Pelthos Therapeutics Q2 Earnings Call Highlights

ZELSUVMI momentum continued: Second-quarter net product revenue rose 45% sequentially to $15.4 million, while prescription units increased 48% to 11,925. Commercial insurance coverage reached 59%, Medicaid coverage was 100%, and the company expanded its sales force to 67 territories.

Losses and cash remain significant considerations: Pelthos reported a $23.4 million net loss and held $24.2 million in cash at June 30. The company also restated first-quarter convertible-debt accounting, but said the change did not affect cash, revenue, operating results, cash flow or adjusted EBITDA.

Pipeline launches are planned for 2027: Pelthos expects to launch the impetigo treatment XEPI in the first quarter and the head-lice treatment XEGLYZE in the third quarter. Management said it may access an additional $10 million from its Horizon term-loan facility, subject to lender discretion.

Pelthos Therapeutics NYSEAMERICAN: PTHS reported second-quarter revenue growth as prescriptions for its lead product, ZELSUVMI, increased following the treatment’s July 2025 commercial launch. The company also discussed an accounting restatement related to the fair-value measurement of convertible debt and outlined expected 2027 launches for its complementary products XEPI and XEGLYZE.

Net product revenue rose 45% sequentially to $15.4 million in the second quarter, compared with $10.7 million in the first quarter. Chief Executive Officer Scott Plesha said the increase was driven by a 48% rise in prescription units reported by Symphony Health, to 11,925 from 8,084 in the prior quarter.

ZELSUVMI is an FDA-approved topical nitric oxide-releasing treatment for molluscum contagiosum in patients ages one and older. The company said it is the first and only FDA-approved treatment for the condition that can be applied at home by patients, parents or caregivers.

Chief Commercial Officer Sai Rangarao said Pelthos had more than 8,000 unique healthcare-provider prescribers in its latest data and that more than 25,000 patients had received ZELSUVMI prescriptions in the product’s first full year on the market. Plesha said more than 30,000 units have been dispensed since the launch.

The number of unique prescribers increased to 4,571 in the second quarter from 3,288 in the first quarter, according to Symphony data. Within a pharmacy benefit manager contract established late last year, dispensed units increased 81.3% during the quarter and prescriber count increased 68%, Plesha said.

Pelthos reported commercial insurance coverage of 59% and Medicaid coverage of 100% for ZELSUVMI. Rangarao said the company’s gross-to-net adjustment was 29.6% in the second quarter, compared with 29.1% in the first quarter. Management expects gross-to-net to move into the low- to mid-30% range over time, with potential additional payer contracts affecting that outlook.

The company added sales territories in Pittsburgh; Albany, New York; and Shreveport, Louisiana, bringing its field force to 67 territories. Rangarao said pediatricians account for roughly 25% to 27% of ZELSUVMI prescribing and that the company expects that share to rise as awareness grows.

Management said July prescription units totaled 4,299, compared with 4,208 in June, despite summer schedules and the July 4 holiday. Rangarao said early third-quarter indicators suggested claims could remain relatively stable with the second quarter, although the company continues to expect seasonal effects in the market.

Second-quarter cost of goods sold was $3.6 million, up from $1.7 million in the first quarter. Chief Financial Officer John Gay said the figur...