Pelthos Therapeutics Q1 Earnings Call Highlights
Pelthos Therapeutics (NYSEAMERICAN:PTHS) reported higher first-quarter revenue as prescriptions for its lead product, ZELSUVMI, continued to grow in the treatment’s third full quarter since launch, executives said on the company’s 2026 first-quarter earnings call.
Chief Executive Officer Scott Plesha said the quarter reflected “strong execution and progress” across several areas, led by increased prescriptions for ZELSUVMI, a topical nitric oxide-releasing treatment for molluscum contagiosum in patients one year of age and older. ZELSUVMI launched in July 2025 and is the first FDA-approved therapy for molluscum contagiosum that can be applied at home by parents, patients or caregivers, according to the company.
Pelthos reported net product revenue of $10.7 million for the first quarter of 2026, up from $9.1 million in the fourth quarter of 2025. Plesha said prescription units, as reported by Symphony Health, rose 25% to 7,884 in the first quarter from 6,312 in the prior quarter.
ZELSUVMI Prescriptions Rise as Prescriber Base Expands
Chief Commercial Officer Sai Rangarao said ZELSUVMI shipments and prescriptions were ahead of expectations in the quarter. The number of unique prescribers increased to 3,228 by the end of the first quarter from 2,377 in the fourth quarter, based on Symphony Health Metys data.
Rangarao said the company continued to receive positive feedback from healthcare providers, patients and caregivers on the product’s ease of use and efficacy. He added that the company saw continued momentum after the quarter ended, with prescribed units increasing to 3,776 in April from 3,309 in March, a 14.1% month-over-month increase. The company also reported an all-time weekly high of 917 prescribed units for the week ended May 1.
Executives attributed part of the momentum to the expansion of the company’s sales force from 50 to 64 sales representatives and to a contract executed with a major pharmacy benefit manager in December 2025. Plesha said that within that PBM, unit dispenses doubled and the number of prescribers increased 121%.
Rangarao said ZELSUVMI’s coverage remained strong, with 59% coverage among commercial insurance plans and 99% coverage among Medicaid plans. He said the company’s gross-to-net adjustment was 29.1% in the first quarter, in line with expectations, and that Pelthos expects the metric to move toward the mid-30% range going forward.
Sales Force Expansion and Pediatric Adoption Discussed
During the question-and-answer session, analysts asked about repeat prescribers, physician adoption and the split between dermatology and pediatric prescribers. Plesha said Pelthos has been seeing 170 to 200 first-time prescribers in a given week recently, while repeat prescribers also reached a high point. He said the most recent data week included 500 repeat prescribers.
Rangarao said dermatology remains the larger source of utilization, which he said was expected given the nature of the condition and historical referral patterns. However, he said pediatric utilization has increased and now accounts for about 25% to 27% of use, including prescriptions from pediatricians as well as nurse practitioners and physician assistants supporting pediatric practices.
Executives said Pelthos is focused on both increasing the number of new prescribers and deepening use among existing prescribers. Rangarao said the company has not received clinical pushback to date, though access-related issues such as prior authorizations remain an area where Pelthos provides support.
The company also plans a targeted addition of three territories by June, including Albany, Pittsburgh and Shreveport, Louisiana, Rangarao said. He said the company does not currently have an imminent broader expansion planned, but will continue evaluating sales force needs in a measured way.
Xepi and Xeglyze Launch Preparations Continue
Pelthos also updated investors on two other FDA-approved products in its portfolio: Xepi and Xeglyze. Plesha said Xepi is a topical treatment for impetigo, a bacterial skin infection most commonly affecting children, and described it as highly complementary to ZELSUVMI because it is managed by many of the same healthcare providers.
The company is working to establish manufacturing and build launch inventory for Xepi, with an expected launch in early 2027. For Xeglyze, Plesha said Pelthos is standing up manufacturing and expects to bring the product to market in mid-2027.
Executives said both products are expected to fit within the existing sales infrastructure. Rangarao said the company intends for all 64 territory managers to carry all three products.
First-Quarter Financial Results
Chief Financial Officer John Gay said Pelthos has now reported three full fiscal quarters of commercialization efforts for ZELSUVMI. Since the July 2025 launch, the company has reported aggregate net product revenue of $26.9 million, consisting of $7.1 million in the third quarter of 2025, $9.1 million in the fourth quarter of 2025 and $10.7 million in the first quarter of 2026.
Cost of goods sold was $1.7 million in both the first quarter of 2026 and the fourth quarter of 2025. Gay said a portion of cost of goods sold reflects fair value adjustments associated with the company’s July 2025 merger. He said Pelthos expects to run through stepped-up finished goods inventory by late summer 2026 and stepped-up active pharmaceutical ingredient inventory approximately 12 to 15 months thereafter.
Selling, general and administrative expenses were $21.1 million in the first quarter, up from $18.5 million in the fourth quarter. Gay said the increase reflected higher personnel costs, including the expanded sales force, increased marketing and commercial spending, regulatory and manufacturing expenses, royalties and depreciation, partially offset by lower corporate expenses.
Pelthos reported a net loss of $10.2 million for the first quarter, compared with a net loss of $21.7 million in the fourth quarter. Adjusted EBITDA was negative $8.0 million, compared with negative $7.6 million in the prior quarter.
Balance Sheet Strengthened by Debt Facility
As of March 31, Pelthos had $32 million in cash and $11.7 million in accounts receivable. Working capital was $44.8 million at quarter-end, up from $27.4 million at the end of the fourth quarter.
The company closed a $50 million term debt loan in January 2026 and drew $30 million. Gay said the Horizon loan facility added $27.5 million in cash after fees and expenses. Based on current projections, including forecasted cash flows and proceeds from the initial draw, Gay said the company believes it has the capital and flexibility needed to execute its business plans.
Plesha said Pelthos has not provided discrete revenue or earnings guidance because ZELSUVMI remains relatively early in its launch. However, he said the company remains confident in its revenue growth trajectory and believes its current cash balance provides runway to execute its plan.
About Pelthos Therapeutics (NYSEAMERICAN:PTHS)
We are a clinical-stage biotech company focused on developing and commercializing new therapeutics to alleviate pain. Our clinical focus is to selectively target the sodium ion-channel known as “NaV1.7”, as well as other receptors in the NaV family. NaV1.7 has been genetically validated as a pain receptor in human physiology. Genetic studies have shown that families with a certain inherited NaV1.7 modulation consistently show a pathology of not feeling pain. A NaV1.7 blocker is a chemical entity that modulates the structure of the sodium-channel in a way to prevent the transmission of pain perception to the central nervous system (“CNS”).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Where Should You Invest $1,000 Right Now?
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
Source MarketBeat
