Pelthos Therapeutics (PTHS) Q2 2026 earnings summary

Executive summary

• ZELSUVMI net product revenue rose 45% QoQ to $15.4M in Q2 2026 from $10.7M in Q1; prescribed units increased 48% to 11,925.

• More than 25,000 patients had been prescribed ZELSUVMI, with over 8,000 unique HCP prescribers and more than 30,000 units dispensed since launch.

• XEPI is targeted to launch in Q1 2027 and XEGLYZE in Q3 2027; both are expected to use existing sales infrastructure and overlapping call points.

Financial highlights

• Q2 net product revenue was $15.4M; total revenue was $15.6M, and six-month total revenue was $26.5M.

• Q2 COGS was $3.6M, including a $0.9M API inventory write-off; gross margin was 76.9%.

• SG&A was $27.7M, including a $5.3M one-time ZELSUVMI sales milestone; cash-basis SG&A excluding milestones, royalties and severance was $16.2M.

• Q2 net loss was $23.4M versus amended Q1 net loss of $25.1M; adjusted EBITDA was -$5.7M versus -$8.0M.

• Q2 R&D expense was $0.6M, focused on NaV1.7 pain programs; amortization of intangible assets was $1.0M.

Outlook and guidance

• Management expects continued ZELSUVMI growth; early Q3 claims and patient utilization were stable versus Q2 and in line with expectations.

• XEPI launch is targeted for Q1 2027, with March cited; XEGLYZE is expected to launch in Q3 2027.

• Gross-to-net is expected to trend to the low-to-mid-30% range; a potential additional plan contract could move it to the mid-to-high-30% range.

• Remaining stepped-up API inventory is expected to be consumed over 12–15 months; normalized per-unit COGS is expected at a mid-single-digit percentage of current WAC.

• Management cited liquidity to fund operations for at least 12 months and expects projected cash flows and initial Horizon proceeds to support business plans.