Tarsus Pharmaceuticals(TARS)2025-02-25 12:07Financial Performance - XDEMVY generated net product sales of $66.4 million in Q4 2024 and $180.1 million for the full year, marking a significant increase from $13.1 million and $14.7 million in the respective periods of 2023[3][8][9]. - Product sales for Q4 2024 reached $66.4 million, a significant increase from $13.1 million in Q4 2023, representing a growth of 408%[20]. - Total revenues for the year ended December 31, 2024, were $183.0 million, compared to $17.4 million in 2023, marking a year-over-year increase of 949%[20]. - The net loss for Q4 2024 was $23.1 million, an improvement from a net loss of $41.9 million in Q4 2023, with a basic and diluted net loss per share of $(0.60) compared to $(1.31) in the prior year[8][9]. - The net loss for Q4 2024 was $23.1 million, a decrease from a net loss of $41.9 million in Q4 2023, indicating an improvement of 45%[20]. - The company reported a comprehensive loss of $23.3 million for Q4 2024, compared to a comprehensive loss of $41.9 million in Q4 2023[20]. Expenses - Research and development (R&D) expenses increased to $16.9 million in Q4 2024 from $13.3 million in Q4 2023, driven by higher milestone expenses and program spending[8]. - Research and development expenses for the year were $53.4 million, slightly up from $50.3 million in 2023[20]. - Selling, general and administrative (SG&A) expenses rose to $69.0 million in Q4 2024, up from $43.0 million in Q4 2023, primarily due to increased commercial and market research costs[8][9]. - Selling, general and administrative expenses surged to $237.3 million for the year, compared to $108.7 million in 2023, an increase of 118%[20]. - Operating expenses for Q4 2024 totaled $90.8 million, up from $57.5 million in Q4 2023, reflecting a 58% increase[20]. Market Adoption and Product Development - Over 58,500 bottles of XDEMVY were dispensed in Q4 2024, compared to approximately 15,700 bottles in Q4 2023, reflecting strong market adoption[3][8]. - The gross-to-net discount for XDEMVY was approximately 45% in Q4 2024 and the full year, with broad reimbursement coverage extending to over 90% of covered lives as of February 25, 2025[3][8]. - Tarsus plans to initiate a Phase 2 study for TP-04, an investigational treatment for Ocular Rosacea, in the second half of 2025 following positive FDA feedback[5][6]. - The company is on track for potential European regulatory approval of a preservative-free formulation of XDEMVY in 2027, with market development activities already initiated[5]. - The company activated a Direct-To-Consumer campaign in Q4 2024, with positive initial patient responses, and plans to expand this campaign into network television in 2025[5]. Leadership and Strategic Initiatives - Tarsus has expanded its executive team with the appointment of Elizabeth Yeu, M.D., as Chief Medical Officer, enhancing its leadership in eye care[5]. - The company anticipates continued investment in its business to establish itself as a leader in eye care, with a focus on expanding its product pipeline and market presence[17]. Assets and Cash Position - Cash and cash equivalents decreased to $94.8 million as of December 31, 2024, down from $224.9 million in 2023[22]. - Total assets increased to $377.0 million in 2024, compared to $265.5 million in 2023, representing a growth of 42%[22].