Pelthos Therapeutics Inc (PTHS) is a specialty pharmaceutical company that develops and commercializes topical drug products for dermatological conditions. Revenue comes from net product sales and license and collaboration agreements, with $16.2 million in net product revenues and $0.6 million in license and collaboration revenues recorded for the fiscal year ended December 31, 2025, compared to no revenue in FY2024. The company carries a licensed technology base originating from Novan, Inc., including nitric oxide-based topical candidates SB204 (acne vulgaris), SB206 (molluscum), and SB414 (atopic dermatitis), with license agreements tied to the University of North Carolina at Chapel Hill. Pelthos reported a net operating loss of $32.4 million for FY2025, with cost of goods sold of $4.0 million and selling, general and administrative expenses of $42.5 million. The company carries convertible debt and recorded a $15.0 million non-cash charge from the change in fair value of convertible debt in FY2025. CEO is Scott Plesha, with Peter Greenleaf serving as Chairman of the Board as of the 10-K filing dated March 19, 2026.

Revenue model

Product sales (transactional, net product revenues of $16.2 million in FY2025) and license and collaboration revenues ($0.6 million in FY2025). Prior to FY2025, the company recorded no revenue.

Products and services

SB204, a once-daily topical monotherapy for acne vulgaris; SB206, a topical gel with anti-viral properties for molluscum; SB414, a topical cream for atopic dermatitis. All three are nitric oxide-based topical candidates with IP licensed from the University of North Carolina at Chapel Hill via Novan, Inc.

Customers and end markets

Dermatology end markets. Specific customer identities and concentration data are not disclosed in the filing excerpts.

Value-chain role

Specialty pharmaceutical commercialization and development stage company. Holds licensed IP from the University of North Carolina at Chapel Hill. Subject to royalty obligations on net sales under the Reedy Creek Purchase Agreement for SB204, SB206, and SB414 in the United States, Mexico, and Canada.

Geographic exposure

United States primary market. Royalty and milestone obligations under the Reedy Creek Purchase Agreement cover the United States, Mexico, and Canada. No additional geographic revenue breakdown is disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-19

Industry: Biological Products, (No Diagnostic Substances) Peers: Oruka Therapeutics Inc Lisata Therapeutics Inc Surrozen Inc Forte Biosciences Inc LUMOS PHARMA, INC. Insight Molecular Diagnostics Inc KINETA, INC./DE