Tarsus Pharmaceuticals(TARS) - 2023 Q4 - Annual Results

Revenue Performance - Fourth quarter 2023 revenues were $13.1 million, driven by XDEMVY net product sales[8] - Total revenues for 2023 were $17.4 million, primarily from XDEMVY sales[9] - Total revenues for Q4 2023 were $13.076 million, compared to $10 million in Q4 2022, representing a 30.76% increase[21] - Product sales for the year ended December 31, 2023, were $14.729 million, while there were no product sales in 2022[21] Expenses - Cost of sales for the fourth quarter was $1.2 million, attributed to manufacturing costs and royalties[8] - Research and development (R&D) expenses increased to $13.3 million in Q4 2023, up from $10.0 million in Q4 2022[8] - Selling, general and administrative (SG&A) expenses rose to $43.0 million in Q4 2023, compared to $14.6 million in the same period last year[8] - Full-year R&D expenses were $50.3 million, an increase from $42.6 million in 2022[9] - SG&A expenses for 2023 totaled $108.7 million, up from $44.9 million in 2022[9] - Research and development expenses increased to $50.312 million for the year ended December 31, 2023, up from $42.624 million in 2022, reflecting a 17.5% rise[21] - Selling, general and administrative expenses surged to $108.700 million in 2023, compared to $44.949 million in 2022, marking a 142.5% increase[21] Net Loss - Net loss for Q4 2023 was $41.9 million, compared to a net loss of $13.6 million in Q4 2022[8] - Net loss for 2023 was $135.9 million, compared to a net loss of $62.1 million in 2022[9] - The net loss for Q4 2023 was $41.902 million, compared to a net loss of $13.599 million in Q4 2022, indicating a significant increase in losses[21] Cash and Assets - Cash and cash equivalents as of December 31, 2023, were $224.947 million, a substantial increase from $71.660 million in 2022[23] - Total assets grew to $265.491 million in 2023, up from $227.863 million in 2022, reflecting a 16.5% increase[23] Liabilities and Deficit - Total liabilities increased to $68.503 million in 2023, compared to $34.963 million in 2022, indicating a 96.5% rise[23] - The accumulated deficit as of December 31, 2023, was $244.656 million, up from $108.763 million in 2022[23] Shares Outstanding - The weighted-average shares outstanding increased to 31,944,237 in Q4 2023 from 26,685,563 in Q4 2022[21]