise price of $13.50 per share, granted on July 2, 2025, with the same one-third initial vesting on July 2, 2026 and the balance vesting quarterly over two years.

Pelthos Therapeutics Inc. furnished a press release and investor presentation highlighting its commercial dermatology portfolio and recent operating trends. The company markets ZELSUVMI for molluscum contagiosum, with a wholesale acquisition cost of $2,008.50 and launches of Xepi and Xeglyze planned for late 2026 and first half 2027. The presentation notes Pelthos as a commercial-stage biopharmaceutical company with a stock price of $24.00, approximately 8.9 million shares of common stock on an as-converted basis and a market capitalization of about $215 million. Cash at the end of 2025 was $18 million, excluding $30 million of 5‑year term notes issued in January 2026, and the company references an active $200 million shelf registration statement. Management reports revenue increased 28% quarter over quarter, while SG&A expenses declined 5% and adjusted EBITDA loss improved 22%, with personnel expenses expected to rise by about $1 million per quarter in 2026 to support sales expansion.

Pelthos Therapeutics Inc. has appointed John M. Gay as Chief Financial Officer, treasurer and secretary, effective April 10, 2026, succeeding Francis Knuettel II. Gay previously served as Senior Vice President, Finance & Accounting and brings more than 25 years of public company finance and accounting experience.

Under a new employment agreement, Gay will receive a base salary of $425,000 and be eligible for an annual bonus targeted at 40% of base salary, tied to goals set by the company and board. The company expects to enter into a separation agreement with Knuettel under his existing contract, and states his termination did not result from any disagreement on operations, policies or practices. A press release announcing the transition was furnished as an exhibit.

Pelthos Therapeutics Inc. director Richard Malamut reported small open-market sales of company stock. On April 2, 2026, he sold 310 shares of Common Stock at a weighted average price of $20.5126 per share and 280 shares at a weighted average price of $21.3612 per share. A footnote states these sales were made under a pre-arranged Rule 10b5-1 plan adopted on December 16, 2025, to satisfy estimated tax obligations tied to vesting of restricted stock units granted by the company. After the transactions, he held 27,422 shares directly and 1,040 shares indirectly, jointly with his spouse.

Pelthos Therapeutics director Ezra M. Friedberg reported small open‑market sales of Pelthos common stock. On April 2, 2026, he sold 293 shares at $20.5121 and 265 shares at $21.3612, totaling 558 shares. These transactions were made under a Rule 10b5-1 trading plan adopted on December 16, 2025 to help cover estimated tax obligations from vesting restricted stock units.

After the sales, Friedberg held 82,027 common shares directly82,072 shares held indirectly by Balmoral Financial Group LLC and 40,000 shares held indirectly by Key Recovery Group LLC, entities for which he is manager and may be deemed a beneficial owner to the extent of his pecuniary interest.