Pelthos Therapeutics is a small specialty pharmaceutical company formed in July 2025 through a merger between Channel Therapeutics and LNHC, a Ligand Pharmaceuticals subsidiary. Pelthos' core product is ZELSUVMI (berdazimer topical gel, 10.3%), the first and only FDA-approved prescription home-use treatment for molluscum contagiosum (MC), a viral skin infection that primarily affects children. ZELSUVMI is applied once daily for up to 12 weeks and is distributed through wholesale channels to retail pharmacies, mail-order pharmacies, and Amazon Pharmacy. Revenue is driven by prescription volume, units per patient course (currently averaging roughly 1.2 units), and net pricing after gross-to-net deductions from ZELSUVMI's $1,950 WAC list price. Pelthos manufactures ZELSUVMI's active ingredient at its own facility in Durham, NC, and outsources finished product manufacturing to a contract manufacturer in Finland. Pelthos also holds two additional FDA-approved products it plans to commercialize using the same sales infrastructure targeting pediatricians and dermatologists: XEPI, a topical antibiotic for impetigo expected to relaunch in late 2026, and XEGLYZE, a single-application head lice treatment targeted for launch in 2027. Pelthos pays royalties to Ligand and certain investors on ZELSUVMI net sales, and has a manufacturing services agreement under which Ligand or its partners can contract with Pelthos to produce API for other products based on Pelthos' NITRICIL nitric oxide platform.