Financial Data and Key Metrics Changes - In Q1 2025, Tarsus Pharmaceuticals generated over $78 million in Xtendi sales, a year-over-year increase of 217%, driven by approximately 72,000 bottles dispensed to patients [4][20] - The gross to net discount was approximately 47%, reflecting strong coverage and an adjustment to Medicare accrual estimates [20][21] - Total operating expenses were approximately $104.6 million, an increase of $14 million compared to Q4 2024, primarily due to direct-to-consumer advertising and related marketing costs [21][22] - The company ended the quarter with approximately $407.9 million in cash and cash equivalents, bolstered by a recent equity raise of approximately $135 million [23] Business Line Data and Key Metrics Changes - Xtendi's sales growth was driven by an expanded sales force and increased prescribing frequency among eye care professionals (ECPs), with a 110% increase in ECPs writing more than one prescription per week compared to Q3 2024 [13][14] - The company anticipates dispensing between 85,000 to 90,000 bottles in Q2 2025, with a gross to net discount expected in the range of 45% to 47% [25] Market Data and Key Metrics Changes - The company reported that over 90% of commercial and Medicare lives are covered, significantly reducing barriers to physician adoption [15][20] - The DTC campaign has led to a 140% increase in average weekly website visits in March 2025 compared to December 2024 [15][18] Company Strategy and Development Direction - Tarsus aims to establish itself as a leader in eye care by creating new categories of treatment, with a focus on Xtendi and the upcoming Xembi launch [4][11] - The company is exploring global opportunities for Xtendi, particularly in Japan and Europe, with potential regulatory approval in Europe expected by 2027 [7][8] - Tarsus is also advancing its pipeline with TPO4 for ocular rosacea, targeting a significant and underserved market [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of Xtendi, citing strong sales force performance and effective DTC campaigns as key drivers [19][26] - The company anticipates continued revenue growth, despite potential headwinds in Q3 due to seasonal factors, with stronger growth expected in Q4 [25][26] Other Important Information - The company has a proven blueprint for success and is well-positioned for sustained revenue growth in the coming years [11][26] - Management highlighted the importance of patient education and awareness as critical components of their growth strategy [78] Q&A Session Summary Question: Have there been any disruptions in meeting with the FDA regarding pipeline products? - Management confirmed there have been no delays in meeting schedules and they are on track to start trials in the second half of the year [30][31] Question: What is the current split between Medicare and commercial prescriptions? - The script volume is currently split relatively equally between Medicare and commercial prescriptions, with Medicare coverage acting as a significant growth driver [33][34] Question: What are the key drivers for repeat prescribing? - Key drivers include an expanded sales force and improved coverage, which have led to increased frequency of prescribing among doctors [38][40] Question: How is the feedback from the ORION Registry and MGD data being received? - Doctors are responding positively to the new data, which is prompting them to diagnose more patients and consider a broader range of conditions [54] Question: What are the potential factors affecting future guidance? - Factors include the impact of the DTC campaign and macroeconomic events, which may affect visibility for long-range guidance [63] Question: What is the expected level of stocking in the channel? - The company does not anticipate changes in stocking levels, which have remained consistent at around two to two and a half weeks [66]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to ____. Commission File Number: 001-39614 TARSUS PHARMACEUTICALS, INC. (Exact name of Registrant as specified in its charter) Delaware 81-4717861 ...

Financial Performance - Generated $78.3 million in net product sales of XDEMVY, an increase of 217% year over year and 18% over Q4 2024, with approximately 72,000 bottles dispensed to patients[1][4] - Total revenues for Q1 2025 reached $78.335 million, a significant increase from $27.614 million in Q1 2024, representing a growth of 184%[21] - Product sales accounted for $78.335 million in Q1 2025, compared to $24.720 million in Q1 2024, indicating a growth of 216%[21] - The net loss for Q1 2025 was $25.120 million, an improvement from a net loss of $35.731 million in Q1 2024, showing a reduction of 30%[21] - The company reported a net loss per share of $0.64 in Q1 2025, an improvement from $1.01 in Q1 2024[21] Expenses - Research and development (R&D) expenses were $14.4 million, an increase from $12.1 million in the same period in 2024, primarily due to increased program expenses and personnel-related costs[6] - Selling, general and administrative (SG&A) expenses rose to $85.0 million from $51.6 million in Q1 2024, driven by increased payroll and commercial marketing costs[7] - Operating expenses increased to $104.615 million in Q1 2025 from $65.298 million in Q1 2024, reflecting a rise of 60%[21] - Research and development expenses were $14.409 million in Q1 2025, compared to $12.066 million in Q1 2024, an increase of 19%[21] Financial Position - Strengthened financial position with approximately $135 million raised in public equity offering; cash, cash equivalents, and marketable securities totaled approximately $408 million as of March 31, 2025[1][4] - Cash and cash equivalents increased to $175.787 million as of March 31, 2025, up from $94.819 million at the end of 2024, a growth of 85%[23] - Total assets rose to $500.750 million as of March 31, 2025, compared to $376.991 million at the end of 2024, marking an increase of 33%[23] - Stockholders' equity increased to $342.458 million as of March 31, 2025, up from $224.534 million at the end of 2024, representing a growth of 53%[23] Market and Product Development - Direct-to-Consumer (DTC) advertising led to a 140% increase in average weekly website visits in March 2025 compared to December 2024[6] - Gross-to-net discount recognized was approximately 47%, with broad commercial, Medicare, and Medicaid reimbursement of XDEMVY extending to over 90% of covered lives[4] - On track to initiate a Phase 2 trial of TP-04 for the potential treatment of Ocular Rosacea in H2 2025, with multiple catalysts expected in 2025[4][6] - Anticipated regulatory meetings in Japan and potential European regulatory approval for a preservative-free formulation of XDEMVY in 2027[6] - The number of Eye Care Professionals writing more than one prescription per week increased by nearly 110% compared to Q3 2024[4]

Core Insights - Tarsus Pharmaceuticals reported a significant increase in net product sales of XDEMVY, reaching $78.3 million, which represents a 217% year-over-year growth and an 18% increase over Q4 2024 [4][10] - The company has strengthened its financial position by raising approximately $135 million through a public equity offering, resulting in cash, cash equivalents, and marketable securities totaling approximately $408 million as of March 31, 2025 [4][10] - Tarsus is on track to initiate a Phase 2 trial of TP-04 (lotilaner ophthalmic gel) for the treatment of Ocular Rosacea in the second half of 2025 [4][10] Financial Performance - The first quarter of 2025 saw net product sales of XDEMVY at $78.3 million compared to $24.7 million in the same period of 2024, driven by approximately 72,000 bottles delivered to patients, up from 26,000 bottles year-over-year [10][19] - Cost of sales increased to $5.2 million from $1.7 million in the prior year, attributed to manufacturing costs and royalties [10][19] - Research and development expenses rose to $14.4 million from $12.1 million, while selling, general, and administrative expenses increased to $85.0 million from $51.6 million, primarily due to higher payroll and marketing costs [10][19] - The net loss for the quarter was $25.1 million, an improvement from a net loss of $35.7 million in the same quarter of 2024, with a basic and diluted net loss per share of $(0.64) compared to $(1.01) [10][19] Business Highlights - XDEMVY is positioned to be one of the fastest-growing anterior segment medicines, with broad commercial reimbursement coverage extending to over 90% of covered lives [4][10] - The company reported a gross-to-net discount of approximately 47% and a 23% increase in the number of bottles dispensed compared to Q4 2024 [4][10] - Direct-to-consumer advertising led to a 140% increase in average weekly website visits in March 2025 compared to December 2024 [4][10] - Tarsus is advancing its pipeline with multiple catalysts expected in 2025, including a meeting with regulatory authorities in Japan to discuss the regulatory path for XDEMVY [4][10] Pipeline Developments - Tarsus is on track to initiate a Phase 2 study of TP-04 for Ocular Rosacea, a condition with no FDA-approved therapy, in H2 2025 [4][10] - The company is also developing TP-05, an investigational oral tablet for the potential prevention of Lyme disease, expected to begin trials in 2026 [5][10]

Tarsus Pharmaceuticals, Inc. (TARS) closed the last trading session at $50.90, gaining 4.1% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $67.13 indicates a 31.9% upside potential.The mean estimate comprises eight short-term price targets with a standard deviation of $13.74. While the lowest estimate of $41 indicates a 19.5% decline from the current price level, the most optimist ...

IRVINE, Calif., April 24, 2025 (GLOBE NEWSWIRE) -- Tarsus Pharmaceuticals, Inc. (NASDAQ: TARS), today announced that it will host a live webcast at 1:30 p.m. PT / 4:30 p.m. ET on Thursday, May 1, 2025, to report its first quarter 2025 financial results and provide a corporate update. Participants may access the webcast here. A recorded version of the call will be available on the website shortly after the completion of the webcast and will be archived there for approximately 90 days. About Tarsus Pharmaceut ...

Core Insights - Tarsus Pharmaceuticals will present data on the global prevalence and patient burden of Demodex blepharitis, along with the efficacy of XDEMVY at the ASCRS 2025 Annual Meeting [1][2] Group 1: Demodex Blepharitis - Demodex blepharitis is a common eyelid disease caused by Demodex mites, affecting over two-thirds of blepharitis cases and potentially impacting 25 million Americans [7] - The Titan study indicates that 58% of patients visiting U.S. eye care clinics show signs of Demodex mite infestation, with 45 million annual visits to eye care clinics [7] Group 2: XDEMVY (Lotilaner Ophthalmic Solution) - XDEMVY is a novel prescription eye drop designed to treat Demodex blepharitis by targeting the underlying mite infestation [8] - Clinical trials involving over 800 patients demonstrated that XDEMVY met primary and secondary endpoints with statistical significance and no serious treatment-related adverse events [8][9] - The most common side effect reported was stinging and burning in 10% of patients, while other adverse reactions were less than 2% [9][11] Group 3: Upcoming Presentations - The ASCRS meeting will feature several presentations, including: - A longitudinal evaluation of disease burden and treatment efficacy in patients with Demodex blepharitis [3] - A study assessing specific symptoms of Demodex blepharitis [4] - Research on the treatment of Demodex blepharitis in patients with Meibomian gland dysfunction [5] - An observational study on the prevalence of Demodex blepharitis in Japan [6]

Group 1 - Tarsus Pharmaceuticals, Inc. announced the pricing of an upsized underwritten public offering of 2,808,988 shares at a public offering price of $44.50 per share, with expected gross proceeds of approximately $125.0 million before deductions [1] - The offering is expected to close on March 14, 2025, subject to customary closing conditions [1] - Underwriters have a 30-day option to purchase an additional 421,348 shares at the public offering price [1] Group 2 - Goldman Sachs & Co. LLC, BofA Securities, Barclays, and Oppenheimer & Co. are acting as joint book-running managers for the offering [2] - A registration statement for the shares was filed with the U.S. Securities and Exchange Commission (SEC) on February 29, 2024, and became effective upon filing [3] - A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on their website [4] Group 3 - Tarsus Pharmaceuticals focuses on advancing its pipeline to address diseases with high unmet needs, particularly in eye care and infectious disease prevention [6] - The company’s FDA-approved product, XDEMVY, is for the treatment of Demodex blepharitis, and it is also developing TP-04 for Ocular Rosacea and TP-05 for Lyme disease prevention [6]

IRVINE, Calif., March 12, 2025 (GLOBE NEWSWIRE) -- Tarsus Pharmaceuticals, Inc. (Nasdaq: TARS) (the “Company” or “Tarsus”) today announced the commencement of an underwritten public offering of $100.0 million of shares of its common stock. Tarsus also intends to grant the underwriters a 30-day option to purchase up to an additional $15.0 million of shares of its common stock offered in the proposed offering. All shares in the proposed offering are to be sold by Tarsus. The offering is subject to market and ...

IRVINE, Calif., March 06, 2025 (GLOBE NEWSWIRE) -- Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS), today announced that management will participate in a fireside chat at the Barclays 27th Annual Global Healthcare Conference on Tuesday, March 11th, at 8:00 a.m. / 11:00 a.m. ET. A live webcast and additional information can be accessed on the events section of the Tarsus website. The replay will be available on the Tarsus website within 48 hours and will be archived for a limited time. About Tarsus Pharmaceutical ...