Tarsus Pharmaceuticals, Inc. has reported strong financial results for the fourth quarter and full-year 2023, along with significant business achievements. In the fourth quarter, the company achieved net product sales of $13.1 million, with a notable increase to $14.7 million in the first four months following the launch of xdemvy. The company delivered over 17,400 bottles of xdemvy to patients, with approximately 6,000 eye care providers (ECPs) initiating patients on xdemvy, and over 50% of ECPs prescribing xdemvy to multiple patients as of February 23, 2024.
In terms of research and development (R&D) expenses, Tarsus reported $13.3 million in the fourth quarter of 2023, compared to $10.0 million in the same period last year. The selling, general and administrative (SG&A) expenses were $43.0 million in the fourth quarter, significantly higher than the $14.6 million in the same period last year. These increases were attributed to various factors, including payroll and personnel-related costs, commercial costs related to the launch of xdemvy, office and administrative expenses, and IT applications.
Tarsus also disclosed that as of December 31, 2023, its cash, cash equivalents, and marketable securities amounted to $227.4 million, which included $99.3 million of net proceeds received from a follow-on offering completed in August 2023.
For the full-year 2023, Tarsus achieved total revenues of $17.4 million, primarily driven by $14.7 million in xdemvy net product sales, representing approximately four months of sales following the late August launch. The cost of sales for the full year was $1.6 million. R&D expenses for 2023 were $50.3 million, compared to $42.6 million in 2022, while SG&A expenses were $108.7 million in 2023, significantly higher than the $44.9 million in 2022.
The net loss for 2023 was reported at $135.9 million, compared to a net loss of $62.1 million in 2022. The basic and diluted net loss per share for 2023 was $(4.62), compared with $(2.52) for 2022.
Tarsus highlighted several positive developments in its pipeline, including positive proof-of-concept results across its entire clinical portfolio, along with the publication of six manuscripts in peer-reviewed journals in 2023.
The company is also making significant progress with its investigational therapies, including TP-03 for the treatment of meibomian gland disease, TP-04 for the treatment of papulopustular rosacea, and TP-05 as an oral tablet for the prevention of Lyme disease.
As a result of these announcements, the company's shares have moved 14.7% on the market, and are now trading at a price of $38.03. For more information, read the company's full 8-K submission here.
