Channel Therapeutics

What Channel Therapeutics does

Channel Therapeutics (NYSE American: CHRO) is a specialty pharmaceutical company formed through the July 2025 merger of Channel Therapeutics Corporation with Pelthos Therapeutics. Operating from North Carolina, the combined entity is structured around two businesses: a commercial dermatology franchise anchored by FDA-approved products and a clinical-stage pain therapeutics pipeline built on the inherited NaV1.7 sodium ion-channel research platform. The commercial portfolio includes ZELSUVMI, the first FDA-approved at-home prescription treatment for molluscum contagiosum, which generated $16.2 million in full-year 2025 net product revenue following its mid-2025 launch, and XEPI, a topically approved treatment for impetigo acquired in the same fiscal year. Q4 2025 revenue of $9.1 million represented 28% sequential growth over Q3, signaling active post-launch momentum. Ligand Pharmaceuticals retains a 13% royalty on worldwide ZELSUVMI sales as part of the merger agreement.

The company is advancing CT2000, a novel ophthalmic formulation that targets the NaV1.7 sodium ion-channel for treatment of eye pain associated with dry eye disease. First patient was dosed in a Phase 1b/2a adaptive-design trial in March 2026, with safety and efficacy readouts anticipated by year-end 2026. The chronic ocular pain market is estimated to reach $5.3 billion by 2032. Clinical operations for the CT2000 program are conducted through Channel Pharmaceutical Corporation, an Australian subsidiary, marking the company's initial presence in Asia-Pacific. Underlying R&D centers on the differentiated NaV1.7 mechanism of action, positioned as a non-opioid alternative for chronic and ocular pain management.

Revenue is generated through prescription pharmaceutical product sales dispensed via retail and mail-order pharmacies following healthcare provider prescriptions. Products serve patients suffering from dermatological conditions (molluscum contagiosum, impetigo) and, pending clinical validation, ophthalmology patients with dry eye-associated pain. With 1-10 employees, the company's lean operating model relies on outsourced commercial infrastructure and external clinical trial execution. The company completed a $50.1 million private placement in 2025 to fund commercialization and pipeline development, and trades publicly under the CHRO ticker on NYSE American following a reverse stock split concurrent with the Pelthos merger.

Name

Channel Therapeutics

Legal name

Channel Therapeutics Corporation

Website

https://chromocell.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Short description

Channel Therapeutics (NYSE American: CHRO) is a specialty pharmaceutical company that commercializes FDA-approved dermatology products, including ZELSUVMI for molluscum contagiosum and XEPI for impetigo, while advancing a NaV1.7 sodium channel pain pipeline anchored by CT2000 for ocular pain.

Ownership category

akta.pro rank

Product category

Dermatology Pharmaceuticals

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Ocular Drug Delivery Devices (Eye Droppers/Inserts) (HLAHAIAL)

Keywords

• Topical dermatology drugs
• Prescription pharmaceutical products
• Sodium channel therapeutics
• Ophthalmic pain treatment
• Biotechnology drug development

Headquarters

HQ city

North Brunswick

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Marketing or Sales, Personnel, Operations

Revenue model

1. Pharmaceutical Product Sales: Revenue generated from FDA-approved prescription pharmaceutical products including ZELSUVMI for molluscum contagiosum and XEPI for impetigo. Products are prescribed by healthcare providers and dispensed to patients.
2. Licensing Royalties: Ligand Pharmaceuticals retains a 13% royalty on worldwide sales of Zelsuvmi as part of the merger agreement.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Channel Therapeutics is a dermatology and pain therapeutics company that commercializes FDA-approved prescription pharmaceutical products and advances clinical-stage pipeline candidates. It markets ZELSUVMI (the first at-home prescription treatment for molluscum contagiosum) and XEPI (a topical treatment for impetigo), while developing CT2000, a novel NaV1.7 sodium-channel-targeted ophthalmic formulation for eye pain associated with dry eye disease.

Product overview

Channel Therapeutics is a combined dermatology and pain therapeutics company formed through the merger of Channel Therapeutics Corporation with Pelthos Therapeutics. The company operates a portfolio of FDA-approved commercial products and pipeline candidates. Commercial products include ZELSUVMI (FDA-approved at-home treatment for molluscum contagiosum) and XEPI (topically approved for impetigo). The pipeline includes CT2000 (NaV1.7-targeted ophthalmic formulation for eye pain in dry eye disease). The company also maintains a NaV1.7 sodium channel pain research platform acquired from Channel's clinical-stage heritage. The combined entity trades under the CHRO ticker on NYSE American, with North Carolina headquarters.

Differentiator

Problem solved

Functional benefit

Products and services

• ZELSUVMI FDA-approved topical gel treatment for molluscum contagiosum, marketed as the first at-home prescription treatment for the condition. Prescribed by healthcare providers and dispensed through retail and mail-order pharmacies to patients suffering from this contagious skin condition.
• XEPI FDA-approved topically applied treatment for impetigo, acquired by Pelthos Therapeutics (now Channel Therapeutics) as part of its commercial dermatology portfolio. Prescribed by healthcare providers for patients with this bacterial skin infection.
• CT2000 Pipeline drug candidate using a novel ophthalmic formulation that targets the NaV1.7 sodium ion-channel for treatment of eye pain associated with dry eye disease. Currently in Phase 1b/2a clinical evaluation; targets the global chronic ocular pain market estimated at $5.3 billion by 2032.

Quantifiable outcome

• 28% sequential revenue growth in Q4 FY2025 to $9.1 million
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Channel Pharmaceutical Corporation (Australian Subsidiary)coreStrategic or Co-development Partner · 31 March 2026Clinical trial operations conducted through Channel Pharmaceutical Corporation via its Australian subsidiary for the CT2000 Phase 1b/2a clinical trial evaluating safety and efficacy for eye pain associated with dry eye disease.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Vertex Pharmaceuticals: Large-cap biopharmaceutical company with a leading pain therapeutics program targeting sodium channels (NaV1.8). Comparable to Channel Therapeutics given its development of sodium channel-targeted pain therapeutics, providing a relevant pipeline benchmark for the NaV1.7 platform even though Vertex targets a different isoform.
• Ligand Pharmaceuticals: Established biopharmaceutical company with a portfolio of royalty and partnership-driven assets including Pelthos/Zelsuvmi. Comparable as the strategic partner that contributed Pelthos and retains the 13% royalty on Zelsuvmi sales, providing a relevant business model parallel given the royalty-stream component of Channel's revenue.

Emerging players

• Xenon Pharmaceuticals: Clinical-stage biopharmaceutical company focused on neurology and pain therapeutics, including ion channel targets. Comparable to Channel Therapeutics as a peer in ion channel-targeted pain research, providing a relevant clinical-stage benchmark for the NaV1.7 platform.

Direct peers

• Cassiopea: Dermatology specialty pharmaceutical company developing and commercializing prescription treatments for skin conditions including topical therapies. Comparable to Channel Therapeutics given its focus on novel topical dermatology treatments and small-cap commercial dermatology profile.
• Journey Medical: Commercial-stage dermatology company marketing multiple FDA-approved prescription products for skin and aesthetic conditions. Comparable to Channel Therapeutics as a small-cap public dermatology company with a portfolio of approved prescription products and similar commercial-stage GTM motion.
• Biofrontera: Commercial-stage dermatology company focused on prescription treatments for skin conditions, with a portfolio of FDA-approved products. Comparable to Channel Therapeutics as a small-cap commercial dermatology pharma with a similar go-to-market approach targeting specialty prescribers.
• Arcutis Biotherapeutics: Commercial-stage dermatology specialty pharmaceutical company focused on novel topical treatments for inflammatory skin conditions. Highly comparable to Channel Therapeutics given its commercial dermatology franchise and small-cap public profile, both pursuing differentiated topical therapies in underserved indications.
• Vyne Therapeutics: Specialty pharmaceutical company developing therapeutics for immuno-inflammatory conditions with a dermatology focus. Comparable to Channel Therapeutics given its dermatology focus and small-cap clinical/commercial profile targeting niche inflammatory skin indications.
• Tarsus Pharmaceuticals: Commercial-stage pharmaceutical company focused on novel therapeutics in underserved specialty indications, including dermatology adjacent markets. Comparable to Channel Therapeutics as a small-cap commercial pharma built around a single first-in-category prescription product with similar launch dynamics.
• Dermavant Sciences: Dermatology-focused commercial pharmaceutical company with FDA-approved topical prescription products. Comparable to Channel Therapeutics given its commercial dermatology franchise and small-cap public profile pursuing differentiated topical therapies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/chromocell-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Channel Therapeutics