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Mar 31, 2022
Tarsus Q1 2022 Earnings Report
Tarsus reported first quarter results with a net loss, offset by license fee and collaboration revenue. TP-03 met all endpoints in the Saturn-2 Phase 3 trial.
Key Takeaways
Tarsus Pharmaceuticals reported a net loss of $20.2 million for the first quarter of 2022, compared to a net income of $10.4 million for the same period in 2021. The company's TP-03 product met all endpoints in the Saturn-2 Phase 3 trial, and the company anticipates NDA submission in the second half of this year. Cash runway is expected into at least 2026.
TP-03 met primary and all secondary endpoints in Saturn-2 Phase 3 trial.
Advanced TP-05 in the Callisto Phase 1b trial, with data expected in the second half of 2022.
Cash runway expected into at least 2026 with $175 million in cash as of March 31, 2022.
First quarter net loss for 2022 was $20.2 million.
Tarsus
Tarsus
Forward Guidance
Tarsus anticipates several milestones in 2022, including NDA submission for TP-03 and Phase 2a initiation for TP-05.
Positive Outlook
- TP-03 Topline Pivotal Data (Saturn-2) for Demodex blepharitis in H1 2022
- TP-03 NDA Submission for Demodex blepharitis in H2 2022
- TP-05 Phase 1b Data (Callisto) for Lyme disease prevention in H2 2022
- TP-03 Initiate Phase 3 trial in China for Demodex blepharitis in H2 2022
- TP-04 Initiate Phase 2 (Galatea) for Rosacea in H2 2022
Challenges Ahead
- Incurred significant losses and negative cash flows from operations since inception
- May need to obtain additional funding to complete the development and any commercialization of its product candidates
- Heavily dependent on the success of its lead product candidate, TP-03 for the treatment of Demodex blepharitis
- COVID-19 pandemic may affect Tarsus’ ability to initiate and complete preclinical studies and clinical trials
- Sizes of the market opportunity for Tarsus’ product candidates have not been established with precision and may be smaller than estimated