The following is a summary of the Tarsus Pharmaceuticals, Inc. (TARS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Tarsus reported $27.6 million in total revenue, made up of $24.7 million in XDEMVY net product sales and approximately $2.9 million in license fees.

• After a near $108 million equity raise and a $200 million non-dilutive financing commitment from Pharmakon Advisors, Tarsus ended the quarter with about $298 million in cash and marketable securities.

• The company delivered approximately $26,000 in DB patients and reported almost $25 million in net product sales for the quarter.

• Tarsus predicts a quarter-over-quarter gross-to-net improvement with a forecasted increase of 1% to 2% per quarter, pushing the gross-to-net to around 50% once Medicare patients are included in 2025.

Business Progress:

• Tarsus reported positive clinical data from two Phase 2 studies, one for Rosacea treatment and another for Lyme disease prevention.

• The ECP base has grown to over 8,000 professionals who have begun their patients on XDEMVY.

• Tarsus plans for business growth include a direct-to-customer (DTC) campaign, a potential expansion of the sales force, and the hiring of about 50 new sales representatives by the end of Q3.

• Since the year-end earnings call, Tarsus secured contracts with more payers including two major commercial plans covering approximately 18 million lives that have given XDEMVY a preferred status.

• Tarsus plans strategic investments in XDEMVY and the pipeline to develop new categories of medicines.

• After a complete analysis of the Phase 2 studies, Tarsus anticipates engaging with the FDA by year-end.

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