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Sep 30, 2022
Tarsus Q3 2022 Earnings Report
Reported third quarter 2022 financial results with NDA acceptance for TP-03 and PDUFA target action date August 25, 2023.
Key Takeaways
Tarsus Pharmaceuticals reported a net loss of $22.5 million for the third quarter of 2022. The New Drug Application for TP-03 was accepted, with a target action date of August 25, 2023. The company's cash runway is anticipated into at least 2026.
NDA for TP-03 for the treatment of Demodex blepharitis accepted by FDA with PDUFA target action date of August 25, 2023.
Launched 'Look at the Lids' disease education campaign, generating over 26,000 unique website visits.
Launched first all optometrist Medical Science Liaison (MSL) team focused on disease prevalence and diagnosis.
Cash, cash equivalents and marketable securities totaled $226.6 million as of September 30, 2022, anticipated to last into at least 2026.
Tarsus
Tarsus
Forward Guidance
Tarsus anticipates continued investment in their priorities to deliver innovative drugs to patients and further drive shareholder value and growth. They expect $30 million in milestones through 2024 from China out-license.
Positive Outlook
- Potential approval and commercialization of TP-03
- Initiation of Phase 2 studies for Lyme disease prevention and the treatment of rosacea
- Sufficient cash runway
- Ability to continue investing in the business
- Commercialization of TP-03 in the Greater China territory
Challenges Ahead
- Significant losses and negative cash flows from operations
- Dependence on the success of TP-03 for Demodex blepharitis
- COVID-19 pandemic may affect ability to complete studies and trials
- May not be successful in educating healthcare professionals about the need for treatments
- Sizes of the market opportunity for product candidates have not been established with precision and may be smaller than estimated