The EPS beat and strong ZELSUVMI unit growth (25% QoQ) are positive signals for commercial execution, but the company remains unprofitable with negative adjusted EBITDA. The $32M cash balance plus undrawn $20M from the Horizon facility provides runway into 2027. Watch for continued ZELSUVMI prescription trends in Q2 2026 and progress toward XEPI/XEGLYZE launches as key catalysts. The stock's 92% analyst bullish rating suggests expectations are high — any deceleration in unit growth could pressure the stock.
Price Chart
Executive Summary
Pelthos Therapeutics reported Q1 2026 EPS of -$3.09, beating the -$3.58 consensus by 13.7%, on total revenue of $10.9M (vs $10.4M consensus). ZELSUVMI net product revenue grew 17% QoQ to $10.7M, and dispensed units rose 25% QoQ. The company ended the quarter with $32M cash and drew $30M from a $50M Horizon term loan, providing runway through planned XEPI/XEGLYZE launches in 2027. Despite the EPS beat, the company remains pre-profitability with a net loss of -$10.2M and negative adjusted EBITDA of -$8.0M.
Key Financial Metrics
Key Facts
- Q1 2026 EPS -$3.09 vs consensus -$3.58 (13.7% beat)
- Total revenue $10.9M vs consensus $10.4M (4.8% beat)
- ZELSUVMI net product revenue $10.7M, up 17% QoQ from $9.1M
- 7,884 units dispensed in Q1 2026, up 25% QoQ from 6,312
- Net loss -$10.2M vs -$21.7M in Q4 2025 (improvement driven by $5.2M fair value gain on convertible debt)
- Adjusted EBITDA -$8.0M vs -$7.6M in Q4 2025
- Cash balance $32.0M at March 31, 2026, up from $17.97M at Dec 31, 2025
- Drew $30M from $50M Horizon senior secured term loan in January 2026
- Sales force expanded to 64 territory managers from 50 at end of Q4 2025
- April 2026 dispensed units reached 3,776; cumulative since launch surpassed 20,000
Financial Impact
EPS beat of 13.7% on a -$3.09 actual vs -$3.58 consensus; revenue beat of 4.8% ($10.9M vs $10.4M). Net loss improved to -$10.2M from -$21.7M QoQ, but adjusted EBITDA worsened slightly to -$8.0M from -$7.6M.
Risk Factors
- Still pre-profitability with negative adjusted EBITDA of -$8.0M per quarter
- Reliance on ZELSUVMI as sole revenue driver; XEPI/XEGLYZE launches not until 2027
- Convertible debt fair value swings ($5.2M gain in Q1) create earnings volatility
- Cash runway of $32M plus $20M undrawn may not be sufficient if commercialization costs accelerate
- Competition from other molluscum treatments or alternative therapies
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3294755 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 24d ago | 8-K | $20.60 $20.50 | ▼ −0.49% | ▼ −1.65% | $17.01 (−17.43%) |
Aug 13, 2026 10w ago | 8-K | $28.95 $26.66 | ▲ +7.91% | ▲ +5.95% | $17.01 (+41.24%) |
Aug 3, 2026 12w ago | Press Release | $26.84 | awaiting T+5 | — | $17.01 (−36.62%) |
Jun 17, 2026 18w ago | Insider Cluster | $29.00 $29.21 | ▲ +0.72% | ▲ +2.39% | $17.01 (−41.34%) |
May 28, 2026 21w ago | 8-K | $26.47 $25.55 | ▼ −3.48% | ▼ −0.95% | $17.01 (−35.74%) |
May 22, 2026 22w ago | 144 | $26.66 $26.20 | ▼ −1.73% | ▼ −3.40% | $17.01 (−36.20%) |
May 21, 2026 22w ago | 8-K | $26.66 $26.20 | ▲ +1.73% | ▲ +3.38% | $17.01 (+36.20%) |
May 14, 2026 23w ago | 8-K | $27.69 $27.10 | ▼ −2.13% | ▼ −1.41% | $17.01 (−38.57%) |
May 14, 2026 23w ago | Press Release | $27.69 $27.10 | ▼ −2.13% | ▼ −1.41% | $17.01 (−38.57%) |
Apr 20, 2026 26w ago | 3 | $23.00 $24.97 | ▲ +8.57% | ▲ +7.48% | $17.01 (−26.04%) |
US Market Status
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