Pelthos Therapeutics (PTHS) Q2 2026 earnings summary

Executive summary

• Net product revenue reached $15.4M in Q2 2026, up 45% quarter-over-quarter, driven by ZELSUVMI's strong launch and increased prescriptions, with over 25,000 patients prescribed and more than 30,000 units dispensed since July 2025.

• ZELSUVMI benefited from a major PBM contract, with units dispensed up 81.3% and prescribers up 68% within the PBM.

• Completed a transformative merger with LNHC in July 2025, acquiring ZELSUVMI, XEPI, and XEGLYZE, and expanding manufacturing and clinical-stage assets.

• Preparing for launches of XEPI (Q1 2027) and XEGLYZE (Q3 2027), both FDA-approved and complementary to ZELSUVMI.

• Raised $50.1M in PIPE financing and secured a $50M senior secured loan facility, with $30M drawn as of June 2026.

Financial highlights

• Net product revenue for Q2 2026 was $15.4M, up from $10.7M in Q1 2026; total revenue for Q2 2026 was $15.6M.

• Cost of goods sold was $3.6M in Q2 2026, including a $0.9M API inventory write-off.

• SG&A expenses were $27.7M in Q2 2026, up 31% from Q1, mainly due to a $5.3M one-time milestone, higher royalties, and personnel costs.

• Net loss for Q2 2026 was $23.4M, improved from $25.1M in Q1 2026; adjusted EBITDA was -$5.7M, up from -$8.0M in Q1.

• Cash balance at June 30, 2026, was $24.2M, with $31.4M in working capital.

Outlook and guidance

• Management expects continued revenue growth for ZELSUVMI, with XEPI and XEGLYZE launches planned for 2027 and early Q3 indicators suggesting stable or increasing claims.

• GTNs expected to move from 29.6% in Q2 to the mid-30% range, depending on payer contracts.

• Sufficient liquidity to fund operations for at least 12 months, with access to an additional $10M–$20M under the loan facility upon milestone achievement.

• XEPI and XEGLYZE launches expected to leverage existing commercial infrastructure with minimal incremental spend.