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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tarsus Pharmaceuticals Inc | NASDAQ:TARS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.17 | -0.53% | 32.04 | 29.39 | 100.00 | 33.21 | 31.26 | 32.57 | 381,058 | 01:00:00 |
“We have achieved significant milestones on our lead product and pipeline so far in 2021 with the positive read-out of the Saturn-1 data for TP-03 in Demodex blepharitis, the initiation of Saturn-2, and the initiation of the Callisto trial of TP-05 for the prevention of Lyme disease,” said Bobak Azamian, M.D., Ph.D., President and Chief Executive Officer of Tarsus. “Interest from the physician community also continues to build, as new Saturn-1 data presented at the ASCRS 2021 Annual Meeting reinforced the strong potential clinical utility of TP-03 with a broad range of patients showing a substantial response. Additionally, results from the Titan and Atlas studies reinforce the prevalence and burden of Demodex blepharitis, suggesting that this disease could affect as many as 25 million Americans, with 80% of patients reporting a negative impact on daily life. We believe this data supports both the need and opportunity for an FDA-approved therapeutic treatment option.”
Recent Business Highlights and Corporate Update:
Second Quarter 2021 Financial Results
About Tarsus Pharmaceuticals, Inc.Tarsus Pharmaceuticals, Inc. is a late clinical-stage biopharmaceutical company that applies proven science and new technology to revolutionize treatment for patients, starting with eye care. It is advancing its pipeline to address several diseases with high unmet need across a range of therapeutic categories, including eye care, dermatology, and infectious disease prevention. The Company is studying two investigational medicines in clinical trials. Its lead product candidate, TP-03, is a novel therapeutic being studied in a second Phase 3 pivotal trial for the treatment of Demodex blepharitis. TP-03 is also being developed for the treatment of Meibomian Gland Disease. Tarsus is developing TP-05, an oral, non-vaccine therapeutic for the prevention of Lyme disease, which is currently being studied in a Phase 1 clinical trial.
Forward-Looking StatementsStatements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include statements regarding the receipt by Tarsus of future payments and achievement and timing of milestones under the terms of the collaboration with LianBio, the ability of LianBio to commercialize TP-03 in the Greater China territory, the market size for TP-03 and TP-05, future events and Tarsus’ plans for and the anticipated benefits of its product candidates including TP-03 and TP-05, the timing, objectives and results of the clinical studies, anticipated regulatory and development milestones and the quotations of Tarsus’ management. The words, without limitation, “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Important factors that could cause actual results to differ materially from those in the forward-looking statements include: Tarsus has incurred significant losses and negative cash flows from operations since inception and anticipates that it will continue to incur significant expenses and losses for the foreseeable future; Tarsus may need to obtain additional funding to complete the development and any commercialization of its product candidates, if approved; Tarsus is heavily dependent on the success of its lead product candidate, TP-03 for the treatment of Demodex blepharitis; the COVID-19 pandemic may affect Tarsus’ ability to initiate and complete preclinical studies and clinical trials, disrupt regulatory activities, disrupt manufacturing and supply chain or have other adverse effects on Tarsus’ business and operations; even if TP-03, TP-05, or any other product candidate that Tarsus develops receives marketing approval, Tarsus may not be successful in educating eye care physicians and the market about the need for treatments specifically for Demodex blepharitis, Lyme disease, and/or other diseases or conditions targeted by Tarsus’ products; the development and commercialization of Tarsus products is dependent on intellectual property it licenses from Elanco Tiergesundheit AG; Tarsus will need to develop and expand the company and Tarsus may encounter difficulties in managing its growth, which could disrupt its operations; the sizes of the market opportunity for Tarsus’ product candidates, particularly TP-03 for the treatment of Demodex blepharitis and MGD, as well as TP-05 for the treatment of Lyme disease, have not been established with precision and may be smaller than estimated; the results of Tarsus’ earlier studies and trials may not be predictive of future results; any termination or suspension of, or delays in the commencement or completion of, Tarsus’ planned clinical trials could result in increased costs, delay or limit its ability to generate revenue and adversely affect its commercial prospects; and if Tarsus is unable to obtain and maintain sufficient intellectual property protection for its product candidates, or if the scope of the intellectual property protection is not sufficiently broad, Tarsus’ competitors could develop and commercialize products similar or identical to Tarsus’ products. Further, there are other risks and uncertainties that could cause actual results to differ from those set forth in the forward-looking statement and they are detailed from time to time in the reports Tarsus files with the Securities and Exchange Commission, including Tarsus’ Form 10-K for the year ended December 31, 2020 filed with the SEC on March 31, 2021, and Form 10-Q for the quarter ended June 30, 2021 filed with the SEC on August 4, 2021, which Tarsus incorporates by reference into this press release, copies of which are posted on its website and are available from Tarsus without charge. However, new risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements contained in this press release are based on the current expectations of Tarsus’ management team and speak only as of the date hereof, and Tarsus specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Media Contact:SuJin OhShop PR(917) 841-5213sujin@shop-pr.com
Investor Contact:Patti BankWestwicke Partners, an ICR company(415) 513-1284IR@tarsusrx.com
TARSUS PHARMACEUTICALS, INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(In thousands, except share and per share amounts)
Three Months EndedJune 30, | Six Months EndedJune 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues: | |||||||||||||||
License fees | $ | 19,048 | — | $ | 52,359 | — | |||||||||
Collaboration revenue | 2,969 | — | 3,090 | — | |||||||||||
Total revenues | 22,017 | — | 55,449 | — | |||||||||||
Operating expenses: | |||||||||||||||
Cost of license fees and collaboration revenue | 737 | — | 2,034 | — | |||||||||||
Research and development | 7,204 | 1,737 | 23,465 | 3,249 | |||||||||||
General and administrative | 6,794 | 1,526 | 11,954 | 2,132 | |||||||||||
Total operating expenses | 14,735 | 3,263 | 37,453 | 5,381 | |||||||||||
Income (loss) from operations before other (expense) income and income taxes | 7,282 | (3,263 | ) | 17,996 | (5,381 | ) | |||||||||
Other (expense) income: | |||||||||||||||
Interest income (expense), net | 7 | 13 | 16 | 174 | |||||||||||
Other (expense) income, net | (39 | ) | — | (73 | ) | — | |||||||||
Change in fair value of equity warrant rights | (876 | ) | — | (876 | ) | — | |||||||||
Total other (expense) income | (908 | ) | 13 | (933 | ) | 174 | |||||||||
Provision for income taxes | (29 | ) | — | (342 | ) | — | |||||||||
Net income (loss) and comprehensive income (loss) | $ | 6,345 | $ | (3,250 | ) | $ | 16,721 | $ | (5,207 | ) | |||||
Net income (loss) per share | |||||||||||||||
Basic | $ | 0.31 | $ | (1.23 | ) | $ | 0.81 | $ | (1.96 | ) | |||||
Diluted | $ | 0.29 | $ | (1.23 | ) | $ | 0.76 | $ | (1.96 | ) | |||||
Weighted-average shares outstanding | |||||||||||||||
Basic | 20,555,258 | 2,651,321 | 20,446,246 | 2,650,843 | |||||||||||
Diluted | 21,966,599 | 2,651,321 | 21,895,304 | 2,650,843 | |||||||||||
TARSUS PHARMACEUTICALS, INC.
BALANCE SHEETS(In thousands, except share and par value amounts)
June 30, 2021 | December 31, 2020 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 176,735 | $ | 168,129 | |||
Restricted cash | — | 20 | |||||
Accounts receivable | 20,000 | — | |||||
Other receivables | 157 | 20 | |||||
Prepaid expenses and other current assets | 4,012 | 2,486 | |||||
Total current assets | 200,904 | 170,655 | |||||
Property and equipment, net of accumulated depreciation | 481 | 548 | |||||
Operating lease right-of-use asset | 540 | 688 | |||||
Other assets | 1,525 | 81 | |||||
Total assets | $ | 203,450 | $ | 171,972 | |||
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and other accrued liabilities | $ | 8,985 | $ | 4,347 | |||
Accrued payroll and benefits | 1,470 | 1,040 | |||||
Total current liabilities | 10,455 | 5,387 | |||||
Other long-term liabilities | 524 | 605 | |||||
Total liabilities | 10,979 | 5,992 | |||||
Commitments and contingencies (Note 9) | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.0001 par value; 10,000,000 authorized at June 30, 2021 and December 31, 2020; no shares issued and outstanding at June 30, 2021 and December 31, 2020 | — | — | |||||
Common stock, $0.0001 par value; 200,000,000 shares authorized; 20,704,104 shares issued and 20,573,951 outstanding, which excludes 130,153 shares subject to repurchase at June 30, 2021 (unaudited); 20,502,576 shares issued and 20,323,301 outstanding, which excludes 179,375 shares subject to repurchase at December 31, 2020 | 4 | 4 | |||||
Additional paid-in capital | 208,591 | 198,821 | |||||
Accumulated deficit | (16,124 | ) | (32,845 | ) | |||
Total stockholders’ equity | 192,471 | 165,980 | |||||
Total liabilities, preferred stock and stockholders’ equity | $ | 203,450 | $ | 171,972 | |||
1 Year Tarsus Pharmaceuticals Chart |
1 Month Tarsus Pharmaceuticals Chart |
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