Pelthos Therapeutics secures $50 million credit facility from Horizon

Pelthos Therapeutics Inc. (NYSE American: PTHS) announced it has secured a senior secured term loan facility of up to $50 million from Horizon Technology Finance Corporation (NASDAQ: HRZN), according to a company statement.

The facility provides $30 million in initial funding, with an additional $20 million available upon achieving certain milestones. The loan carries an interest rate of Prime plus 3.75%, currently 10.50%, with a 60-month term. Amortization begins at month 36, with the option to delay until month 48 if milestones are met.

In connection with the financing, Pelthos issued Horizon warrants to purchase 65,488 shares of common stock at $27.49 per share. The company stated the capital raised is non-dilutive to existing shareholders except for the limited shares issuable upon warrant exercise.

Pelthos plans to use proceeds to support commercialization of ZELSUVMI, launch Xepi and Xeglyze products, and for working capital and general corporate purposes. ZELSUVMI is an FDA-approved treatment for molluscum contagiosum that received approval in 2024.

As of September 30, 2025, Pelthos reported cash, cash equivalents, and investments of $14.2 million. The company issued $18.0 million in convertible notes on November 6, 2025.

Oppenheimer & Co. served as financial advisor to Pelthos, while Morgan, Lewis & Bockius LLP and Sullivan & Worcester LLP provided legal counsel. Holland & Knight LLP advised Horizon on the transaction.

Horizon Technology Finance is a specialty finance company that provides secured loans to venture capital and private equity-backed companies in technology, life sciences, healthcare, and sustainability sectors.

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