Pelthos Therapeutics Inc.

Pelthos Therapeutics Inc. (PTHS) reported total revenue of $16.8 million for FY 2025, driven entirely by net product revenues from ZELSUVMI launched in July 2025, marking the company's first full year of commercialization post-merger with LNHC. Cost of goods sold was $4.0 million, resulting in a gross profit of $12.8 million. Operating expenses totaled $49.2 million, including $42.5 million in selling, general, and administrative expenses supporting the launch, leading to an operating loss of $32.4 million. Other expenses, notably a $15.0 million change in fair value of convertible debt and $3.0 million interest expense, contributed to a net loss of $43.3 million, or -$23 per basic and diluted share on 1.9 million weighted average shares. Cash and equivalents stood at $18.0 million, with total current assets of $53.4 million and working capital supporting operations. Net cash used in operations was $22.6 million, offset by $45.3 million from financing including PIPE proceeds and convertible notes. The company acquired XEPI and XEGLYZE assets, expanding its portfolio. Management believes liquidity suffices through at least the next 12 months, bolstered by a $30.0 million venture loan draw in January 2026, positioning for commercialization of additional products amid ongoing losses.

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