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Mar 31, 2023
Tarsus Q1 2023 Earnings Report
Tarsus reported financial results for the first quarter ended March 31, 2023, and recent business achievements.
Key Takeaways
Tarsus Pharmaceuticals reported a net loss of $23.4 million for the first quarter of 2023. License fee and collaboration revenue was $2.5 million, while research and development expenses were $12.4 million, and general and administrative expenses were $15.1 million. Cash, cash equivalents and marketable securities totaled $201.2 million as of March 31, 2023.
Net loss for the first quarter of 2023 was $23.4 million, compared to a net loss of $20.2 million for the same period in 2022.
License fee and collaboration revenue was $2.5 million, compared to $0.5 million for the same period in 2022.
Research and development expenses were $12.4 million, compared to $12.1 million for the same period in 2022.
Cash, cash equivalents and marketable securities were $201.2 million as of March 31, 2023.
Forward Guidance
Tarsus is preparing for the potential launch of TP-03 in the fall and advancing its broad pipeline into proof-of-concept studies. Enrollment is ongoing in the Phase 2a rosacea trial of TP-04, and the company remains on-track to provide readouts from Phase 2a trials in Lyme disease prevention and Meibomian Gland Disease.
Positive Outlook
- Potential approval and commercialization of TP-03 for the treatment of Demodex blepharitis.
- Advancing pipeline to address diseases with high unmet need.
- Ongoing Phase 2a rosacea trial of TP-04.
- On-track to provide readouts from Phase 2a trials in Lyme disease prevention and Meibomian Gland Disease.
- Salesforce infrastructure in place, ready for potential TP-03 launch.
Challenges Ahead
- Significant losses and negative cash flows from operations since inception.
- May need to obtain additional funding to complete development and commercialization of product candidates.
- Heavily dependent on the success of TP-03 for the treatment of Demodex blepharitis.
Historical Earnings Impact
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