Oppenheimer maintains Pelthos Therapeutics at Outperform, lowers price target to $59 from $64

Piper Sandler reduced its price target for Pelthos Therapeutics (NYSE:PTHS) to $21 from $48, citing merger dilution and increased R&D spending. The company reported a Q3 2026 net loss of $2.04 per share on $15.4M revenue, missing EPS estimates but beating revenue expectations. Pelthos announced a merger with Castle Creek Biosciences, adding a Phase III gene therapy. The stock is down 77% over the past year, trading at $8.03.

Pelthos (PTHS) reported Q3 2026 net revenue of $15.2M, up 114% YoY, with Zelsuvmi treating 31,000 patients. Formulary coverage expanded to 70% of commercial lives. The company announced a deal with Castle Creek Biosciences, aiming to leverage synergies in dermatology and cell/gene therapy markets. Xepi and Xeglyze launches are planned for 2027.

Pelthos Therapeutics (PTHS) reported Q3 2026 revenue of $15.2M for Zelsuvmi, up 114% YoY. The company expects to start promoting Xepi by Q1 2027 and advance Castle Creek’s D-Fi into Phase III trials. CEO Scott Plesha provided these updates during the earnings call.

Pelthos Therapeutics Inc. (PTHS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Pelthos Therapeutics Announces Third Quarter 2026 Financial Results and Provides Business Update Zelsuvmi ® net product revenue grew 114% to $15.2 million during the third quarter of 2026 from $7.1 million in the third quarter of 2025 12,384 Zelsuvmi units were dispe

Pelthos Therapeutics (PTHS) will merge with Castle Creek Biosciences, focusing on skin diseases. The deal, approved by both boards, is expected to close by Q1 2027. Castle Creek shareholders will receive 5.2 million Pelthos shares, with potential for more if D-Fi, a gene-modified cell therapy, gains FDA approval. The combined company will trade on the NYSE American under PTHS.

Pelthos Therapeutics (PTHS) will merge with Castle Creek Biosciences, focusing on skin diseases. The deal adds Castle Creek's D-Fi gene therapy to Pelthos's portfolio. Expected to close by Q1 2027, subject to shareholder approval. Castle Creek shareholders receive 5.2M Pelthos shares (32.5% stake) and potential milestone payments up to $300M.