Pelthos Therapeutics (PTHS) Oppenheimer 36th Annual Healthcare Life Sciences Conference summary

Business overview and recent progress

• Focused on differentiated pediatric cutaneous infectious products, with recent acquisitions of Xepi and Xeglyze to expand the portfolio.

• ZELSUVMI, the lead asset, launched in July 2025, targets molluscum contagiosum in patients aged 1 and older.

• Company has a strong management team and board with extensive pharmaceutical and commercial execution experience.

• Over $400 million invested historically, with recent capital raises including $18 million in convertible notes and $30 million in debt.

• Market cap exceeds $200 million, with 8.9 million shares outstanding as of early December.

ZELSUVMI product and market dynamics

• First and only FDA-approved at-home prescription treatment for molluscum, offering a safe, efficacious alternative to in-office destructive procedures.

• Demonstrated strong efficacy in the B-SIMPLE4 trial, with about one-third of patients achieving complete clearance at 12 weeks.

• High patient and caregiver satisfaction, with nearly 80% reporting meaningful improvement even without full clearance.

• Rapid uptake post-launch, with 2,700+ units dispensed in Q3 2025 and 129% quarter-over-quarter growth in Q4.

• Commercial coverage expanding, with Medicaid coverage over 90% and commercial coverage in the low to mid-50% range.

Commercial execution and financial performance

• Sales force expanded from 50 to 64 territories due to strong early uptake, now covering 10,000 top molluscum treaters.

• Digital marketing, including a YouTube campaign with 3.5 million views, has driven awareness and engagement.

• Q3 2025 net revenue from ZELSUVMI was $7.1 million, with a gross-to-net (GTN) of 25.3%, expected to rise to the high 30% range in 2026.

• Over 3,500 unique prescribers by early 2026, with record weekly new prescriptions and a $65 million annualized gross run rate.

• Payer mix is predominantly commercial and Medicaid, with minimal Medicare utilization.