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
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Commercial operations
- Research and Development operations
| Segment | FY2025 |
|---|---|
| Commercial operations | $16.2M |
| Research and Development operations | $589.0K |
As the company reported it, from the “SEGMENT INFORMATION - Schedule of Segment Reporting Information, by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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 | 557,447 | 1.3M | 435,312 | — |
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | $0 | $16.8M |
| Gross profit | — | — | — | $0 | $12.8M |
| Net income | — | -$2.5M | -$7.4M | -$8.0M | -$43.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Accounts can no longer be relied on The company is telling investors that figures it has already published are wrong. Rare, and about as direct as a filing gets. Item 4.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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