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PTHS

Pelthos Therapeutics Inc.

PTHS

Pelthos Therapeutics Inc. • NYSE
$28.40 ▼ -0.35% (-0.10)
Market Cap $18.42 M
52w High $54.29
52w Low $5.51
Dividend Yield 0%
P/E -1.57
Volume 31.10K
Outstanding Shares 648.50K

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.406M ▲ $19.384M ▲ $-16.238M ▼ -219.255% ▼ $-25.35 ▼ $-14.215M ▼
Q2-2025 $0 $3.23M ▲ $-3.449M ▼ 0% $-5.38 ▼ $-3.23M ▼
Q1-2025 $0 $1.834M ▲ $-1.968M ▼ 0% $-3.2 ▲ $-1.834M ▼
Q4-2024 $0 $1.825M ▼ $-1.927M ▼ 0% $-3.23 ▼ $-1.819M ▼
Q3-2024 $0 $2.048M $-1.695M 0% $-2.9 $-1.656M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $14.253M ▲ $126.433M ▲ $68.18M ▲ $58.253M ▲
Q2-2025 $59.172K ▼ $822.85K ▼ $7.317M ▲ $-6.494M ▼
Q1-2025 $131.317K ▼ $911.179K ▼ $5.107M ▲ $-4.196M ▼
Q4-2024 $513.443K ▼ $1.369M ▼ $4.083M ▲ $-2.714M ▼
Q3-2024 $1.255M $2.14M $3.567M $-1.427M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.238M ▼ $-15.259M ▼ $2.761M ▲ $26.692M ▲ $14.122M ▲ $-15.259M ▼
Q2-2025 $-3.449M ▼ $-447.145K ▲ $0 $375K ▲ $-72.145K ▲ $-447.145K ▲
Q1-2025 $-1.968M ▼ $-632.126K ▲ $0 $250K ▲ $-382.126K ▲ $-632.126K ▲
Q4-2024 $-1.927M ▼ $-670.264K ▼ $0 $-71.196K ▲ $-741.46K ▲ $-670.264K ▼
Q3-2024 $-1.695M $-177.911K $0 $-972.284K $-1.15M $-177.911K

Five-Year Company Overview

Income Statement

Income Statement Pelthos is still in the very early commercial stage. Up through 2024, the company essentially reported no product revenue and small but persistent operating losses, which is typical for a biotech before full commercial rollout. The large swings in per‑share loss appear more related to capital structure and share count changes around the SPAC process than to changes in the underlying business. Overall, the income statement reflects a company that has been investing ahead of revenue and is only just beginning to transition from pure R&D to commercialization with ZELSUVMI and, later, XEPI.

Balance Sheet

Balance Sheet The reported balance sheet data show almost no assets or cash historically, with a brief dip into slightly negative equity. This likely reflects the pre‑merger, pre‑commercial structure of the business rather than its current, post‑IPO financial strength. In practical terms, Pelthos has depended on external funding (including convertible notes for the XEPI acquisition) rather than internally generated cash. The balance sheet picture is that of a young biotech still being built out, not yet supported by an established base of assets or retained earnings.

Cash Flow

Cash Flow Cash flow has been negative from normal business operations, which is expected for a company in this stage: R&D, launch preparation, and early commercialization all cost money before sales scale up. Capital spending has been minimal, so most cash usage is tied to people, trials, and launch activities rather than heavy equipment or facilities. This means the business model is relatively light on long‑term physical assets but heavily reliant on ongoing access to financing until product revenues can cover operating costs. The company’s own comments about aiming for future cash flow breakeven underline that it is still in a build‑and‑invest phase rather than a self‑funding one.

Competitive Edge

Competitive Edge Pelthos has carved out a clear niche in dermatology by bringing to market ZELSUVMI, the first at‑home prescription treatment for molluscum contagiosum. Its main rival, Ycanth, must be applied in a doctor’s office, so Pelthos offers a more convenient, caregiver‑friendly option for a condition that affects many children and causes real discomfort and social stress. This first‑mover, patient‑centric position is a meaningful advantage, but it is concentrated in a relatively narrow disease area and depends heavily on physician awareness, insurance coverage, and successful execution of the launch. The acquisition of XEPI adds another approved dermatology product and some diversification, but the company’s competitive strength still hinges largely on how well ZELSUVMI is adopted and retained in clinical practice versus existing procedures and the in‑office competitor.

Innovation and R&D

Innovation and R&D Pelthos’s core innovation is its NITRICIL platform, which finally makes it practical to deliver nitric oxide in a controlled, stable topical form. ZELSUVMI is the first commercial proof of this concept, targeting a well‑defined skin infection where better options were limited. The same technology is being explored for acne, which, if successful, would open a much larger market but will require more clinical development and regulatory success. In parallel, the NaV1.7 pain pipeline from the Channel Therapeutics merger offers exposure to non‑opioid pain treatments, a high‑interest area but also a technically challenging one. Overall, Pelthos has a credible scientific base with multiple shots on goal, but progress will be stepwise and trial‑driven, with the usual biotech uncertainty around timelines and outcomes.

Summary

Pelthos Therapeutics is transitioning from a development‑stage biotech into an early commercial dermatology company built around a distinctive nitric‑oxide delivery platform. Financially, the historical statements show a business that has been pre‑revenue and loss‑making, dependent on external funding and corporate transactions rather than internal cash generation. Strategically, the company’s strength lies in its first‑in‑class, at‑home treatment for molluscum contagiosum, a clear unmet need where convenience and tolerability matter, and in the potential to extend its platform into other skin conditions and non‑opioid pain. The main risks are execution and concentration: successful uptake of ZELSUVMI, effective integration and growth of XEPI, and steady advancement of the pipeline will be crucial, while any setbacks could weigh heavily given the company’s size and early stage. In short, Pelthos is an innovation‑rich but still fragile story where future outcomes will be driven less by past financials and more by clinical results, market adoption, and access to capital.

NEWS

November 13, 2025 · 6:45 AM UTC

Pelthos Therapeutics Announces Third Quarter Fiscal 2025 Financial Results

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November 7, 2025 · 8:00 AM UTC

Pelthos Therapeutics Acquires Xepi® (ozenoxacin) Cream, 1% and Announces $18 Million Private Convertible Notes Financing

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November 5, 2025 · 8:00 AM UTC

Pelthos Therapeutics to Report Third Quarter 2025 Financial Results on November 13, 2025

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