While revenue reached $10.9 million in 2026Q1, the company's 70.9% gross margin appears insufficient to offset the $20.6 million SG&A burden, resulting in a -120.0% operating margin.
| Sales/Revenue | 27.7M | 16.8M | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 9.45M | 6.27M | 0 | 0 | 0 |
| COGS % of Revenue | - | 37.35% | - | - | - |
| Gross Profit | 18.25M | 10.52M | 0 | 0 | 0 |
| Gross Margin % | 65.9% | 62.65% | - | - | - |
| Gross Profit Growth % | - | - | - | - | - |
| Operating Expenses | 61.94M | 42.95M | 7.57M | 6.86M | 2.32M |
| OpEx % of Revenue | - | 255.74% | - | - | - |
| Selling, General & Admin | 60.72M | 41.72M | 6.39M | 4.28M | 1.93M |
| SG&A % of Revenue | - | 248.43% | - | - | - |
| Research & Development | 1.22M | 1.23M | 1.18M | 2.58M | 391.73K |
| R&D % of Revenue | - | 7.31% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -43.68M | -32.43M | -7.57M | -6.86M | -2.32M |
| Operating Margin % | -157.7% | -193.09% | - | - | - |
| Operating Income Growth % | - | -328.32% | -10.33% | -196.02% | - |
| EBITDA | -39.75M | -30.07M | -7.17M | -6.86M | -2.32M |
| EBITDA Margin % | -143.51% | -179.05% | - | - | - |
| EBITDA Growth % | -462.38% | -319.46% | -4.47% | -196.02% | - |
| D&A (Non-Cash Add-back) | 3.93M | 2.36M | 0 | 0 | 0 |
| EBIT | -43.68M | -32.43M | -7.17M | -6.86M | -2.32M |
| Net Interest Income | -5.23M | -3.01M | -786.39K | -518.51K | -140.43K |
| Interest Income | 5K | 5K | 0 | 0 | 0 |
| Interest Expense | 5.23M | 3.01M | 786.39K | 518.51K | 140.43K |
| Other Income/Expense | -15.29M | -18.28M | -383.89K | -518.51K | -140.43K |
| Pretax Income | -58.98M | -50.71M | -7.96M | -7.38M | -2.46M |
| Pretax Margin % | -212.9% | -301.91% | - | - | - |
| Income Tax | -7.39M | -7.39M | 0 | 0 | 0 |
| Effective Tax Rate % | 12.53% | 14.57% | 0% | 0% | 0% |
| Net Income | -51.59M | -43.32M | -7.96M | -7.38M | -2.46M |
| Net Margin % | -186.23% | -257.93% | - | - | - |
| Net Income Growth % | -600.88% | -444.53% | -7.78% | -200.2% | - |
| Net Income (Continuing) | -51.59M | -43.32M | -7.96M | -7.38M | -2.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -15.58 | -23.04 | -13.54 | -12.80 | -4.26 |
| EPS Growth % | -228.15% | -70.16% | -5.78% | -200.47% | - |
| EPS (Basic) | - | -23.04 | -13.54 | -12.80 | -4.26 |
| Diluted Shares Outstanding | 3.31M | 1.88M | 587.62K | 576.75K | 576.75K |
| Basic Shares Outstanding | 3.31M | 1.88M | 587.62K | 576.75K | 576.75K |
| Dividend Payout Ratio | - | - | - | - | - |
Insufficient liquidity for commercialization
As reported in recent financial statements, Pelthos Therapeutics has transitioned from zero revenue to $10.9 million in 2026Q1, signaling the initial commercial adoption of ZELSUVMI, though the sustainability of this growth remains unproven given the company's reliance on a single-product, transactional revenue model in the US.
The rapid revenue climb from 2025Q3 to 2026Q1 suggests that the initial market penetration phase is underway. However, investors should monitor whether this trajectory is driven by genuine end-user prescription demand or initial channel stocking, as the lack of historical data makes it difficult to distinguish between sustainable adoption and one-time launch effects.
Based on the company's latest filings, the gross margin reached 70.9% in 2026Q1, which appears relatively modest for a branded pharmaceutical product and may indicate significant manufacturing costs or royalty obligations associated with the proprietary NITRICIL platform that could limit future bottom-line scalability.
The fluctuation in gross margins, which dipped to 54.3% in 2025Q3 before recovering, suggests potential volatility in production efficiency or pricing realization. This margin profile warrants further investigation into the company's ability to achieve the economies of scale necessary to offset its heavy fixed-cost commercial infrastructure.
According to recent SEC filings, Pelthos Therapeutics' SG&A expenses reached $20.6 million in 2026Q1, significantly exceeding the $10.9 million in revenue, which highlights an aggressive, capital-intensive commercialization strategy that currently places immense pressure on the company's limited cash reserves and overall financial stability.
The high level of SG&A spending relative to top-line results suggests that the company is prioritizing market share acquisition over immediate operational efficiency. This expense discipline, or lack thereof, implies that the company may face significant dilution risks if it cannot rapidly improve its operating leverage through increased prescription volume.
As indicated by the company's reported figures, the net loss of $10.2 million in 2026Q1 against a cash position of approximately $18 million suggests a precarious financial runway that may necessitate dilutive capital raises to sustain operations through the remainder of the current fiscal year.
Short-sellers would likely focus on the disconnect between the company's high valuation and its inability to generate positive cash flow, questioning the long-term viability of the at-home treatment model. The risk of a liquidity crunch appears elevated, and investors should monitor whether the company can secure non-dilutive funding or strategic partnerships to bridge the gap to profitability.
Quick answers to the most common questions about buying PTHS stock.
For fiscal year 2025, Pelthos Therapeutics Inc. (PTHS) reported total revenue of $16.8M.
Pelthos Therapeutics Inc. (PTHS) reported a net loss of $43.3M for the fiscal year ending 2025.
Pelthos Therapeutics Inc. (PTHS) reported an operating income of $-32.4M, resulting in an operating profit margin of -193.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Pelthos Therapeutics Inc. (PTHS) generated $10.5M in gross profit for the year, representing a gross profit margin of 62.6%. This demonstrates the company's core pricing power and production efficiency.