Pelthos Therapeutics (NYSEAM:PTHS) FY Conference February 26, 2026 10:00 AM ET Company ParticipantsScott M. Plesha - CEOConference Call ParticipantsJeff Jones - AnalystJeff JonesWe'll turn it over to you to tell us the Paltos story, and, you know, can chime in with questions at the end if we have time.Scott M. PleshaGreat. Thanks, Jeff, I appreciate it, thanks again for allowing us to share an update with you. It's been a busy 7 or 8 months here, for sure. It's great to share our accomplishments and what we ...

Ligand Pharmaceuticals (NasdaqGM:LGND) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsAnnabel Samimy - Managing DirectorJoe Pantginis - Managing DirectorJoohwan Kim - Assistant VP of BiotechnologyLauren Hay - VP of Strategic Planning and Investment AnalyticsMelanie Herman - Executive Director of Investor RelationsTavo Espinoza - CFOTodd Davis - CEOConference Call ParticipantsJohn Vandermosten - Senior AnalystMatt Hewitt - Senior Research AnalystPete Lucas - AnalystTrevor Allred - Ex ...

Ligand Pharmaceuticals (NasdaqGM:LGND) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsAnnabel Samimy - Managing DirectorJoe Pantginis - Managing DirectorJoohwan Kim - Assistant VP of BiotechnologyLauren Hay - VP of Strategic Planning and Investment AnalyticsMelanie Herman - Executive Director of Investor RelationsTavo Espinoza - CFOTodd Davis - CEOConference Call ParticipantsJohn Vandermosten - Senior AnalystMatt Hewitt - Senior Research AnalystPete Lucas - AnalystTrevor Allred - Ex ...

Ligand Pharmaceuticals (NasdaqGM:LGND) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Speaker7Thank you for standing by, and welcome to Ligand's fourth quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by 1 on your telephone keypad. If you would like to withdraw your question, please press star one again. ...

Core Insights - Pelthos Therapeutics Inc. reported strong commercial performance for ZELSUVMI, generating $7.1 million in net revenues during its first quarter of operations [1][5] - The company has successfully launched ZELSUVMI, the first FDA-approved at-home treatment for molluscum contagiosum, with 2,716 units prescribed by 1,169 unique prescribers in Q3 2025 [1][5] - The acquisition of XEPI adds a complementary product to Pelthos' portfolio, targeting the same pediatric market as ZELSUVMI, enhancing revenue potential [3][5] Financial Performance - For the three months ended September 30, 2025, Pelthos reported total revenue of $7.4 million, with net product revenues from ZELSUVMI at $7.1 million [10] - The company incurred a net loss of $16.2 million, translating to a loss of $5.30 per share [9][10] - Cash and cash equivalents as of September 30, 2025, stood at $14.2 million, reflecting a significant increase from $513,000 in December 2024 [7] Operational Highlights - The commercial launch of ZELSUVMI exceeded expectations, with strong market uptake and continued growth anticipated in Q4 2025 [3][5] - The company completed a merger to form Pelthos Therapeutics and raised $50.1 million in an equity private placement to support ZELSUVMI's launch [5] - An additional $18 million in private convertible notes financing was closed in November 2025 to facilitate the purchase and relaunch of XEPI and expedite ZELSUVMI's commercial rollout [5] Market Context - ZELSUVMI addresses a significant unmet need in treating molluscum contagiosum, primarily affecting children, while XEPI targets antibiotic-resistant skin infections, further solidifying Pelthos' position in the pediatric dermatology market [3][5] - The combined addressable markets for ZELSUVMI and XEPI present substantial revenue opportunities for Pelthos, leveraging existing commercial relationships and infrastructure [3][5]

Financial Data and Key Metrics Changes - Total revenue and other income for Q3 2025 on a GAAP basis was $115.5 million, up from $51.8 million in the same quarter last year, with core revenue growing 68% year over year to $86.9 million [26][34] - Royalty revenue rose 47% year over year to $46.6 million, and adjusted EPS increased 68% to $3.09 [26][34] - The company raised its full-year 2025 guidance, now expecting core revenue of $225-$235 million and adjusted EPS of $7.40-$7.65 [35][36] Business Line Data and Key Metrics Changes - Royalty revenue growth was driven by strong performances from products like Travere's Filspari, Merck's Ohtuvayre, and Capvaxive, with Filspari becoming the largest royalty-generating asset [30][31] - Filspari reported Q3 sales of $90.9 million, a 155% year-over-year increase, while O2VARE sales reached $136 million, a 32% sequential increase [30][31] - Capvaxive generated $244 million in sales, an 89% sequential increase, reinforcing its market position [31] Market Data and Key Metrics Changes - The company noted strong uptake of Zelsuvmi in its early launch phase, with expectations for continued momentum [7] - Ohtuvayre is tracking ahead of initial forecasts, with Q3 sales growing 32% sequentially, and projected sales of $2 billion by 2029 [10][11] - The FDA has assigned a PDUFA date of January 13, 2026, for Filspari's second indication, FSGS, which could significantly expand its market opportunity [18] Company Strategy and Development Direction - The company has focused on building a diversified portfolio of high-margin royalties and has successfully executed a convertible debt financing to support growth initiatives [5][6] - The strategic direction set in 2022 has led to significant growth across core revenue and adjusted EPS, with a long-term royalty growth outlook of 22% CAGR [9][10] - The company is actively pursuing high-quality investment opportunities and expanding its business development team to capitalize on its robust pipeline [27][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the commercial royalty portfolio and the potential for indication and geographic expansion of key products [36][37] - The company highlighted the positive developments in the FDA's approach to accelerating timelines for innovative treatments, which aligns with its investment strategy [16][49] - Management remains optimistic about the ongoing progress of the Pelthos team and the launch momentum of Zelsuvmi [37] Other Important Information - The company ended the quarter with approximately $1 billion in deployable capital, including cash and investments [7][27] - The Pelthos transaction resulted in a $53 million gain recognized in Q3, reflecting the strategic value of the spin-out [24][25] - The company has seen record-setting origination activity, reviewing over 130 investment opportunities in the first three quarters of the year [13] Q&A Session Summary Question: Opportunities and special situations related to Pelthos and Palvella - Management indicated a robust opportunity set in special situations, focusing on companies needing more than just capital [38][39] Question: Changes in investment opportunities and capital demands - Management noted that while the deal flow may shift with market conditions, the demand for royalty capital remains high, particularly for development-stage assets [44][45] Question: Insights on the ZELSUVMI launch and future expectations - Management provided limited additional information but indicated that more specifics would be available during the upcoming earnings call [50][51] Question: Competitive landscape for royalty assets - Management acknowledged potential future competition but noted that they have not yet seen significant changes in the competitive landscape [53][54] Question: Thoughts on the recent approval of Furoscix - Management expressed optimism about Furoscix's potential to provide a differentiated treatment option in the market [56]

Core Insights - Pelthos Therapeutics Inc. is set to launch ZELSUVMI™ for treating Molluscum contagiosum infections in July 2025, following the completion of a merger with Channel Therapeutics Corporation [1][2] - Ligand Pharmaceuticals has invested $18 million in Pelthos and will receive a 13% royalty on worldwide sales of ZELSUVMI [1][2] - Pelthos will begin trading on the NYSE American exchange under the ticker symbol "PTHS" on July 2, 2025 [1] Company Developments - The merger between Ligand's subsidiary LNHC, Inc. and Channel Merger Sub Inc. has been completed, forming Pelthos Therapeutics Inc. [1][2] - Pelthos raised $50.1 million in equity capital, with $32 million from a group of strategic investors and $18 million from Ligand [2] - The capital raised will support the commercial launch of ZELSUVMI and includes the cancellation of approximately $18.8 million in bridge capital previously advanced to Pelthos [2] Product Information - ZELSUVMI (berdazimer) is a topical gel approved for treating Molluscum contagiosum, a common skin infection affecting an estimated 16.7 million people in the U.S. [3] - It is the first and only prescription medication for this condition that can be administered at home by patients or caregivers [3] - Pelthos is also evaluating the development of Channel's existing NaV 1.7 programs for various types of chronic pain and post-surgical nerve blocks [3]