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What were the key takeaways from Pelthos Therapeutics's earnings call?

- **ZELSUVMI launch success**: $7.1M Q3 revenue, 41% month-over-month growth in October prescriptions.
- **Sales force expansion**: Adding 14 reps to cover major cities, targeting 64 reps by Q1 2026.
- **Xepi acquisition**: $18M convertible notes financing to accelerate launch of complementary impetigo treatment.
- **Financial targets**: Cash flow breakeven by end-2026, $175M peak ZELSUVMI revenue by 2028.
- **Market dynamics**: No seasonal trends, but holiday-related office closures may impact Q4 growth.

**【CEO Opening Remarks】**
- Announced successful acquisition of Pelthos business, NYSE listing, and $50M PIPE financing to support ZELSUVMI launch.
- Launched ZELSUVMI, the first FDA-approved at-home treatment for molluscum contagiosum (MC), generating $7.1M in Q3 net product revenue.
- Acquired Xepi, a topical treatment for impetigo, with $18M convertible notes financing to accelerate commercialization.
- Projected cash flow breakeven by end of 2026, targeting $175M peak revenue for ZELSUVMI by 2028.

**【Sai Rangarao - ZELSUVMI Launch Metrics】**
- Q3 shipments: 4,900 units to wholesalers, 3,000 to pharmacies; 2,716 prescriptions from 1,169 unique prescribers.
- October prescriptions up 41% YoM, with 516 units dispensed in last week of Q3 (annualized $52M run rate).
- GTN rate 25.3% in Q3, expected to rise to mid-30% by Q1 2026.
- Expanded sales force from 50 to 64 reps by mid-January to cover major metropolitan areas.

**【Frank Knuettel - Financial Highlights】**
- Q3 2025: $7.1M net product revenue, $16.2M GAAP net loss, $1.83 EPS (as-converted basis).
- COGS $2.3M (includes inventory step-up costs); normalized COGS expected by mid-2026.
- SG&A expenses $19.6M (includes $3.2M non-cash charges, $1M one-time merger costs).
- $14.2M cash on hand, $8M A/R; $18M convertible notes financing closed in Q3.

**【Q&A Highlights】**
- **Prescriber behavior**: 60% of HCPs wrote 1 script, 40% wrote 2+; 3 HCPs wrote 22-27 scripts.
- **Holiday impact**: Acute treatment requires in-office prescription, expect softening in Q4.
- **Refill rates**: 1.2 units per patient average; 3 units needed for full 12-week course.
- **Sales force profitability**: All 50 reps covered costs within 9 weeks; new 14 reps expected to breakeven quickly.
- **Price strategy**: No commercial contracts, cautious about future price increases.
- **Pipeline**: Evaluating additional NitroCil-based products; no immediate plans for new acquisitions beyond Xepi.

Pelthos Therapeutics Inc. (PTHS) Q3 2025 Earnings Call Transcript

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