PTHS · Pelthos Therapeutics Inc.

Pelthos Therapeutics delivered stronger Q1 2026 results driven by robust ZELSUVMI performance, with net product revenue rising 17% quarter-over-quarter to $10.7 million on 25% higher dispensed units of 7,884 from 3,228 unique prescribers. This momentum reflects successful sales force expansion to 64 territory managers covering additional markets, enhanced digital marketing, and conference presence, positioning the product for continued growth as evidenced by April's 3,776 units dispensed, surpassing 20,000 total since July 2025 launch. Gross cost of goods sold remained stable at $1.7 million despite prior write-offs, but SG&A expenses increased 14% to $21.1 million due to higher personnel, marketing, sales, royalties, and regulatory costs, partially offset by lower corporate expenses. Interest expense doubled to $2.4 million from the new $50 million Horizon term loan (with $30 million drawn) and existing convertible notes, though a $5.2 million positive fair value change in convertible debt helped narrow the net loss to $10.2 million from $21.7 million in Q4 2025. Adjusted EBITDA widened slightly to negative $8.0 million. Balance sheet strengthened with cash at $32.0 million, supporting commercialization of XEPI in early 2027 and XEGLYZE mid-2027. CEO Scott Plesha highlighted sales execution and financing flexibility to advance the pipeline, emphasizing ZELSUVMI's role as the first at-home FDA-approved molluscum contagiosum treatment in a market affecting millions.