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Pelthos Therapeutics (PTHS) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Pelthos Therapeutics (PTHS) Q2 2026 earnings results →

Q2 2026 150¢ of every $1 of revenue lost · operating margin -111.0%

Pelthos Therapeutics made $15.6M in Q2 2026: Net product revenues $15.4M, License and collaboration revenues $183K. Operating margin -111.0%, net loss $23.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.

Revenue$15.6M
Year over year—
Operating margin-111.0%
Net earnings−$23.4M
Operating cash flow−$7.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $15.6M in Q2 2026, up 43% from the previous quarter. Net product revenues was the largest line at 99% of revenue.

Operating costs exceeded revenue by $17.3M, an operating margin of -111.0%. The quarter ended with a net loss of $23.4M, narrower than the previous quarter's $25.1M loss.

Operating cash flow was −$7.7M. Non-cash charges added back $1.3M of depreciation and amortization and $2.8M of share-based compensation. Working capital and other items added $11.7M. Capital expenditures of $2K exceeded it, leaving free cash flow of −$7.7M.

Quarterly history

Pelthos Therapeutics revenue by quarterPelthos Therapeutics revenue by quarter$7.4MQ3 2025$9.4MQ4 2025$10.9MQ1 2026$15.6MQ2 2026
Pelthos Therapeutics net earnings by quarterPelthos Therapeutics net earnings by quarter−$16.2MQ3 2025−$21.7MQ4 2025−$25.1MQ1 2026−$23.4MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 13, 2026$15.6M—-111.0%−$23.4M−$7.7M
Q1 202610-QMay 14, 2026$10.9M—-120.0%−$25.1M−$13.1M
Q4 202510-KMar 19, 2026$9.4M—-127.8%−$21.7M−$6.3M
Q3 202510-QNov 13, 2025$7.4M—-207.4%−$16.2M−$15.3M

Charts

Pelthos Therapeutics: revenue growth, year over year and quarter over quarterPelthos Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q+27%Q4 2025+16%Q1 2026+43%Q2 2026
Latest (Q2 2026): Y/Y —, Q/Q +43%.
Pelthos Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026Pelthos Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026Other financing$72.2MOperating cash flow−$42.3MCash drawn (+) / kept (−)−$24.5MOther investing−$5.1MCapital spending−$295KNet borrowing (+) / repaid (−)$68K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Pelthos Therapeutics: profit against cash, quarter by quarterPelthos Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$1.7M−$178KQ3 2024−$1.9M−$670KQ4 2024−$2.0M−$632KQ1 2025−$3.4M−$447KQ2 2025−$16.2M−$15.3MQ3 2025−$21.7M−$6.3MQ4 2025−$25.1M−$13.1MQ1 2026−$23.4M−$7.7MQ2 2026
Latest (Q2 2026): Net income −$23.4M, Operating cash flow −$7.7M.
Pelthos Therapeutics: diluted shares by fiscal year (split-adjusted)Pelthos Therapeutics: diluted shares by fiscal year (split-adjusted)5MFY20232MFY20242MFY2025
-63.2% since FY2023: buybacks shrank the count; earlier years scaled for the 4-for-1 split before FY2025.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Pelthos Therapeutics

Pelthos Therapeutics Inc. (the “Company”) is a bio-pharmaceutical company committed to commercializing innovative, safe, and efficacious therapeutic products to help patients with unmet treatment burdens. The Company currently has three U.S. Food and Drug Administration (“FDA”) approved products in its commercial portfolio, in various stages of commercialization, including ZELSUVMI TM , XEPI ® , and XEGLYZE ® . The July 1, 2025 merger transaction between Channel Therapeutics Corporation (“Channel”) and LNHC, Inc. (“LNHC”), discussed below, resulted in Pelthos Therapeutics Inc.

In its own words, from its 10-K, filed Mar 19, 2026.

Pelthos Therapeutics against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Operating margin: -111.0% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
PTHS Pelthos TherapeuticsQ2 2026$15.6M—-111.0%
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: Pelthos Therapeutics 10-Q on SEC EDGAR · CIK 1919246 · Biological Products, (No Diagnostic Substances)

13F: who owns PTHS and who is buying

Largest holders of PTHS (13F)Largest holders of PTHS (13F)Murchinson$8.6MIkarian Capital, LLC$7.3MAigh Capital Management LLC$5.4MBoothbay Fund Management, LLC$2.9MVanguard Capital Management LLC$2.7MVanguard Group$2.3MJ. Goldman & Co LP$1.1MDiadema Partners LP$700KWexford Capital LP$632KKnott David M Jr$624K
Funds' net buying of PTHS by quarter (13F)Funds' net buying of PTHS by quarter (13F)$13.0M2025-09$12.4M2025-12−$449K2026-03$11.7M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PTHS

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results

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