Andreas Argyrides

Andreas Argyrides requested additional insights into the seasonal sales trends impacting Tarsus' robust sales guidance. He also asked for the estimated costs of the pivotal studies for both the ocular rosacea and Lyme disease programs.

Answer

Aziz Mottiwala, Chief Commercial Officer, reiterated that seasonal dynamics (deductible resets, fewer patient visits, higher out-of-pocket costs) are typical for the industry and affect both demand and gross-to-net. He noted recent positive IQVIA data trends and strong doctor feedback, expecting continued growth amplified by key account leaders and DTC efforts. Jeffrey Farrow, Chief Financial Officer and Chief Strategy Officer, estimated the ocular rosacea Phase 2 study cost at $7M-$10M (mostly in 2026) and the Lyme disease Phase 2 study cost at $25M-$30M (mostly in 2026, some in 2027).

Andreas Argyrides asked for additional insights into the seasonal dynamics impacting Tarsus' robust sales guidance and inquired about the estimated costs for the pivotal studies of both the ocular rosacea and Lyme disease programs.

Answer

David Nakasone, Head of Investor Relations, reiterated that seasonal dynamics align with typical industry trends, including deductible resets and weather, but noted a positive trajectory in recent IQVIA data. Jeffrey Farrow, Chief Financial Officer and Chief Strategy Officer, provided cost estimates: the ocular rosacea study is expected to cost between $7 million and $10 million, with most costs in 2026, and the Lyme disease study is estimated at $25 million to $30 million, primarily in 2026 with some trailing into 2027.