Pelthos Therapeutics Q4 Revenue Up 28% with 129% Prescription Surge and $33M Financing
Pelthos Therapeutics reported net product revenue grew from $7.1 million to $9.1 million in Q4 2025 on a 129% rise in ZELSUVMI prescriptions, while net loss narrowed to $12.0 million from $15.4 million. It secured $33 million in financing and expects SG&A increases to support XEPI and XEGLYZE rollouts.
1. Financial Performance
Pelthos delivered net product revenue of $9.1 million in Q4 2025, up from $7.1 million in the prior quarter, driven by a 129% increase in prescriptions for ZELSUVMI. The net operating loss narrowed to $12.0 million from $15.4 million in Q3.
2. Pricing and Access Challenges
The company expects gross-to-net discounts to rise into the mid-30% range due to increased Medicaid usage and new PBM contracts. Commercial coverage reached 59% and Medicaid coverage 99%, enhancing patient access to ZELSUVMI.
3. Financing and Launch Preparations
Pelthos bolstered its cash position with an $18 million convertible note and a $15 million term loan, totaling $33 million in new financing. It plans higher SG&A expenses in 2026 to expand its sales team and support upcoming XEPI and XEGLYZE product launches.