BALANCE SHEET ACCOUNT DETAILS

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Prepaid expenses and other current assets consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid Prescription Drug User Fee Act (PDUFA) fees	$	332	$	442
Prepaid insurance	530		766
Deposits for meetings and conferences	164		80
Commercial data platforms	117		364
Patient assistance platforms	38		75
Financial reporting platforms	20		98
Deferred offering costs	711		711
Other	545		419
Total prepaid expenses and other current assets	$	2,457	$	2,955

Inventory consisted of the following:


	March 31, 2026		December 31, 2025
Raw materials	$	678	$	436
Work-in-process	14,040		16,556
Finished goods	8,700		6,582
Total inventory	$	23,418	$	23,574

Property and equipment consisted of the following:


	March 31, 2026		December 31, 2025
Manufacturing and laboratory equipment	$	1,821	$	1,778
Software	1,083		1,083
Furniture and fixtures	70		70

Computer equipment	111		111
Leasehold improvements	5,987		5,967
Construction-in-progress	1,639		1,509
Property and equipment, cost	10,711		10,518
Less: Accumulated depreciation and amortization	(1,401)		(932)
Total property and equipment, net	$	9,310	$	9,586

The Company’s depreciation expense was $469 for the three months ended March 31, 2026.

Goodwill and other identifiable intangible assets consisted of the following:


	March 31, 2026		December 31, 2025
Indefinite-lived intangible assets
Goodwill	$	24,681	$	24,681
Definite-lived intangible assets
Developed technology	32,200		32,200
Amended Sato license	715		715
Xepi	6,080		6,080
Xeglyze	1,817		1,817
Website development	214		214
Less: accumulated amortization	(2,586)		(1,556)
Total definite-lived intangible assets	38,440		39,470
Total goodwill and other identifiable intangible assets, net	$	63,121	$	64,151

Accrued expenses consisted of the following:


	March 31, 2026		December 31, 2025
Compensation	$	1,934	$	3,475
Drug product manufacturing subcontractor	344		292
Commercial, marketing and sales	86		818
Insurance	—		265
Accrued interest	—		234
Commercialization milestone and royalties payable	8,173		7,819
Accrued gross-to-net adjustments	1,750		1,778
Other	548		683
Total accrued expenses	$	12,835	$	15,364

Other liabilities and other long-term liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Reedy Creek Purchase Agreement	$	1,731	$	1,963
ZELSUVMI Royalty Agreement	1,400		1,540

Xepi Royalty Agreement	156		226
Sato Payments	116		113
Total other liabilities	$	3,403	$	3,842

Reedy Creek Purchase Agreement	$	19,707	$	18,908
ZELSUVMI Royalty Agreement	8,801		8,233

Xepi Royalty Agreement	2,055		1,928
Sato Payments	1,005		981
Accrued interest	387		—
Total other long-term liabilities	$	31,955	$	30,050

See Note 8 — “Reedy Creek Liability” and Note 9 — “License and Other Agreements” for additional detail regarding the carrying value of certain balances reflected within the accompanying condensed consolidated financial statements.

Pelthos Therapeutics Inc. 10-Q