Pelthos Therapeutics Inc. (NYSE American: PTHS) announced its financial results for the third quarter ended September 30, 2026, and provided a business update. The company reported a significant increase in net product revenue driven by its lead product, Zelsuvmi.
For the third quarter of 2026, Zelsuvmi generated net product revenue of $15.2 million. This figure represents a 114% increase compared to the $7.1 million reported in the same period of 2025. The revenue growth was attributed to strong utilization by healthcare providers, increased formulary position, and optimized gross-to-net deductions.
During the third quarter, 12,384 units of Zelsuvmi were dispensed by 4,942 unique prescribers. This represents a 4% increase in units dispensed compared to the previous quarter and a 365% increase compared to the third quarter of 2025. The company noted that net revenue per unit reflected increased utilization associated with expanding access, with expectations of slight increases in gross-to-net deductions as new coverage is implemented.
In terms of formulary coverage, Pelthos announced that Zelsuvmi now has coverage for 127 million commercially covered lives, or 69% of commercially covered lives. Additionally, the company reported strong Medicaid coverage of more than 70 million lives, or 100% of covered lives.
On the financial side, Pelthos reported a net loss of $(7.9) million for the third quarter of 2026, compared to a net loss of $(16.2) million in the prior year period. Cost of goods sold was $1.7 million for the quarter, a 28% reduction from the third quarter of 2025. Selling, general and administrative (SG&A) expenses were $18.8 million, a 3% increase from the prior year but a 25% reduction from the second quarter of 2026.
As of September 30, 2026, Pelthos had a cash balance of $17.7 million. On October 30, 2026, the company borrowed an additional $10.0 million from Horizon Technology Finance, bringing current outstanding borrowings to $40.0 million under an amended and restated venture loan facility. The company had approximately 9.1 million shares outstanding on an as-converted basis as of September 30, 2026.
In a separate announcement on October 30, 2026, Pelthos entered into a definitive merger agreement with Castle Creek Biosciences, Inc. The transaction is expected to close by the end of the first quarter of 2027, subject to customary closing conditions. The merger aims to create a diversified biotechnology company focused on serious skin diseases.
