Pelthos Therapeutics (NYSE:PTHS) reported its fourth-quarter and full-year 2025 financial results, highlighting a period of rapid commercial acceleration for its flagship product, ZELSUVMI™ (berdazimer gel, 10.3%).
The company generated $9.1 million in net product revenue during the fourth quarter, contributing to a total of $16.2 million since the product’s launch earlier in the year.
Demand for the first-and-only office-dispensed topical treatment for molluscum contagiosum surged, with 8,948 units dispensed—a 129% quarter-over-quarter increase.
The 2025 fiscal year was also marked by an aggressive expansion of the company’s product pipeline.
Pelthos successfully completed the acquisitions of XEPI® (ozenoxacin) and XEGLYZE® (abametapir), integrating two additional FDA-approved assets into its commercial portfolio.
This move effectively triples the company's marketed products, targeting impetigo and head lice, respectively, and leverages its existing sales force to drive cross-selling opportunities across the medical dermatology landscape.
Financially, Pelthos has fortified its runway to support this multi-product rollout.
The company closed an $18 million convertible note financing and drew down an initial $30 million from a $50 million term loan facility.
While Pelthos ended the year with $18 million in cash and equivalents, its operating loss improved to $12 million in the fourth quarter, with adjusted EBITDA loss narrowing by approximately 22% sequentially.
Management noted that the combination of rising ZELSUVMI margins and the addition of XEPI/XEGLYZE revenue provides a clear path toward operational breakeven.