Pelthos Therapeutics (PTHS) The 38th Annual Roth Conference summary

Corporate history and capitalization

• Merged into Channel Therapeutics and rebranded as Pelthos on July 1, 2025, leveraging brand equity with prescribers.

• Raised $50 million PIPE and began trading on NYSE as PTHS.

• As-converted share count is about 8.9 million, with a market cap near $200 million.

Lead product ZELSUVMI: Market and clinical insights

• ZELSUVMI is the first and only FDA-approved at-home topical for molluscum contagiosum, indicated for patients one year and older.

• Offers a non-destructive alternative to traditional in-office treatments like curettage and cryotherapy, especially beneficial for young children.

• Prescription volume grew 129% from Q3 to Q4, with net revenue rising from $7.1 million to $9.1 million.

• Over 4,200 unique prescribers since launch in July 2025, with acceleration in new prescriptions and refills post-holidays.

Market access, payer mix, and financials

• Payer mix is about 70% commercial/cash/copay card and just under 30% Medicaid.

• 60% of commercial lives and 99% of Medicaid lives are covered for ZELSUVMI.

• Copay card program reduces patient out-of-pocket to $0 for about 70% of users; gross-to-net was 28.7% in Q4, expected to rise to mid-to-upper 30s% by 2026.