The following is a summary of the Tarsus Pharmaceuticals, Inc. (TARS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Tarsus reported $27.6 million in total revenue, made up of $24.7 million in XDEMVY net product sales and approximately $2.9 million in license fees.
After a near $108 million equity raise and a $200 million non-dilutive financing commitment from Pharmakon Advisors, Tarsus ended the quarter with about $298 million in cash and marketable securities.
The company delivered approximately $26,000 in DB patients and reported almost $25 million in net product sales for the quarter.
Tarsus predicts a quarter-over-quarter gross-to-net improvement with a forecasted increase of 1% to 2% per quarter, pushing the gross-to-net to around 50% once Medicare patients are included in 2025.
Business Progress:
Tarsus reported positive clinical data from two Phase 2 studies, one for Rosacea treatment and another for Lyme disease prevention.
The ECP base has grown to over 8,000 professionals who have begun their patients on XDEMVY.
Tarsus plans for business growth include a direct-to-customer (DTC) campaign, a potential expansion of the sales force, and the hiring of about 50 new sales representatives by the end of Q3.
Since the year-end earnings call, Tarsus secured contracts with more payers including two major commercial plans covering approximately 18 million lives that have given XDEMVY a preferred status.
Tarsus plans strategic investments in XDEMVY and the pipeline to develop new categories of medicines.
After a complete analysis of the Phase 2 studies, Tarsus anticipates engaging with the FDA by year-end.
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.