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Pelthos Therapeutics
(PTHS)
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Rating:46Neutral
Price Target:
$16.50
▼(-38.39% Downside)
Action:Reiterated
Date:10/02/26
The score is held down primarily by weak financial fundamentals—large losses, significant cash burn, and a deteriorated balance sheet with negative equity and higher debt. Technicals also point to a weak trend with the stock below major moving averages. Partially offsetting these is the earnings call’s positive commercial traction and improving profitability trend, while valuation is difficult to assess given negative earnings and no dividend yield.
Positive Factors
Revenue growth and gross margin
Rapid revenue expansion combined with improving gross margin indicates stronger product adoption and better underlying economics as commercial scale develops. If these trends persist, they can increase operating leverage, support reinvestment, and strengthen the company’s ability to build durable earnings power.
Negative Factors
Persistent operating losses and cash burn
Large ongoing losses and substantial cash consumption show that the business has not yet reached self-funding scale. Continued burn can constrain investment capacity and make progress dependent on additional financing, while delaying the point at which commercial growth translates into durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and gross margin
Rapid revenue expansion combined with improving gross margin indicates stronger product adoption and better underlying economics as commercial scale develops. If these trends persist, they can increase operating leverage, support reinvestment, and strengthen the company’s ability to build durable earnings power.
Read all positive factors
Pelthos Therapeutics (PTHS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$65.08M
Dividend YieldN/A
Average Volume (3M)46.70K
Price to Earnings (P/E)―
Beta (1Y)1.66
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees92
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-41.93
Shares Outstanding3,828,469
10 Day Avg. Volume68,267
30 Day Avg. Volume46,703
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 Cap2.28
Enterprise Value/Revenue3.43
Enterprise Value/Gross Profit6.27
Enterprise Value/Ebitda-2.37
Forecast
1Y Price Target
$48.40Price Target Upside80.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-16.04
Revenue Forecast (FY)$63.75M
Pelthos Therapeutics Business Overview & Revenue Model
Company Description
Pelthos Therapeutics Inc. operates as a biopharmaceutical enterprise dedicated to developing and commercializing innovative medical treatments that address significant, unmet patient needs. Its primary offerings include ZELSUVMI, a medication spec...
Pelthos Therapeutics Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive commercial momentum story: strong quarter-over-quarter prescription and revenue growth, meaningful prescriber and coverage expansion, improving adjusted EBITDA, and a clear plan to leverage commercial infrastructure for two upcoming product launches. Notable challenges include an accounting restatement (limited to fair value measurements), higher SG&A driven largely by one-time items, a COGS increase including an API write-off, a decline in working capital, and expected gross-to-net pressure. Overall, the positive operational and commercial developments and improving profitability trends outweigh the listed challenges, though certain financial and manufacturing risks merit monitoring.Positive Updates
Strong Prescription and Unit Growth
Prescribed units increased 48% quarter-over-quarter from 8,084 in Q1 2026 to 11,925 in Q2 2026 (Symphony Health); more than 1,000 units dispensed in the week ending July 31, 2026, and over 30,000 units dispensed since launch (July 2025).
Negative Updates
Accounting Restatement Related to Convertible Debt Valuation
Company restated Q1 2026 financials due to a misapplication of ASC 820 (fair value measurements) related to fair value accounting of related-party convertible notes and the effect of a subordination agreement; restatement limited to fair value measurements and does not affect cash, net revenues, operating loss, operating cash flows, or adjusted EBITDA.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Prescription and Unit Growth
Prescribed units increased 48% quarter-over-quarter from 8,084 in Q1 2026 to 11,925 in Q2 2026 (Symphony Health); more than 1,000 units dispensed in the week ending July 31, 2026, and over 30,000 units dispensed since launch (July 2025).
Read all positive updates
Company Guidance
Management gave no discrete revenue or earnings guidance but outlined several quantitative expectations: they expect gross‑to‑net to move from 29.6% in Q2 (29.1% in Q1) into the low‑to‑mid‑30% range later in the year (potentially mid‑ to high‑30s with an additional plan contract); they expect to consume remaining stepped‑up API inventory within 12–15 months after which normalized per‑unit COGS should be roughly mid‑single‑digit percent of current WAC; XEPI is planned for Q1 2027 (target March) and Xeglyze for Q3 2027. They also noted trailing‑12‑month net product revenue of $42.3M (four quarters since launch), which could enable access to an additional $10M under the $50M term loan (they drew $30M), and said cash of $24.2M, AR of $14.5M and working capital of $31.4M provide runway to execute plans; Q2 adjusted EBITDA improved to –$5.7M (from –$8.0M Q1) and net loss narrowed to –$23.4M (from –$25.1M), while operational guidance emphasized continued commercial momentum (prescribed units up 48% Q1→Q2 to 11,925 from 8,084, >25,000 patients prescribed in first year, >30,000 units dispensed since launch, 59% commercial/100% Medicaid coverage, days‑on‑hand reduced ~3 days to under three weeks, and weekly highs >1,000 units).Pelthos Therapeutics Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
15
Very Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.30M | 16.80M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 23.70M | 7.43M | 0.00 | 0.00 | 0.00 | -209.05K |
| EBITDA | -62.59M | -45.41M | -7.17M | -6.86M | -2.32M | 0.00 |
| Net Income | -71.56M | -43.32M | -7.96M | -7.38M | -2.46M | -595.39K |
Balance Sheet | ||||||
| Total Assets | 137.36M | 130.40M | 1.37M | 96.39K | 55.07K | 0.00 |
| Cash, Cash Equivalents and Short-Term Investments | 24.56M | 18.02M | 513.44K | 96.39K | 55.07K | 0.00 |
| Total Debt | 73.11M | 34.83M | 2.19M | 1.27M | 540.43K | 1.10M |
| Total Liabilities | 138.86M | 91.52M | 4.08M | 6.54M | 3.76M | 3.68M |
| Stockholders Equity | -1.50M | 38.88M | -2.71M | -6.44M | -3.71M | -3.68M |
Cash Flow | ||||||
| Free Cash Flow | -42.60M | -22.69M | -5.79M | -981.03K | -1.57M | -1.59M |
| Operating Cash Flow | -42.30M | -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 | 72.23M | 45.34M | 6.21M | 1.02M | 1.62M | 1.59M |
Pelthos Therapeutics Technical Analysis
Negative
26.78
Price Trends
22.57
Negative
24.98
Negative
24.49
Negative
Market Momentum
-1.06
Positive
29.81
Positive
13.87
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PTHS, the sentiment is Negative. The current price of 26.78 is above the 20-day moving average (MA) of 20.23, above the 50-day MA of 22.57, and above the 200-day MA of 24.49, indicating a bearish trend. The MACD of -1.06 indicates Positive momentum. The RSI at 29.81 is Positive, neither overbought nor oversold. The STOCH value of 13.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PTHS.
Pelthos Therapeutics Risk Analysis
Pelthos Therapeutics disclosed 62 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 1 New Risks
1.
We have restated our condensed consolidated financial statements for the interim period ended March 31, 2026, which may lead to additional risks and uncertainties, including loss of investor confidence and negative impacts on our stock price. Q2, 2026
Pelthos Therapeutics Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $64.37M | 0.59 | 103.52% | ― | 15.46% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | $42.52M | -1.12 | 248.50% | ― | ― | 36.06% | |
47 Neutral | $60.64M | -2.03 | -444.44% | ― | 106.21% | 79.84% | |
46 Neutral | $65.08M | -0.41 | -218.94% | ― | ― | ― | |
46 Neutral | $39.61M | -1.31 | -26.78% | ― | ― | 65.39% | |
43 Neutral | $101.11M | -1.54 | -157.89% | ― | ― | 50.66% |
* General Sector Average
PTHS
Pelthos Therapeutics
15.20
-16.80
-52.50%
IMUX
Immunic
7.28
-1.07
-12.80%
FBIO
Fortress Biotech
1.87
-0.70
-27.24%
VRCA
Verrica Pharmaceuticals
3.42
-0.34
-9.04%
TIL
Instil Bio
5.57
-14.30
-71.97%
TVGN
Tevogen Bio Holdings
6.25
-25.14
-80.09%
Pelthos Therapeutics Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Pelthos Therapeutics Shareholders Back Directors and Equity Plan
Positive
Oct 1, 2026
On September 29, 2026, Pelthos Therapeutics held its 2026 Annual Meeting of Stockholders, where holders of 70.0% of the company’s voting power were present in person or by proxy, constituting a quorum. Stockholders elected eight directors to...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Pelthos Highlights Strong Q2 Growth in Zelsuvmi Sales
Positive
Aug 13, 2026
On August 13, 2026, Pelthos Therapeutics reported second-quarter 2026 results showing rapid uptake of its lead drug Zelsuvmi, with net product revenue rising 45% quarter over quarter to $15.4 million and units dispensed climbing 48% to 11,925. Sin...
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.