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Sep 30, 2023
Tarsus Q3 2023 Earnings Report
Tarsus reported financial results for the third quarter of 2023, marked by the successful launch of XDEMVY® and significant revenue generation from net product sales.
Key Takeaways
Tarsus Pharmaceuticals announced its Q3 2023 financial results, highlighting the successful launch of XDEMVY® which generated $1.7 million in net product sales. The company's total revenues reached $1.9 million. Despite increased R&D and SG&A expenses, Tarsus ended the quarter with a strong cash position of $246.9 million.
Launched XDEMVY® (lotilaner ophthalmic solution) 0.25% for Demodex blepharitis treatment.
Achieved $1.7 million in net product sales with over 1,700 bottles dispensed.
Secured approximately $100 million through a public equity offering.
XDEMVY was added to the American Academy of Ophthalmology’s Preferred Practice Pattern guidelines.
Tarsus
Tarsus
Forward Guidance
Tarsus Pharmaceuticals anticipates securing broad commercial coverage for XDEMVY sequentially throughout 2024 and Medicare coverage in 2025.
Positive Outlook
- Continued disease education efforts to drive awareness among eye care providers.
- Ongoing contract discussions with key commercial and Medicare accounts.
- Expect to secure broad commercial coverage sequentially throughout 2024.
- Medicare coverage anticipated in 2025.
- Advancing pipeline to address diseases with high unmet need.
Challenges Ahead
- Incurred significant losses and negative cash flows from operations since inception.
- Anticipates continuing to incur significant expenses and losses for the foreseeable future.
- May need to obtain additional funding to complete the development and commercialization of product candidates.
- Heavily dependent on the success of XDEMVY for the treatment of Demodex blepharitis.
- Sizes of the market opportunity for XDEMVY and product candidates have not been established with precision and may be smaller than estimated.