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Jun 30, 2022
Tarsus Q2 2022 Earnings Report
Tarsus' financial results for the second quarter of 2022 were reported, along with recent business achievements.
Key Takeaways
Tarsus Pharmaceuticals reported a net loss of $5.7 million for the second quarter of 2022. License fee and collaboration revenue was $15.3 million, and cash and cash equivalents were $245.4 million as of June 30, 2022. The company is advancing TP-03 for Demodex blepharitis and expanding its commercial team.
TP-03 met all endpoints in the Saturn-2 Phase 3 trial for Demodex blepharitis, with NDA submission expected this year.
Ersa Phase 2a trial was initiated to evaluate TP-03 for Meibomian Gland Disease.
Cash runway is anticipated into at least 2026 for the commercial launch of TP-03 and continued pipeline development.
Second quarter net loss for 2022 was $5.7 million.
Tarsus
Tarsus
Forward Guidance
Tarsus is focused on advancing TP-03 for Demodex blepharitis and expanding its pipeline.
Positive Outlook
- NDA submission of TP-03 for Demodex blepharitis expected this year.
- TP-03 met the primary and all secondary endpoints in Saturn-2 Phase 3 trial.
- Initiated Ersa Phase 2a trial evaluating TP-03 for the treatment of Meibomian Gland Disease.
- Data from the Callisto Phase 1b trial of TP-05 expected this year.
- Cash runway anticipated into at least 2026.
Challenges Ahead
- Tarsus has incurred significant losses and negative cash flows from operations since inception.
- Tarsus may need to obtain additional funding.
- Tarsus is heavily dependent on the success of TP-03.
- COVID-19 pandemic may affect Tarsus' ability to conduct trials and operations.
- Market opportunity for Tarsus' product candidates may be smaller than estimated.