Pelthos Therapeutics Inc (PTHS) 2026 Q1 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the Pelthos Therapeutics 2026 first quarter financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Moyer from LifeSci Advisors. Please go ahead.

各位女士、先生，早安，歡迎參加 Pelthos Therapeutics 2026 年第一季財務結果電話會議。（接線員指示）提醒各位，本次會議將被錄音。現在我很榮幸介紹今天的主持人——來自 LifeSci Advisors 的 Mike Moyer。請開始。

Good morning, everyone, and welcome to the Pelthos Therapeutics 2026 first quarter financial results conference call. Pelthos issued a press release today announcing its financial results for the quarter ended March 31, 2026. A copy can be found in the Investor Relations tab on the corporate website, www.pelthos.com.

各位早安，歡迎參加 Pelthos Therapeutics 2026 年第一季財務結果電話會議。Pelthos 今日發布新聞稿，公布截至 2026 年 3 月 31 日止季度的財務結果。新聞稿副本可於公司網站 www.pelthos.com 的投資人關係（Investor Relations）頁籤中查閱。

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.

在開始之前，我想提醒各位，在今天的電話會議中，關於公司未來預期、預測、計畫與前景的陳述均屬前瞻性陳述。這些前瞻性陳述係基於管理層目前的預期。

These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from our 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.

這些陳述既非承諾亦非保證，且涉及已知與未知的風險、不確定性及其他重要因素，可能導致我們的實際結果、表現或成就與前瞻性陳述所明示或暗示的目前預期存在重大差異。任何此類前瞻性陳述均代表截至本次電話會議日期管理層的估計。

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.

儘管公司未來可能選擇在某個時間點更新此類前瞻性陳述，但即使後續事件導致其觀點改變，公司亦不承擔任何更新義務。提醒各位，本次電話會議將被錄音，並將保留 90 天供回放。

I'd now like to turn the floor over to Scott Plesha, Chief Executive Officer. Sir, you may begin.

現在我想把時間交給執行長 Scott Plesha。先生，請開始。

Thank you, Mike, and good morning, everyone. We're delighted to be with you today to share with you our first quarter 2026 operating results and highlights. Joining me today are John Gay, our Chief Financial Officer; and Sai Rangarao, our Chief Commercial Officer.

謝謝你，Mike，各位早安。我們很高興今天與各位一同分享 2026 年第一季的營運成果與重點進展。今天與我一同出席的還有我們的財務長 John Gay，以及商務長 Sai Rangarao。

The first quarter of 2026 was a successful one for Pelthos, with 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 during its third quarter since its launch.

2026 年第一季對 Pelthos 而言是成功的一季，我們在多個關鍵領域展現強勁執行力並取得進展，我將先向各位做高層次的分享。首先，在主力產品 ZELSUVMI 上市後的第三個季度，受處方量增加帶動，我們的營收大幅成長。

Next we completed the expansion and optimization of our sales force from 50 sales representatives to 64. We believe that the expansion of our sales force and the contracts we executed with a major pharmacy benefit manager in December 2025, have been important catalyst in demand for ZELSUVMI since January. Within this PBM, units dispensed have doubled and the number of prescribers has increased 121%.

其次，我們完成了銷售團隊的擴編與最佳化，將業務代表人數由 50 名提升至 64 名。我們相信，銷售團隊擴編以及我們於 2025 年 12 月與一家主要藥局福利管理機構（PBM）簽署的合約，自 1 月以來已成為推動 ZELSUVMI 需求的重要催化因素。在該 PBM 體系內，配藥單位數已翻倍，開立處方的醫師數增加了 121%。

Finally, we continue to make progress in establishing the manufacturing of our two other highly complementary products, XEPI and XEGLYZE. John and Sai 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.

最後，我們持續推進另外兩項高度互補產品 XEPI 與 XEGLYZE 的製造建置。John 與 Sai 將就本季 ZELSUVMI 上市指標與已揭露的財務結果提供更詳細的說明，但我想先簡要概述我們的營運成果。

Our top line results were driven by a 25% increase in prescription units as reported by Symphony Health, which increased from 6,312 units in the fourth quarter of 2025, to 7,884 units in the first quarter of 2026. This drove an increase in net product revenue from $9.1 million during the fourth quarter of 2025 to $10.7 million in the first quarter of 2026. Importantly, we achieved this growth with only a minimal increase in wholesaler inventory while reducing the days on hand by more than one week from the end of Q4 2025, to the end of Q1 2026.

我們的營收表現主要由處方單位數成長所帶動。根據 Symphony Health 的資料，處方單位數增加 25%，由 2025 年第四季的 6,312 單位提升至 2026 年第一季的 7,884 單位。這帶動淨產品營收由 2025 年第四季的 910 萬美元增加至 2026 年第一季的 1,070 萬美元。重要的是，我們在僅有極小幅度增加批發商庫存的情況下達成此成長，同時將庫存持有天數自 2025 年第四季末至 2026 年第一季末縮短超過一週。

As a reminder, ZELSUVMI is a novel topical nitric oxide releasing product indicated for the treatment of molluscum contagiosum or MC, in patients one 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.

提醒各位，ZELSUVMI 是一款新型外用一氧化氮釋放產品，適應症為治療傳染性軟疣（molluscum contagiosum，或 MC），適用於 1 歲及以上患者，療程最長可達 12 週。ZELSUVMI 是 MC 治療上的重要進展，因其為首個且唯一獲 FDA 核准、可由家長、患者或照護者在家中或外出時自行塗抹使用的療法。

We believe the opportunity to treat MC at home and 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 Q1 and are confident we can build on our momentum as units dispensed during April 2026 increased to 3,776 from 3,309 units in March 2026, a 14.1% month-to-month increase.

我們相信，在家治療 MC 且無需到診所進行處置的機會，一直是、並將持續是推動 ZELSUVMI 需求的關鍵驅動因素。我們對第一季的成長感到滿意，並有信心在既有動能上持續推進；因為 2026 年 4 月的配藥單位數由 2026 年 3 月的 3,309 單位增加至 3,776 單位，月增 14.1%。

Regarding XEPI and XEGLYZE. XEPI is a novel FDA-approved topical treatment for impetigo that addresses a critical unmet need of 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.

關於 XEPI 與 XEGLYZE。XEPI 是一款新型、獲 FDA 核准的外用膿痂疹（impetigo）治療藥物，可因應由葡萄球菌與鏈球菌感染所致、具抗生素抗藥性的皮膚感染之重大未被滿足需求，且最常見於兒童。膿痂疹是兒科醫師最常見的兒童皮膚感染，每年約有 300 萬名患者被診斷為此細菌感染。

We believe XEPI is a highly complementary product as it mostly treats children that are managed by the same health care providers as ZELSUVMI. Importantly, this allows us to leverage our commercial infrastructure, including our expanded sales force.

我們認為 XEPI 是高度互補的產品，因其主要治療的兒童族群，通常由與 ZELSUVMI 相同的醫療照護提供者管理。重要的是，這使我們能夠運用既有的商業化基礎設施，包括我們擴編後的銷售團隊。

We continue to focus on establishing the manufacturing process and building launch inventory, expect to launch XEPI in early 2027. With respect to XEGLYZE, XEGLYZE is a novel FDA-approved product 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 mid-2027.

我們持續聚焦於建立製造流程並建置上市庫存，預期於 2027 年初推出 XEPI。至於 XEGLYZE，XEGLYZE 是一款新型、獲 FDA 核准的產品，與 ZELSUVMI 及 XEPI 高度互補，且預期商業化所需的額外間接成本極低。在營運層面，我們正在建置 XEGLYZE 的製造能力，並預期於 2027 年年中推向市場。

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. Supporting our continued launch execution of ZELSUVMI and the launch preparation of XEPI and XEGLYZE, we closed a $50 million term debt loan in January 2026, of which we drew $30 million. This additional capital strengthens our balance sheet and together with expected revenue growth supports our current business plan.

XEPI 與 XEGLYZE 兩者在現有銷售團隊的拜訪對象上將有顯著重疊，使公司能以既有團隊與基礎設施取得更高的營運與財務槓桿。為支持我們持續推進 ZELSUVMI 的上市執行，以及 XEPI 與 XEGLYZE 的上市準備，我們於 2026 年 1 月完成一筆 5,000 萬美元的定期債務貸款，其中已提用 3,000 萬美元。這筆額外資金強化了我們的資產負債表，並與預期的營收成長共同支持我們目前的營運計畫。

In summary, we are pleased with the strong response from health care professionals to ZELSUVMI, as demonstrated by the more than 20,000 units dispensed since its launch in July of 2025. We continue to plan for the upcoming launches of XEPI and XEGLYZE, two complementary FDA-approved products.

總結而言，我們對醫療專業人員對 ZELSUVMI 的強勁回應感到滿意，這可由自 2025 年 7 月上市以來累計配藥超過 20,000 單位所證明。我們也持續規劃即將推出的 XEPI 與 XEGLYZE 兩項互補且已獲 FDA 核准的產品。

We'll continue to evaluate and optimize our commercial strategy to drive sustainable long-term shareholder value. I'll now turn it over to Sai, to provide more specifics on the results of the ZELSUVMI launch and key performance indicators. Sai?

我們將持續評估並最佳化商業策略，以創造可持續的長期股東價值。接下來我把時間交給 Sai，請他就 ZELSUVMI 上市成果與關鍵績效指標提供更具體的說明。Sai？

Thank you, Scott. Good morning, everyone. I'm pleased to provide an update on our Q1 2026 ZELSUVMI performance. Our progress to date continues to deliver better-than-expected results in just our third quarter since launch. For Q1 2026, shipments and prescriptions were ahead of expectations.

謝謝你，Scott。各位早安。我很高興就 2026 年第一季 ZELSUVMI 的表現提供最新進展。迄今為止，我們的進度在上市後僅第三個季度便持續交出優於預期的成果。就 2026 年第一季而言，出貨量與處方量均超出預期。

On the qualitative side, we continue to receive very positive feedback from HCPs, patients and caregivers on the ease of use and efficacy of ZELSUVMI. Getting into prescription details, the number of prescriptions rose a very strong 25% from 6,312 in Q4 2025 to 7,884 prescribed units in Q1 2026, and the number of unique prescribers rose from 2,377 in the fourth quarter 2025 to 3,228 by the end of the first quarter, with both sets of data reported in Symphony Health's data.

在質性面向上，我們持續收到來自醫療照護專業人員（HCPs）、患者與照護者對 ZELSUVMI 易用性與療效的高度正面回饋。進一步看處方細節，處方單位數由 2025 年第四季的 6,312 單位大幅成長 25%，至 2026 年第一季的 7,884 單位；獨立開立處方者數量亦由 2025 年第四季的 2,377 人增加至第一季末的 3,228 人；上述兩組數據皆來自 Symphony Health 的資料。

We are pleased with our sales force's ability to drive a significant increase in prescriptions in Q1, despite seasonal dynamics at the start of the year and severe weather conditions disrupting operations in January. 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. We affirm this confidence with the increased utilization of ZELSUVMI in April 2026.

儘管年初的季節性因素以及 1 月嚴峻天候造成營運中斷，我們仍對銷售團隊在第一季推動處方量大幅成長的能力感到滿意。我們依然堅信 ZELSUVMI 正在革新 MC 的治療方式，並正成為許多醫療照護專業人員（HCP）與患者的首選一線治療。我們以 2026 年 4 月 ZELSUVMI 使用量的提升，進一步印證這份信心。

Prescribed units in April were 3,776 versus 3,309 in March. We continue to see weekly highs in our prescribed units with our latest data week ending May 1, hitting an all-time high of 917 prescribed units. Our coverage for ZELSUVMI remains strong in 2026.

4 月的處方單位數為 3,776，較 3 月的 3,309 增加。我們持續看到每週處方單位數創新高；依最新資料，截至 5 月 1 日當週達到歷史新高 917 個處方單位。2026 年我們對 ZELSUVMI 的給付覆蓋仍維持強勁。

As of today, we have a 59% coverage rate for commercial insurance plans and an incredible 99% 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.

截至今日，我們在商業保險方案的覆蓋率為 59%，而在 Medicaid 的覆蓋率高達驚人的 99%。這證明作為首個 FDA 核准的 MC 居家治療處方藥，ZELSUVMI 正被採納為一線治療選項，並獲得 HCP 與給付方的良好接受度。

As previously announced, we executed a contract with a large PBM to remove friction and help gain access to ZELSUVMI for many patients. This effort has continued to help many patients gain rapid access to ZELSUVMI. For Medicaid coverage, a large number of states do not require a prior authorization.

如先前所宣布，我們與一家大型 PBM 簽訂合約，以降低摩擦並協助許多患者取得 ZELSUVMI 的用藥可近性。這項努力持續幫助許多患者快速取得 ZELSUVMI。就 Medicaid 覆蓋而言，許多州不要求事前授權（prior authorization）。

For other states that require a PA, Medicaid only requires a prior authorization written to label, meaning that a patient over one year of age presenting with MC qualifies for coverage. We also continue to have very good gross to nets or GTNs.

對於其他需要 PA 的州，Medicaid 僅要求依標籤（written to label）開立事前授權，亦即年滿一歲且出現 MC 的患者即可符合給付資格。我們也持續維持非常良好的 gross to nets（GTNs）。

Our current GTNs largely revolve around distribution costs, Medicaid discounts, payer contracts and our co-pay voucher program. It is our goal to pay down with the co-pay card program so the prescription costs are $0 or close to 0 for the patient in most instances. For the first quarter of 2026, we had favorable GTNs of 29.1%, in line with our expectations. And going forward, we are expecting our GTNs to move to the mid-30% range. Next I would like to provide an update on our sales team.

我們目前的 GTNs 主要與配送成本、Medicaid 折扣、給付方合約以及我們的自付額（co-pay）抵用券計畫相關。我們的目標是透過 co-pay 卡計畫降低患者負擔，使多數情況下患者的處方費用為 0 美元或接近 0。2026 年第一季，我們的 GTNs 為 29.1%，符合我們的預期。展望未來，我們預期 GTNs 將上升至 30% 中段區間。接下來我想就我們的銷售團隊提供最新進展。

As mentioned previously, we commenced the launch of ZELSUVMI in July 2025 with 50 territory managers, placing them in locations based on the ITD-10 data of most prevalent MC cases. We then announced an expansion of an additional 14 territory managers in Q4 2025, in metropolitan areas not previously supported by the original sales footprint.

如先前所提及，我們於 2025 年 7 月以 50 名區域經理啟動 ZELSUVMI 上市，並依據 ITD-10 數據中 MC 病例最常見的地區進行配置。隨後我們宣布於 2025 年第四季再擴編 14 名區域經理，進駐原先銷售版圖未涵蓋的都會區。

Q1 data suggests that this is a highly effective expansion as prescriptions in many of those territories have jumped markedly to the point where, in a very short time, they have covered the costs of their sales efforts entirely. We continue to grow awareness and utilization for ZELSUVMI as the first and only at-home prescription treatment option for MC through various channels and venues. Our ZELSUVMI YouTube commercial continues to be very successful with more than 6.7 million total views.

第一季數據顯示，這是一項高度有效的擴編；許多新增區域的處方量顯著躍升，短時間內即已完全覆蓋其銷售投入成本。我們持續透過各種通路與場域，提升市場對 ZELSUVMI 的認知與使用，作為 MC 首個且唯一的居家處方治療選項。我們的 ZELSUVMI YouTube 廣告持續非常成功，累計觀看次數已超過 670 萬次。

This unique and informative short-form video has prompted parents and caregivers along with adult patients to ask their HCPs about ZELSUVMI. To further our digital outreach, we launched a new YouTube video in April featuring a real patient testimonial, including a young patient and a renowned pediatric dermatologist. This effort helps educate parents and caregivers on the benefits of treating MC with ZELSUVMI.

這支獨特且具資訊性的短影音，促使家長與照護者以及成年患者向其 HCP 詢問 ZELSUVMI。為進一步擴大數位觸及，我們於 4 月推出一支新的 YouTube 影片，內容包含真實患者見證，包括一位年輕患者與一位知名小兒皮膚科醫師。此舉有助於教育家長與照護者了解以 ZELSUVMI 治療 MC 的益處。

The video, and others like it to follow, also help HCPs understand the significant benefits ZELSUVMI can provide for their patients very quickly. We will also continue to attend key conferences throughout 2026, educating HCPs on featured benefits of ZELSUVMI for their patients.

該影片以及後續類似影片，也有助於讓 HCP 了解 ZELSUVMI 能在很短時間內為其患者帶來的顯著效益。我們也將在 2026 年持續參與重要會議，向 HCP 宣導 ZELSUVMI 對其患者的主要益處。

Our attendance and presentations at these meetings have garnered significant attention and generated vast HCP leads, resulting in significant prescriptions from many new prescribers. We continue to build off our great tactical platform along with strong execution of our sales team to grow ZELSUVMI.

我們在這些會議中的出席與簡報已獲得高度關注，並產生大量 HCP 潛在客戶，進而帶來許多新開立醫師的顯著處方量。我們將持續在既有優秀的戰術平台基礎上，結合銷售團隊的強力執行，推動 ZELSUVMI 成長。

I'm very pleased with our strong performance to-date, alongside our highly passionate, dedicated and hard-working commercial team. With that, I now turn the call over to John to discuss our financials. John?

我對目前為止的強勁表現感到非常滿意，也要感謝我們充滿熱忱、投入且勤奮的商業團隊。接下來我把電話交給 John，請他說明我們的財務狀況。John？

Thank you, Sai. Good morning, everyone. I am pleased to be with you on today's call, and thank you for joining us. As Scott and Sai have already touched on, we continue to see increasing demand for our flagship product, ZELSUVMI, as demonstrated with our growing pull-through and dispensed units to-date. Please note that my comments will focus on our first quarter 2026 results as compared to the fourth quarter of 2025, as the first quarter of 2025 is not comparable due to the timing of our merger in July of last year.

謝謝你，Sai。各位早安。我很高興能參與今天的電話會議，也感謝各位加入。如 Scott 與 Sai 先前已提到，我們持續看到旗艦產品 ZELSUVMI 的需求增加，這可由迄今不斷成長的拉動效應（pull-through）與已配發（dispensed）單位數看出。請注意，我的評論將聚焦於 2026 年第一季相較於 2025 年第四季的結果；由於我們於去年 7 月完成合併的時點因素，2025 年第一季不具可比性。

For the first quarter of 2026, we reported $10.7 million of net product revenue, representing a 17% increase from the fourth quarter of 2025. With today's filings, including our quarterly report on Form 10-Q, also filed this morning, we have now completed and reported on three full fiscal quarters of commercialization efforts for ZELSUVMI.

2026 年第一季，我們的產品淨營收為 1,070 萬美元，較 2025 年第四季成長 17%。隨著今日的申報（包括我們的 Form 10-Q 季度報告，亦於今早提交），我們已完成並揭露 ZELSUVMI 商業化推進的三個完整財政季度。

While these quarters straddle two fiscal years, we have reported in aggregate $26.9 million of net product revenue for the three fiscal quarters since commercial launch of ZELSUVMI in July of 2025. 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, respectively, plus $10.7 million of net product revenue for the first fiscal quarter of 2026. In both the first quarter of 2026 and fourth quarter of 2025, cost of goods sold was $1.7 million.

雖然這些季度跨越兩個財政年度，但自 2025 年 7 月 ZELSUVMI 商業上市以來的三個財政季度，我們合計已申報 2,690 萬美元的產品淨營收。此金額包含 2025 財年第三季與第四季的產品淨營收分別為 710 萬美元與 910 萬美元，加上 2026 財年第一季的產品淨營收 1,070 萬美元。2026 年第一季與 2025 年第四季的銷貨成本（cost of goods sold）皆為 170 萬美元。

During the fourth quarter of 2025, write-offs of inventory totaled $121,000 related to previously capitalized process validation expenses. As discussed on prior calls, a component of our cost of goods sold includes fair value adjustments associated with the July 2025 merger.

2025 年第四季，存貨沖銷（write-offs）合計 12.1 萬美元，與先前資本化的製程驗證費用相關。如先前電話會議所述，我們銷貨成本的一部分包含與 2025 年 7 月合併相關的公允價值調整。

At the time of the merger, all finished goods and active pharmaceutical ingredient inventory on hand was fair valued as prescribed under US GAAP. We expect to run through the stepped-up fair value finished goods inventory by late summer of 2026, and approximately 12 to 15 months thereafter to consume the stepped-up fair value API inventory.

在合併時點，依美國一般公認會計原則（US GAAP）規定，我們將手上所有成品與原料藥（API）存貨按公允價值衡量。我們預期將於 2026 年夏末前後消化完已調升基礎（stepped-up fair value）的成品存貨，並在其後約 12 至 15 個月內消化完已調升基礎的 API 存貨。

Once we have sold all of the inventory with a basis step-up, we expect to have a normalized per unit cost of goods sold of approximately a mid-single-digit percentage of our current WAC price. For the first quarter of 2026, we reported $21.1 million of SG&A expenses, representing a 14% increase from the fourth quarter of 2025 at $18.5 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 filed this morning.

一旦我們售出所有具有基礎調升（basis step-up）的存貨，我們預期每單位的常態化銷貨成本約為目前 WAC 價格的中個位數百分比。2026 年第一季，我們的銷售、一般及行政（SG&A）費用為 2,110 萬美元，較 2025 年第四季的 1,850 萬美元增加 14%。我們在今早提交的 Form 10-Q 季度報告之管理階層討論與分析（MD&A）章節中，提供了 SG&A 組成項目的詳細拆解。

In summary, the $2.6 million quarter-over-quarter change in SG&A was primarily related to an anticipated increase in total cash-based personnel costs of $1 million -- which excludes stock-based compensation but includes the expanded sales force, an expected increase in marketing and commercial spend supporting current and future net revenue growth of ZELSUVMI of $1.5 million, an increase in regulatory and manufacturing-related expenses of $1.2 million, an increase in royalties expense of $300,000 and noncash depreciation expense of $200,000 and a reduction in corporate expenses of $1.6 million. Total cash basis SG&A, excluding royalties, was approximately $16.9 million for the first quarter of 2026 as compared to $14.7 million for the fourth quarter of 2025.

總結而言，SG&A 季對季增加 260 萬美元，主要來自：預期的現金基礎人員成本增加 100 萬美元（不含股份基礎酬勞，但包含擴編後的銷售團隊）、為支持 ZELSUVMI 目前及未來淨營收成長而增加的行銷與商業支出 150 萬美元、法規與製造相關費用增加 120 萬美元、權利金費用增加 30 萬美元、非現金折舊費用增加 20 萬美元，以及公司費用減少 160 萬美元。以現金基礎計算的 SG&A（不含權利金）在 2026 年第一季約為 1,690 萬美元，而 2025 年第四季為 1,470 萬美元。

We expect that quarterly cash basis SG&A, excluding royalties, will fluctuate in 2026, as we continue to invest in the expected growth of ZELSUVMI and as we prepare XEPI and XEGLYZE for commercialization. Interest expense for the first quarter of 2026 was $2.4 million as compared to $1.3 million for the fourth quarter of 2025.

我們預期，2026 年按現金基礎計算的季度 SG&A（不含權利金）將會波動，因為我們將持續投資於 ZELSUVMI 的預期成長，並為 XEPI 與 XEGLYZE 的商業化做準備。2026 年第一季的利息費用為 240 萬美元，相較於 2025 年第四季的 130 萬美元。

Interest expense is attributable to the company's existing convertible notes and its Horizon loan facility, and the accounting treatment of certain royalty and purchase agreement obligations entered into by the company. Net loss for the first quarter of 2026 was $10.2 million as compared to $21.7 million for the fourth quarter of 2025, whereas adjusted EBITDA for the first quarter of 2026 was a negative $8.0 million as compared to a negative $7.6 million for the fourth quarter of 2025.

利息費用主要來自公司現有的可轉換公司債、Horizon 貸款融資安排，以及公司所簽訂之特定權利金與採購協議義務的會計處理。2026 年第一季淨損為 1,020 萬美元，相較於 2025 年第四季的 2,170 萬美元；而 2026 年第一季調整後 EBITDA 為負 800 萬美元，相較於 2025 年第四季的負 760 萬美元。

Now turning to our balance sheet. As of March 31, 2026, we had $32 million of cash and $11.7 million in accounts receivable. Our working capital at the end of the first quarter of 2026 was $44.8 million as compared to $27.4 million at the end of the fourth quarter of 2025. As Scott mentioned, during the first quarter, we entered into the Horizon loan facility, which after netting fees and expenses, added cash of $27.5 million to our balance sheet. 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.

接著看資產負債表。截至 2026 年 3 月 31 日，我們持有 3,200 萬美元現金及 1,170 萬美元應收帳款。2026 年第一季末的營運資金為 4,480 萬美元，相較於 2025 年第四季末的 2,740 萬美元。如 Scott 所提及，第一季期間我們簽訂了 Horizon 貸款融資安排，在扣除費用與支出後，為資產負債表增加了 2,750 萬美元現金。根據目前的預測（包括與 ZELSUVMI 淨產品銷售相關的預估現金流，以及 Horizon 融資安排首次提領的款項），我們相信我們具備推進並執行業務計畫所需的資本與彈性。

In summary, our performance since the launch of ZELSUVMI in July of 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.

總結而言，自 2025 年 7 月推出 ZELSUVMI 以來，我們的表現已超出預期。此外，自上市以來，我們已強化資產負債表，並相信我們已處於有利位置，可持續推進商業執行，為傳染性軟疣患者帶來一項迫切需要的治療選擇。

With that, I will now turn it back over to Scott. Scott?

接下來，我把時間交還給 Scott。Scott？

Thank you, John. In closing, I'd like to highlight a few key points. To begin, 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.

謝謝你，John。最後，我想強調幾個重點。首先，我們對 ZELSUVMI 上市的成功以及迄今為止的財務成果感到非常滿意。由於我們仍處於上市初期階段，我們尚未提供明確的營收與獲利指引。

However, we remain extremely 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 we'll now turn the call over to the operator for any questions.

不過，我們對營收成長軌跡仍然非常有信心，並相信目前的現金餘額可提供執行業務計畫所需的資金跑道。感謝各位今天加入我們，進一步了解 Pelthos 的故事；接下來我們將把電話交給接線員，進行提問。

(Operator Instructions)

（接線員指示）

Olivia Brayer, Cantor Fitzgerald.

Olivia Brayer，Cantor Fitzgerald。

Hi, good morning. Nice quarter and thank you for the question. What are you guys seeing at this point in terms of repeat prescribers? I know it's early, but can you quantify how many repeat prescribers you have at this point? And are you starting to see a bigger proportion of physicians that are actually increasing their written scripts of ZELSUVMI?

嗨，早安。本季表現不錯，也謝謝讓我提問。你們目前在重複開立處方的醫師方面看到什麼趨勢？我知道還很早，但你們能量化目前有多少位重複開立處方的醫師嗎？另外，你們是否開始看到有更高比例的醫師實際上在增加他們所開立的 ZELSUVMI 處方量？

On gross to net, when do you guys expect to actually hit that mid-30% range? Is that something that could happen by the end of this year? And is there a step-wise function or should we think about the step-up over time over the course of the year any differently? Thank you so much, guys.

關於毛利到淨額（gross to net），你們預期何時能真正達到 30% 中段的區間？這是否可能在今年年底前發生？另外，這會是階梯式的變化，還是我們應該以不同方式看待全年隨時間逐步上升的情況？非常感謝各位。

Thanks for the questions, Olivia. This is Scott. So first off, regarding repeat prescribers, we've been very encouraged with two important metrics. One is new prescribers. In any given week, really in the last month or two, we are seeing anywhere from 170 to 200 first-time prescribers, really the highest levels we've seen since launch as far as adding new prescribers.

謝謝你的問題，Olivia。我是 Scott。首先，關於重複開立處方的醫師，我們對兩個重要指標感到非常振奮。第一是新開立處方的醫師。在任何一週，尤其是過去一到兩個月，我們看到每週約有 170 到 200 位首次開立處方的醫師，這基本上是自上市以來新增新開立處方醫師的最高水準。

But importantly, the repeat prescribers has been trending right along with our script trends. And the most recent data week, for example, we had over 500 repeat prescribers, exactly 500 repeat prescribers, the highest level it's ever been. So we're encouraged by not only new prescribers coming on but those that are writing scripts over time and adopting the drug. I'll let Sai go into a little bit more depth around that.

但更重要的是，重複開立處方的醫師人數一直與我們的處方趨勢同步上升。以最近一週的數據為例，我們有超過 500 位重複開立處方的醫師，確切來說是 500 位，創下歷史新高。因此，我們不僅對新醫師加入感到鼓舞，也對那些隨時間持續開立處方並採用該藥物的醫師感到鼓舞。我會請 Sai 再更深入說明。

Thank you, Scott. Good morning, Olivia, thanks for the question. So in addition to what Scott had mentioned, we see a tremendous amount of trial utilization currently based on our really high NRx numbers. But a large proportion, as Scott mentioned, week-over-week still continuously start to, again, repeat prescribe because they see the value it's been providing for their patients qualitatively.

謝謝你，Scott。早安，Olivia，謝謝你的提問。除了 Scott 提到的內容之外，基於我們非常高的 NRx 數字，我們目前看到大量的試用使用情況。但如 Scott 所說，仍有相當大比例的醫師在每週持續開始重複開立處方，因為他們從質性角度看到了該產品為病患帶來的價值。

As we've mentioned on previous calls, we're starting to hear more of the product utilization and the efficacy a bit faster than what's in the package insert, which is really what's contributing to a lot more utilization amongst those prescribers.

如我們在先前的電話會議中提到，我們開始聽到更多關於產品使用情況與療效的回饋，其起效速度比仿單（package insert）所描述的更快，這正是促成這些開立處方醫師更廣泛使用的重要原因。

It is a key focus area for us commercially as well. So I believe our strategy and our approach tactically is what's resulting in some of those efforts.

這也是我們在商業端的關鍵聚焦領域。因此，我相信我們的策略與戰術執行方式，正帶來其中一些成果。

Yeah, the last thing I'll add to that is we track our prescribers, the number of units they prescribed over time, obviously, and we have different bands that we look at. And if you were to compare Q1 to Q4, really in every band, we've seen a nice jump up in each different range, including those that have written over 100 units since we've launched. On the GTN side, we're really encouraged by the ability to keep our GTNs below 30, so far this quarter being at 29.1%. We do see that possibly going up in the future.

是的，我最後再補充一點：我們會追蹤開立處方的醫師，以及他們隨時間所開立的單位數，當然也會依不同區間（band）來觀察。如果你把第一季與第四季相比，幾乎在每個區間我們都看到各個範圍都有不錯的提升，包括自上市以來累計開立超過 100 個單位的醫師。在 GTN 方面，我們對能將 GTN 維持在 30% 以下感到非常鼓舞，本季迄今為 29.1%。我們確實看到未來可能會上升。

We're evaluating whether we do a contract with another payer that has been more difficult than the others. So it's always been our strategy to get in the market and decide where we need to contract, where we don't. So I think that mid-30s gives us some headroom to do that if we want to do that contract. So we don't know the timing. And again, a lot has to be decided there and worked through. But obviously, right now, 29.1%, it's very favorable to us.

我們正在評估是否要與另一家相對較難談的付款方（payer）簽訂合約。因此，我們的策略一直是先進入市場，再決定哪些地方需要簽約、哪些不需要。我認為 30% 中段的水準讓我們在需要簽該合約時仍有一些空間（headroom）。所以我們不確定時點；同樣地，還有很多事情需要決定並推進。但顯然，就目前 29.1% 而言，對我們非常有利。

Okay, very helpful. Thank you, guys.

好的，非常有幫助。謝謝各位。

David Amsellem, Piper Sandler.

David Amsellem，Piper Sandler。

Thanks. So just regarding the gross to net, I know it's going up, but thinking longer term, particularly as you consider other contracts do you have a good read on what steady state will be? Is that mid- to high-30s a good way of thinking about it? Secondly, how are you thinking about further sales force expansion down the road, particularly with XEPI and XEGLYZE?

謝謝。關於毛利到淨額（gross to net），我知道它正在上升，但從更長期來看，特別是當你們考慮其他合約時，你們是否對穩態（steady state）水準有較清楚的判斷？以 30% 中段到高段來思考是否合理？第二，你們如何看待未來進一步擴充銷售團隊，特別是搭配 XEPI 與 XEGLYZE？

And then lastly, just latest thoughts on your willingness or appetite for adding another product to the bag, maybe not in the near term, just given the upcoming launches, but longer term as you think about further growth of the business?

最後，關於你們是否願意或有興趣再增加一項產品到產品組合中，或許不是近期、考量到接下來的上市計畫，但從更長期、思考業務進一步成長的角度，你們最新的想法是什麼？

Thanks, David. I appreciate the questions. I'll handle the GTN and then adding to the -- and also adding the bag, and I'll let Sai address the expansion or potential expansion. On the GTNs, we feel very confident that the mid-30s is a good number going forward based on kind of what we see in front of us. And again, the ability maybe to do one more contract.

謝謝你，David，感謝你的問題。我會先回答 GTN，以及再增加一項產品到產品組合的部分，然後我會請 Sai 回答擴編或可能擴編的議題。關於 GTN，我們非常有信心，基於目前我們所看到的情況，未來以 30% 中段作為目標數字是合理的。而且，如前所述，我們可能還有能力再多做一份合約。

We don't know and don't believe we'll have to do much beyond that. We're seeing very favorable approval rates. We feel like patients have very good affordable access. And in fact, we've seen even the time to process PAs have gone down dramatically over the last few months here. So that's all a positive.

我們不知道，也不認為除了那些之外還需要做太多。我們看到非常有利的核准率。我們覺得病患能以可負擔的方式取得很好的用藥可近性。事實上，過去幾個月我們也看到處理事前授權（PA）的時間大幅縮短。所以這些都是正面的。

As far as adding the bag, obviously, we've been very opportunistic in adding highly complementary products to ZELSUVMI. We'll continue to evaluate opportunities that present themselves to us. We're really trying to build a premier company here. Though, they'd have to make sense, they'd have to fit. We don't want to go off strategy and run off into a different specialty.

至於把產品加入「產品包」（bag），很明顯地，我們一直很機會主義地把高度互補的產品加入 ZELSUVMI。我們會持續評估出現在我們面前的機會。我們真的在努力打造一家頂尖公司。不過，這些機會必須合理、必須契合。我們不想偏離策略，跑去做另一個不同的專科領域。

So we'll be very disciplined if we were to do that. For now, we need to get ZELSUVMI launched continuing down the path it's on with the same momentum. We need to get that right, first and foremost, and then layer in XEPI and XEGLYZE. So that's our focus now, trying to build the best company every morning when we wake up. And if something presents, we would definitely look at it.

所以如果要做，我們會非常自律。就目前而言，我們需要讓 ZELSUVMI 依照目前的路徑持續推進上市，並維持同樣的動能。我們必須把這件事做好，這是首要之務，然後再把 XEPI 和 XEGLYZE 疊加進來。所以這就是我們現在的重點：每天早上醒來都在努力打造最好的公司。如果有機會出現，我們一定會去看。

I'll let Sai talk about sales force sizing.

我讓 Sai 來談談銷售團隊規模。

Thanks, Scott. Just on the view of our expansion to date, our expansion that we announced basically earlier in the year and really deployed earlier in the year has been quite successful for us to date. We're seeing increased scripts week-over-week from that cohort. In terms of XEPI and XEGLYZE, our intent is for all of the field force, all 64 territory managers to carry all three products. And the way in which we've been operating is really ultimately earning the right to expand.

謝謝，Scott。就我們迄今的擴編來看，我們在今年稍早宣布、並且也在今年稍早真正部署的擴編，到目前為止對我們相當成功。我們看到那一批（團隊/區域）帶來的處方量按週持續增加。就 XEPI 和 XEGLYZE 而言，我們的意圖是讓所有外勤團隊、全部 64 位區域經理都能攜帶三個產品。而我們的運作方式，最終就是要先「贏得擴編的資格」。

So looking at our progress to date, looking at the weekly data and how that will roll out monthly, quarterly and then decide upon some key areas. So we will actually, in fact, be adding three new additional territories here by June, and that's going to be specific areas like Albany, Pittsburgh and Shreveport, Louisiana.

因此，我們會檢視迄今的進展、檢視每週數據，以及這些數據如何按月、按季展開，然後再決定一些關鍵區域。實際上，我們會在六月前新增三個新區域，將聚焦在像是奧爾巴尼（Albany）、匹茲堡（Pittsburgh）以及路易斯安那州什里夫波特（Shreveport）等特定地區。

And again, that was very tactically analyzed and really an opportunity for us to ensure that we can maximize the footprint. So as of this point, no imminent expansion as we would call it, but looking at it tactically and really focused in a highly targeted and measured way.

同樣地，這是經過非常戰術性的分析，確實是讓我們能最大化覆蓋足跡的一個機會。所以截至目前，我們不會說有迫在眉睫的擴編，但會以戰術方式來看待，並以高度聚焦、精準且可衡量的方式推進。

The last thing I'll add, David, is that XEPI and XEGLYZE, one of the reasons we really like those acquisitions is that does not require us to expand our sales force around those products. They're in the right offices calling on the right health care providers. It just allows us to leverage the team going forward. So it's really about bringing other revenue into their bag each and every day. So great fit for us.

David，我最後再補充一點：XEPI 和 XEGLYZE 之所以是我們非常喜歡的收購之一，是因為這些產品不需要我們為了它們而擴編銷售團隊。它們就在正確的診所、拜訪正確的醫療照護提供者（HCP）。這讓我們能在未來持續槓桿運用這支團隊。所以重點就是每天把其他收入來源放進他們的「產品包」裡。對我們來說非常契合。

All right, thank you.

好的，謝謝。

Thanks, David.

謝謝，David。

Brandon Folkes, H.C. Wainwright.

Brandon Folkes，H.C. Wainwright。

Hi, thanks for your question and congratulate the quarter. Sorry if I missed this, but can you just remind us or update us on the split of business between derms and pediatricians? Obviously, you've had great success on ZELSUVMI. Any color on how you think about the commercial infrastructure post the addition of the new reps and future investment from here, especially with the two additional products potentially coming to market? Thank you.

嗨，謝謝讓我提問，也恭喜本季表現。若我漏聽了很抱歉，但你們能否提醒或更新一下皮膚科與小兒科之間的業務占比？很明顯你們在 ZELSUVMI 上取得很大成功。能否分享一下，在新增業務代表之後，以及從現在起的未來投資方面，你們如何看待商業化基礎建設，特別是另外兩個產品可能也將上市的情況下？謝謝。

So Brandon, I'll let Sai talk about the derm ped split and maybe then talk a little bit about infrastructure and spend around the other launches going forward.

Brandon，我先讓 Sai 談談皮膚科/小兒科的占比，然後也許再談一點關於未來其他上市案的基礎建設與支出。

Sure. Good morning, Brandon. Thanks for the question. So the current distribution that we see definitely anchors more towards dermatology. As we've mentioned previously, being a cutaneous infectious disease product, dermatology is usually where products like these and adjacent products typically get utilized the most and frequently.

好的。早安，Brandon。謝謝你的問題。我們目前看到的分布確實更偏向皮膚科。如同我們先前提到的，作為一個皮膚感染性疾病產品，皮膚科通常是這類產品以及相鄰產品最常、也最頻繁被使用的科別。

However, we have seen an increased utilization point amongst pediatricians, and that's a mix between standard pediatrics and the NPs and PAs that also support them. So we see about 25% to 27% utilization in the pediatrics category. So again, anchoring a bit more towards dermatology and the overall kind of utilization points as they see it.

不過，我們也看到小兒科醫師的使用率有所提升，這包含一般小兒科，以及同樣支援他們的護理師（NP）與醫師助理（PA）。因此我們看到在小兒科類別的使用占比約為 25% 到 27%。所以整體而言仍稍微更偏向皮膚科，以及他們所看到的整體使用情況。

In terms of the second part of the question around investment around commercial infrastructure, so aside from what we've already mentioned with the field force, we're really anchoring towards some really cost-effective but highly impactful non-personal promotional efforts.

至於問題的第二部分，也就是商業化基礎建設的投資，除了我們已經提到的外勤團隊之外，我們確實更聚焦在一些成本效益高、但影響力很強的非面對面推廣（non-personal promotion）活動。

As I already mentioned in our prepared remarks, we have some really high success utilizing platforms like YouTube, but we do also invest in other third-party platforms where HCPs go to actually get their information and it comes across in a very objective manner about the clinical profile of the product.

如同我在事先準備的發言中提到的，我們在使用像 YouTube 這樣的平台上取得很高的成功；同時我們也投資其他第三方平台，因為醫療照護提供者（HCP）會到那些平台去取得資訊，而資訊會以非常客觀的方式呈現產品的臨床特性。

And then ultimately, should they choose to utilize ZELSUVMI for appropriate patients, there's support mechanisms embedded within there for them to seamlessly prescribe. So we will continue to invest in those particular arenas because, one, it's supportive of the HCP population, but also supportive of the patients, the caregivers, the parents that are seeking treatment. And we will continue to monitor those to make sure, again, that they're providing the intended results.

最終，如果他們選擇為合適的病患使用 ZELSUVMI，平台內也嵌入了支援機制，讓他們能順暢地開立處方。因此我們會持續在這些領域投資，因為第一，它能支援 HCP 群體；第二，也能支援正在尋求治療的病患、照護者與家長。我們也會持續監測，以確保它們確實帶來預期的成果。

Yeah, what's nice about the -- a little bit of time here with the XEPI and XEGLYZE launches, Brandon, is that we can also do more work with the different thought leaders. We're also -- our medical affairs team has done a really nice job now of building up some interest in publications around these different products in their indications.

是的，Brandon，關於 XEPI 和 XEGLYZE 上市這件事，好的地方在於我們也能有更多時間與不同的意見領袖合作。我們的醫藥事務團隊也做得很好，已經在這些不同產品及其適應症相關的出版物上建立起一些興趣。

So there'll actually be different posters and abstracts and publications that will be out in the public domain as we go to market, too. So those are some things we're looking to put in place. But again, all as Sai mentioned, all very cost effective and most of our resources are going to ZELSUVMI.

因此，隨著我們進入市場，公領域也會出現不同的海報、摘要以及論文發表。這些都是我們正在規劃落地的事項。但如同 Sai 所說，這些都非常具成本效益，而且我們的大部分資源仍會投入在 ZELSUVMI。

Great. Thank you very much, and congrats on a really good coding.

很好。非常感謝，也恭喜你們在編碼（coding）方面做得非常好。

Jeff Jones, Oppenheimer & Company.

Jeff Jones，Oppenheimer & Company。

Good morning, guys, and congrats on the really nice quarter. I guess two from us. As we look ahead, 2026 and '27, where are you focusing in terms of growth? Is it more new accounts or is it driving greater use within existing accounts? And which do you see contributing to the greatest extent in your forward revenue growth?

各位早安，也恭喜這一季表現非常亮眼。我們有兩個問題。展望 2026 與 2027 年，你們在成長方面的重點會放在哪裡？是更多新客戶（新帳戶），還是推動既有客戶（既有帳戶）更高的使用量？你們認為哪一項會對未來營收成長貢獻最大？

Drilling down on the pediatricians versus dermatologists. Do you see this mix changing with more dermatologists or rather more pediatricians out there in the market and seeing these patients sooner? And what's the -- can you comment on maybe where you're seeing the greatest traction within those accounts and maybe the pushback you see respectively?

再深入一點談小兒科醫師與皮膚科醫師：你們是否看到這個組合會改變——例如市場上更多皮膚科醫師，或反而更多小兒科醫師更早看到這些病患？另外，你們能否評論一下，在這些帳戶中你們看到最大的推進力在哪裡，以及你們分別看到的阻力是什麼？

So Jeff, I'll let Sai jump in on these questions and handle the new and repeat, where we're focused as far as new prescriber -- depth or breadth, I guess, is the way to look at it, right?

Jeff，我讓 Sai 來回答這些問題，並處理新開立與重複開立、以及我們聚焦在新處方者——也就是深度或廣度（depth or breadth），我想可以這樣看，對吧？

Thanks, Scott, and good morning, Jeff. Thanks for the questions. So again, depth and breadth are really important metrics and really important areas that we focus on. We still very much are in launch mode. Obviously, we just completed only our third quarter in the launch, and we're deep into our fourth quarter, really making sure that we're growing month-over-month.

謝謝，Scott，早安，Jeff。謝謝你的問題。深度與廣度都是非常重要的指標，也是我們聚焦的重點領域。我們目前仍然非常處於上市推進模式。很明顯地，我們才剛完成上市後的第三個季度，現在正深入第四個季度，確保我們能按月持續成長。

So depth and breadth are equally important today. As we mentioned earlier on this call, we are seeing a good amount of repeat prescribing and that's where within that cohort, if you can get them to continuously prescribe that really, again, helps the growth curve.

因此，現階段深度與廣度同等重要。如同我們在本次電話會議稍早提到的，我們確實看到相當程度的重複開立處方；而在那個群體中，如果你能讓他們持續開立處方，確實會再次幫助成長曲線。

But we really do need to be adding on a tremendous amount of new prescribers, which we are doing at a high clip. So I would say both areas are equally important and we're really focused on them. And I would say, week-over-week, we're seeing that the numbers are increasing across the board. From a derm ped split and in terms of utilization, as I mentioned, definitely a higher extent of dermatologist utilization, as expected. But the growth in peds, I think, is above our expectations at this point.

但我們確實需要新增大量新的開立處方者，而我們也正以很快的速度在做這件事。所以我會說這兩個面向同等重要，我們也確實都非常聚焦。我也會說，按週來看，我們看到各項數字都在全面上升。就皮膚科與兒科的分布以及使用情況而言，如我提到的，皮膚科醫師的使用比例確實更高，這也符合預期。但我認為兒科端的成長，目前已高於我們的預期。

And the fact that they are looking for an at-home first-line treatment option, which we are positioned very well within those particular accounts. And so really, I would say we expect both categories, if you will, of derms and peds at large and the NPs and PAs that support them to grow with volume. So as we grow quarter-over-quarter here, we should see both cohorts start to grow and we should intend to see the pediatric side of things grow markedly with that as well.

而且他們正在尋找一個可在家使用的一線治療選項，我們在那些特定客戶中具備非常好的定位。因此我會說，我們預期兩大類別——也就是廣義的皮膚科與兒科，以及支援他們的護理師（NP）與醫師助理（PA）——都會隨著量能而成長。所以當我們在此按季成長時，我們應該會看到兩個族群都開始成長，同時也預期兒科端會隨之顯著成長。

As for your last question around any pushback, to-date, we have not received any clinical pushback. The profile as we are out there promoting and educating through our venues commercially and within our medical affairs team, the clinical profile has been received very, very well and the real-world utilization has also been received incredibly well.

至於你最後一個關於是否有任何反對意見的問題，截至目前，我們尚未收到任何臨床上的反彈。我們透過商業端的各種管道以及醫藥事務團隊在外推廣與教育時所呈現的臨床特性，獲得非常、非常好的回饋，而真實世界的使用情況也同樣獲得極佳的接受度。

So the only types of pushbacks that we would typically hear and see are going to be access related by which we have a tremendous amount of resources that help with the PA medical necessity process, a robust co-pay card program and really to intend that we're able to deal with any kind of friction or challenges. And really, that's why we brought on that additional payer earlier on or late last year into this year. So those are the measures that we really have in place with our stellar commercial team to-date.

因此，我們通常會聽到或看到的反對意見類型，主要會是與給付可近性相關；針對這點，我們有大量資源可協助處理事前授權（PA）的醫療必要性流程、完善的自付額補助卡（co-pay card）計畫，並且確保我們能應對任何摩擦或挑戰。也正因如此，我們在去年較早時點或去年底到今年期間，新增了那位額外的支付方（payer）人員。所以截至目前，這些就是我們在優秀的商業團隊支持下所建立的措施。

Thomas Flaten, Lake Street Capital Markets.

Thomas Flaten，Lake Street Capital Markets。

Hey, good morning, guys. Thanks for taking the questions. Sai, just perhaps an obvious question, but I want to ask it. With the I think anchoring is the word you used in the derms versus peds. Does that align with how your targeting is designed as well or is that just more happenstance where derms have been the quicker adopters and peds are coming on Board later?

嗨，早安，各位。謝謝回答問題。Sai，可能是個很明顯的問題，但我想問一下。關於你用的那個詞，我想是「錨定（anchoring）」在皮膚科相對於兒科。這是否也符合你們的目標客群設計？還是只是比較偶然——也就是皮膚科採用得更快，而兒科是之後才加入？

Yeah, thanks for the question, Thomas. So I would say there's an equal amount of focus on both categories from a targeting standpoint and what we do both personally and non-personally. I think because the dermatology community is historically the specialty that's been, let's say, referred to for the disease state, they are the obvious initial treaters.

是的，謝謝你的問題，Thomas。從目標鎖定的角度來看，無論是我們面對面或非面對面的作法，我會說我們對這兩個類別的投入同樣多。我想因為皮膚科社群在歷史上一直是這個疾病領域主要被轉診的專科，所以他們自然是最明顯的初始治療者。

But the ramp that we've seen from launch to date, again, ahead of our expectations in pediatric utilization primarily because of our promotional and educational efforts to the category have then garnered the increase that we see here at this point. And that's, again, an increase that's occurring month-over-month within the pediatric category. So I think, again, our efforts are aligned equally, and I think we'll provide the end results as we go forward and quite frankly, will help the future product portfolio in that same manner.

但從上市至今我們看到的爬坡速度，再次強調，兒科端的使用率主要因為我們對該類別的推廣與教育努力而超出預期，進而帶動了目前看到的成長。而且這個成長同樣是在兒科類別中按月增加。所以我認為，我們的投入確實是同等對齊的；我也認為隨著我們往前推進，會交出相應的結果，坦白說，也會以同樣方式支持未來的產品組合。

The last thing I'll add -- and Thomas, can I just add on that, Thomas, this is Scott, really quick. I think you also have to look at historically what those two different specialties have done when they've seen molluscum and the derms based on claims data, over 50% of the time, 50% to 60% of the time, they actually were treating prior to us launching.

我最後再補充一點——Thomas，我可以再補充一下嗎？Thomas，我是 Scott，很快說一下。我想你也必須看歷史上這兩個不同專科在看到傳染性軟疣（molluscum）時的處置方式；根據理賠資料，皮膚科醫師在我們上市之前，其實有超過 50% 的時間，大約 50% 到 60% 的時間，是會進行治療的。

So what I mean by that, they were doing a destructive modality typically. And then in the ped space, it was probably only 10% to 15% of the time did they actually do a destructive modality and treat. And they typically would take a more wait-and-see approach.

我的意思是，他們通常會採用破壞性療法（destructive modality）來治療。而在兒科領域，他們大概只有 10% 到 15% 的時間會採用破壞性療法並進行治療；他們通常會採取較多「觀察等待」的方式。

And I think that's why you actually see about half the patients that get to a derm are referred by a ped, because they don't treat the disease progresses and it ends up in the derm practice. So we believe that with a at-home choice that's very importantly safe and efficacious that we can change that paradigm and they can they'll start adopting the drug if they actually have something, because the parents are taking kids in wanting to be treated.

我認為這也是為什麼實際上大約一半到皮膚科就診的病人，是由兒科醫師轉診過去的原因：因為兒科不治療、疾病持續進展，最後就進到皮膚科門診。所以我們相信，若有一個可在家使用、而且非常重要的是安全且有效的選擇，我們可以改變這個模式；如果他們真的有一個可用的治療，兒科端就會開始採用這個藥，因為家長會帶孩子來並希望接受治療。

And when they say wait and see, that doesn't go over very well with the parents and they're looking for options. So I think being the first FDA-approved at-home therapy is kind of game changing for the pediatric practice. And I think it's just going to take some time there.

而當他們說「先觀察看看」時，家長通常不太能接受，他們會尋找其他選項。所以我認為，作為第一個 FDA 核准的居家治療，對兒科診所來說是相當改變遊戲規則的。我想那邊只是需要一些時間。

Well, yeah it's interesting, and you kind of alluded to it, Scott. Where I was going with this was I was curious, what we've heard from derms is they'd rather not see the MC patients at all. They'd rather be doing something that's far more profitable. And I'm curious if there would be a long-term opportunity for you guys to help the derms leverage their referral networks to keep the MC patients out of their practice and allow the peds to treat them primarily.

嗯，是的，這很有意思，你也有點提到這點，Scott。我之所以問，是因為我好奇：我們從皮膚科醫師那邊聽到的是，他們其實寧可完全不要看傳染性軟疣（MC）病人；他們更希望做一些獲利更高的事情。我想知道，長期來看，你們是否有機會協助皮膚科醫師運用他們的轉診網絡，把 MC 病人留在他們診所之外，讓兒科端主要來治療？

Yeah, it's a great point, Thomas. This is Sai. And I was actually going to mention that, but didn't want to elongate the commentary. But we are already beginning to do that more so where we have our dermatologists really being as the work we've been using this morning, the anchor to really making sure they convey the messaging to those pediatricians out there who are indeed first line, as you mentioned. So that is something we are doing today, and I believe that is actually helping the increased cohort of utilization.

是的，這點很好，Thomas。我是 Sai。我其實本來也想提，但不想把說明拉得太長。不過我們確實已經開始更常這麼做：讓皮膚科醫師——用我們今天早上一直用的詞——作為「錨點（anchor）」，確保他們把訊息傳達給那些確實是一線端的兒科醫師，如你所說。因此這是我們目前正在做的事，我相信這也確實正在幫助我們看到使用族群的增加。

I think over time, as mentioned, with volume, we'll start to see the specialty increase more so within general peds. And again, the supportive staff that they do have treating the disease, again, because they see it first line and we being a first and only at-home treatment option truly will be a great benefit to them along with the strong clinical profile.

我認為隨著時間推進，如先前所提，隨著量能提升，我們會開始看到一般兒科中的專科使用增加。同樣地，他們的支援人員也會參與治療這個疾病；再次強調，因為他們是一線最先看到的，而我們作為第一且唯一的居家治療選項，搭配強勁的臨床特性，對他們確實會是很大的助益。

Excellent. Thanks, gentlemen.

太好了。謝謝兩位。

Thank you.

謝謝。

Thanks, Thomas.

謝謝你，Thomas。

Jonathan Aschoff, ROTH MKM.

Jonathan Aschoff，ROTH MKM。

Thanks, guys. Congrats on the quarter. I was just curious, what is the average number of prescriptions it takes to either cure a patient or at least for them to stop ordering? I just really can't tell that difference. And given all the trials that this product has been in, in the hands of Novan, are you aware of any off-label use?

謝謝，各位。恭喜本季表現。我只是好奇，平均需要開立多少張處方，才能讓病人痊癒，或至少讓他們停止再訂購？我真的分不太出差異。另外，考量這個產品在 Novan 手上做過那麼多試驗，你們是否知道有任何適應症外（off-label）的使用？

Okay, Jonathan -- so I'll take the first question. So what we're seeing in the data as far as units. So every patient is different. So we really can't say there's an average number to complete clearance, which is kind of the gold standard here, the ultimate goal. What we do know is if you can get at least a 50% clearance that is clinically meaningful, that's what we hear over and over again from our KOLs.

好的，Jonathan——我先回答第一個問題。就我們看到的數據、以用量（units）來看，每位病人都不一樣，所以我們真的無法說有一個平均值能達到完全清除（complete clearance），而那算是這裡的黃金標準、最終目標。我們知道的是，如果能達到至少 50% 的清除率，這在臨床上就具有意義；我們從關鍵意見領袖（KOL）那裡一再聽到這點。

What we do see in our data is probably about 1.2 to 1.3 units per patient. And if they were using it per the directions using a dosing card and use that exact amount every time, that would last 30 days. We do know, obviously, in the real world, people missed doses. We saw it in our studies even in our studies that didn't impact efficacy. There may be that they may not be using as much as the dosing card indicates to use.

我們在數據中看到的是，每位病人大約使用 1.2 到 1.3 個單位（units）。如果他們依照指示，使用劑量卡（dosing card）並且每次都用完全相同的量，那會可使用 30 天。我們當然也知道，在真實世界中，有人會漏用劑量；我們在研究中也看到了，即使在研究中這也沒有影響療效。也可能是他們實際使用的量沒有像劑量卡所指示的那麼多。

So we do think it's getting extended for those two reasons also. So somebody that only uses one tube may be stretching it to 1.5, 2 months worth of therapy for all we know. But we can say that it is about 1.3 units per patient.

所以我們確實認為，基於這兩個原因，使用週期也在延長。因此，對於只使用一支的人而言，就我們所知，他們可能把它拉長到可用於 1.5 到 2 個月的療程。不過我們可以說，平均約為每位病患 1.3 個單位。

I'll let Sai jump in and provide additional details here.

我讓 Sai 來補充並提供更多細節。

Yeah, just to add on to the commentary, I think qualitatively, we keep hearing that the product is working a lot faster than what's suggested within our package insert, which is a great situation to be a part of, because the efficacy and coupled with the safety mechanisms when utilized correctly, we're hearing a lot of really great stories and patient testimonials through the patients themselves and the HCPs that are supporting them about the faster results of the product.

是的，補充一下剛才的評論。我認為從質性回饋來看，我們一直聽到產品的起效速度比我們仿單（package insert）所建議的更快，這其實是很好的情況，因為在正確使用時，療效再加上安全機制，我們從病患本人以及支持他們的醫療照護專業人員（HCPs）那裡，聽到很多很棒的故事與病患見證，談到產品更快見效。

So qualitatively, that is definitely contributing to where if we think about it from a refill standpoint, we're seeing increased NRxs, less refills predominantly because of the clinical profile that's working a lot faster for those patients.

因此從質性角度來看，這確實在影響補藥（refill）的情況；如果從補藥的角度思考，我們看到新增處方（NRx）增加，而補藥次數減少，主要是因為對那些病患而言，這個臨床特性起效更快。

Yeah, regarding off-label, obviously, we don't track that first off, to be clear. The reps obviously are trying to be highly compliant. And we do have a avenue or an outlet for questions that are off-label to go through medical affairs and handle appropriately. I'd say that the areas we see the most questions around are the use in common warts as well as general warts. Those are --.

是的，關於適應症外（off-label）使用，首先要說清楚，我們顯然不追蹤這個。業務代表也明顯在努力高度合規。我們也有一個管道／出口，讓適應症外的問題透過醫學事務（medical affairs）來處理並以適當方式回覆。我會說，我們看到最多被詢問的領域，是用於常見疣（common warts）以及一般疣（general warts）。那些是——。

I mean the reps have years. So no actual prescriptions there that you're actually aware of.

我的意思是，業務代表做了很多年了。所以你實際上並不知道有任何真正的處方？

Yeah, this is Sai. I can address that. So there is no situation compliantly and legally where we have our reps entertaining any of those conversations or responding to them. So regardless of what they might hear qualitatively out there, all those questions and commentary, to Scott's point, are directed through a very specific and compliant channel, which is our medical inquiry request form, which then is handled directly from our medical affairs team. So there is nothing that is shared directly from them to anyone as they are trained compliantly.

是的，我是 Sai。我可以回應。合規與法律上不存在任何情況，會讓我們的業務代表參與這類對話或回覆這類問題。所以不論他們在外面質性上可能聽到什麼，所有這些問題與評論，如 Scott 所說，都會導向一個非常明確且合規的管道，也就是我們的醫學諮詢申請表（medical inquiry request form），接著由我們的醫學事務團隊直接處理。因此，因為他們接受合規訓練，業務代表不會直接向任何人分享任何內容。

Okay, thank you for that. Lastly, given this ease of administration compared to some other approaches that are a lot more hands-on, do you foresee that maybe disrupting the seasonality of treatment, making people more willing to treat in those colder months where it's just not that much of a decision to make to get treatment, just it's a lot easier, simpler for the patient.

好的，謝謝你。最後，鑑於相較於其他更需要親自操作的方式，這種給藥方式更容易，你們是否預期這可能會打破治療的季節性，讓人們在較冷的月份也更願意治療，因為做治療不需要太多考量，對病患來說就是更容易、更簡單？

Well, first off, there are a lot of patients not seeking treatment. And I think just having an at-home option that doesn't require a procedure will definitely drive patients in over time. There's still work to be done there. And we've seen our YouTube commercial, we've seen 6.5 million views there. So people are definitely going and trying to learn.

首先，還有很多病患並沒有尋求治療。我認為只要有一個居家（at-home）選項、不需要進行處置（procedure），長期來看一定會帶動病患進來。這方面仍有工作要做。而且我們也看到 YouTube 廣告已有 650 萬次觀看，所以人們確實會去了解、嘗試學習。

Really, Jonathan, I think the seasonality also is tied a little bit to just offices being open or not. So being in an acute medication for the most part where we're really driven by new prescriptions, if an office is shut down or closed or just reduced staffing for two, three days in December, November, that can have an impact on those months. You can lose 10%, 15% of the business or the opportunity to treat patients. So I think that's probably a bigger part of it than -- and then obviously, weather. We saw a big weather impact in the Northeast and even parts of the Midwest this year.

Jonathan，我認為季節性也有一部分與診所是否營業有關。由於我們多數情況下屬於急性用藥（acute medication），主要由新增處方驅動，如果診所在 12 月、11 月因停業、關閉或人力縮減兩三天，就可能影響那些月份。你可能會失去 10%、15% 的業務或治療病患的機會。所以我認為這可能是更大的因素——另外當然還有天氣。我們今年在美國東北部，甚至中西部部分地區，都看到天氣帶來很大影響。

So it's that. And then if you think about it, you're covered up more too. So it probably isn't as visible. People aren't asking about it. So kids aren't feeling like people are saying hey, what's that, what's on your skin, what is that? They start feeling anxious, parent takes them in because they're upset. And so you're covered up and it's less likely to be visible to others.

就是這些因素。再者，如果你想想看，冬天也穿得更遮蔽，所以可能不那麼顯眼。人們不會問。孩子也不太會覺得別人在說「嘿，那是什麼？你皮膚上那是什麼？」他們就不會那麼焦慮，家長也就不會因為孩子難過而帶去看診。所以因為遮住了，別人更不容易看到。

Got you. Thank you very much, guys.

了解。非常感謝，各位。

Yes. Thank you, John.

是的。謝謝你，John。

James Molloy, Alliance Global Partners.

James Molloy，Alliance Global Partners。

Hi, guys. Thanks for taking our questions. Matt on for Jim today. Congrats on the quarter. Just two for us. Do you have any color on the percentage of scripts written by telehealth providers and/or fulfilled by Amazon Pharmacy or similar services kind of directly to the patients? Any color would be great there. Thank you.

嗨，各位。謝謝回答我們的問題。今天由 Matt 代替 Jim。恭喜本季表現。我們有兩個問題。你們能否分享一下：由遠距醫療（telehealth）提供者開立的處方比例，以及／或由 Amazon Pharmacy 或類似服務直接配送給病患的處方比例？任何補充資訊都很有幫助。謝謝。

Hey, good morning, Matt. This is Sai. Thanks for the question. From a distribution standpoint on mail order, we see that probably closer to the 10% range of all of our prescriptions that are distributed via traditional retail channels or pharmacy channels.

嗨，早安，Matt。我是 Sai。謝謝你的問題。從郵購（mail order）的配送角度來看，我們看到大概接近所有處方的 10% 是透過傳統零售通路或藥局通路配送。

So again, Amazon is mixed in within that traditional mail order channel, just around 10%. From the breakdown of telehealth versus in office, it is actually not a metric that we can break down objectively because even offices that see patients live also have a component of their office that's telehealth. So it's not really marked as that in our data. They might mark that as their data within their respective practice.

所以再說一次，Amazon 也包含在那個傳統郵購通路裡，大約 10%。至於遠距醫療與到院看診（in office）的拆分，這其實不是我們能客觀拆解的指標，因為即使是面對面看診的診所，也有一部分是遠距醫療，因此在我們的資料中不會特別標記為那樣。他們可能會在各自的診所系統中以自己的方式標記。

So we don't really have an objective measure that I can share with you. However, I do hear qualitatively, it's used in the telehealth channels just as equally as it is in office from a prescription mechanism. So a good question I think from a qualitative view, we definitely see that it is being utilized via that channel.

因此我沒有一個可以與你分享的客觀衡量數據。不過從質性回饋來看，我確實聽到它在遠距醫療通路的使用，從處方開立機制而言，與在診所內使用一樣普遍。所以這是個好問題；以質性觀點來看，我們確實看到它正透過那個通路被使用。

Great. Thank you, guys, and again, congrats on Matthew.

很好。謝謝各位，再次恭喜 Matthew。

Thanks, Matt.

謝謝，Matt。

Thanks, Matt.

謝謝，Matt。

Ladies and gentlemen, as there are no further questions, I will now turn the call back to Scott Plesha, Pelthos's CEO, for closing remarks.

各位女士先生，由於沒有進一步的提問，我現在把電話交回 Pelthos 執行長 Scott Plesha 作結語。

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

謝謝，接線員。我想感謝各位參加今天的電話會議。我也要感謝 Pelthos 的員工持續專注、落實執行、辛勤工作並投入奉獻，以支持病患、照護者與醫療照護提供者。再次感謝各位參與我們的電話會議，我們期待未來向各位更新我們的進展。祝各位有美好的一天。

Thank you. Ladies and gentlemen, the conference of Pelthos Therapeutics has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。各位女士先生，Pelthos Therapeutics 的電話會議到此結束。感謝各位的參與。您現在可以掛線。