0001919246-26-000013
SEC filingPelthos 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.
Pelthos Therapeutics reported FY 2025 total revenue of $16.8M, all from ZELSUVMI net product sales post-July launch following the LNHC merger. This compares to no revenue in 2024. Operating loss widened to $32.4M from $7.6M in 2024, driven by $49.2M operating expenses versus $7.6M prior year. Net loss was $43.3M ($-23/share basic/diluted on 1.9M shares), versus $8.0M loss in 2024, impacted by $18.3M other expenses including $15.0M convertible debt fair value change. Balance sheet shows $130.4M total assets, $18.0M cash, $91.5M liabilities, and $38.9M equity.
Revenue of $16.8M comprised $16.2M net product from ZELSUVMI and $0.6M license/collaboration. No segment revenue breakdown disclosed. Growth stems from ZELSUVMI commercialization to wholesalers (three customers 89% of gross revenue). Acquisitions of XEPI and XEGLYZE in Q4 expand portfolio but contributed no revenue yet. No geographic mix beyond U.S. focus.
Gross profit $12.8M (76.2% margin) on $4.0M COGS including $1.1M inventory write-off. Operating margin -193% reflects high SG&A $42.5M for launch (sales force, marketing). R&D stable at $1.2M. Tax benefit $7.4M from valuation allowance release. No prior margins for direct comparison.
Operating cash use $22.6M (net loss offset by $15.0M debt fair value, $5.5M stock comp). Investing outflow $5.2M (acquisitions $10.7M net of LNHC inflow). Financing inflow $45.3M (PIPE $27.4M, convertible notes $17.9M). Ending cash $18.0M; current assets $53.4M vs. $26.0M liabilities. Convertible debt $31.4M; liquidity supported by $30M venture loan draw post-year-end.
Management projects sufficient capital through next 12 months via ZELSUVMI sales, convertible notes, and venture loan (up to $50M total). Priorities: relaunch XEPI (late 2026), launch XEGLYZE (2027), NaV1.7 programs. Risks include commercialization delays, competition, debt obligations, seasonality.