Pelthos Therapeutics Inc.

Pelthos reported Q2 2026 net product revenue of $15.4 million, up 45% from $10.7 million in Q1 2026. Symphony-reported prescription units increased 48% from 8,084 in Q1 to 11,925 in Q2, and SG&A rose to $27.7 million from $21.1 million. Cost of goods sold was $3.6 million versus $1.7 million in Q1, including a $0.9 million write-off of commercial API inventory; net loss was $23.4 million versus $25.1 million as amended, and adjusted EBITDA was negative $5.7 million versus negative $8.0 million. As of June 30, 2026, cash was $24.2 million, accounts receivable were $14.5 million, and working capital was $31.4 million. For forward guidance, the company did not provide discrete revenue or earnings guidance, but said GTNs should move into the mid-30% range, XEPI is expected to launch in Q1 2027, and Xeglyze in Q3 2027. Management also said it expects to burn through stepped-up API inventory over the next 12 to 15 months, after having already sold through the stepped-up finished goods inventory.

Scott Plesha framed the quarter as strong execution in an early launch phase, emphasizing that ZELSUVMI is gaining traction as the first at-home treatment for molluscum contagiosum. He highlighted the PBM contract as a demand catalyst, ongoing commercial expansion, and the strategic fit of XEPI and Xeglyze with the existing field force. His tone was confident and upbeat, while still noting the company is early in the launch and has not issued discrete revenue or earnings guidance.

John Gay emphasized that Q2 revenue of $15.4 million and the trailing four-quarter total of $42.3 million reflect continued launch success, while also walking through the accounting restatement tied to fair value treatment of related-party convertible notes. He cited COGS of $3.6 million, SG&A of $27.7 million, net loss of $23.4 million, adjusted EBITDA of negative $5.7 million, and cash of $24.2 million at quarter-end. He also said the restatement does not affect cash, net revenues, product sales, operating expenses, operating loss, operating cash flows, or adjusted EBITDA, and noted the company has access to an additional $10 million under the Horizon term loan facility subject to lender discretion.

Analysts focused on seasonality, gross-to-net trends, prescription volatility, pediatric adoption, business development appetite, and readiness for XEPI and Xeglyze. Management said Q3 claims look stable so far despite expected summer softness, and that back-to-school timing and repeat writers should help normalize utilization. On GTNs, Scott said the company is currently at 29.6%, expects low- to mid-30% levels later in the year, and could move higher if a new plan contract closes; on BD, he said they are open to opportunities that fit their novel, need-based product profile rather than me-too assets.