펠토스 테라퓨틱스(PTHS) 2026년 2분기 실적발표 콘퍼런스 콜: 매출 45% 증가

핵심 요약

• 펠소스 테라퓨틱스의 2026년 2분기 제품 순매출은 1,540만 달러로, ZELSUVMI 수요 증가에 힘입어 1분기 1,070만 달러 대비 45% 증가했습니다.
• ZELSUVMI 처방 수량은 전분기 대비 48% 증가한 1만 1,925건을 기록했으며, 고유 처방 의사 수는 3,288명에서 4,571명으로 늘었습니다.
• 조정 EBITDA는 1분기 마이너스 800만 달러에서 마이너스 570만 달러로 개선되었으며, 순손실은 2,510만 달러에서 2,340만 달러로 줄었습니다.
• 펠소스의 분기 말 기준 현금은 2,420만 달러, 매출채권은 1,450만 달러, 운전자본은 3,140만 달러였습니다.
• 경영진은 여름철 계절성에 따른 주간 변동성에도 불구하고 3분기 ZELSUVMI가 성장할 것으로 기대하고 있습니다. 구체적인 매출이나 실적 전망치는 제시되지 않았습니다.
• 회사는 XEPI를 2027년 1분기(3월 가능성 높음), XEGLYZE를 2027년 3분기에 출시할 것으로 예상합니다.

주요 재무 데이터

펠소스는 ZELSUVMI 출시 후 첫 4개 상업화 분기 동안 총 4,230만 달러의 제품 순매출을 올렸으며, 분기별로는 2025년 3분기 710만 달러, 2025년 4분기 910만 달러, 2026년 1분기 1,070만 달러, 2026년 2분기 1,540만 달러를 기록했습니다.

사업 및 영업 실적

ZELSUVMI는 핵심 성장 동력 지위를 유지했습니다. 2025년 7월 출시 이후 3만 개 이상의 제품이 조제되었으며, 첫 전체 상업화 연도 동안 2만 5,000명 이상의 환자가 처방을 받았습니다.

2025년 말 계약을 체결한 대형 약제비 관리기관(PBM) 내에서 2분기 조제 수량은 81.3% 증가했고 처방 의사 수는 68% 늘었습니다. 전체 민간 상업 보험 등재율은 59%를 기록했으며, 메디케이드 보장률은 100%였습니다.

총매출 대비 순매출 공제율은 1분기 29.1%에서 29.6%로 나타났습니다. 도매 재고는 몇 백 개 증가하는 데 그쳤고, 유통 채널 재고 일수는 약 3일 감소하여 3주 미만을 유지했습니다.

7월 처방량은 6월의 4,208개에서 증가한 총 4,299개를 기록했습니다. 7월 31일로 끝난 주에는 주간 조제 수량이 처음으로 1,000개를 넘어섰습니다. 또한 경영진은 재처방(refill)이 전분기 대비 82% 증가했다고 밝혔습니다.

회사는 피츠버그, 올버니, 슈리브포트에 영업 구역을 추가하여 현장 영업망을 67개 구역으로 확장했습니다. 소아과 의사가 제품 사용 및 처방의 약 25%~27%를 차지했으며, 펠소스는 매주 약 150~200명의 신규 처방 의사를 계속 확보했습니다.

파이프라인의 경우, 펠소스는 미국 식품의약국(FDA) 승인을 받은 국소 농가진 치료제 XEPI의 생산 및 출시 재고를 구축하고 있습니다. FDA 승인을 받은 머리이 치료제 XEGLYZE의 생산 작업도 진행 중입니다. 경영진은 두 제품 모두 추가적인 영업 비용을 최소화하면서 기존 영업 인프라를 활용할 수 있을 것으로 예상합니다.

경영 전망

경영진은 구체적인 매출이나 이익 가이던스를 제시하지 않았으나, ZELSUVMI의 매출 성장 궤도에 대해 자신감을 유지하고 있으며 여름철 계절성에도 불구하고 3분기 처방량이 성장할 것으로 예상한다고 밝혔습니다.

총매출 대비 순매출 공제율은 30%대 초반에서 중반 수준으로 이동할 것으로 예상됩니다. 추가 지불자와의 계약 체결 가능성이 높아지면 이 비율이 30%대 중반에서 후반으로 상승할 수 있으나, 경영진은 해당 계약의 최종 체결 여부는 아직 불확실하다고 언급했습니다.

펠소스는 향후 12~15개월에 걸쳐 남아 있는 장부금액 증액(stepped-up) 원료의약품(API) 재고를 소진할 것으로 예상합니다. 해당 재고가 판매된 후 경영진은 정상화된 단위당 매출원가가 현재 도매매입가격(WAC)의 한 자릿수 중반 비율인 약 1,000달러 수준이 될 것으로 예상합니다.

회사는 현재의 자본 상태가 사업 계획을 실행하기에 충분한 유연성을 제공한다고 판단합니다. 또한 펠소스는 대출 기관의 재량에 따라 호라이즌(Horizon) 기간 대출 한도 약정에서 추가로 1,000만 달러를 인출할 수 있는 매출 조건을 충족했다고 판단하고 있습니다.

리스크 및 주시할 항목

펠소스는 ASC 820에 따른 특수관계자 전환사채의 공정가치 회계처리가 2026년 1월 후순위화 계약을 적절히 반영하지 못했다고 판단한 후 2026년 1분기 재무제표를 재작성했습니다. 경영진은 이번 재작성이 현금, 매출, 제품 판매, 영업비용, 영업손실, 영업활동 현금흐름 또는 조정 EBITDA에는 영향을 미치지 않았음을 강조했습니다.

2분기 매출원가에는 규격 부적합 시험 결과에 따른 원료의약품(API) 재고 90만 달러 상각이 포함되었습니다. 회사는 절차상의 원인이 해결되었으며 이후 제조 물량은 규격을 충족하고 있다고 밝혔습니다.

단기 처방 추세는 의사 일정, 환자 휴가, 공휴일, 개학 시기 등으로 인해 고르지 않게 유지될 수 있습니다. 총매출 대비 순매출 전망 또한 펠소스가 추가 지불자와 계약을 체결하는지 여부에 일부 좌우됩니다.

애널리스트 Q&A 주요 내용

• 3분기 수요: 경영진은 3분기 초기 지표상 청구건수가 2분기 대비 비교적 안정적인 수준을 유지할 것으로 보이며, ZELSUVMI 사용량은 긍정적인 모멘텀을 나타내고 있다고 말했습니다. 회사는 여전히 분기별 성장을 기대하고 있습니다.
• 소아과 채택: 영업력, 디지털 프로모션, 새로 발표된 전문가 합의 가이드라인에 힘입어 인지도와 치료 의향이 증가하고 있습니다. 소아과 처방은 사용량의 약 25%~27%를 계속 차지하고 있습니다.
• XEPI 및 XEGLYZE 투자: 단기 지출의 대부분은 제조 및 마케팅 준비에 집중될 것입니다. 두 제품 모두 ZELSUVMI의 처방 의사 기반과 겹치기 때문에 경영진은 추가 영업 인프라가 제한적일 것으로 예상합니다.
• 사업 개발: 펠소스는 신규성이 있고 미충족 수요를 해결하며 피부과 또는 소아과 분야와 중복되는 자산을 계속 평가할 것입니다. 경영진은 현재 단순 모방(“me-too”) 제품을 찾고 있지 않다고 언급했습니다.
• 유통 채널 재고: 경영진은 미미한 재고 증가와 보유 일수 감소를 이유로 들어 2분기 매출의 주된 원인을 채널 채우기(channel fill)가 아닌 처방 수요 덕분으로 돌렸습니다.

실적발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Greetings and welcome to the Q2 2026 Pelthos Therapeutics Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

질의응답

Mike Moyer

now like to turn the conference over to your host, Mike Moyer of LifeSci Advisors. You may begin. Good morning, everyone, and welcome to Pelthos Therapeutics' 2026 Second Quarter Financial Results Conference Call. Pelthos issued a press release today announcing its financial results for the quarter ended June 30, 2026. A copy can be found in the Investor Relations tab on the company's corporate website at www.pelthos.com. Before we begin, I'd like to remind you that during today's call, statements about the company's future expectations, projections, plans, and prospects are forward-looking statements. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties, and other important factors that may cause the company's actual results, performance, or achievements to be materially different from the company's current expectations expressed or implied by the forward-looking statements.

Any such forward-looking statements represent management's estimates as of the date of this conference call. While the company may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change. As a reminder, this conference call is being recorded and will remain available for 90 days. I'd now like to turn the call over to Scott Plescia, Chief Executive Officer. Scott, you may begin.

Scott Plescia

Thank you, Mike, and good morning, everyone. We're delighted to be with you today and share with you our second quarter 2026 operating results and highlights. Joining me today are John Gay, our Chief Financial Officer, and [ Cy Rengiero ], our Chief Commercial Officer. The second quarter of 2026 was a successful one for Pelthos with a strong execution and progress made in several key areas that I'll share at a high level with you. First, we experienced substantial revenue growth driven by increased prescriptions of our lead product, ZELSUVMI, in this fourth quarter since launch. Next, the contract we executed with a major pharmacy benefit manager at the end of last year has been an important catalyst in demand for ZELSUVMI.

Within this PBM, units dispensed increased 81.3% during the quarter, while the number of prescribers increased 68%. We continue to explore additional contracting options to further our reach and market penetration. Finally, we continue to make progress in establishing the manufacturing of our two other highly complementary products, XEPI and XEGLYZE. John and [ Cy ] will provide a more detailed look at the quarter's ZELSUVMI launch metrics and reported financial results, but I'd like to share a brief overview of our results of operations. Our top-line results were driven by a 48% increase in prescription units as reported by Symphony Health, which increased from 8,084 units in the first quarter of 2026 to 11,925 units in the second quarter of 2026. This drove an increase in net product revenue from $10.7 million during the first quarter of 2026 to $15.4 million in the second quarter of 2026. Importantly, we achieved this growth with only a minimal increase in wholesale inventory while reducing days on hand by approximately three days from the end of May 2026 to the end of Q2 2026.

As a reminder, ZELSUVMI is a novel topical nitric oxide releasing product indicated for the treatment of molluscum contagiosum, or MC, in patients 1 year of age and older for up to 12 weeks. ZELSUVMI is an important advancement in the treatment of MC, as it's the first and only FDA-approved therapy that can be applied by parents, patients, or caregivers in the home or on the go. We believe the opportunity to treat MC at home without the need for an in-office procedure has been and will continue to be a key driver of ZELSUVMI demand. We are pleased with the growth delivered in Q2, and are confident in our future performance. Our belief remains strong that ZELSUVMI is revolutionizing the treatment of MC and is becoming the first-line treatment of choice for many HCPs and patients. This is supported by the recent August 2026 Journal of Drugs in Dermatology, JDD, publication titled Molluscum Contagiosum in the Pediatric Population, Expert Consensus Guidance on Prevention and Treatment, which includes berdazimer 10.3% gel, ZELSUVMI, as the only at-home available treatment option for MC that can provide clinically meaningful clearance rates and when combined with supportive management, provides an opportunity to improve outcomes and quality of life for children with MC. These landmark guidelines represent a significant advancement in the management of MC, and we're committed to ensuring they're appropriately communicated to healthcare professionals who treat MC.

Regarding XEPI and XEGLYZE, XEPI is a novel FDA-approved topical treatment for impetigo that addresses a critical unmet need in antibiotic-resistant skin infections caused by staph and strep infections, most commonly affecting children. Impetigo is the most common skin infection in children seen by pediatricians with approximately 3 million patients diagnosed with this bacterial infection each year. We believe XEPI is a highly complementary product as it mostly treats children that are managed by the same healthcare providers as ZELSUVMI. Importantly, this allows us to leverage our commercialization infrastructure including our expanded sales force. We continue to focus on establishing the manufacturing process and building launch inventory and expect to launch XEPI in the first quarter of 2027. With respect to XEGLYZE, XEGLYZE is a novel FDA-approved product indicated for the treatment of head lice in patients 6 months of age or older that is highly complementary to ZELSUVMI and XEPI and is expected to require minimal incremental overhead to commercialize. At the operational level, we are standing up manufacturing for XEGLYZE and expect to bring it to market in the third quarter of 2027. Both XEPI and XEGLYZE will have meaningful call overlap for existing sales force, providing the company with greater operational and financial leverage from our existing team and infrastructure.

In summary, we are pleased with the strong response from healthcare professionals to ZELSUVMI as demonstrated by the more than 30,000 units dispensed since its launch in July of 2025. We continue to plan for the upcoming launches of XEPI and XEGLYZE to complementary FDA-approved products. We continue to evaluate and optimize our commercial strategy to drive sustainable long-term shareholder value. I'll now turn it over to [ Cy ] to provide more specifics on the results of the ZELSUVMI launch and key performance indicators.

Unknown Executive

Thank you, Scott. Good morning, everyone. I'm pleased to provide an update on our Q2 2026 ZELSUVMI performance. Our progress to date continues to deliver better-than-expected results in our first full year or four full quarters since launch. In Q2 2026, shipments and prescriptions continue to track ahead of expectations. We also continue to receive very positive feedback from several prescribers regarding the ZELSUVMI clinical profile and ease of use. We now have more than 8,000 unique HCP prescribers in our latest data. We remain confident that ZELSUVMI is revolutionizing the treatment of MC as evidenced by the increased utilization of ZELSUVMI.

In the first full year since its commercial launch in July 2025, more than 25,000 patients have been prescribed ZELSUVMI. This is an incredible milestone for ZELSUVMI and Pelthos. Getting into the prescription details for Q2 2026, the number of prescriptions rose a very strong 48% from 8,084 in Q1 to 11,925 prescribed units in Q2. The number of unique prescribers also rose from 3,288 in the first quarter to 4,571 by the end of the second quarter, with both sets of data reported in Symphony's Metis data. Prescribed units in July were 4,299 versus 4,208 in June. With typical seasonality and summer scheduling dynamics for HCPs and patients, performance between June and July was in line with our expectations. We continue to feel confident about our growth potential in Q3.

We also continue to see weekly highs in prescribed units with our latest data for the week ending July 31st, reaching an all-time high of more than 1,000 units dispensed of ZELSUVMI. Our coverage for ZELSUVMI remains strong in 2026. As of today, we have a 59% coverage rate for commercial insurance plans and an incredible 100% coverage rate for Medicaid. This is a testament to the fact that ZELSUVMI, as the first FDA-approved at-home treatment for MC, is being adopted as a first-line treatment option and is being well received by HCPs and coverage providers. As previously announced, we executed a contract with a large PBM to remove friction and help patients gain access to ZELSUVMI. This effort has continued to help many patients gain rapid access to ZELSUVMI. For Medicaid coverage, a number of larger states still do not require a prior authorization.

In other states that require a PA, Medicaid only requires a prior authorization written to label, meaning that a patient over 1 year of age presenting with MC qualifies for coverage. We continue to have very good gross-to-nets or GTNs. Our current GTNs are driven by distribution costs, Medicaid discounts, payer contracts, and our copay voucher program. It is our goal to offset prescription costs through the copay card program so that the prescription cost is $0 or close to zero for the majority of patients in most instances. For the second quarter of 2026, we had favorable GTNs of 29.6% in line with our expectations. Going forward, we expect our GTNs to move into the mid-30% range.

In Q2 2026, we made three key additions to our sales team footprint with the launch of territories in Pittsburgh, Pennsylvania, Albany, New York, and Shreveport, Louisiana. These strategic additions bring our field force to 67 sales territories, further strengthening our reach and positioning us to deliver impactful ZELSUVMI education and awareness to our broad and growing community of healthcare professionals. Our awareness and utilization of ZELSUVMI as the first and only at-home prescription treatment option for MC are heavily complemented by our comprehensive promotional tactics. Our ZELSUVMI YouTube commercial and our patient testimonial videos featuring a young patient and a renowned pediatric dermatologist continue to be highly educational and successful, with more than 9.2 million total views of ZELSUVMI YouTube commercial and more than 400,000 views of our patient testimonial videos. These unique and informative short promo videos have prompted parents and caregivers, along with adult patients, to ask their HCPs about ZELSUVMI and the potential for appropriately utilizing the treatment for their MC. To further strengthen our digital outreach in June, we launched a new series of HCP-focused YouTube videos featuring expert clinicians sharing their experiences with MC and their perspectives on ZELSUVMI as an important treatment option for appropriate patients. This video series along with the content to follow provides HCPs with the opportunity concise, expert-driven insights that help them quickly understand the meaningful benefits ZELSUVMI can offer to appropriate patients. Throughout Q2 2026, we participated in several key conferences, engaging with and educating HCPs on the differentiated benefits of ZELSUVMI for their patients.

Our presence and presentations at the Society of Pediatric Dermatology and one of the largest nurse practitioner physician's assistant dermatology conferences generated significant attention and a strong volume of HCP leads. These engagements translated into meaningful interest in both continued and new use of ZELSUVMI, reinforcing the growing momentum and awareness of the brand among HCPs. We continue to build on our great tactical platform along with a strong execution of our sales team to grow ZELSUVMI. I'm very proud of our strong performance to date, which reflects the passion, dedication, and hard work of our exceptional commercial team. And with that, I now turn the call over to John to discuss our financials. John?

John Gay

Thank you, [ Cy ]. Good morning, everyone, and thank you for joining us on today's call. As Scott and [ Cy ] have already touched on, we continue to see increasing demand for our lead product, ZELSUVMI, as demonstrated with our growing pull-through and dispensed units to date. Before I speak to the financial results for our second quarter 2026, I would like to explain in more detail two filings Pelthos made this morning with the SEC regarding the complex U.S. GAAP accounting matter specifically associated with the fair value accounting of our related party convertible notes. I would encourage investors to review the company's current report on Form 8-K and Amendment No. 1 to the company's quarterly report on Form 10-Q for the quarter ended March 31, 2026, each of which was filed with the SEC earlier today and contains additional information regarding this restatement and the related accounting analysis. The filing activity this morning associated with the first quarter of 2026 resulted from a misapplication of Accounting Standards Codification 820, Fair Value Measurements, related to certain fair value measurements used in estimating the fair value of our convertible debt, including valuation methodologies, specific valuation assumptions, and inputs. Specifically, this matter related to the valuation impact of certain provisions in the convertible note subordination agreement entered into in January 2026 by the convertible note holders.

As part of the Horizon Technology Finance term loan facility closed in January of 2026, a subordination agreement was executed by the convertible note holders. Pursuant to this agreement, all payment obligations under the convertible notes, including principal and accrued interest, became subordinated to the company's obligations under the Horizon term loans. The valuation issue stemmed from the effect of this subordination agreement and its impact on the fair value measurement of the company's convertible debt. The valuation assumptions and methodologies used in the company's originally filed Form 10-Q for the quarter ended March 31st, 2026 did not appropriately reflect the impact of the subordination agreement in accordance with ASC 820 Fair Value Measurement. As a result, the company restated its previously issued financial statements for the quarter ended March 31st, 2026 to revise certain fair value measurements associated with its convertible debt. The amended Q1 2026 filing reflects the revised fair value measurements and related accounting adjustments associated with the subordination agreement in accordance with ASC 820. The restatement is limited to fair value accounting measurements associated with the company's convertible debt and related accounts and does not affect the underlying economics of the company's convertible debt arrangements. In summary on this matter, I would like to emphasize that the restatement relates solely to fair value accounting estimates.

It does not affect the company's cash balances, net revenues, product sales, operating expenses, nor operating loss, operating cash flows, or adjusted EBITDA. With that, I will now focus on the operating results of our commercial business. Please note that my comments will focus on our second quarter 2026 results as compared to the first quarter of 2026. In the second quarter of 2026, we reported $15.4 million of net product revenue, representing a 45% increase from the first quarter of 2026. With today's filing of our quarterly report on Form 10-Q for the period ended June 30, 2026, we have now completed and reported four fiscal quarters of commercialization efforts for ZELSUVMI. While these quarters straddle two fiscal years, we have reported in aggregate $42.3 million of net product revenue for the four quarters since commercial launch of ZELSUVMI. This amount is comprised of our net product revenue from the third and fourth quarters of fiscal 2025 of $7.1 million and $9.1 million, plus $10.7 million and $15.4 million of net product revenue for the first and second quarters of 2026, respectively.

Cost of goods sold was $3.6 million for the second quarter of 2026 and $1.7 million in the first quarter of 2026. Cost of goods sold includes fair value adjustments related to finished goods and active pharmaceutical ingredient inventory on hand at the time of the company's merger in July 2025. Cost of goods sold for the second quarter of 2026 also include a $0.9 million write-off of commercial API inventory identified through the company's quality control processes related to out-of-spec testing results for API manufactured during the quarter. The underlying procedural cause of this matter was addressed and subsequent API manufacturing has commenced and is meeting specifications. In addition, as previously discussed, a component of our cost of goods sold includes fair value adjustments associated with the July 2025 merger. At the time of the merger, all finished goods and active pharmaceutical ingredient inventory on hand was fair valued as prescribed under US GAAP. As of the end of the second quarter of 2026, we have sold through the stepped-up finished goods inventory, and we expect to consume the remaining stepped-up API inventory within the next 12 to 15 months.

Once we have sold all inventory with a basis step-up, we expect to have a normalized per-unit cost of goods of approximately $1,000, a mid-single-digit percentage of our current WAC price. For the second quarter of 2026, we reported $27.7 million of SG&A expenses, representing a 31% increase from the first quarter of 2026 at $21.1 million. We provide a detailed breakdown of the components of SG&A within the MD&A section of our quarterly report on Form 10-Q for the period ended June 30, 2026, filed this morning. But in summary, the $6.6 million quarter-over-quarter change in SG&A was primarily related to an expected $5.3 million increase in one-time non-recurring sales-based milestone related to our ZELSUVMI license, an increase in royalties owed of $0.8 million, an increase in personnel cost of $1.3 million, which includes $0.5 million of cash-based severance payments and $1 million of non-cash stock-based compensation related to a former executive, a decrease in regulatory and manufacturing related expense of $0.8 million, an increase in corporate expenses of $0.7 million, a decrease in marketing and commercial expense of $0.5 million, and a decrease in non-cash depreciation expense of $0.2 million. Total cash basis SG&A, excluding milestones, royalties, and severance, was approximately $16.2 million for the second quarter of 2026, as compared to $16.7 million for the first quarter of 2026. We expect that quarterly cash basis SG&A, excluding milestones, royalties, and severance, will fluctuate in 2026 as we continue to invest in the expected growth of ZELSUVMI and as we prepare XEPI and XEGLYZE for commercialization. Net loss for the second quarter of 2026 was $23.4 million as compared to $25.1 million of net loss for the first quarter of 2026 as amended.

Adjusted EBITDA for the second quarter of 2026 was a negative $5.7 million as compared to a negative $8.0 million for the first quarter of 2026. Turning now to our balance sheet, as of June 30th, 2026, we had $24.2 million of cash and $14.5 million in accounts receivable. Our working capital at the end of the second quarter of 2026 was $31.4 million as compared to $44.8 million at the end of the first quarter of 2026. As previously discussed, in January this year, we entered into a $50 million senior secured term loan facility, of which we drew $30 million at close with Horizon. Based on the company achieving trailing 12-month net product revenues of $42.3 million as of June 30, 2026, the company understands it has achieved access to an additional $10 million under the term loan facility subject to the lender's discretion. Based on current projections, including forecasted cash flows related to net product sales of ZELSUVMI and proceeds from the initial draw of the Horizon facility, we believe we have the capital and flexibility needed to advance and execute our business plans. In summary, our performance since the launch of ZELSUVMI in July 2025 has exceeded our expectations. Furthermore, since launch, we have strengthened our balance sheet and believe we are well positioned to continue our commercial execution story, bringing a much-needed treatment to molluscum patients.

With that, I'll now turn it back over to Scott. Scott.

Scott Plescia

Thank you, John. In closing, I would now like to highlight a few key points. Again, we are extremely pleased with the success of the ZELSUVMI launch and our financial results to date. As we remain relatively early in our launch, we have not yet provided discrete revenue and earnings guidance. However, we remain confident about our revenue growth trajectory and believe that our current cash balance provides a runway to execute our business plan. I want to thank you for joining us today to learn more about the Pelthos story. And I'll return the call over to the operator for any questions.

Operator

[Operator Instructions] Our first question comes from the line of David Amsalem with Piper Sandler. Please go ahead.

Unknown Analyst

Hi, this is [ Keon ] for David. As we look into 2Q, any early indications on how pronounced that step down in claims might look this quarter? And number two regarding BD, what is your current appetite for adding an additional asset to the portfolio and are you casting a wider net in the Peds space or do you continue to favor Derm assets? Thank you.

Scott Plescia

Okay, yes, thank you for the question. I'll let [ Cy ] talk a little bit about your first question, then I'll address the second.

Unknown Executive

Good morning. Thanks for the question. In terms of claims relative to Q3, our early indicators tell us that it's actually going to be quite stable compared to where we are in Q2. We do see more of the global data sphere that tells us that you see a natural decline in the quarter, as we've stated previously, but the early weeks here into Q3 really show as a positive increase in what we see in terms of overall MC claims and patients utilizing ZELSUVMI. So we feel that that's promising for the quarter, but again, in line with our expectations.

Scott Plescia

Yes, and I'll take the second question around BD. You know, right now, obviously, we're really busy with our launch. We're about one year in with ZELSUVMI, preparing for XEPI and XEGLYZE, but we'll continue to evaluate other opportunities. I think, you know, critically for us, we're wanting to make sure that they align with our current assets, meaning that we have very novel, actually, NCEs that are meaningful and meet kind of a need in the market that hasn't been addressed. So something that would fit in that, not really looking to get into like a me-too type marketplace at this time. So regarding whether it would be Peds or Derm, I think ideally it would overlap in both. But if we found something compelling enough and once it's done, we'll see, special to the other, I think we would consider it.

Unknown Analyst

Got it, thank you.

Operator

Your next question comes from the line of Olivia Breyer with Cantor. Please go ahead.

Olivia Breyer

Hi, good morning, guys. Just wondering about how you expect gross-to-net trends to evolve over the coming quarters and when do you actually expect to start to hit that steady state in the mid-30s range? And then as for the trends that we saw so far throughout the summer, has there been any anecdotal feedback on what's been driving some of that weekly scripts choppiness? I'm just trying to get a better gauge for whether we might be out of that weekly volatility, especially now that kids are heading back to school.

Scott Plescia

Thanks, Olivia. I'll take the GTN question really quick. So we reported 29.6%, which is quite good, especially in dermatology. And then Q1, it was 29.1%. So we're up a half a point. In the past, obviously we've guided that we think we're going to go to the low to mid-30s here, you know, later in the year here. And when we do that, we're actually giving room for potential plan to be added.

So we're in discussions with a plan that we would like to have a contract with going forward. We'll see if that happens or not. It is one of the areas where we have friction so we'll see if we get that done that would cause you know the rates to move to the mid to high-30s. I think without that plan we'll be more in the low-30s. We're only up a half a point this quarter. I think still again, very attractive. And I do think, barring any other contracts or us wanting to do anything else, I think that kind of low to mid-30s will be kind of where we live going forward. And then I'll turn it over to [ Cy ] for the second question on the volatility.

Unknown Executive

Thanks, Scott. Good morning, Olivia. Thanks for the questions. So in terms of overall volatility that we've seen over the last several weeks, I think a lot of it's tied to, as we had stated previously, the expected summer schedules, especially the HCP offices and as well as the patients themselves coming in and with being out of school and vacation schedules, I think you see that affecting an acute marketplace in which we're marketing within. What we do see, however, is an uptick in overall claims and then obviously utilization of ZELSUVMI where we had our highest week, just as we stated from our previous week's data.

And, you know, as it relates to back to school, we really do feel like there is going to be, you know, an influx of patients back in for traditional wellness checks and then, you know, the natural tie to then potentially serving their molluscum diagnosis. That obviously is going to vary depending upon where you are geographically, meaning some regions will be getting back to school a little sooner than others. But we do expect that to normalize here in the coming weeks. But again, I think we feel pretty confident based on what we've seen here in the last couple of weeks in particular in terms of an overall utilization.

Scott Plescia

Yes, I'll just add. I think a holiday like July 4th, it impacted, July 4th was on a Friday, it impacted that week, the week ending the 4th and the next week because people were taking long weekends and maybe a vacation the next week. So, you know, [ Cy ] mentioned us being an acute drug and we're really dependent on NRx's coming in, though our refills have actually gone up quite a bit in Q2 as a quarter-over-quarter percentage-wise. They were up greatly, almost doubled. And so when you think about the impact of a holiday, it's much greater in a market like this. And then even the week that kids they're not going to the doctor that week, right? So there's a little choppiness right now as well. We expect to grow in the quarter. And nonetheless, we grew in July over June, even though there was a holiday in July.

Olivia Breyer

Okay, great. Thank you both. Very helpful.

Scott Plescia

Thanks, Olivia. Appreciate it.

Operator

Your next question comes from the line of Brandon Foulkes with HC Wainwright. Please go ahead.

Brandon Foulkes

Hi. Just following on from the earlier question, you talked about sort of the back to school wellness checks. So just sort of following on that theme, as ZELSUVMI continues to grow, can you just talk about pediatrician awareness of the product and the willingness of pediatricians to treat? Are you seeing an increase in both awareness and willingness to treat from a pediatrician perspective? Thank you.

Unknown Executive

Good morning, Brandon. This is [ Cy ]. Thanks for the question. And yes, I do believe we are seeing an increased awareness in the space, largely prompted through what our field force has been doing as we call on an equal amount of pediatricians compared to traditional dermatology segment. So we do see an increase of the urgency to treat. We see an increase in the utilization of ZELSUVMI in that category. We're still hovering in that 25% to 27% range of pediatric utilization and prescribing of the product. So we feel very confident that that will increase over time. We have a lot of other tools that we are using to get out there as it relates to non-personal and digital promotions.

And then being at the conferences, the pediatric community definitely does not have as many conferences as the dermatology community, but we will surely be at the ones that make the most sense in order to get the word out and, again, increase that awareness and ultimate utilization.

Scott Plescia

Yes, and Brandon, hi, it's Scott. Thanks for the question. Just a little bit to add there. We're seeing growth across all specialties. We're one of the two of the metrics that we really like as we look at our performance is that we're adding anywhere from 150 to 200 new prescribers each week. [ Cy ] mentioned that we're over 8,000 now prescribers a year in. So quite good there, but not just new but repeat continue to grow as well over time. It's trending in the right direction. And mentioning Peds, I think in my comments, I mentioned the new consensus guidelines that were just published. And that was a great idea.

And I think it's a great idea to have a consensus guideline that was led by Nanette Silverberg, who is really one of, if not the top KOL in the world for we think that that's going to be a great educational tool going forward for Peds that maybe aren't treating or aren't treating as much as they should, probably. So I think it's pretty compelling. It's a very balanced and fair. And, you know, that panel was comprised of, you know, some of the top pediatric derms and again in the world and a top tier pediatrician as well. So, and that as you can imagine that will get a lot of play posters and whatnot or podiums at the different talks including the pediatric ones.

Operator

Your next question comes from the line of Jeff Jones with Oppenheimer.

Unknown Analyst

Hi, this is [ Mira ] on for Jeff. Just had two questions. Just wanted to ask more about how do you anticipate sort of the scripts trend to trend into the fall and how should we think about that seasonality in the second half of the year? And then my second one is sort of what investments in sort of like dating items do you think will be required ahead of the XEPI and XEGLYZE launches next year? Thank you.

Unknown Executive

Thank you, [ Mira ]. I'll take the first question and thanks for the question. In terms of our expectations, as I shared earlier, I think is again as it ties to seasonality and the overall claims that we've seen in Q2 and that we expect here in Q3, I think it'll still be very much in line with our expectations. And again, as we've stated now, kind of the overall, you know, kind of sequence of getting back into school should vote well for us as we're positioned both via our field force and then our other promotional mechanisms to essentially attend to the needs of the quarter. But again, in terms of our overall expectations, very much in line with what we would see as per expected claims.

Scott Plescia

I'll talk about the launches of the other products. So again, one of the reasons we really like these acquisitions is we really have our commercial infrastructure in place and it's just, we're going to leverage it. So it's really more about the marketing side and the manufacturing side. And these won't have the same marketing budget that ZELSUVMI has, but right now we're looking at, probably in March of 2027, launched for XEPI. We've actually made commercial product, are going through the different testing that needs to be done, and then we need an FDA approval because there was a change in manufacturer sites here. So, and then it aligns really well with the national sales meeting if we do that. We decided to make sure that we get everything done and we're able to train and launch properly instead of trying to do kind of a soft launch there.

So it'll be a minimal spend around it because of the synergies. And then XEGLYZE right now, we're, again, just ramping up manufacturing. It starts a little bit sooner in the process, so we have to work on API right now. So really it's mostly manufacturing, probably until almost middle of next year before we start really investing in XEGLYZE spend.

Unknown Analyst

Thank you so much.

Operator

Your next question comes from the line of Thomas Slatton with Lake Street, please go ahead.

Unknown Analyst

Hey, good morning. Just a quick one for John. You mentioned the step-up inventory and you need to sell that through until gross margins come back to maybe more of a normalized level. Do you know how long that will take to burn through that inventory?

John Gay

Yes, thanks Thomas. Appreciate the question. Yes, so as it relates to the finished basis stepped up from the finished good inventory, we've actually sold through all of that. What we did have on hand from an API standpoint that also had a basis step up, we will continue to convert that into finished good products and we think that we'll burn through that in the next 12 to 15 months.

Unknown Analyst

Yes, it'll be some job to speed that up if possible. And speaking of which, what can you tell us about the number of touches that you need with the docs before they write their first prescription? Has that changed since launch? Is there a differential between Peds and Derms? Any kind of color on that would be super helpful.

Unknown Executive

I'll take that question, Thomas, and good morning. That's a great question because I think in terms of when you get to a steady state or a steadier state, rather, you do see the need for lesser touch points. I think that's indicative of our repeat writers that we have. This last week, we hit an all-time high of repeat writers of 193, so I think we have a situation where we have a really important element and as you was where that we see an overall view of there being a need to tie back to the validation of the clinical profile and then overall tying back as well to the repeat utilization as we also see with And, you know, as Scott had mentioned, we've seen 82% quarter-over-quarter increase in refills. And, you know, really, as I was mentioning, as it ties to the refill mechanisms, that 193 was to the refill count specifically. The HCP writer count is at 157 at an all-time high in our previous week. So, we really do see, you know, constant view and continued validation of that repeat writer and overall view of refills as well, which I think decreases the amount of need of attention and frequency at times.

Operator

Your next question comes from the line of James Malloy with Alliance Global Partners. Please go ahead.

Matthew Venezia

Hi guys, Matt on for Jim this morning. Could you give us a bit of an overview on your view of the relative strength of YCANTH recently, as well as what counter-detailing messages you guys ended up using against each other out in the field? Thanks.

Unknown Executive

Good morning, Matt. This is [ Cy ]. I'll take that question. So just to be pretty straightforward about it, we don't ever get into a situation where we do any actual counter-detailing. We stay very firm to our clinical profile for which we feel incredibly confident on and in terms of our overall approved messaging. So there's never a situation where we either train or suggest any level of counter-detailing. We exist in a very fortunate market in the sense that we're the first and only at-home treatment prescription option. There's never been that type of option to date.

The other products that exist in the procedural space have their own category. But by virtue of what we go to market with and what we see every day in terms of the overall HCP category, very, very closely tied to our clinical profile, our efficacy story, our safety story, and overall access to the medication.

Matthew Venezia

Got it. And any commentary on the relative strength of YCANTH in the script world recently?

Scott Plescia

Yes, I mean, obviously we see where they're going. I think, like [ Cy ] said, there's room for both of us. I think you could compare our results and decide which, you know, and which revenue is growing faster, but I think they're used in different patients, different offices sometimes. There is some overlap in doctor using for both. So honestly, I would ask you to ask them about their growth. It's really about us growing our own business. That's what we're focused on.

Operator

Your last question comes from the line of Jonathan Aschoff with Roth Capital Partners LLC. Please go ahead.

Unknown Analyst

How much of the 2Q revenue represents units versus channel fill?

Scott Plescia

Yes, so Jonathan, in my script, I should have said, we actually pulled our days on hand down to three, by three days, I'm sorry, which is under three weeks in the channel, but, at this point and only up a couple of hundred units, basically of inventory. So very minimal.

Unknown Analyst

Okay, thanks. And you mentioned 67 sales territories. Is that because you hired three more people, you know, 50 plus 14? Did you add three? Okay. And what were those geographies? You kind of rambled them off pretty fast.

Unknown Executive

Good morning, Jonathan. It's Pittsburgh, Pennsylvania. It's Shreveport, Louisiana, and Albany, New York.

Unknown Analyst

Thank you very much, guys.

Scott Plescia

Thank you. Thanks, Jonathan.

Operator

This now concludes our question and answer session. I would like to turn the floor back over to Scott Plescia for closing comments.

Scott Plescia

Thank you, Operator. I want to thank everyone for joining today's call. I'd also like to thank the Pelthos employees for their continued focus, execution, hard work, and dedication in supporting patients, caregivers, and healthcare providers. Thank you again for joining our call, and we look forward to updating you on our progress in the future.

Operator

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.