Q2 2025 Tarsus Pharmaceuticals Inc Earnings Call

August 6, 2025

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Tarsus second quarter 2025 earnings conference call. As a reminder, this call is being recorded at this time. I would like to turn the call over to David nakas head of investor relations to lead off the call David. You may begin

Thank you. Before we begin, I encourage everyone to visit the investor section of the Tarsus website, to view the earnings release and related materials. We will be discussing today.

Joining me on the call. This afternoon, are Bobby is Amy and our chief executive officer and chairman. As these model Walla are chief commercial officer and Geoff Barrow our Chief Financial Officer and chief strategy officer.

I'd like to draw your attention to slide 3 which contains our forward-looking statements during this call. We will be making forward-looking statements that are based on our current expectations and beliefs

These statements are subject to certain risks and uncertainties and our actual results May differ materially. I encourage you to consult the risk factors contained in our SEC filings for additional details.

With that, I will turn the call over to Bobby.

Thank you, Dave. Good afternoon, everyone. And thank you for joining us.

We are approaching the 2-year anniversary of the launch of stemi, the first and only FDA approved treatment for Demodex bluffer itis.

In that time we've established a new category in eye care and executed 1 of the most successful launches ever in the prescription eye drop Market.

This success is more than a milestone. It's powerful validation of our scientific innovation, strategy, and leadership in a clear signal that our vision of becoming. The next leader in Eye Care isn't just aspirational. It's already taking shape with measurable impact.

in Q2, we delivered record-breaking results of more than 100 million dollars in net sales and approximately 91,000 bottles dispensed to patients in need

This quarter over, quarter growth is even more impressive when you consider. We are primarily a new prescription or nrx business and do not yet benefit from meaningful, refills at this stage of the launch.

These impressive, Q2 results, reflect continued, momentum and physician, education, and adoption. Strong. High-quality access and increasing patient demand underscoring. The meaningful value extend V is delivering to those living with demonic bluffer.

They also reflect the early impact of our direct consumer Campaign, which is driving prescription volumes.

With an estimated 25 million people in the U.S. living with DEX, plethora, itis, or DB, this campaign is proving to be a powerful catalyst in opening new conversations.

changing physician behavior and encouraging patients to take action all of which is making extend via household name,

That momentum is echoed in real time feedback from the field reinforcing my bullishness on this investment and its potential to provide even greater access to the DB Market.

Coupled with his early DTC success.

Our continued focus on education broad payer access and the outstanding execution by our Salesforce, strengthens our conviction that the peak potential opportunity for extend V is even greater than we originally envisioned.

This growing momentum doesn't stop with extend. It also extends across our robust and differentiated Pipelines.

With a proven blueprint for Success, that includes an exceptional management. Team, a distinctive approach to Innovation and extend as a compelling proof point. We are well positioned to create and Lead entirely new categories across Eyecare

1 of our most promising programs advancing through development is tp4 for ocular roza or o r.

O r is yet another Uncharted therapeutic space and we're applying the same discipline strategy that propelled extend view success.

Deep scientific, Insight, commercial Acumen, and a Relentless focus on execution.

Initially projected.

Fueled by growth drivers across commercial execution, and clinical innovation in supported by a solid Financial Foundation. We're not just positioned to succeed. We're poised to potentially leave the next era of eye care.

Before I pass the call to Aziz, I want to sincerely. Thank the entire Tarsus team for their dedication passion and Relentless focus on creating new categories and medicines

you have been fundamental to everything. We've achieved and everything we're building towards.

With that, I'll turn the call over to Aziz.

Thanks Bobby.

Q2 was a standout quarter. We delivered more than 100 million in net sales and dispense approximately 91,000 bottles to patients.

Demonstrating the strength and scalability of our launch strategy.

We achieved over 30% sequential quarterly, Revenue growth significantly, outpacing the interior, segment prescription eye drop Market, including the other recent launches.

Our performance this quarter is even more impressive when you consider that Extend B remains predominantly an Anarex product at this stage.

As Bobby highlighted 1 of the major drivers, this quarter has been our DTC campaigns which is already fueling meaningful increases in prescription volume.

Unlike typical DTC efforts that can take multiple quarters to show traction. We're seeing early measurable impact that we expect will continue to grow.

Our DTC success Amplified by The Continuous engagement of our sales force is evidenced by 3 key metrics.

1 elevated consumer awareness, our national media presence across Network television and digital platforms like USA Today and the New York Post is putting extended in the spotlight.

As a result unaided awareness of extension has more than tripled since the campaign began.

Patients are increasingly motivated to seek treatment and ask for example, by name.

2 exceptionalists.

This level of Engagement and interest demonstrates increasing consumer intent and is translating directly into office visits and prescriptions.

3 a growing prescriber base.

As more patients proactively seek treatment for DB more Physicians are writing. In fact, we now have over 20,000 ecps, prescribing extensions.

Looking at these key shifts in the market, it is clear. Our DTC campaign is working meaningfully contributing to prescription volumes and increasing the long-term potential of this Market.

Additionally, we continue to deepen. Prescribing patterns top prescribers. Consistently, tell us they're far from reaching the full number of patients who could benefit from treatment.

While shifts in practice Behavior, take time and often require multiple touch points. Our sales force is engaging, consistently encouraging ecps to screen every patient and expand treatment of all segments.

Our market research confirms that 80% of ECPs surveyed are now treating across all of them at XPL for anticipation segments, a 100% increase since the expansion of our sales force and the launch of our DTC campaign.

additionally, nearly a third of our core audience of 15,000 ecps, are prescribing extended on a weekly basis, a trend that we expect to continue

and with more than 90% of commercial Medicare and Medicaid lives covered. We have ensured that extend, the is Affordable and accessible to all patients in need.

In summary. It's Demi is redefining what a successful launch looks like with strong and growing adoption, a clear path to deeper Market, penetration and integrated efforts across education, access and awareness. We believe we're building towards a blockbuster plus opportunity with sustained growth in the quarters ahead.

Before I turn the call over to Jeff, I would like to take a moment to thank our outstanding commercial team especially our sales force to continue to make a positive impact with prescribers each and every day their commitment and tenacity. Have an instrumental in making extending 1 of the most successful prescription eye drop launches today.

I'll now turn it over to Jeff Farah, our Chief Financial Officer and chief strategy officer to discuss our financial results. Jeff.

Thanks Aziz and good afternoon everyone. Echoing Bobby's. And his thesis comments, we had a remarkable quarter.

In the second quarter, extends the generated 102.7 million in net product sales, marking our strongest quarter today.

The response to extend has reinforced our conviction in its Blockbuster, plus potential.

And we see substantial long-term opportunity to expand its role in eye care and reach more patients around the world.

Distributors and dispensed approximately 91,000 bottles to patients.

Slightly above the top end of our Q2 guidance of 90,000 bottles dispensed.

Inventory levels at the distributors were consistent with the prior quarter at approximately 2.5 weeks.

as a reminder, we recognize Revenue when extended is shipped from our warehouse to the Distributors, not on bottles dispensed to patients

Gross to net discount for the second order was in line with our guidance at approximately 45%.

And the sequential Improvement in the discount, was primarily driven by a reduction in patient co-pays.

As many patients work through their annual deductibles.

Gross. Margins were flat at 93%.

Continuing through the p&l increases in sgna, expenses of approximately 44 million in the second quarter of 2025. As compared to the prior year, where primarily driven by sales and marketing costs to support the extend V launch,

Specifically direct consumer advertising costs increases in employee related. Costs, due to the larger sales force, as well as variable costs associated with growing prescription numbers in sales.

These variable costs include Pharmacy, fees prior authorization, support at ECP offices and patient support programs.

R&D expenses, increased by 3.3 million, in Q2, 2025 from the prior year.

Primarily due to expenses related, to the to 4 program and other research and development programs, as well as higher employee related expenses.

Cash and cash equivalent. At quarter end, we're approximately 381 million.

All other Financial details are outlined in the earnings release. We issued earlier this afternoon

Looking ahead, we remain confident in the strong near- and long-term growth potential of extending.

With our sales force, gaining, even more momentum among ecps.

Our direct-to-consumer campaign is driving more patients to proactively request extended prescriptions. Physicians are increasingly shifting from monthly to weekly and even daily prescribing.

We are well positioned for continued success.

For the third quarter, we expect inventory levels to remain in line with Q2 2025.

At approximately 2.5 weeks.

Gross to net discount.

To improve and be in the range of approximately 43 to 45% with continued Improvement into the low 40s by year end 2025.

And sgna to remain relatively consistent with Q2 as we plan to maintain annual DTC costs in the range of 70 to 80 million dollars.

Since the launch of extended, we have demonstrated consistent order over quarter growth bottles dispensed.

And in terms of demand, we expect to build on the tremendous success. We generated in the second quarter with even stronger performance in Q3 despite the typical seasonal headwinds like summer vacations and holidays.

For the third quarter, we expect bottles suspense in the range of 95,200,000

consistent with our previous statement in the fourth quarter and Beyond.

We expect the accelerating impact of our direct to Consumer campaign.

Motivated sales, force and positive, reimbursement Dynamics to continue to fuel the launch of extension.

turning to our pipeline of future growth drivers we remain on track to initiate the phase 2 study for oh later this year and have already begun key preparations and validation efforts

including clinical site selection and the development of objective and replicable scales.

Correspondingly, we expect R&D expenses to increase with the plan initiation of this study in the second half of 2025 and anticipate, total costs between 7 and 10 million dollars split between 2025 and 2026.

As we look at the potential for extend, these Global expansion.

Meetings with regulatory authorities in Japan remain on track for the second half of this year and potential European regulatory approval for preservative free formulation of extend. These expected in 2027,

in closing, we are entering the third quarter in a position of strength.

With strong Tailwinds from our investments in DTC and our exceptional sales force.

And we look forward to sharing more updates with you in the coming quarters.

I will now turn the call back to Bobby for final remarks.

Thank you, Jeff, and thank you all again for joining us today.

This Milestone quarter where we surpassed $100 million in extending that sales marks a true inflection point for the brand and reinforces our confidence in its immediate growth and long-term potential.

Tarsus was built to deliver transformative solutions, and with the launch of X-123, we've proven our ability to create entirely new treatment paradigms in eye care.

As we look ahead, our commitment to Scientific rigor, Innovation and Flawless, execution positions us not only to lead an additional high impact underserved diseases.

But to build the next great AI leader and improve the lives of millions of patients globally.

Operator, please open the line for questions.

Thank you as a reminder, to ask a question. Please press star, 1, 1 1 on your telephone and wait for your name, to be announced to withdraw your question. Please press star 1 1 1 again, 1 moment for questions.

Our first question comes from Eddie Hickman with Guggenheim, you may proceed.

Uh, good afternoon, congrats on the nice quarter. Everyone. Um, a couple from me. Um, can you can you talk a little bit about these? This increase in new prescribers? Were those targeted new 5000 over this 15 that you had originally targeted? Or, um, did they just come on board? Sort of denovo. Are you seeing any erosion in that earlier, uh, prescriber base and then I was just hoping you could, uh, give us some color on. Um, whether you continue to sort of continue the DTC campaign for another year and sort of, when we should expect that spend to, to stop, thanks.

Yeah. Hey Eddie. Thanks for that question. It's a disease. Um yeah, we're really pleased with the progress we're seeing on the DTC campaign. It's 1 of the real highlights of the corner that we're seeing some really meaningful contributions and I think that's reflected in the fact that as patients come in. It's really opened up a broader, prescribing funnel, uh, with the 20,000 prescribers. Um, those are all doctors we call on, they're all people that we target. Um, the reality is, is that we focus most of our efforts on the core 15,000. That's where the majority of prescriptions are going to come from. So, you know, our sales force does a great job. Um, it's 1 of the highest quality sales forces in the space, we've recruited great talent there. Uh, and they have great productivity and capacity. So they're reaching all these 20,000 doctors. Um, these are books, I would say, are extra value on top of the core audience that we're driving. And that's really the defining fact that we've got a bigger Market potential than we even imagined earlier. So we think about

About DTC is just opening up this Market sooner than anticipated to a broader audience and the great news is when we did our sales force expansion. You know, we accounted for this possibility and our sales force as well, equipped to handle and reach these doctors. And I will tell you, we haven't seen any erosion in the current base. If anything, we're seeing it, deepening and prescribing in the core audience as well. Um, I think that was reflected in the prepared. Comments where 2 things 1. We're seeing really meaningful utilization across all the key segments, which I think speaks to the high utility of extension to practice and the long-term potential for this to become sort of the standard of care across multiple patients, and then, secondly, doctors are incorporating this into their routine. Um, you're seeing about 5,000 doctors almost a third of our core audience, their prescribing, on a weekly basis. So this is becoming habit, it's really taking hold. And I think if, if you look at that level of prescriber, penetration and adoption and just 2 years, it's really remarkable what our team. And this product has been able to delay

over so far.

On the DTC front.

We're seeing great results there. Um, I think we'd expect to continue that for the foreseeable future. I think through the end of this year and into next and then I think we'll evaluate, um, do we need to continue to do this? Or can we pulse it seasonally? Um, that's work. We're doing right now, but I do think as we're still in the relative early stage of building out this Market, educating and empowering, the consumer will continue to be an important lever. Um with that said, as Jeff mentioned, we're kind of at that steady state expense, we don't expect

to scale that anymore, we expect to stay in the current range of of spend their

Appreciate it and then if I can get 1 more on the gross to net, you're going to end the year sort of in the low 40s. You said can you talk about if there if there are plans or their ways to sort of get even better than that, you know in in 2026 and Beyond or should we sort of expect low 40s? Um you know for the foreseeable future. Thanks.

In the low 40s.

Again, congrats.

Thank you.

Our next question comes from Andrea Newkirk with Goldman Sachs, you may proceed.

Hi everyone, thanks so much for taking the question. I'm just curious here as we near the 2-year mark since Exempted was approved. Just wondering if you might be willing to speak more on how you see the cadence of the launch progressing from here. And then I'd also be curious, you mentioned a couple of times here that the peak could actually be even greater than what you had believed before, which I think was a billion. Plus, how are you thinking about that refined peak potential now, and what is that being driven by specifically? Thanks so much.

Yeah. Hey Andrea, it's Aziz. I'll start here. Um you know when we think about the Cadence launch going forward, I I think it's really a great opportunity to reflect on uh our strategy and how well it's worked. And the fact that everything we put into place is really coming to fruition. So you think about our core base of educating the prescriber base, where we've got great penetration with an increasing depth of prescribing happening, and I'll tell you that. None of our doctors are telling us they're reaching their full potential. In fact, they're actively looking for more use cases in the practice. So that education is a prescriber with great penetration where we got even more than our originally intended. Audience on board is really remarkable. That's a great foundation for continued growth.

secondly, we're seeing DTC and the patient education aspect of this really driving and to see that contributing as quickly as it has and to see the results we're seeing in terms of increasing awareness, the website metrics, the fact that we're seeing an expanded prescriber base, I think really speaks to the value of the DTC campaign and then

I always say that this is all predicated on our great coverage, right? This is the ease of access 90% of lives covered. We've got a clear path for doctors to liberally prescribe this product to patients that need it. And what I really think about this when we talked as a team here is, we've had a great couple of years, but we've only treated about 350,000 patients at most, and we've got 9 million and up to 25 million patients to treat. So, with all the great results today, we've really only scratched the surface. So what do we expect going forward? We expect the strategy to continue to deliver. We expect continued steady growth. And I've said this before, there's no hockey sticks on this launch, but there is a steady Progressive build of 1 of the most remarkable and exciting markets in the Eye Care space.

And I would just add to that Andrea as well that we're very pleased. Uh, how Q3 is turning out these early days and that reflects our stronger guidance? I think stepping back if we if you'd asked us earlier this year we would have expected the ladder growth, but I think some of the initiatives we're seeing is the DTC and some of the Salesforce initiatives are really paying off early. So we're quite pleased to that. And that really kind of goes to your question on the peak potential here.

Uh we ultimately don't know the ultimate Peak potential here but what we are seeing signs and signals that it's going to be higher than what we thought say a year ago um you know, typically in a new category you really can't tell what that Peak potential is. But I can tell you just looking in analogs that that 25 million patients that we have estimated that have Dex. That's likely going to drop down into the 9 million bucket at a greater degree. Right. When you build it, they typically come and we've seen that over and over again in these new categories. So, um, along with it of ways of saying, stay tuned for, you know, more Peak, uh, guidance there. But at this point it's it's much higher than what we anticipated.

And and this is Bobby. I'll just had 1 point that that Bridges both these um disease mentioned before the 80%, prescribing across the segments. So that gives us a lot of confidence with increasing weekly prescribers that we're going to continue to grow this launch. And um you know, imagine only 350,000 of 9 million with all those segments doing some real traction across CCP offices, but only early days really in prescribing processes.

Thank you.

our next question comes from Jason Gerber with Bank of America, you may proceed

Third point, just for clarification. So I think a year ago when you thought about Peak sales potential, I think the commentary was that this could be as big or bigger than Restasis which we knew I think peaked out at around a billion 4. So are you saying that? You know there there's some magnitude of Border step Improvement relative to that.

Um, thanks.

Yeah. Jason, uh, this is Jeff, uh, good to hear. You hear your voice? Um, as you think about looking at Q3 to Q4 step up this year, I think, taking a look at last year would be a little aggressive, just because it was early days in the launch and we were starting out, you know, at a relatively small Baseline. Um, so I think that might be a little aggressive to be thinking about modeling that like, uh, Aziz said, we didn't we don't expect a hockey stick in the fourth quarter here. So uh, more measured steady growth off a higher Baseline. Uh, coming off a, you know, a really strong Q3

Yeah, and then Jason of the prescriber base that incremental prescriber base. Um, that's a great mix of both opthamology and Optometry. We're seeing this in particularly when you align that Visa V, the use across the segments, I think what you're seeing is that doctors are seeing these use cases. So, for your cataract patients, for instance, that's bringing in more ophthalmologists that are now thinking about this, as a way to screen patients. Before surgery, your optometrist continue to build, uh, their excitement around this. This is a great way for them to expand their scope of practice and and really think

Think about serving more patients. So we're seeing great feedback from both segments, and we're seeing continued depth of prescribing across both segments. The incremental prescribers are also relatively similar in terms of mix. As we've said before, it's about 60% Optometry and 40% Ophthalmology. That's about representative of what we're seeing with the growing prescriber base as well.

Yeah, Jason this is Bobby to your last question, you know. It's it's tanalized to think about um as we said earlier um we're not giving a new Peak but um we see ourselves as a head of on a lot of metrics. Um let me think about the adoption by acps. You think about the value of our medicine and the coverage on the other hand? It's an NX medicine. So I think it's just too early but we do expect this to be 1 of the largest Peak eye drops ever. And we're really excited about that.

Thanks guys.

Thank you.

Our next question comes from Corey. Jubinville with life cycle, you may proceed

I congrats on this, uh, really exciting update and thanks for taking our questions. Um, you mentioned at the beginning of the prepared remarks that the launch to date, has primarily been driven by new to Brand scripts, have you refined at all? How you're thinking about steady state retreatment rates? If we look at recently available third-party script estimates retreatment rates are hovering around 2 to 2 to 5, uh, 2 to 2 and a half percent of of total volume. I guess 1 um, from your data that you have on hand. How accurate

Accurate are those third-party aggregators on retreatment uh specifically? And and what are your target goals for those retreatment rates? Um 2 have you been able to track kind of the individual patient cohorts? Maybe the overall percent of of retreatment hasn't yet reached a steady state, but that's mostly. Because you're looking at Patients who've been treating treated a year out. Who first received extend the early in that launch curve. So the volume was relatively lower compared to the volume that we're seeing today. And 3 given the potential Tam as it fits into the, the denominator of the, the present Market penetration. How much weight are you even placing into the, the, uh, placing retreatment into the continued success of extend. Be, I guess you feel that you, you even need High re retreatment rates if the Tam is sufficiently large.

Basically a little bit higher than that. Uh, we're not quite at the steady state yet, but, um, everything is leading us to believe that this will continue to progress and be a great Tailwind for us. Um, how much do we think this is critical? I mean, of course, this is important, right? We want patients to get that success again and again, so if the patient's had a great outcome, we want them to have that when the disease recurs. So, this is an important part of the strategy, but I would refer back to the point you made which is we have a huge am um and 2 years in, we've only scratched the surface. So um, our key focus is continuing to evolve that Tam to get as many of those 25 million patients into that base of 9 million is Jeff mentioned. And to get as many of those 9 million patients on treatment because they can all benefit. So, um,

Refill is important trending the right way, but the focus is opening up the doors to this very massive Tam. And as Bobby said, we see that as the opportunity to have 1 of the best, you know, sized product launches in the Eye, Care space.

Excellent. Thanks and congrats again.

Thank you.

our next question comes from lachman Hanbury brown with William Blair, you may proceed

Hey, guys, thanks for the question. Um, I guess you, it's easy. You've previously talked about, uh, you know, we should expect DDC to take if you called us to take effect. But you were saying today, it's, it's kind of

Showing through a little earlier than anticipated. Um, do you elaborate on? Why you think that is, you know, why is it different in this market than than maybe what you would expect having looked at other markets?

Um, and second, you talked about the unaided awareness of extend, be tripling. Um, can you as a sense of sort of where that is now and how much Headroom is left to grow in the, the unaided awareness?

Yeah, that's a great question. So, um, I think about the campaign, you know, I've worked on a lot of these and you know, this is a real fun part of of the commercialization strategy week and really engage consumers directly. And and get people excited about a solution for something that in suffering for, from a long time. And I think our campaign is exciting. It's memorable. It's very creative and different. And, uh, you know, that's a fun part of it. But I think, what's really driven the success here, uh, is the fact that we layered this DTC campaign as part of the very thoughtful strategy and all

Where we focused a lot of time up, front. Educating the prescriber base building a huge prescriber base and penetrating that very quickly. So our quick adoption is enabled this. Secondly, we ensured, we had great coverage, 90% of life's covered. That's very remarkable in the Eye Care space. When you look at other recently launched products, um, I think a lot of people are saying that, you know, being in the 70s and 80s is full coverage. So 90% is really remarkable in terms of the doctor's ease and the patients access to the drug. I think these set up a great platform for us to execute an impactful detail.

TC campaign. I think the fact that there's nothing available for these patients, this disease is something that's visual as well. As something patients, feel is very motivating. And of course, as we've always said, right? If you tell somebody, hey, the source of your problem is, is a bug in your eye, you're pretty likely to go see a doctor. So, I, I think when you look at all those things together, um, we're seeing a DTC campaign that is, you know, really doing remarkably well and it's 1 of the best campaigns I've ever been a part of. And when you look even contemporarily recently launched products in our space, uh, you're not seeing that level of growth, you're seeing great product launches but not the level of growth. We're seeing 2 years in. And I think that's again driven by a really great strategy and a very effective campaign. Um, but again, it's all about layering the strategy, great sales force, great access, and a great campaign. Uh, in terms of on any awareness, we're not getting into the specific percentages there. How much Headroom do we have? I'm not going to stop until everybody that I know, uh, can rip extend the off the, the tip of their tongue. So, I want this to be a household name. We want this to be 1 of the biggest brands ever, and I care. Uh, and we want this to be something.

That the second somebody rubs or itches, their eye, they run into their doctor and say can I get extended? So how much Headroom lots more Headroom to come?

And I'll just, um, add on that second point. It's amazing to me, you know, a few years ago, nobody really knew what this disease was and now, you know, we've heard that from ecps, we've heard that from, you know, just, uh, people that we know outside of work so, um, starting with a completely new disease, we, we have a lot of room to grow. So I'm really excited about that.

Thanks.

Thank you.

Our next question comes from Matthew cawfield with Hua, right? You may proceed.

Hi. Thank you guys. Um and congrats on the quarter obviously, um, so regarding the new prescribers. Is there a sensitive proportion coming progressively? From prescribers treating related indications, like dry eye contact. Contact lens wearers. I know you had mentioned cataracts.

At least at this stage.

Yeah, I think that's what you're seeing is. As you've got a core basic prescribers that are using this on a very routine basis. They're getting lots of experience across the patient base and they're at conferences. They're at programs talking about the utility of the drug across a broad range of patients. And that as you get patients coming in the door is really motivating for those new prescribers to say, okay, well I can use this in lots of different places. So let me get my hands on this product. Uh, the access is really straightforward, the patient's asking for it. Um, maybe they failed to drive a medication before maybe I'm sending them off for surgery. Let's get this thing cleared up. So I think that the fact that we've contextualized the very specific patient types makes it easier for these you know, really late adopters if you really think about it, right? They're coming in 2 years later but they're very motivated now because they're seeing the success of their doctors are having and they're seeing great access and clear use cases established. Um and they're hearing that from both our sales force and their colleagues. So I think that's giving them a good place to start and then expand as they as they get familiarity with the the drug.

Thank you, that's really helpful. I mean, would you say the core of the new prescriptions then are patients coming in with DB like primarily?

But you know, fundamentally DB is underpinning any of the patient segments, right? So I think what the doctors are doing is, they're hearing about this and they're saying, well let me take a look at the eyelids as part of the exam and if they see the crusting and redness regardless of where the patient's other issues are they're thinking about extending, right? And that patient may have been a dry patient, might be a surgical patient, but I think what you're seeing is a couple of years in, we're really trying to change that behavior of every doctor to say, looking at the eyelids is a critical part of the eye exam. And and then you say, oh, this is a patient that may have these symptoms. Let me think about using it or hey, this is a patient. We want really good satisfaction for this patient all around if they're getting a surgery. So let me think about using this. So I I think that, you know, underlying is the doctor being able to easily and quickly diagnose this and then hearing again, well, all these patients types can benefit if you're seeing that that level of crusting and redness on the lids. Yeah. And I'll just, um, piggy back on that. We've talked about evidence being an important growth driver in the medium-term here. And

I'm really proud of how we've educated doctors around um MGD in the setting of demyx buffer. Itis our chief medical officer, Elizabeth youu, who's the top doctor and surgeon in the field. Um, and really worked across all these disease segments, um, dry eye cataract contact lens MGD. Um, even other areas of comorbidities with DB, um, we have an exciting, uh, set of um, studies that we want to roll out over the next.

Uh, 12 18 months and, uh, continue to build on that uh, strong evidence to drive education for doctors, and ultimately, give them all the data. They need to serve all the patients in their Clinic that have DB

Excellent. Thank you guys appreciate it.

Thank you.

Our next question comes from Andreas auratus with Oppenheimer. You may proceed.

Yeah, afternoon everyone and uh, thanks for taking our questions and congrats on on the quarter. Uh, just a quick 1 on the ocular Asia program when can we get uh some updates in the near term? Thanks.

Yeah, thank you Andreas. Um, as we mentioned, um, we're really on track and and very um, excited and optimistic about this program. Um, we're on track to start a phase 2 study by the end of uh 2025 this year. Um, as we also mentioned, this is a brand new indication. This is another example of category creation and in fact there's never been a study done in ocular rosacea before. So um our team is really focused on preparing for success in the phase 2. We as we talked about before, we have, um, buy in from the FDA on the um, protocol on the endpoints, we have the CMC on track. Um, we have sites that are interested high-quality sites that see a lot of patience so we're really focused on um preparing for success in that Phase 2, given that it's the first ever and um this is what our team knows how to

Do we've done very similar things in the early days of decks, both ritis. Um, so stay tuned.

We'll do. All right. Thanks, appreciate it.

Thank you, this concludes the conference. Thank you for your participation. You may now disconnect

Thank you. Before we begin, I encourage everyone to visit the investor section of the Tarsus website, to view the earnings release and related materials. We will be discussing today.

Joining me on the call. This afternoon, are Bobby is Amy and our chief executive officer and chairman. As these model Walla, our chief commercial officer and Geoff Barrow, our Chief Financial Officer and chief strategy officer,

These statements are subject to certain risks and uncertainties, and our actual results may differ materially. I encourage you to consult the risk factors contained in our SEC filings for additional details.

With that, I will turn the call over to Bobby.

Thank you, Dave. Good afternoon, everyone. And thank you for joining us.

We are approaching the 2-year anniversary of the launch of extend, the first and only FDA approved treatment for Demodex bluffer itis.

In that time we've established a new category in eye care and executed 1 of the most successful launches ever in the prescription eye drop Market.

Peter and I care isn't just aspirational. It's already taking shape with measurable impact.

in Q2, we delivered record-breaking results of more than 100 million dollars in net sales and approximately 91,000 bottles dispensed to patients in need

They also reflect the early impact of our direct consumer Campaign, which is driving prescription volumes.

with an estimated 25 million people in the US living with Dex, plethora, itis, or DB, this campaign is proving to be a powerful Catalyst in opening new conversations changing physician behavior and patients to take action all of which is making extend via household name,

That momentum is that code in real time feedback from the field reinforcing my bullishness on this investment and its potential to provide even greater access to the DB Market.

Coupled with this early DTC success.

Our continued focus on education broad payer access and the outstanding execution by our sales force. Strengthens our conviction that the peak potential opportunity for extend V is even greater than we originally envisioned.

This growing momentum doesn't stop with extends. It also extends across our robust and differentiated Pipelines.

1 of our most promising programs advancing through development is tp4 for ocular or, or

Is yet another Uncharted therapeutic space and we're applying the same discipline strategy that propelled extend view success.

Deep scientific, Insight, commercial Acumen, and a Relentless focus on execution.

In summary the opportunity head is substantial and accelerating and we believe extend these Peak potential is even greater than we initially projected.

Fueled by growth drivers across commercial execution and clinical innovation, supported by a solid financial foundation, we're not just positioned to succeed. We're poised to potentially lead into the next era of IKEA.

Before I pass the call to Aziz, I want to sincerely. Thank the entire Tarsus team for their dedication passion and Relentless focus on creating new categories and medicines

you have been fundamental to everything. We've achieved and everything we're building towards.

With that, I'll turn the call over to Aziz.

Thanks Bobby.

Q2 was a standout order. We delivered more than 100 million in net sales and dispense. Approximately 91,000 bottles to patients demonstrating the strength, and scalability of our launch strategy.

We achieved over 30% sequential quarterly, Revenue growth significantly, outpacing the interior, segment prescription eye drop Market, including the other recent launches.

Our performance. This quarter is even more impressive when you consider that extended remains predominantly an anarex product at this stage.

As Bobby highlighted 1 of the major drivers, this quarter has been our DTC Campaign, which is already fueling meaningful increases in prescription volume.

Unlike typical DTC efforts that can take multiple quarters to show traction. We're seeing early measurable impact that we expect will continue to grow.

our DTC success Amplified by The Continuous engagement of our sales force, is that evidence by 3 key metrics,

1 elevated consumer awareness or national media presence, the presence of network television, and digital platforms like USA Today. The New York Post is putting Exami in the spotlight.

As a result unaided awareness of extend the has more than tripled since the campaign began.

Patients are increasingly motivated to seek treatment and ask for exams by name.

2 exceptionalists.

Is translating directly into office visits and prescriptions.

3 a growing prescriber base.

As more patients proactively seek treatment for DB more Physicians are writing. In fact, we now have over 20,000 ecps, prescribing extensions.

Looking at these key shifts in the market, it is clear. Our DTC campaign is working meaningfully contributing to prescription volumes and increasing the long-term potential of this Market.

Additionally, we can continue to deepen. Prescribing patterns, top prescribers. Consistently, tell us their far from reaching the full number of patients who could benefit from treatment.

Our market research confirms that 80% of ECP surveyed. Are now treating across all Demodex, puffer anticipation, segments a 100% increase, since the expansion of our sales, force and launch of our DTC campaign,

additionally, nearly a third of our core audience of 15,000 ecps, are prescribing extended on a weekly basis, a trend that we expect to continue

And with more than 90% of commercial Medicare and Medicaid lives covered. We have ensured that extended and accessible to all patients in need

Before I turn the call over to Jeff, I would like to take a moment to thank our outstanding commercial team, especially our sales force, who continue to make a positive impact with prescribers each and every day. Their commitment and tenacity have been instrumental in making our extension one of the most successful prescription eye drop launches to date.

I'll now turn it over to Jeff Farah, our Chief Financial Officer and chief strategy officer to discuss our financial results. Jeff.

Thanks Aziz and good afternoon, everyone. Echoing Bobby's in a Zeus's comments. We had a remarkable quarter.

In the second quarter, extends the generated 102.7 million in net product sales, marking our strongest quarter today.

the response to extend V has reinforced our conviction in its Blockbuster, plus potential

And we see substantial long-term opportunity to expand its role in eye care and reach more patients around the world.

In the second quarter, we shipped approximately 94,000 bottles to Distributors and dispensed approximately, 91,000 bottles to patients.

Slightly above the top end of our Q2 guidance of 90,000 bottles dispense.

Inventory levels at the Distributors were consistent with the prior quarter at approximately 2 and a half weeks.

As a reminder, we recognize Revenue when xdev is shipped from our warehouse to the Distributors, not on bottles to spend the patients.

Gross in at discount for the second quarter was in line with our guidance at approximately 45%.

And the sequential Improvement in the discount, was primarily driven by a reduction in patient co-pays.

As many patients work through their annual deductibles.

Gross. Margins were flat at 93%.

Specifically direct consumer advertising costs increases in employee related. Costs, due to the larger sales force, as well as variable costs associated with growing prescription numbers in sales.

These variable costs include Pharmacy, fees prior authorization, support at ECP offices and patient support programs.

R&D expenses, increased by 3.3 million, in Q2, 2025 from the prior year.

Primarily due to expenses related to the TPO program and other research and development programs as well as higher employee related expenses.

Cash and cash equivalent at quarter end or approximately 381 million.

All other Financial details are outlined in the earnings release. We issued earlier this afternoon

Looking ahead. We remain confident in the strong near and long-term growth potential of exemptions.

With our sales force, gaining, even more momentum among ecps.

Increasingly shifting from monthly to weekly and even daily prescribing.

We are well positioned for continued success.

For the third quarter, we expect inventory levels to remain in line with Q2 2025.

At approximately 2.5 weeks.

Gross to net discount.

To improve and be in the range of approximately 43% to 45%, with continued improvement in the low 40s by year-end 2025.

And sgna to remain relatively consistent with Q2 as we plan to maintain annual DTC costs in the range of 70 to 80 million dollars.

Since the launch of extended, we have demonstrated consistent order over quarter growth bottles dispensed.

For the third quarter, we expect bottles suspense in the range of 95,200,000

Consistent with our previous statement in the fourth quarter and Beyond.

We expect the accelerating impact of our direct consumer campaign, motivated, Salesforce and positive reimbursement Dynamics to continue to fuel the launch of extending.

To our pipeline of future growth drivers, we remain on track to initiate the Phase 2 study for OH later this year and have already begun key preparations and validation efforts.

including clinical site selection and the development of objective and replicable scales.

As we look at the potential for extend, these Global expansion.

In closing, we are entering the third quarter in a position of strength.

With strong tailwinds from our investments in BTC and our exceptional sales force.

We are poised to continue building on our growth trajectory, and we look forward to sharing more updates with you in the coming quarters.

I will now turn the call back to Bobby for final remarks.

Thank you, Jeff, and thank you all again for joining us today.

This Milestone quarter where we surpassed 1 million dollars in extending that sales marks a true inflection point for the brand and reinforces our confidence in its immediate growth and long-term potential.

Tarsus was built to deliver transformative Solutions, and with the launch of xmi, we've proven our ability to create entirely new treatment, paradigms and eye care.

As we look ahead, our commitment to scientific rigor, innovation, and flawless execution positions us not only to lead in addressing additional high-impact underserved diseases.

But to build the next great AI leader and improve the lives of millions of patients globally.

Operator. Please open the line for questions.

Thank you as a reminder, to ask a question. Please press star 1, 1 on your telephone and wait for your name to be announced to withdraw your question. Please. Press star 1 1 again, 1 moment for questions.

Our first question comes from Eddie Hickman with Guggenheim, you may proceed.

And that's where the majority of prescriptions are going to come from. So, you know, our sales force does a great job. Um, it's 1 of the highest quality sales forces in the space, we've recruited great talent there. Uh, and they have great productivity and capacity. So they're reaching all these twenty thousand doctors. Um, these are folks, I would say, are extra value on top of the core audience that we're driving. And that's really the defining, the fact that we've got a bigger Market potential than we even imagined earlier. So we think about DTC is just opening up this Market sooner than anticipated to a broader audience and the great news is when we did our sales force expansion. You know, we accounted for this possibility and our sales force as well, equipped to handle and reach these doctors. And I will tell you, we haven't seen any erosion in the current base. If anything we're seeing it, deepening and prescribing in the core audience as well. Um, I think that was reflected in the prepared. Comments where 2 things 1. We're seeing really meaningful utilization across all the key segments, which I think speaks to the high utility of extend being in the practice and the long term.

Potential for this to become sort of the standard of care across multiple patient types and then, secondly, doctors are incorporating this into their routine. Um, you're seeing about 5,000 doctors almost a third of our core audience, their prescribing, on a weekly basis. So this is becoming habit, it's really taking hold. And I think if, if you look at that level of prescriber, penetration and adoption and just 2 years, it's really remarkable what our team and this product has been able to deliver so far.

On the DTC front.

Hey, Eddie, it's Jeff. Uh, I, I think from a modeling perspective at this stage, I, I would continue to think about the low 40s as being sort of our steady state absence at the typical q1 Dynamics there. Of course, we're always going to look at ways to improve that, but that could be challenging in the, the current pair of environments. So I think from a modeling perspective, think about it in the low 40s.

Again, congrats.

Thank you.

Our next question comes from Andrea Newkirk with Goldman Sachs, you may proceed.

Hi everyone. Thanks so much for taking the question. Um, just curious here as we near the 2-year, Mark, since Exempted was approved, just wondering if you might be willing to speak more on how you see the Cadence of the launch progressing from here and then I'd also be curious, you know, you mentioned a couple times here that um the peak could actually be even greater than what you had believed before which I think was a billion. Plus how are you thinking about that refined piece potential now and what is that being driven by specifically? Thanks so much.

Yeah, hey Andrea. It's a disease, I'll start here. Um you know when we think about the Cadence launch going forward, I think it's really a great opportunity to reflect on uh our strategy and how well it's worked. And the fact that everything we put into place is really coming to fruition. So you think about our core base of educating the prescriber base, where we've got great penetration with an increasing depth of prescribing happening, and I'll tell you that. None of our doctors are telling us they're reaching their full potential. In fact, they're actively looking for more use cases in the practice. So that education is a prescriber with great penetration where we got even more than our originally intended. Audience on board is really remarkable. That's a great foundation for continued growth.

Continued steady growth, and I've said this before, there's no hockey sticks on this launch, but there is a steady Progressive build of 1 of the most remarkable and exciting markets in the Eye Care space.

And I would just add because that Andrea as well, that we're very pleased uh how few 3 is turning out these early days and that reflects our stronger guidance. I think stepping back if we if you'd asked us earlier this year we would have expected flatter growth but I think some of the initiatives we're seeing is a DTC and some of the sales force initiatives are really paying off early. So we're quite pleased to that and that really kind of goes to your question on the peak potential here. Uh we ultimately don't know the ultimate Peak potential here but what we are seeing signs and signals that it's going to be higher than what we thought say a year ago um you know, typically in a new category you really can't tell what that Peak potential is but I can tell you just looking in analogs that that 25 million patients that we have estimated that have Demodex that's likely going to drop down into the 9 million bucket at a greater degree. Right. When you build it, they typically come and we've seen that over and over again in these new categories. So um along with it of ways of saying state,

Stay tuned for, you know, more Peak, uh, guidance there. But at this point, it's it's much higher than what we anticipated.

And and this is Bobby. I'll just had 1 point that that Bridges both of these. Um, these mentioned before the 80% prescribing across the segments. So that gives us a lot of confidence with increasing weekly prescribers that we're going to continue to grow this launch. And um you know, imagine only 350,000 of 9 million with all those segments doing some real traction across CCP offices, but only early days, really, in prescribing process segments,

Thank you.

Our next question comes from Jason Gerber with Bank of America, you may proceed

Hey guys, uh, thanks for taking my questions. Um, maybe just thinking about your setup into fourth quarter this year. Um, from a bottle volume growth standpoint, um, you know, given the 3Q is as seasonally light. Um, do you think the same sort of magnitude of orders that change that we saw, um, from 3 to 4 U, prior year is just kind of a, a good Compass to be thinking about sequential volume growth, um, into year end there. And then, um, these added prescribers. Um, are these mainly on the Optometry side or the opthamology side, just wondering if you can give a little bit of a added color there. Um, and then just third.

Point just for clarification. So I think a year ago when you thought about Peak sales potential, I think the commentary was that this could be as big or bigger than Restasis which we knew I think peaked out at around a billion 4. So are you saying that? You know there there's some magnitude of Border step Improvement relative to that.

Um, thanks.

Yeah. Jason, uh, this is Jeff. Uh, good to hear your voice. Um,

As you think about looking at Q3 to Q4 step-up this year, I think taking a look at last year would be a little aggressive, just because it was early days in the launch and we were starting out, you know, at a relatively small baseline. Um, so I think that might be a little aggressive to be thinking about modeling that. Like Aziz said, we don't expect a hockey stick in the fourth quarter here. So, uh, more measured, steady growth off a higher baseline, uh, coming off a, you know, a really strong Q3.

Yeah, and then Jason of the prescriber base that incremental prescriber base. Um, that's a great mix of both Ophthalmology and Optometry. We're seeing this in particularly when you align that Visa V, the

Used across the segments. I think what you're seeing is that doctors are seeing these use cases. So, for your cataract patients, for instance, that's bringing in more ophthalmologists that are now thinking about this, as a way to screen patients. Before surgery, your optometrist continue to build, uh, their excitement around this. This is a great way for them to expand their scope of practice and and really think about serving more patients. So we're seeing great feedback from both segments and we're seeing continued depth of prescribing across both segments and then the incremental prescribers are also relatively similar in terms of mix. Uh where we've said before, it's about 60% Optometry 40% Opthalmology that that's about representative what we're seeing with the growing prescriber base as well.

Largest Peak eye drops ever, and we're really excited about that.

Thanks guys.

Thank you.

Our next question comes from Corey. Jubinville with life side Capital, you may proceed

Hi. Congrats on this, uh, really exciting update and thanks for taking our questions. Um, you mentioned at the beginning of the prepared remarks that the launch to date, has primarily been driven by new to Brand scripts, have you refined at all? How you're thinking about steady state retreatment rates? If we look at recently available third-party script estimates retreatment rates are hovering around 2 to 2 to 5, uh, 2 to 2 and a half percent of of total volume. I guess 1, um, from your data that you have on hand. How accurate are those third-party aggregators on retreatment uh specifically. And and what are your target goals? For those retreatment rates? Um, to have you been able to track kind of the individual patient cohorts? Maybe the overall percent of of retreatment hasn't yet reached a steady state, but that's mostly. Because you're looking at Patients who've been treating treated a year out. Who first received extend the early in that launch curve. So the volume was relatively lower compared to the volume that we're seeing today. And 3 given the potential

Tam as it fits into the, the denominator of the, the present Market penetration. How much weight are you even placing into the, the, uh, placing retreatment into the continued success of extend V. I guess you feel that you you even need High retreatment rates. If the Tam is sufficiently large.

Yeah, Corey thanks for that. Uh, really good question set here. Um, so when it comes to the refill Dynamic, you know, I I'll start with where we've kind of guided in the past, which is, we expect to see about a 20%, steady state, uh, annualized retreatment rate now. You hit on some really important points here. When you look at the weekly iqvia data, it really does understand it because keep in mind, a lot of these patients are getting their second treatment, several months, if not longer post their initial success on extend, the so, oftentimes, those Retreats are are shown in the weekly data as an nrx. Now when you look at longitudinal data sets or the data sets, we have available to us. Um if you remember the last couple quarters we said it's been hovering in the mid to high single digits. When we look at the most recent data sets, we're actually seeing that tick up uh and it's just above uh just a hair above over 10%. So as we said, it's trending positively and we feel really good about eventually getting to that steady state. So um that's on track and you you hit a very important point there too, right? If that's what we're seeing in the weekly that implies, if you're looking at this,

On a court basis. That's obviously a little bit higher than that. Uh, we're not quite at the steady state yet, but, um, everything is leading us to believe that this will continue to progress and be a great Tailwind for us. Um, how much do we think this is critical? I mean, of course, this is important, right? We want patients to get that success again and again, so if the patient's had a great outcome, we want them to have that when the disease recurs. So, this is an important part of the strategy, but I would refer back to the point you made which is we have a huge am um and 2 years in, we've only scratched the surface. So um, our key focus is continuing to evolve that Tam to get as many of those 25 million patients into that base of 9 million is Jeff mentioned. And to get as many of those 9 million patients on treatment because they can all benefit. So, um,

Excellent. Thanks and congrats again.

Thank you.

our next question comes from lachman Hanbury brown with William Blair, you may proceed

Hey guys, thanks for the question. Um,

I guess is, is pretty. You've previously talked about, uh, you know, we should expect DDC to take a few quarters to take effect, but you were saying today, it's, it's kind of

Showing through a little earlier than anticipated. Um, do you elaborate on why you think that is? You know, why is it different in this market than maybe what you would expect having looked at other markets?

Um, and second, you talked about the unaided awareness of extend, be tripling. Um, can you as a sense of sort of where that is now and how much Headroom is left to grow in the, the unaided awareness?

this DTC campaign as part of a very thoughtful strategy and

all where we focused a lot of time upfront, educating the prescriber base building a huge prescriber base and penetrating that very quickly. So our quick adoption is enable this. Secondly, we ensured, we had great coverage, 90% of life's covered. That's very remarkable in the Eye Care space. When you look at other recently launched products, um, I think a lot of people are saying that, you know, being in the 70s and 80s is full coverage. So 90% is really remarkable in terms of the doctors ease and the patients access to the drug. I think these set up a great platform for us to execute an impactful DTC campaign. I think the fact that there's nothing available for these patients, this disease is something that's visual as well. As something patients, feel is very motivating. And of course, as we've always said, right? If you tell somebody, hey, the source of your problem is, is a bug in your eye, you're pretty likely to go see a doctor. So, I I think when you look at all those things together, um, we're seeing a DTC campaign that is, you know, really doing remarkably well and it's 1 of the best campaigns I've ever been a part of. And when you look even contemporarily recently launched products in our space,

uh, you're not seeing that level of growth, you're seeing great product launches but not the level of growth. We're seeing 2 years in and I think that's again driven by a really great strategy and a very effective campaign. Um, but again, it it's all about layering the strategy, great sales force, great access, and a great campaign. Uh, in terms of on any awareness, we're not getting into the specific percentages there. How much Headroom do we have? I'm not going to stop until everybody that I know, uh, can rip extend the off the, the tip of their tongue.

Done. So, I want this to be a household name. We want this to be one of the biggest brands ever, and I care. We want this to be something that the second somebody rubs or itches their eye, they run into their doctor and say, "Can I get extended?" So, how much headroom? Lots more headroom to come!

Got it, thanks.

Thank you.

Our next question comes from Matthew Coffield with HC rain, right? You may proceed.

Hi. Thank you, guys. Um, and congrats on the quarter, obviously. Um, so regarding the new prescribers, is there a sensitive proportion coming progressively from prescribers treating related indications, like dry eye, contacts, or contact lens wearers? I know you had mentioned cataracts.

Um, I guess overall. How impactful has the patient overlap in in terms of driving, new prescription growth? At least at this stage?

Yeah, I think that's what you're seeing is. As you've got a core basic prescribers that are using this on a very routine basis. They're getting lots of experience across the patient base and they're at conferences. They're at programs talking about the utility of the drug across a broad range of patients. And that as you get patients coming in the door is really motivating for those new prescribers to say, okay, well I can use this in lots of different places. So let me get my hands on this product. Uh, the access is really straightforward, the patients asking for it. Um, maybe they failed to dry a medication before maybe I'm sending them off for surgery. Let's get this thing cleared up. So I think that the fact that we've contextualized the very specific patient types makes it easier for these you know, really late adopters if you really think about it, right? They're coming in 2 years later but they're very motivated now because they're seeing the success of their doctors are having and they're seeing great access and clear use cases established. Um and they're hearing that from both our sales force and their colleagues. So I think that's giving them a good place to start and then expand as they as they get familiarity with the the drug.

Thank you, that's really helpful. I mean, would you say the core of the new prescriptions then are patients coming in with DB like primarily?

Educated doctors around um MGD in the setting of decks buffer. Itis, our chief medical officer, Elizabeth you, who's the top doctor and surgeon in the field. Um, and really worked across all these disease segments, um, dry eye cataract contact lens MGD. Um, even other areas of comorbidities with DB, um, we have an exciting, uh, set of, um, studies that we want to roll out over the next, uh, 12 18 months and, uh, continue to build on that, uh, strong evidence to drive education for doctors, and ultimately, give them all the data. They need to serve all the patients in the clinic that have to be

Excellent. Thank you, guys. I appreciate it.

Thank you.

Our next question comes from Andrea sagaris with Oppenheimer, you may proceed.

Yeah, afternoon everyone, and thanks for taking our questions. Congrats on the quarter. Uh, just a quick one on the ocular rosacea program. When can we get some updates in the near term? Thanks.

Yeah, thank you Andreas. Um, as we mentioned, um, we're really on track and and very um, uh, excited and optimistic about this program. Um, we're on track to start a phase 2 study. By the end of uh 2025 this year. Um, as we also mentioned, this is a brand new indication. This is another example of category creation and in fact there's never been a study done in ocular rosacea before. So

Um, our team is, uh, really focused on preparing for success in the phase 2. We as we talked about before, we have, um, buy in from the FDA on the um, protocol on the endpoints, we have the CMC on track. Um, we have sites that are interested high quality sites that see a lot of patience so we're really focused on um preparing for success in that Phase 2, given that it's a first ever. And um this is what our team knows how to do. We've done very similar things in the early days of decks book Fridays. Um, so stay tuned.

Well, do. All right, thanks, appreciate it.

Thank you, this concludes the conference. Thank you for your participation. You may now disconnect

Q2 2025 Tarsus Pharmaceuticals Inc Earnings Call

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