Pelthos Therapeutics restates Q1 2026 net loss to USD 25.07 million
PTHS•Q1 2026 restatement and liability revision
Pelthos Therapeutics restated its unaudited first-quarter 2026 financial statements in a Form 10-Q/A filed on Aug. 13, 2026, due to ASC 820 valuation errors.
- Convertible debt at March 31, 2026 was restated to $39.12 million from $23.28 million, lifting total liabilities to $126.11 million.
- Net loss for the quarter was restated to $25.07 million from $10.24 million.
- The change in fair value of convertible debt swung to a $9.63 million loss.
- Cash and cash equivalents at March 31, 2026 remained $31.98 million.
- The restatement had no impact on cash flows.
- Management reported a material weakness in internal controls tied to Level 3 fair value measurements for convertible debt.
