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 one year and older.

• Company has a strong financial position, with over $200 million market cap, $14.2 million cash at Q3 close, and $18 million raised via convertible note in November.

• Management and board have extensive pharmaceutical and commercial execution experience.

• Over $400 million invested historically, with a focus on commercial execution and cost-efficient product acquisition.

ZELSUVMI product and market insights

• ZELSUVMI is the first and only at-home prescription treatment for molluscum, offering a safe, efficacious alternative to in-office destructive procedures.

• Clinical trials showed about one-third of patients achieved complete clearance at 12 weeks, with significant lesion reduction seen as early as week two.

• Product addresses unmet needs, especially for young children, with 73% of ages 1–10 previously untreated.

• Uptake has exceeded expectations, with over 2,700 units dispensed in Q3 2025 and 129% quarter-over-quarter growth in Q4.

• Commercial expansion underway, increasing sales territories to 64 and targeting both dermatologists and pediatricians.

Commercial execution and financial performance

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

• Over 3,500 unique prescribers by early 2026, with Medicaid coverage exceeding 90% and commercial coverage in the low to mid 50% range.

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

• Product mix is predominantly commercial and cash, with Medicaid at 28.9% and minimal Medicare utilization.

• Strong momentum post-holidays, with all-time highs in new prescriptions and a $65 million gross annual run rate.