Pelthos Therapeutics (PTHS) Q1 2026 earnings summary

Executive summary

• Achieved $10.7 million in net product revenue for Q1 2026, driven by ZELSUVMI's commercial launch and increased prescriptions, with over 20,000 units dispensed since July 2025.

• Expanded sales force to 64 representatives and secured a major PBM contract, doubling unit dispenses and increasing prescribers by 121% within that network.

• Acquired XEPI and XEGLYZE in late 2025, with manufacturing and launch preparations underway for early and mid-2027 launches, respectively.

• Closed a $50 million term debt loan in January 2026, drawing $30 million to support commercialization and strengthen the balance sheet.

• Ended Q1 2026 with $32 million in cash and $44.8 million in working capital, with management projecting sufficient liquidity for at least 12 months.

Financial highlights

• Net product revenue rose to $10.7 million in Q1 2026, up 17% from $9.1 million in Q4 2025.

• Prescription units increased 25% quarter-over-quarter, from 6,312 to 7,884.

• SG&A expenses increased to $21.1 million in Q1 2026, mainly due to sales force expansion and higher marketing spend.

• Net loss narrowed to $10.2 million in Q1 2026 from $21.7 million in Q4 2025.

• Adjusted EBITDA was $(8.0) million in Q1 2026, compared to $(7.6) million in Q4 2025.

Outlook and guidance

• Management expects continued revenue growth for ZELSUVMI, with launches of XEPI and XEGLYZE planned for early and mid-2027.

• No discrete revenue or earnings guidance provided due to early stage of launch.

• Gross-to-Net (GTN) for Q1 2026 was 29.1%, expected to rise to the mid-30% range as payer contracts evolve.

• Sufficient capital projected to fund operations for at least the next 12 months.