Pelthos Therapeutics Inc.

PTHSdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Pelthos Therapeutics Inc. earns about -111% on equity, but has diluted owners by 332% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	$0¹	$16.8M¹
Net income	−$2.46M²	−$7.38M³	−$7.96M⁴	−$43.3M⁴
Operating cash flow	−$1.57M⁵	−$981,031⁶	−$5.79M⁷	−$22.6M⁷
Capital expenditure	—	—	$0⁸	$99,000⁸
Free cash flow (derived)	—	—	−$5.79M⁷	−$22.7M⁷
Total debt	—	—	—	—
Cash & equivalents	$100,000⁹	$100,000⁹	$513,000¹⁰	$18M¹⁰
Diluted shares	435,312	1.3M	557,447	1.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$206.76

your share of equity

Profit it earned you last year

−$230.36

Free cash flow it threw off

−$120.65

Debt you’d be carrying

—

10 shares is a claim on $206.76 of net worth that earned you −$230.36 and generated −$120.65 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-111% avg · 4y

FY22 —FY23 —FY24 —FY25 -111%

It earned an average -111% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+332% shares · 4y

Share count is up 332% over 4 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2024-12-31 · accession 0001919246-26-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-12-31 · accession 0001753926-24-000740 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001753926-25-000503 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001919246-26-000013 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001753926-24-000740 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001753926-25-000503 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001919246-26-000013 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001919246-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001753926-24-000740 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001919246-26-000013 (CashAndCashEquivalentsAtCarryingValue)