Pelthos Therapeutics (PTHS)
:PTHS
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Pelthos Therapeutics
(PTHS)
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Rating:53Neutral
Price Target:
$27.00
▲(17.29% Upside)
Action:Reiterated
Date:05/18/26
The score is held back primarily by weak financial performance driven by large losses and sustained free-cash-flow burn, despite improving revenue scale and strong gross margin. Technicals are supportive with the stock trading above major moving averages and positive MACD, while valuation is constrained by negative earnings and no stated dividend yield. The latest earnings call adds support due to strong early commercialization momentum and improved liquidity, but profitability and cost pressures remain the key overhang.
Positive Factors
Commercial launch traction
Sustained prescription and revenue growth signals durable market adoption of the lead product and validates the commercial model. A growing prescriber base and month-to-month momentum support scaling revenue and provide a foundation to leverage the existing field force for future product rollouts with limited incremental fixed-cost.
Negative Factors
Large cash burn
Consistent negative operating and free cash flow reflects that current revenue does not yet cover operating investment, creating reliance on external financing. Persistent cash burn can erode flexibility, require further debt or equity raises, and limit the company's ability to sustain commercial investment without improving margins or slowing spend.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial launch traction
Sustained prescription and revenue growth signals durable market adoption of the lead product and validates the commercial model. A growing prescriber base and month-to-month momentum support scaling revenue and provide a foundation to leverage the existing field force for future product rollouts with limited incremental fixed-cost.
Read all positive factors
Pelthos Therapeutics (PTHS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$92.66M
Dividend YieldN/A
Average Volume (3M)30.94K
Price to Earnings (P/E)―
Beta (1Y)1.71
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees4
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-40.69
Shares Outstanding3,475,645
10 Day Avg. Volume22,109
30 Day Avg. Volume30,941
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)1.50
Price to Sales (P/S)3.47
P/FCF Ratio-2.57
Enterprise Value/Market Cap0.41
Enterprise Value/Revenue1.37
Enterprise Value/Gross Profit2.08
Enterprise Value/Ebitda-0.96
Forecast
1Y Price Target
$57.71Price Target Upside150.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-9.77
Revenue Forecast (FY)$60.82M
Pelthos Therapeutics Business Overview & Revenue Model
Company Description
Pelthos Therapeutics Inc., a bio-pharmaceutical company, develops and commercializes therapeutic products to help patients with unmet treatment burdens. The company offers ZELSUVMI for the treatment of molluscum contagiosum in adults and children ...
How the Company Makes Money
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Pelthos Therapeutics Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 24, 2026
Earnings Call Sentiment Positive
The call presents a largely positive commercialization story: strong prescription growth (25% QoQ), 17% revenue growth QoQ, expanding prescriber base and payer access, successful PBM engagement, and improved liquidity from a debt draw. These operational and commercial wins are tempered by ongoing unprofitable quarterly results, negative adjusted EBITDA, rising SG&A and interest costs, anticipated higher gross-to-net pressures (mid-30s), and some inventory accounting timing effects. On balance, the company shows solid early launch traction and strengthened financial flexibility while still investing heavily toward profitability and additional product launches.Positive Updates
Strong Prescription and Revenue Growth
Prescribed units increased 25% quarter-over-quarter from 6,312 in Q4 2025 to 7,884 in Q1 2026; net product revenue rose 17% QoQ from $9.1M to $10.7M. Aggregate net product revenue since launch (3 quarters) is $26.9M.
Negative Updates
Continued Losses and Negative EBITDA
Net loss of $10.2M in Q1 2026 (improved from $21.7M in Q4 2025) and adjusted EBITDA remained negative at $8.0M (vs. negative $7.6M in Q4 2025).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Prescription and Revenue Growth
Prescribed units increased 25% quarter-over-quarter from 6,312 in Q4 2025 to 7,884 in Q1 2026; net product revenue rose 17% QoQ from $9.1M to $10.7M. Aggregate net product revenue since launch (3 quarters) is $26.9M.
Read all positive updates
Company Guidance
The company gave limited formal guidance but outlined several forward-looking metrics: gross‑to‑net (GTN) was 29.1% in Q1 and is expected to move into the mid‑30% range, XEPI is targeted for early‑2027 and XEGLYZE for mid‑2027, and normalized per‑unit COGS should fall to a mid‑single‑digit percent of current WAC after stepped‑up finished‑goods inventory is consumed (expected by late summer 2026) and stepped‑up API is consumed ~12–15 months thereafter; quarterly cash‑basis SG&A (ex‑royalties) will fluctuate through 2026 as investment continues, no discrete revenue/earnings guidance was given though management reaffirmed confidence in the revenue trajectory and sufficient runway (cash $32.0M, AR $11.7M, working capital $44.8M as of March 31, 2026, and ~ $27.5M net proceeds from the Horizon facility). Operational and launch metrics cited to support the outlook included sales‑force expansion from 50 to 64 reps (plus three new territories by June), Q1 net product revenue $10.7M (+17% Q/Q), prescribed units +25% Q/Q to 7,884 (from 6,312), >20,000 units dispensed since July 2025, April dispensed units 3,776 (+14.1% M/M vs March 3,309), week ending May 1 peak of 917 prescribed units, coverage 59% commercial / 99% Medicaid, Q1 COGS $1.7M, SG&A $21.1M, adjusted EBITDA (Q1) –$8.0M and net loss (Q1) –$10.2M.Pelthos Therapeutics Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
48
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.70M | 16.80M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 18.25M | 10.52M | 0.00 | 0.00 | 0.00 | -209.05K |
| EBITDA | -39.75M | -30.07M | -7.17M | -6.86M | -2.32M | 0.00 |
| Net Income | -51.59M | -43.32M | -7.96M | -7.38M | -2.46M | -595.39K |
Balance Sheet | ||||||
| Total Assets | 145.38M | 130.40M | 1.37M | 96.39K | 55.07K | 0.00 |
| Cash, Cash Equivalents and Short-Term Investments | 32.23M | 18.02M | 513.44K | 96.39K | 55.07K | 0.00 |
| Total Debt | 52.93M | 34.83M | 2.19M | 1.27M | 540.43K | 1.10M |
| Total Liabilities | 110.28M | 91.52M | 4.08M | 6.54M | 3.76M | 3.68M |
| Stockholders Equity | 35.10M | 38.88M | -2.71M | -6.44M | -3.71M | -3.68M |
Cash Flow | ||||||
| Free Cash Flow | -35.38M | -22.69M | -5.79M | -981.03K | -1.57M | -1.59M |
| Operating Cash Flow | -35.08M | -22.59M | -5.79M | -981.03K | -1.57M | -1.59M |
| Investing Cash Flow | -5.43M | -5.24M | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 72.61M | 45.34M | 6.21M | 1.02M | 1.62M | 1.59M |
Pelthos Therapeutics Risk Analysis
Pelthos Therapeutics disclosed 69 risk factors in its most recent earnings report. Pelthos Therapeutics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Pelthos Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | $104.10M | -1.46 | -1136.50% | ― | 417.63% | 91.39% | |
53 Neutral | $92.66M | -1.70 | -164.11% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $177.76M | -2.57 | -220.75% | ― | ― | 38.59% | |
49 Neutral | $91.02M | 0.20 | 163.88% | ― | 14.50% | ― | |
48 Neutral | $40.24M | -0.72 | 315.97% | ― | ― | 38.95% | |
44 Neutral | $55.48M | -3.32 | -39.76% | ― | ― | 40.85% |
* Healthcare Sector Average
PTHS
Pelthos Therapeutics
26.66
16.96
174.85%
IMUX
Immunic
13.05
3.87
42.22%
FBIO
Fortress Biotech
2.74
0.91
49.73%
VRCA
Verrica Pharmaceuticals
6.06
-0.06
-0.93%
TIL
Instil Bio
8.18
-16.02
-66.20%
TVGN
Tevogen Bio Holdings
9.61
-55.89
-85.33%
Pelthos Therapeutics Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Pelthos Therapeutics Reports Strong Q1 Growth for ZELSUVMI
Positive
May 14, 2026
On May 14, 2026, Pelthos Therapeutics reported first-quarter 2026 results showing continued commercial momentum for ZELSUVMI, which generated $10.7 million in net product revenue, up 17% from the fourth quarter of 2025, with 7,884 units prescribed...
Business Operations and Strategy
Pelthos Highlights Infectious Disease Portfolio at Investor Meetings
Positive
Apr 14, 2026
Pelthos Therapeutics Inc., based in Durham, N.C., is a commercial-stage biopharmaceutical company focused on differentiated cutaneous infectious disease products that address unmet patient needs. Its lead product, ZELSUVMI (berdazimer) topical gel...
Business Operations and StrategyExecutive/Board Changes
Pelthos Therapeutics Appoints John M. Gay as CFO
Positive
Apr 10, 2026
On April 6, 2026, Pelthos Therapeutics’ board appointed John M. Gay as Chief Financial Officer, treasurer and secretary, with the changes becoming effective April 10, 2026, and concurrently terminated former CFO Francis Knuettel II effective...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and FinancingProduct-Related Announcements
Pelthos Highlights 2025 Results and Portfolio Expansion Progress
Positive
Mar 19, 2026
On March 19, 2026, Pelthos Therapeutics reported fourth-quarter and full-year 2025 results, highlighting the July 2025 launch of ZELSUVMI, which generated $16.2 million in net sales through year-end and drove a 28% sequential revenue increase to $...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.