The company's capital structure has shifted toward high leverage, with total debt surging to $52.9 million in 2026Q1, representing a significant increase from negligible levels in 2025Q3.
| Total Current Assets | 69.09M | 52.7M | 1.37M | 96.39K | 55.07K |
| Cash & Short-Term Investments | 32.23M | 18.02M | 513.44K | 96.39K | 55.07K |
| Cash Only | 32.23M | 18.02M | 513.44K | 96.39K | 55.07K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 11.7M | 8.86M | 40.4K | 0 | 0 |
| Days Sales Outstanding | 94.17 | 192.51 | - | - | - |
| Inventory | 23.42M | 23.57M | 0 | 0 | 0 |
| Days Inventory Outstanding | 686.72 | 1.37K | - | - | - |
| Other Current Assets | 545K | 419K | 750K | 0 | 0 |
| Total Non-Current Assets | 76.29M | 77.7M | 0 | 0 | 0 |
| Property, Plant & Equipment | 12.46M | 12.84M | 0 | 0 | 0 |
| Fixed Asset Turnover | 2.85x | 1.31x | - | - | - |
| Goodwill | 24.68M | 24.68M | 0 | 0 | 0 |
| Intangible Assets | 38.44M | 39.47M | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 711K | 711K | 0 | 0 | 0 |
| Total Assets | 145.38M | 130.4M | 1.37M | 96.39K | 55.07K |
| Asset Turnover | 0.27x | 0.13x | - | - | - |
| Asset Growth % | 31018.92% | 9423.99% | 1320.41% | 75.02% | - |
| Total Current Liabilities | 25M | 25.99M | 4.08M | 6.54M | 3.76M |
| Accounts Payable | 6.15M | 2.99M | 1.9M | 4.62M | 2.99M |
| Days Payables Outstanding | 191.15 | 173.74 | - | - | - |
| Short-Term Debt | 640K | 635K | 2.19M | 1.27M | 540.43K |
| Deferred Revenue (Current) | 2.96M | 966K | 0 | 0 | 0 |
| Other Current Liabilities | 15.3M | 21.41M | 0 | 645.95K | 221.88K |
| Current Ratio | 2.76x | 2.03x | 0.34x | 0.01x | 0.01x |
| Quick Ratio | 1.83x | 1.12x | 0.34x | 0.01x | 0.01x |
| Cash Conversion Cycle | 589.74 | 1.39K | - | - | - |
| Total Non-Current Liabilities | 85.27M | 65.52M | 0 | 0 | 0 |
| Long-Term Debt | 49.64M | 31.44M | 0 | 0 | 0 |
| Capital Lease Obligations | 8.25M | 2.75M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 12.87M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 31.95M | 30.05M | 0 | 0 | 0 |
| Total Liabilities | 110.28M | 91.52M | 4.08M | 6.54M | 3.76M |
| Total Debt | 52.93M | 34.83M | 2.19M | 1.27M | 540.43K |
| Net Debt | 20.7M | 16.8M | 1.67M | 1.17M | 485.36K |
| Debt / Equity | 1.51x | 0.90x | - | - | - |
| Debt / EBITDA | -1.33x | - | - | - | - |
| Net Debt / EBITDA | -0.52x | - | - | - | - |
| Interest Coverage | -8.35x | -10.77x | -9.12x | -13.23x | -16.51x |
| Total Equity | 35.1M | 38.88M | -2.71M | -6.44M | -3.71M |
| Equity Growth % | 3191.85% | 1532.58% | 57.89% | -73.87% | - |
| Book Value per Share | 10.60 | 20.68 | -4.62 | -11.17 | -6.43 |
| Total Shareholders' Equity | 35.1M | 38.88M | -2.71M | -6.44M | -3.71M |
| Common Stock | 0 | 0 | 613 | 391 | 111 |
| Retained Earnings | -75.03M | -64.79M | -21.47M | -13.52M | -6.14M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 3.19M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity for commercialization
As reported in recent financial statements, Pelthos Therapeutics has seen total assets grow from less than $1 million in 2025Q2 to $145.4 million by 2026Q1, reflecting a significant, albeit debt-heavy, expansion of the balance sheet to support the commercial launch of its primary therapeutic asset.
The rapid expansion of the asset base appears driven by the accumulation of goodwill and debt rather than organic cash generation. This trajectory suggests a company attempting to scale its infrastructure aggressively, which may leave the balance sheet sensitive to any delays in product adoption.
Based on the company's reported figures, total debt surged to $52.9 million in 2026Q1 from negligible levels in 2025Q3, indicating that the firm has increasingly relied on external financing to fund its operations and the ongoing commercialization of the ZELSUVMI platform.
The shift to a debt-to-equity ratio of 1.51 suggests that the company is utilizing leverage to bridge the gap between its current operating losses and its long-term commercial goals. Investors should monitor whether this debt burden becomes a constraint on future operational flexibility if revenue growth fails to meet expectations.
According to recent SEC filings, the company's cash position of $32.2 million in 2026Q1, while improved from previous quarters, remains precarious when measured against the significant operating losses and the $52.9 million debt load that the firm must manage in the coming fiscal periods.
While the current ratio of 2.76 appears healthy on the surface, the underlying cash burn suggests that the liquidity buffer may be thinner than the headline numbers imply. The company's ability to maintain operations without further dilutive financing appears contingent on a rapid and sustained increase in prescription volume.
As indicated by the latest balance sheet, goodwill accounts for $24.7 million of the $145.4 million in total assets, representing a significant portion of the company's equity base that could be subject to impairment if the commercial performance of ZELSUVMI underperforms management's initial projections.
The reliance on intangible assets to bolster the balance sheet suggests that the firm's book value is highly sensitive to the success of its single-product strategy. Any failure to achieve expected market penetration may necessitate write-downs that would further erode the company's already strained equity position.
Quick answers to the most common questions about buying PTHS stock.
As of 2025, Pelthos Therapeutics Inc. (PTHS) had total assets of $130.4M including $52.7M in current assets.
Pelthos Therapeutics Inc. (PTHS) carries total debt of $34.8M, offset by $18.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pelthos Therapeutics Inc. (PTHS) has total shareholders' equity (book value) of $38.9M ($20.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pelthos Therapeutics Inc. (PTHS) reported a current ratio of 2.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.