10-Q · August 13, 2026
The supplied 10-Q extract does not contain current-period income-statement, segment, balance-sheet, or cash-flow results, so revenue, margin, EPS, and cash-generation trends cannot be assessed from this filing. The…
Earnings analysis · 10-Q
PTHS earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Pelthos delivered $15.603 million of revenue, up from $11 million in Q1 2026 and above the $15.386 million consensus estimate, with Zelsuvmi sales rising 45% sequentially. However, GAAP EPS of $(6.62) materially missed…
Read full summary
Pelthos delivered $15.603 million of revenue, up from $11 million in Q1 2026 and above the $15.386 million consensus estimate, with Zelsuvmi sales rising 45% sequentially. However, GAAP EPS of $(6.62) materially missed the $(2.96) estimate and deteriorated from $(3.09) in the prior quarter. The most significant development is the March 31, 2026 restatement and related material weakness as of June 30, 2026, which increases reporting, legal and financing risk. No formal numeric revenue or EPS guidance was provided.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-6.62
- Segment
- Zelsuvmi: sales increased 45% sequentially; dollar revenue not disclosed
- Segment
- Xepi: commercialization planned for Q1 2027; segment revenue not disclosed
- Segment
- Xeglyze: commercialization planned for Q3 2027; segment revenue not disclosed
What stood out
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Revenue accelerated and beat consensus
Revenue was $15.603 million, approximately 41.8% above the prior quarter’s $11 million and about 1.4% above the $15.386 million consensus estimate.
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Zelsuvmi growth accelerated
Zelsuvmi sales increased 45% sequentially, indicating continued commercial adoption and utilization growth.
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Revenue growth did not translate to EPS
GAAP EPS was $(6.62), compared with $(3.09) in Q1 2026, reflecting a $3.53 sequential deterioration despite revenue growth.
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Two future product launches planned
Management plans commercialization of Xepi in Q1 2027 and Xeglyze in Q3 2027, providing additional product launch milestones beyond Zelsuvmi.
What to watch
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March 2026 financial statements restated
On August 12, 2026, the company determined that its previously issued financial statements for the interim period ended March 31, 2026 should no longer be relied upon because of an ASC 820 misapplication involving Level 3 convertible-debt fair values. The resulting restatement could create additional accounting, legal, regulatory and investor-confidence costs.
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Material weakness in financial controls
Management concluded that internal control over financial reporting was ineffective as of June 30, 2026 because of a material weakness related to the convertible debt entered into on November 6, 2025. The company stated that additional restatements or material weaknesses could arise and that remediation may not succeed.
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Remediation may constrain capital access
The company must replace its valuation provider and add accounting personnel to remediate the weakness, while acknowledging that the remediation elements can only be completed over time. Failure to file timely could make the company ineligible to use Form S-3 or S-4 registration statements, limiting access to capital.
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Material EPS miss and ongoing losses
GAAP EPS of $(6.62) missed the $(2.96) consensus estimate by $3.66 per share, underscoring continued earnings volatility and funding pressure despite $15.603 million of quarterly revenue.
Management's outlook
No formal numeric revenue or EPS guidance was provided. Management expects further Zelsuvmi growth and plans commercialization of Xepi in Q1 2027 and Xeglyze in Q3 2027; outlook may be discussed in the earnings release or call.
Earlier filings 4
10-Q · May 14, 2026
Pelthos Therapeutics Inc. reported strong revenue growth in Q1 2026 with total revenue at $10.9 million, driven primarily by the commercial launch of its product ZELSUVMI. However, the company continues to face…
10-K · March 19, 2026
Pelthos (PTHS) completed a July 1, 2025 merger that delivered a launched commercial product (ZELSUVMI) plus two late-stage dermatology acquisitions (XEPI in Nov 2025 and XEGLYZE in Dec 2025) and a cGMP manufacturing…
10-Q · August 13, 2025
Pelthos Therapeutics reported no revenue and a quarterly net loss of $3,448,939 (EPS -$5.38) for the three months ended June 30, 2025, a material widening from a $1,771,619 loss (EPS -$3.07) in the prior-year quarter.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.