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Dec 31, 2020
Tarsus Q4 2020 Earnings Report
Tarsus reported full-year financial results and business and clinical updates.
Key Takeaways
Tarsus Pharmaceuticals reported a net loss of $26.8 million for the full year 2020. The company's cash and cash equivalents stood at $168.1 million as of December 31, 2020. A strategic partnership with LianBio was established in March 2021 for TP-03 in Greater China, providing Tarsus with $70 million expected during the next 12 months and up to $130 million in future milestones, plus double-digit royalties and equity in LianBio.
Completed enrollment for Saturn-1, the first TP-03 pivotal trial for Demodex blepharitis.
Expected to initiate Saturn-2 in Q2 2021.
Entered into a strategic partnership with LianBio for TP-03 in Greater China, securing $70 million expected within the next 12 months.
Cash and cash equivalents totaled $168 million as of December 31, 2020.
Forward Guidance
The company's forward-looking statements include expectations regarding the receipt of payments and achievement of milestones under the LianBio collaboration, the ability of LianBio to commercialize TP-03 in Greater China, the market size for TP-03, future events, and the anticipated benefits of its product candidates including TP-03, the timing, objectives and results of the clinical studies and anticipated regulatory and development milestones and the quotations of Tarsus’ management.
Positive Outlook
- Receipt of payments from LianBio partnership.
- Achievement of milestones under the LianBio collaboration.
- LianBio's ability to commercialize TP-03 in Greater China.
- Market size for TP-03.
- Anticipated benefits of product candidates including TP-03.
Challenges Ahead
- Significant losses and negative cash flows from operations.
- Need to obtain additional funding.
- Dependence on the success of TP-03.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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