$PTHS

Pelthos Therapeutics Inc.

CIK:0001919246|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 15,603	$ 0	$ 26,509	$ 0
Operating expenses
Cost of goods sold	3,610	0	5,283	0
Selling, general and administrative	27,673	2,716	48,777	4,356
Research and development	600	515	786	709
Amortization of intangible assets	1,043	0	2,074	0
Total operating expenses	32,926	3,231	56,920	5,065
Operating loss	(17,323)	(3,231)	(30,411)	(5,065)
Other (expense) income
Interest expense	(2,389)	(218)	(4,742)	(352)
Change in fair value of convertible debt	(3,705)	0	(13,337)	0
Total other expense	(6,094)	(218)	(18,079)	(352)
Net loss before provision for income taxes	(23,417)	(3,449)	(48,490)	(5,417)
Provision for income taxes	0	0	0	0
Net loss	(23,417)	(3,449)	(48,490)	(5,417)
Other comprehensive (loss) income:
Change in fair value of convertible debt due to instrument credit risk	(110)	0	2,078	0
Comprehensive loss	$ (23,527)	$ (3,449)	$ (46,412)	$ (5,417)
Net loss per common share, basic (in dollars per share)	$ (6.62)	$ (5.29)	$ (14.15)	$ (8.56)
Net loss per common share, diluted (in dollars per share)	$ (6.62)	$ (5.29)	$ (14.15)	$ (8.56)
Weighted average number of common shares outstanding, basic (in shares)	3,539,464	651,921	3,426,232	632,513
Weighted average number of common shares outstanding, diluted (in shares)	3,539,464	651,921	3,426,232	632,513
Net product revenues
Revenue
Total revenue	$ 15,420	$ 0	$ 26,085	$ 0
License and collaboration revenues
Revenue
Total revenue	$ 183	$ 0	$ 424	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Cash flow from operating activities:
Net loss	$ (23,417)	$ (48,490)	$ (5,417)
Adjustments to reconcile net loss to net cash used in operating activities
Accretion of interest for royalty obligations		2,040	0
Change in fair value of convertible notes	3,705	13,337	0
Depreciation of property and equipment	278	747	0
Amortization of intangible assets	1,043	2,074	0
Amortization of debt discount		432	259
Lease amortization expense		138	0
Stock-based compensation		4,668	899
Inventory write-off	925	925	0
Changes in operating assets and liabilities:
Accounts receivable		(5,624)	0
Inventory		1,374	0
Prepaid expenses		113	53
Operating lease right-of-use assets		209	0
Accounts payable		2,823	3,103
Accrued expenses		6,398	24
Contingent consideration		(1,200)	0
Operating lease liabilities		(330)	0
Deferred revenue		(424)	0
Net cash used in operating activities		(20,790)	(1,079)
Cash flow from investing activities:
Purchases of property and equipment		(196)	0
Net cash used in investing activities		(196)	0
Cash flow from financing activities:
Proceeds from venture loan and security agreement, net		29,337	0
Proceeds from loan payable, net of debt discount		0	625
Payment of venture loan and security agreement issuance costs		(1,814)	0
Net cash provided by financing activities		27,523	625
Net increase (decrease) in cash and cash equivalents and restricted cash		6,537	(454)
Cash, cash equivalents and restricted cash as of beginning of period		18,023	513
Cash, cash equivalents and restricted cash as of end of period	24,560	24,560	59
Cash and cash equivalents	24,192	24,192	59
Restricted cash	368	368	0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 24,560	24,560	59
Supplemental cash flow information:
Cash paid for income taxes		0	0
Cash paid for interest expense		1,488	19
Supplemental non-cash investing and financing activities:
Purchases of property and equipment with accounts payable and accrued expenses		44	0
Warrants issued for venture loan and security agreement		1,362	0
Payment-in-kind on convertible debt		621	0
Offering costs recorded to debt discount		0	39
Conversion of notes to common stock		$ 0	$ 737

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 24,192	$ 17,973
Restricted cash	368	50
Accounts receivable, net	14,482	8,858
Inventory	21,472	23,574
Prepaid expenses and other current assets	2,842	2,955
Total current assets	63,356	53,410
Property and equipment, net	8,881	9,586
Operating lease right-of-use assets, net	3,041	3,250
Intangible assets, net	37,397	39,470
Goodwill	24,681	24,681
Total assets	137,356	130,397
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	5,853	2,986
Accrued expenses	20,745	15,364
Contingent consideration	1,000	2,200
Operating lease liabilities, current portion	645	635
Deferred revenue, current portion	729	966
Total current liabilities	31,959	25,993
Operating lease liabilities, net of current portion	2,550	2,752
Deferred revenue, net of current portion	1,093	1,280
Convertible notes payable - related party	43,321	31,441
Venture loan and security agreement, net	26,593	0
Total liabilities	138,857	91,516
Commitments and contingencies (Note 11)
STOCKHOLDERS’ EQUITY
Common stock, value	0	0
Additional paid in capital	109,705	103,675
Accumulated other comprehensive income	2,078	0
Accumulated deficit	(113,284)	(64,794)
Total stockholders' (deficit) equity	(1,501)	38,881
Total liabilities and stockholders' equity	137,356	130,397
Preferred stock series A
STOCKHOLDERS’ EQUITY
Preferred stock, value	0	0
Preferred stock series C
STOCKHOLDERS’ EQUITY
Preferred stock, value	0	0
Nonrelated Party
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	1,527	1,963
Other long-term liabilities	20,406	18,908
Related Party
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	1,460	1,879
Convertible notes payable - related party	43,321	31,441
Other long-term liabilities	12,935	11,142
Total liabilities	$ 57,716	$ 44,462