Tarsus Pharmaceuticals(TARS) - 2025 Q1 - Quarterly Results

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]