IRVINE, Calif.—Tarsus Pharmaceuticals, Inc. (NASDAQ: TARS), a biopharmaceutical company focused on the development and commercialization of therapeutic eyecare treatments, has announced financial results for the first quarter ended March 31, 2024. First quarter revenues were $27.6 million, driven primarily by $24.7 million in net product sales, and $2.9 million in license fees and collaboration revenue. Net loss for the first quarter was $35.7 million, compared with a net loss of $23.4 million for the same period in 2023.

The company continued to focus on the commercial launch of Xdemvy in the first quarter, generating $24.7 million in Xdemvy net product sales, an 89 percent increase over Q4 2023, according to the announcement. Xdemvy (lotilaner ophthalmic solution) 0.25%, which was FDA-approved in July of 2023 as reported in VMAIL, is a novel prescription eye drop designed to treat Demodex blepharitis. Tarsus delivered approximately 26,000 bottles of Xdemvy to patients in the first quarter, an increase of 65 percent year-over-year. According to the company, more than 8,000 ECPs have started patients on Xdemvy since its launch, with more than 50 percent of ECPs prescribing Xdemvy to multiple patients.

Also in the first quarter, the company secured multiple commercial payer contracts and remained on track for broad commercial coverage by year-end and Medicare coverage in 2025; Tarsus was on track to deploy an additional 50 sales representatives by Q3 2024; and the company bolstered its financial position with a $108 million public offering and a $200 million financing commitment.

“This was another tremendous quarter for Tarsus as we continued building a new category in eyecare to serve millions of Demodex blepharitis patients with Xdemvy,” said Bobak Azamian, MD, Ph.D., chief executive officer and chairman of Tarsus. “Our team continues to grow eyecare provider adoption at an encouraging rate and enable patient access through payer contracting, and our strong balance sheet enables us to expand our sales force and continue accelerating our launch trajectory. We look forward to continuing to demonstrate our executional strength as we deliver on our mission of creating new categories in eyecare and beyond.”