Pelthos Therapeutics (PTHS) Q3 2026 earnings summary

Executive summary

• Zelsuvmi net product revenue was $15.2M in Q3, up 114% YoY; dispensed units increased 365% YoY and 4% QoQ.

• The October 30 merger agreement with Castle Creek Biosciences would add D-Fi, a late-stage gene-modified cell therapy program for dystrophic epidermolysis bullosa (DEB).

Financial highlights

• Q3 total revenue was $15.395M vs. $7.406M a year earlier; 9M revenue was $41.904M vs. $7.406M.

• Q3 net loss was $7.895M vs. $16.2M in Q3 2025; 9M net loss was $56.385M vs. $21.7M, including a $9.3M 9M fair-value loss on convertible debt.

• Q3 operating loss was $9.693M vs. $15.362M; SG&A was $18.8M, down 25% QoQ, or down 5% excluding Q2’s $5.3M one-time Zelsuvmi milestones.

• Q3 adjusted EBITDA loss was $5.6M vs. $10.4M a year earlier; 9M adjusted EBITDA loss was $19.3M vs. $14.6M.

Outlook and guidance

• XEPI launch is targeted for Q1 2027; XEGLYZE launch is expected in Q3 2027 following manufacturing, supply-chain and regulatory preparations.

• Castle Creek merger closing is targeted by the end of Q1 2027, subject to customary conditions, including Castle Creek stockholder approval.

• New Zelsuvmi coverage is expected to increase gross-to-net deductions slightly; gross-to-net may reach the mid-30% range, while net revenue per unit is expected to improve over time.

• September 30 cash, expected product receipts and the October 30 $10M borrowing are forecast to fund planned operating needs for one year, subject to assumptions and commercial performance.