Pelthos Therapeutics (PTHS) Q4 2025 earnings summary

Executive summary

• Achieved strong revenue growth in Q4 2025, with ZELSUVMI net product revenue up 28% quarter-over-quarter to $9.1M and total 2025 revenue reaching $16.8M since launch.

• Acquired two FDA-approved products, XEPI and XEGLYZE, expanding the dermatology portfolio and leveraging commercial infrastructure.

• Strengthened balance sheet with $18M convertible note in November 2025 and $15M term debt in January 2026, supporting path to profitability.

• Maintained strict financial discipline, reducing operating and adjusted EBITDA losses quarter-over-quarter.

• Sales force expanded to 64 representatives nationwide, targeting high-potential metropolitan areas.

Financial highlights

• Net product revenue rose 28% sequentially to $9.1M in Q4 2025 from $7.1M in Q3 2025.

• Cost of goods sold for Q4 2025 was $1.7M; adjusted COGS (excluding non-cash items) was $0.1M.

• SG&A for Q4 was $18.5M, with $13.5M as steady-state cash SG&A after adjusting for non-cash and one-time items.

• Net operating loss improved to $12.0M in Q4 from $15.4M in Q3; adjusted EBITDA loss improved to $9.0M from $11.5M.

• Ended 2025 with $18.0M in cash and $8.9M in accounts receivable; added $30M in term debt in January 2026.

Outlook and guidance

• Expect continued revenue growth from ZELSUVMI and future launches of XEPI (Q1 2027) and XEGLYZE (late Q2 2027).

• Anticipate gross-to-net (GTN) discounts to rise to mid- to upper-30% range due to PBM contracts and Medicaid mix.

• Project SG&A to remain largely flat after Q1 2026, with increases tied to sales force expansion and launch prep.

• Internal expectations are to reach profitability by year-end 2026, barring major business plan changes.

• Recent capital raises and term loan provide runway to execute the business plan and accelerate commercialization.