Company: PTHS
Filing Date: 2025-09-16
Form Type: 8-K/A
Source: 0001753926-25-001500
Chunk: 150

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-09-16
Form: 8-K/A
Chunk 150
---
 ) |     |    $ | (378 | ) |     |                $ | (1,605 | ) |     |    $ | (754 | ) |

Q2 2025 vs. Q2 2024

Interest expense was $930 thousand during the three months ended June 30, 2025, an increase of $550 thousand, or 145%, compared to $380 thousand for the three months ended June 30, 2024. Interest expense is primarily attributable to a long-term liability to Reedy Creek. As of Novan Acquisition date, this liability was recognized at fair value in Ligand’s purchase accounting adjustments of Novan. Subsequently, this liability was accounted for under the effective interest method with non-cash interest expense added to the amount of liability on a quarterly basis. Interest expense increased primarily due to the increase in effective interest rate as a result of increased ZELSUVMI sales forecast, as well as the increased outstanding balance of the liability that interest rate is applied to as no payments have yet been made.

YTD 2025 vs. YTD 2024

Interest expense was $1,556 thousand during the six months ended June 30, 2025, an increase of $806 thousand, or 107%, compared to $750 thousand for the six months ended June 30, 2024. Interest expense is primarily attributable to a long-term liability to Reedy Creek. As of Novan Acquisition date, this liability was recognized at fair value in Ligand’s purchase accounting adjustments of Novan. Subsequently, this liability was accounted for under the effective interest method with non-cash interest expense added to the amount of liability on a quarterly basis. Interest expense increased primarily due to the increase in effective interest rate as a result of increased ZELSUVMI sales forecast, as well as the increased outstanding balance of the liability that interest rate is applied to as no payments have yet been made.

Income tax benefit

Income tax benefit amounted to zero and $59 thousand during the three months ended June 30, 2025 and 2024, and zero and $136 thousand during the six months ended June 30, 2025 and 2024, respectively. The amount of income tax benefit consists of federal deferred income tax benefit.

We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. We assessed the positive and negative evidence to determine if sufficient future taxable income will be generated