aibioPelthos stockholders approve 2026 equity plan and elect eight directors
Tickers PTHS
The plan replaces the 2023 Equity Incentive Plan, as amended and restated, and took effect on approval at the September 29, 2026 annual meeting. Grant Thornton LLP was ratified as auditor for 2026.
Key facts
- Company
- Pelthos Therapeutics Inc. (AMEX: PTHS)
- News type
- Company Updates
- Primary source
- Pelthos Therapeutics Form 8-K
Pelthos Therapeutics Inc. (NYSE American: PTHS) reported in a Form 8-K dated October 1, 2026 that its stockholders approved the Pelthos Therapeutics Inc. 2026 Equity Incentive Plan at the company's 2026 Annual Meeting of Stockholders, held September 29, 2026. The 2026 Plan replaces the company's 2023 Equity Incentive Plan, as amended and restated. The board had approved the plan earlier, subject to stockholder approval, and the plan became effective immediately upon the vote.
The plan and the proxy
The filing incorporates by reference a summary of the plan's material terms, which appears in the company's definitive proxy statement on Schedule 14A filed with the SEC on August 18, 2026. The full plan is filed as Exhibit 10.1 to the 8-K. The filing does not describe any awards made under the 2026 Plan.
The annual meeting votes
As of the close of business on August 4, 2026, the record date, 3,828,469 shares of common stock and 52,128 shares of Series A Preferred Stock were issued and outstanding. Common and preferred holders voted together as one class, with preferred counted on an as-converted basis. Stockholders holding 3,396,094 votes, or 70.0% of the voting power entitled to vote, were present in person or by proxy, which constituted a quorum.
The 2026 Plan received 2,698,543 votes for, 187,365 against and 13 abstentions, with 510,173 broker non-votes. Stockholders also ratified the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, with 3,394,740 votes for, one vote against and 1,353 abstentions.
All eight nominees named in the proxy statement were elected as directors until the 2027 Annual Meeting. Peter Greenleaf received 2,866,344 votes for and 19,577 withheld. Matthew Pauls received the fewest votes for among the nominees, at 2,775,221, with 110,700 withheld. The other nominees were also elected.
The company's business
Pelthos describes itself as a bio-pharmaceutical company. Its annual report filed March 19, 2026 lists three FDA-approved products in its commercial portfolio: ZELSUVMI, XEPI and XEGLYZE. ZELSUVMI (berdazimer) topical gel, 10.3% is a nitric oxide releasing agent indicated for molluscum contagiosum in adults and pediatric patients one year of age and older. The company says it was launched in July 2025, shortly after the merger of Channel Therapeutics Corporation and LNHC, Inc. took effect on July 1, 2025.
The merger gave the company a manufacturing facility and know-how to produce ZELSUVMI's active ingredient, plus clinical-stage NaV1.7 assets.
Financing and financial data
On January 12, 2026, Pelthos entered into a Venture Loan and Security Agreement with Horizon Technology Finance Corporation, as lender and collateral agent. The agreement provides a senior secured term loan facility of up to $50.0 million. The company borrowed $30.0 million on January 12, 2026, and the remaining $20.0 million may be borrowed upon the achievement of milestones set out in the agreement. The company said the proceeds will support commercialization of its existing product, prepare for the launch of two recently acquired products, and fund working capital.
For the fiscal year ended December 31, 2025, the XBRL data show revenue of $16.8 million, compared with $0 for 2024. Research and development expense was $1.2 million in both years. The net loss was $43.3 million for 2025 and $8.0 million for 2024, and cash from operations was negative $22.6 million for 2025 and negative $5.8 million for 2024. The data show cash and cash equivalents of $24.2 million at June 30, 2026, from the company's quarterly report.
What the filing leaves out
The 8-K does not say how many shares the 2026 Plan reserves, so the dilution it allows cannot be read from this filing, and it describes no grants. Pelthos had 3,828,469 common shares outstanding on the record date, so a large reserve would matter to existing holders. The business is still loss-making. It lost $43.3 million in 2025 on revenue of $16.8 million and used $22.6 million of cash in operations. Cash and cash equivalents were $24.2 million at June 30, 2026, and the company carries a senior secured term loan, of which $30.0 million is drawn and the remaining $20.0 million depends on milestones.