Pelthos Therapeutics (PTHS) Piper Sandler 37th Annual Healthcare Conference summary

Key announcements and commercial updates

• Announced a major payer win covering about 20 million lives, effective mostly immediately, improving access and perception among physicians.

• Early launch strategy focused on identifying and addressing market friction, with commercial scripts previously under-indexing on the new plan.

• Commercial organization expanded from 50 to 64 reps, now covering all major metropolitan areas, driven by rapid salesforce ROI and market uptake.

• DTC efforts are focused on digital and social media, targeting young families, with a manageable budget and no large-scale TV campaigns.

• Q3 saw 2,700 prescriptions, with October alone at 2,200, reflecting a 41% month-over-month increase and a $35M annualized net revenue run rate.

Product portfolio and development

• Zelsuvmi is the first and only FDA-approved at-home treatment for molluscum contagiosum, targeting mainly children under 10.

• The Nitricil platform enables topical delivery of nitric oxide, with antiviral, antibacterial, antifungal, and anti-inflammatory properties.

• Zelsuvmi’s pivotal B-Simple4 trial was the largest in molluscum, with over 30% complete clearance and >50% median lesion reduction.

• Recent acquisition of Xepi (ozenoxacin) for impetigo leverages existing commercial infrastructure and targets a large pediatric market.

• Both Zelsuvmi and Xepi benefit from manufacturing know-how and facilities that serve as barriers to entry.

Market access and payer landscape

• About 70% of covered lives now have access, with Medicaid share rising to 30% as more states add Zelsuvmi to formularies, some without prior authorization.

• Gross-to-net was 25.3% in Q3, expected to stabilize in the mid- to high 30% range by 2026 as Medicaid share grows and new contracts are negotiated.

• Commercial copay support brings most patients’ out-of-pocket costs to zero, with flexibility to adjust support as needed.

• Xepi will require more aggressive contracting due to its generic-dominated market, but prior contracts provide confidence in future access.