Aug 13, 2026 earnings call — ZELSUVMI launch growth and upcoming XEPI/Xeglyze launches
Q2 net product revenue was $15.4 million, representing a 45% increase from the first quarter of 2026.
Revenue $0.0B (est $0.0B) · EPS $-6.62 (est $-2.82)
Key quotes
"In the first full year since its commercial launch in July 2025, more than 25,000 patients have been prescribed ZELSUVMI."
"We continue to focus on establishing the manufacturing process and building launch inventory and expect to launch XEPI in the first quarter of 2027."
"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."
Analyst Q&A 7
Q3 claims trend; adding new products
Q (Piper Sandler): They asked how big the expected Q3 drop in claims might be and whether the company will add another asset, focusing on Peds or Derm.
A: Management said early indicators show Q3 claims look quite stable versus Q2, though a natural decline is expected. They are busy with the ZELSUVMI launch but will evaluate BD opportunities that align with their assets, favoring novel NCEs over me-too products; they would consider Peds or Derm if compelling.
"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." — Sai Rangarao
GTN path and weekly script swings
Q (Olivia Brayer · Cantor): They asked how gross-to-net (GTN) will evolve and when it reaches mid-30s, and what has driven recent weekly script choppiness and whether volatility will settle with kids returning to school.
A: Scott said GTN was 29.6% (up from 29.1%) and they expect to live in the low to mid-30s later in the year; adding a payer contract could push rates higher. Sai said summer schedules and holidays caused choppiness but recent weeks show upticks in claims and utilization, and back-to-school should help normalize trends; Scott added refills rose sharply and July grew versus June despite the holiday.
"I think that kind of mid -- low to mid-30s will be kind of where we live going forward." — Scott Plesha (CEO)
Pediatrician awareness and willingness to treat
Q (Brandon Folkes · H.C. Wainwright): They asked whether pediatrician awareness and willingness to treat Molluscum with ZELSUVMI are increasing.
A: Sai said awareness is increasing, driven by field force calling an equal number of pediatricians as dermatologists; pediatric utilization is around 25% to 27% and they expect it to rise. Scott added they are adding 150 to 200 new prescribers each week, are over 8,000 prescribers year-to-date, and new consensus guidelines should help pediatric uptake.
"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." — Sai Rangarao
Fall scripts seasonality; XEPI/Xeglyze launches
Q (Oppenheimer): They asked how scripts should trend into fall and what investments are needed before XEPI and Xeglyze launch next year.
A: Sai said seasonality and claims are in line with expectations and back-to-school should help. Scott said the main work is marketing and manufacturing; XEPI is targeted for a March of 2027 launch, commercial product exists but needs testing and FDA approval due to a manufacturer site change, and Xeglyze is earlier in manufacturing with major spend likely later.
"But right now we're looking at, probably in March of 2027, launch for XEPI." — Scott Plesha (CEO)
Inventory burn and doctor touchpoints
Q (Thomas Flaten · Lake Street): They asked how long to burn through stepped-up inventory and how many touches doctors need before writing their first prescription, and whether this differs by specialty.
A: John said the finished-good inventory step-up has been sold through, and API-based step-up will be converted to finished goods and burned through over the next 12 to 15 months. Sai said as they reach a steadier state fewer touch points are needed; recent metrics show an all-time high repeat refill count of 193, HCP writer count at 157, and an 82% quarter-over-quarter increase in refills, indicating more repeat prescribing.
"Yes, so as it relates to the finished basis stepped up from the finished good inventory, we've actually sold through all of that." — John Gay (CFO)
Competitor YCANTH and field messaging
Q (Matthew Venezia · Alliance Global Partners): They asked about the recent strength of YCANTH and whether the company does counter-detailing against it in the field.
A: Sai said they do not do counter-detailing and stick strictly to their approved clinical profile, efficacy, safety, and access messaging. Scott said both products can coexist, are used in different patients or offices with some overlap, and the company focuses on growing its own business rather than debating comparative growth.
"So just to be pretty straightforward about it, we don't ever get into a situation where we do any actual counter-detailing." — Sai Rangarao
Units vs channel fill; new sales territories
Q (Jonathan Aschoff · ROTH Capital Partners): They asked how much of 2Q revenue was real sell-through versus channel fill, and whether the 67 sales territories reflect new hires and what geographies were added.
A: Scott said they pulled days on hand down to three days (under three weeks in the channel) and inventory was only up a couple hundred units, so channel inventory is very minimal. Sai named the three new territories as Pittsburgh, Pennsylvania; Shreveport, Louisiana; and Albany, New York.
"Yes, so Jonathan, in my script, I should have -- we actually pulled our days on hand down to three, by three days, I'm sorry, which is under three weeks in the channel." — Scott Plesha (CEO)