Pelthos Therapeutics Inc. PTHS
Pelthos Therapeutics Inc. (the "Company") is a bio-pharmaceutical company committed to commercializing innovative, safe, and efficacious therapeutic products to help patients with unmet treatment burdens. The Company currently has three U.S. Food and Drug Administration ("FDA") approved products in its commercial portfolio, in various stages of commercialization, including ZELSUVMITM, XEPI®, and XEGLYZE®.
The July 1, 2025 merger transaction between Channel Therapeutics Corporation ("Channel") and LNHC, Inc. ("LNHC"), discussed below, resulted in Pelthos Therapeutics Inc. initially having (i) a commercially marketable product, ZELSUVMI for the treatment of molluscum contagiosum, which was launched in July 2025 shortly after the Merger (as defined below); (ii) a manufacturing facility, equipment and know-how to produce the active pharmaceutical ingredient ("API") used in ZELSUVMI and the NITRICILTM technology platform; and (iii) clinical-stage assets which selectively target the sodium ion-channel known as "NaV1.7", which has been genetically validated as a pain receptor in human physiology. In addition, during the fourth quarter of 2025 the Company acquired two additional FDA approved products to expand its commercial product portfolio.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $16.8M | $0 | — | — | — |
| Cost of revenue | $4.0M | $0 | — | — | — |
| Gross profit | $12.8M | $0 | — | — | — |
| R&D | $1.2M | $1.2M | $2.6M | $391.7K | — |
| SG&A | $42.5M | $6.4M | $2.7M | $1.1M | — |
| Total operating expenses | $49.2M | $7.6M | $6.9M | $2.3M | — |
| Operating income | -$32.4M | -$7.6M | -$6.9M | -$2.3M | — |
| Interest expense | $3.0M | $786.0K | — | — | — |
| Pre-tax income | -$50.7M | -$8.0M | -$7.4M | -$2.5M | — |
| Income tax | $7.4M | $0 | — | — | — |
| Net income | -$43.3M | -$8.0M | -$7.4M | -$2.5M | — |
| EPS, basic | -23.04 | -14.27 | -5.78 | 5.65 | — |
| EPS, diluted | -23.04 | -14.27 | -5.78 | — | — |
| Shares, diluted (wtd. avg.) | $1.9M | $557.4K | $1.3M | $435.3K | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $18.0M | $513.0K | $96.4K | $55.1K | — |
| Receivables | $8.9M | $0 | — | — | — |
| Inventory | $23.6M | $0 | — | — | — |
| Total current assets | $53.4M | $1.4M | $96.4K | $55.1K | — |
| Property, plant and equipment | $9.6M | $0 | — | — | — |
| Goodwill | $24.7M | $0 | — | — | — |
| Other intangibles | $39.5M | $0 | — | — | — |
| Total assets | $130.4M | $1.4M | $96.4K | $55.1K | — |
| Accounts payable | $3.0M | $1.9M | $4.6M | $3.0M | — |
| Total current liabilities | $26.0M | $4.1M | $6.5M | $3.8M | — |
| Total liabilities | $91.5M | $4.1M | $6.5M | $3.8M | — |
| Retained earnings | -$64.8M | -$21.5M | -$13.5M | -$6.1M | — |
| Total equity | $38.9M | -$2.7M | -$6.4M | -$3.7M | -$3.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$22.6M | -$5.8M | -$981.0K | -$1.6M | — |
| Depreciation and amortisation | $729.0K | $0 | — | — | — |
| Stock-based compensation | $5.5M | $1.8M | $1.7M | $110.1K | — |
| Capital expenditure | $99.0K | $0 | — | — | — |
| Investing cash flow | -$5.2M | $0 | — | — | — |
| Financing cash flow | $45.3M | $6.2M | $1.0M | $1.6M | — |
| Buybacks | $0 | $75.0K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001919246-26-000013.
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