Nov. 25 at 12:25 PM
Roth🏁
$PTHS Buy/
$57
$VRCA $LGND $GSK $TEVA
Roth said—We initiate coverage of PTHS with a Buy rating and a 12-month price target of
$57, based on a DCF analysis (25% discount rate and 5x multiple of our projected
$104M 2033 operating income). We project growing revenue from Zelsuvmi (launched 3Q25) and Xepi (late 2026 launch) in molluscum contagiosum and impetigo, respectively. PTHS has pro forma cash of
$28M (3Q25 cash of
$14.2M, plus
$18M convertible debt raised in 4Q25, minus
$4.2M paid upfront for Xepi in 4Q25), which funds operations to cash flow breakeven by YE26, per our projections, and
$18M in debt.
