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    PTHS
    Earnings call· Jun 2026(Q2 FY26)

    Pelthos Therapeutics Q2 FY26 earnings call PTHS

    Aug 13, 2026 Source

    Executive summary

    Pelthos Q2 FY26 — ZELSUVMI Drives Strong Revenue Growth Amidst Accounting Restatement

    Pelthos Therapeutics delivered strong Q2 FY26 results, driven by robust ZELSUVMI prescription growth and expanding market access, with net product revenue reaching $15.4 million. The company is actively preparing for the 2027 launches of XEPI and XEGLYZE, leveraging existing commercial infrastructure. This progress occurred alongside an accounting restatement for Q1 FY26 related to convertible debt valuation, which management emphasized did not impact cash or operational performance.

    Highlights

    5

    • Net product revenue increased 45% QoQ to $15.4 million in Q2 FY26.

    • ZELSUVMI prescription units rose 48% QoQ to 11,925 units in Q2 FY26.

    • Achieved 59% commercial insurance coverage and 100% Medicaid coverage for ZELSUVMI.

    • Adjusted EBITDA improved to negative $5.7 million in Q2 FY26 from negative $8.0 million in Q1 FY26.

    • Over 8,000 unique HCP prescribers for ZELSUVMI, with 150-200 new prescribers weekly.

    Concerns

    3

    • Company restated Q1 FY26 financial statements due to misapplication of fair value accounting for convertible debt, though it did not affect cash, revenue, or operating loss.

    • Cost of goods sold included a $0.9 million write-off of commercial API inventory due to out-of-spec testing results in Q2 FY26.

    • Gross-to-net (GTN) is expected to move into the mid-30% range from 29.6% in Q2 FY26, potentially impacting net revenue.

    Guidance & targets

    4
    CategoryTargetConfidence
    XEPI Commercial Launch
    Q1 2027
    medium materiality
    High
    XEGLYZE Commercial Launch
    Q3 2027
    medium materiality
    High
    Gross-to-Net (GTN) Trend
    mid-30% range
    medium materiality
    Medium
    Normalized Per-Unit Cost of Goods Sold
    ~$1,000
    medium materiality
    High

    Segment performance

    1
    SegmentRevenueYoYQoQMargin
    ZELSUVMI Franchise
    ZELSUVMI is the first and only FDA-approved at-home treatment for molluscum contagiosum. Strong growth driven by increased prescriptions and PBM contract.
    Prescription Units: 11,925Prescription Units Growth QoQ: 48%Unique HCP Prescribers: >8,000Cumulative Patients Prescribed (first full year): >25,000Cumulative Units Dispensed (since launch): >30,000Commercial Insurance Coverage: 59%Medicaid Coverage: 100%Gross-to-Net: 29.6%Sales Territories: 67YouTube Commercial Views: 9.2 millionPatient Testimonial Video Views: >400,000
    		$15.4M—45%—

    Operational metrics

    20
    Net Product Revenue
    45%QoQ
    Q2 FY26

    Represents the increase in net product revenue from Q1 to Q2 2026.

    Net Product Revenue (Trailing 12-Month)
    $42.3 million
    TTM ended Q2 FY26

    Aggregate net product revenue for the four quarters since commercial launch of ZELSUVMI, used to determine access to additional term loan facility.

    Cost of Goods Sold
    $3.6 millionvs $1.7 million in Q1 FY26
    Q2 FY26

    Includes fair value adjustments from July 2025 merger and a significant write-off of API inventory.

    SG&A Expenses (QoQ Change)
    $6.6 million increase
    Q2 FY26 vs Q1 FY26

    Detailed breakdown of the quarter-over-quarter change in SG&A expenses.

    Cash Basis SG&A
    $16.2 millionvs $16.7 million for Q1 FY26
    Q2 FY26

    Reflects core operational SG&A spend.

    Adjusted EBITDA
    negative $5.7 millionvs negative $8.0 million for Q1 FY26
    Q2 FY26

    Improved adjusted EBITDA quarter-over-quarter.

    Cash and Investments Balance
    $24.2 million
    as of June 30, 2026

    Balance sheet cash position at quarter-end.

    Accounts Receivable
    $14.5 million
    as of June 30, 2026

    Balance sheet accounts receivable at quarter-end.

    Working Capital
    $31.4 millionvs $44.8 million at Q1 FY26 end
    as of June 30, 2026

    Working capital position at quarter-end.

    Senior Secured Term Loan Facility Draw
    $30 million
    January 2026

    Initial draw from the term loan facility.

    Senior Secured Term Loan Facility (Additional Access)
    $10 million
    as of June 30, 2026

    Additional capital access achieved based on revenue performance.

    Wholesale Inventory Days on Hand
    reduced by ~3 daysfrom end of May 2026 to end of Q2 2026
    Q2 FY26

    Efficient inventory management for ZELSUVMI.

    ZELSUVMI Units Dispensed (within major PBM)
    81.3%QoQ
    Q2 FY26

    Growth driven by a major PBM contract.

    ZELSUVMI Prescribers (within major PBM)
    68%QoQ
    Q2 FY26

    Growth driven by a major PBM contract.

    ZELSUVMI Weekly Units Dispensed (All-time High)
    >1,000 units
    week ending July 31st

    Achieved an all-time high for weekly dispensed units.

    ZELSUVMI New Prescribers Added Weekly
    150 to 200
    weekly

    Consistent addition of new healthcare professional prescribers.

    ZELSUVMI Repeat Writers (Refills)
    193all-time high
    latest week

    Indicates increasing patient persistency and physician confidence.

    ZELSUVMI HCP Writer Count (All-time High)
    157all-time high
    latest week

    Reflects growing number of active prescribers.

    ZELSUVMI Refills
    almost doubledQoQ
    Q2 FY26

    Significant increase in refill rates for ZELSUVMI.

    ZELSUVMI Pediatric Utilization and Prescribing
    25% to 27%
    current

    Share of ZELSUVMI utilization coming from pediatric patients/prescribers.

    Industry KPIs

    4
    MetricValueDetails
    Launch access metrics59% Commercial, 100% Medicaid%
    Regulatory approvals filingsFDA Approved
    Prescription volume new starts11,925 unitsunits
    Cumulative patients uptake since launch>25,000 patientspatients

    Deals & partnerships

    1
    a major pharmacy benefit managerContract to remove friction and help patients gain access to ZELSUVMI.

    Executed at the end of last year (2025), serving as an important catalyst for ZELSUVMI demand.

    Risks & headwinds

    5
    Misapplication of ASC 820 Fair Value Measurements related to convertible debt.Q1 FY26

    Resulted in restatement of Q1 FY26 financial statements.

    Mitigation: Company filed Form 8-K and amended 10-Q; restatement limited to fair value accounting estimates and did not affect cash, revenue, or operating loss.

    Write-off of commercial API inventory due to out-of-spec testing results.Q2 FY26

    $0.9 million

    Mitigation: Underlying procedural cause addressed, subsequent API manufacturing meeting specifications.

    Expected increase in gross-to-net percentage.Going forward

    Expected to move into the mid-30% range from 29.6% in Q2 FY26.

    Mitigation: Primarily driven by potential new payer contracts to expand access, which could offset the impact by increasing volume.

    Impact of summer schedules and holidays on prescription volumes.Q3 FY26 (summer months)

    Choppiness in weekly scripts, e.g., July 4th holiday impact.

    Mitigation: Anticipate normalization with back-to-school wellness checks; early Q3 indications show stable to positive increases.

    Higher per-unit cost of goods due to stepped-up API inventory from July 2025 merger.Next 12 to 15 months

    Normalized per-unit COGS of approximately $1,000 (mid-single-digit % of WAC) expected after burn-through.

    Mitigation: Expect to consume remaining stepped-up API inventory within 12-15 months, leading to normalized COGS.

    What to watch in Q3 FY26

    4

    ZELSUVMI Q3 Script Trends

    Q3 FY26
    CurrentQ2 units 11,925, July units 4,299 (vs June 4,208), weekly high >1,000 units (week ending July 31st).
    TargetContinued growth, normalization of weekly volatility with back-to-school.

    Why it matters

    Indicates sustained demand and market adoption for the lead product, crucial for revenue trajectory.

    We continue to feel confident about our growth potential in Q3.

    Q&A highlights

    6

    Inquired about early indications for Q3 claims step-down and the company's interest in adding new assets, specifically regarding Peds vs. Derm focus.

    Management expects Q3 claims to be stable compared to Q2, with early weeks showing positive increases, despite typical summer seasonality. For BD, they are busy with current launches but open to evaluating novel assets that align with existing products, ideally overlapping Peds and Derm, but not 'me-too' products.

    “our early indicators tell us that it's actually going to be quite stable compared to where we are in Q2.”

    asked by Keon (for David Amsalem, Piper Sandler) · answered by Unknown Executive

    2 min read5 chapters

    Detailed Narrative

    01

    ZELSUVMI Commercial Performance

    ZELSUVMI, the first and only FDA-approved at-home treatment for molluscum contagiosum, continues to demonstrate strong market adoption. Q2 FY26 saw a 48% increase in prescription units to 11,925, driving net product revenue to $15.4 million. The product has been prescribed to over 25,000 patients in its first full year since launch, with over 8,000 unique prescribers. Management noted that the recent August 2026 Journal of Drugs in Dermatology publication includes ZELSUVMI as the only at-home available treatment option for MC, reinforcing its position as a first-line treatment.

    02

    PBM Contract and Market Access

    A major PBM contract executed in late 2025 significantly boosted ZELSUVMI demand, with units dispensed increasing 81.3% and prescribers up 68% within that PBM during Q2 FY26. The product boasts 59% commercial insurance coverage and 100% Medicaid coverage, supported by a copay voucher program aiming for $0 patient cost. Gross-to-net was favorable at 29.6% in Q2, with expectations to move into the low to mid-30s, potentially higher with additional payer contracts.

    03

    Pipeline Development (XEPI & XEGLYZE)

    Pelthos is advancing two complementary FDA-approved products, XEPI (for impetigo) and XEGLYZE (for head lice). XEPI is expected to launch in Q1 2027, leveraging the existing sales force, with manufacturing underway and commercial product made. XEGLYZE is slated for a Q3 2027 launch, with manufacturing ramp-up currently focused on API production. Both products are expected to require minimal incremental overhead due to call overlap with the existing sales force.

    04

    Sales Force Expansion and Marketing

    The sales team expanded to 67 territories with three new additions in Pittsburgh, Albany, and Shreveport, enhancing ZELSUVMI's educational reach. Digital marketing efforts, including YouTube commercials (9.2 million views) and HCP-focused videos, along with participation in key dermatology conferences, continue to drive awareness and utilization among healthcare professionals. The company also noted an increase in pediatrician awareness and willingness to treat, with pediatric utilization hovering around 25-27%.

    05

    Accounting Restatement

    The company filed an amended 10-Q for Q1 FY26 to restate financial statements due to a misapplication of ASC 820 related to fair value measurements of convertible debt. Management clarified that this restatement was limited to accounting estimates and did not impact cash balances, net revenues, product sales, operating expenses, operating loss, or cash flows. The issue stemmed from the valuation impact of a subordination agreement related to the Horizon Technology Finance term loan facility.

    AI-generated summary of the company’s earnings call. Not investment advice.