Tarsus Pharmaceuticals, Inc. · NASDAQ:TARS
Tarsus Pharmaceuticals — Investor Presentation (September 2026)
35 slides from Tarsus Pharmaceuticals's investor presentation, September 2026
Slide 1: Building the Future of Eye Care
Building the Future of Eye Care September 2026 Vivian, an XDEMVY patient.
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding the potential commercial success and growth of XDEMVY in Demodex blepharitis, including 2026 financial guidance, market size, acceptanc
Slide 3: World-Class Leadership Team With Proven Track Record of Success
World-Class Leadership Team With Proven Track Record of Success Bobby Azamian, MD, PhD Jeff Farrow Neera Clase CEO & Chairman Chief Financial & Strategy Officer Interim Chief Commercial Officer Sesha Neervannan, PhD Bryan Wahl, MD, JD Dianne Whitfield Elizabeth Yeu, MD Chief Operating Officer Genera
Slide 4: Delivering Continued Value Creation And Patient Impact In Eye Care
Delivering Continued Value Creation And Patient Impact In Eye Care *$2B+ Has acquired $685- $705M $451M $180M ALK-001: Phase 3 Pipeline of Growth ‘24A ‘25A ‘26E ‘27+ Foundational Medicine Opportunities Proven track record, standout XDEMVY is powering Potential to preserve vision in 5 Potential FDA A
Slide 5: XDEMVY Building Toward $2B+ U.S. Annual Peak Sales Potential
XDEMVY® Building Toward $2B+ U.S. Annual Peak Sales Potential Breakthrough Medicine XDEMVY has fundamentally changed eye care and is *$2B+ one the best-selling prescription eye drops Demonstrated Eye Care Playbook Unique ability to identify untapped opportunities driven by patient need and the poten
Slide 6: Depth, Demand and Data Powering XDEMVY's Growth
Depth, Demand and Data Powering XDEMVY’s Growth Increasing Depth of Prescribing The number of ECPs prescribing XDEMVY at least daily has doubled YoY 1 Expanding the Patient Funnel DTC campaign driving more patients into ECP offices Generating Evidence to Broaden Screening Giving ECPs more reasons to
Slide 7: Just Scratching the Surface on Demodex Blepharitis
Just Scratching the Surface on Demodex Blepharitis, A Large, Untapped Addressable Market ~25M Americans with DB1 • Physicians screening for DB more broadly • The number of ECPs prescribing XDEMVY at least daily has doubled YoY3 • ~20 New Key Account Leaders expanding reach in 2H 2026 9M+ Seeking tre
Slide 8: XDEMVY Growth Engine Driving $2B+ Annual Peak Sales Potential
XDEMVY® Growth Engine Driving $2B+ $2B+ Annual Peak Sales Potential Peak Sales Potential Deepening Growing High-Impact DTC Evidence Utilization Retreatment Campaign Generation The number of ECPs Retreatment trending in Driving increasing returns, New data broadening how prescribing XDEMVY at least h
Slide 9: DTC Driving Patients Into ECP Offices and ROI Exceeding Initial Expectations
DTC Driving Patients Into ECP Offices and ROI Exceeding Initial Expectations 19% 30%+ QoQ increase in high-value actions on XDEMVY.com1 QoQ increase in website visits on XDEMVY.com1 Positive and growing ROI on DTC campaign 9 | © Tarsus Pharmaceuticals | For Investor Purposes Only 1. Relative percent
Slide 10: John Cena Bringing DB Into the Spotlight in New PR Campaign
John Cena Bringing DB Into the Spotlight in New PR Campaign • John Cena’s broad appeal and authenticity as a real DB patient give the campaign credibility and the potential to reach beyond traditional DTC efforts • Normalizes the disease and is expected to accelerate the path from awareness to diagn
Slide 11: Compelling New Evidence Gives ECPs More Reasons to Screen, Diagnose and Treat
Compelling New Evidence Gives ECPs More Reasons to Screen, Diagnose and Treat Demodex Blepharitis 71% Showed Signs of Reinforces XDEMVY as Demodex Blepharitis Underlying DB the Standard of Care Increases Infection Risk Emphasizing the importance of The only treatment with proven, Strengthening the c
Slide 12: 12 | © Tarsus Pharmaceuticals | For Investor Purposes Only 1.Wilson J Ophthalmology 2015,
1.Wilson J Ophthalmology 2015, 435606, 2014. 2. Titan collarette prevalence study. 3. Liu J et al. Curr Opin Allergy 12 | © Tarsus Pharmaceuticals | For Investor Purposes Only Clin Immunol. 2010;10(5):505-510. 4. Cheng AM et al. Curr Opin Ophthalmol. 2015;26(4):295-300.
Slide 13: Strong Growth in Q2 2026
Strong Growth in Q2 2026 $173.9mm $449.7mm XDEMVY Net Sales1 Cash & Cash Equivalents3 Q2 2026 +69% XDEMVY Fueling Investment in YoY Net Sales Growth2 Innovation Note: U.S. dollars in millions unless otherwise noted. 1. Net sales for the three months ending June 30, 2026. 2. Net sales growth reflects
Slide 14: Increased 2026 Financial Guidance
Increased 2026 Financial Guidance XDEMVY Gross SG&A R&D Net Sales Margin Expense Expense $685- ~93% $545 - $190 - $705mm $565mm $210mm1 $670-$700mm previous reiterate reiterate $115-$135mm previous All financial metrics presented exclude the impact of the Alkeus transaction. 14 | © Tarsus Pharmaceut
Slide 15: Building One of the Most Exciting Pipelines in Eye Care
Building One of the Most Exciting Pipelines in Eye Care Positioned to Deliver Multiple Potential Blockbusters Indication Phase 1 Phase 2 Phase 3 Approved Demodex blepharitis (U.S.) Approved Demodex blepharitis (China)1 Approved Demodex blepharitis EU stability completed in 2026 (Global; market asses
Slide 16: Gildeuretinol (ALK-001): A Very Compelling Strategic Acquisition
Gildeuretinol (ALK-001): A Very Compelling Strategic Acquisition Severe and Novel and Clear Path Advances Rare Disease Targeted Approach to Approval Retina Strategy Stargardt is widely known as Vitamin-A preserving therapy Phase 3 program supported Multi-billion dollar potential a disease leading to
Slide 17: Stargardt is a Rare Disease with a Significant Unmet Medical Need
Stargardt is a Rare Disease with a Significant Unmet Medical Need that Progressively Leads to Severe and Irreversible Vision Loss Retina in Stargardt Disease Vitamin A is required for normal vision, and its recycling in the retina is important for maintaining healthy visual function1 Genetic mutatio
Slide 18: ALK-001's Unique MOA Reduces Accumulation of Vitamin A Dimers in the Retina
ALK-001’s Unique MOA Reduces Accumulation of Vitamin A Dimers in the Retina Without Disrupting the Visual Cycle In vitro • New molecular entity Vitamin A A2E vitamin A dimer concentration • Designed to replace natural vitamin A in the visual cycle, with potential to: 75–80% • Metabolize systemically
Slide 19: Stargardt Disease Represents A Potential Multi-Billion Dollar Market Opportunity
Stargardt Disease Represents A Potential Multi-Billion Dollar Market Opportunity with Efficient Call Point No FDA-approved currently available treatments Total estimated prevalent Stargardt patients in U.S. Progressively leads to severe, Up to 86,0001 irreversible vision loss 50% of younger Stargard
Slide 20: ALK-001: Potential Foundational Therapy for Stargardt Disease
ALK-001: Novel Method of Action Potential Foundational Therapy Designed to maintain healthy vision by reducing accumulation of toxic Vitamin A dimers without for Stargardt Disease disrupting the visual cycle Differentiated Oral Therapy Profile Once daily capsule, supports continuous, long-term treat
Slide 21: ALK-001: A Potentially Transformational Medicine to Prevent the Progression of Stargardt Disease
ALK-001: A Potentially Transformational Medicine to Prevent the Progression of Stargardt Disease The TEASE studies showed ALK-001’s potential to preserve the visual cycle and acuity, slow retinal atrophy, and favorable tolerability profile TEASE-1 TEASE-2 TEASE-3 TEASE-4 Advanced Disease Moderate Di
Slide 22: ALK-001: Anticipated to Have One of the Most Robust Clinical Packages
ALK-001: Anticipated to Have One of the Most Robust Clinical Packages in Stargardt Disease Ongoing • Initiated in June 2026 NORTHSTAR • Anticipated to enroll ~230 patients Phase 3 Trial • Topline data expected in 2029 FDA-Endorsed Mechanistic Confidence Potential Second Phase 3 Endpoints in Potentia
Slide 23: IRX-101: A Disciplined Acquisition that Checks Every Box
IRX-101: A Disciplined Acquisition that Checks Every Box Late-Stage, Disciplined Large, Durable Market Differentiated Asset Transaction Structure Significant unmet need, with over 11 A clear, de-risked path to potential Milestone-based economics funded million IVT procedures performed approval align
Slide 24: The Burden Isn't the Needle
The Burden Isn’t the Needle 11M+ >75% IVT injections performed Of retinal specialists surveyed each year1 attributed patient complaints to povidone-iodine2 Intravitreal (IVT) Injections Patients return every 4-8 weeks for sight saving IVTs; pain and ocular surface damage from repeated povidone-iodin
Slide 25: IRX-101 is a Patented, Novel, Cornea-Sparing Investigational Ocular Antiseptic
IRX-101 is a Patented, Novel, Cornea-Sparing Investigational Ocular Antiseptic with the Potential to Improve the Standard of Care Pain reduction and toxicity Active ingredient: purified, stable aqueous chlorine- dioxide (CIO2), a broad-spectrum agent, with no known resistance and effective penetrati
Slide 26: RELIEF Study: IRX-101 Reductions in Pain and Tolerability vs Povidone-Iodine
RELIEF Study: IRX-101 Demonstrated Statistically Significant Reductions in Pain and Tolerability Compared to Povidone-Iodine Mean Pain Score Mean Corneal Fluorescein Staining (CFS) Score Suggestive of Epithelial Cell Death 1.6 1.49 3 2.63 1.4 2.5 1.2 2.04 2 1 0.8 0.74 1.5 0.6 p=0.0003 1 0.4 0.2 p=0.
Slide 27: IRX-101: A Clear, De-Risked Path to Potential Approval
IRX-101: A Clear, De-Risked Path to Potential Approval Phase 3 • Anticipated to enroll ~270 participants • Slated to begin in 1H 2027 COMFORT Study • Topline data expected in 2028 Novel, Investigational Defined Anti-Infective Agent FDA Pathway • Sterilizes the eye by killing • Expected to generate m
Slide 28: Bringing Tarsus' Category-Creating Engine to Retina
Bringing Tarsus’ Category-Creating Engine to Retina Existing Procedural Market 11M+ annual IVT injections1, each requiring antiseptic preparation Focused Physician Audience ~3,500 retina specialists perform the vast majority of injections Efficient Commercial Model Focused commercial effort that wil
Slide 29: Ocular Rosacea: A Pervasive and Damaging Ocular Disease Caused by Demodex mites
Ocular Rosacea: A Pervasive and Damaging Ocular Disease Caused by Demodex mites ~15-18M Majority Americans impacted; Of ocular rosacea caused by no FDA-approved therapeutics1 Demodex mites1 Ocular Rosacea Characterized by inflammation, redness and visible blood vessels around the eye 29 | © Tarsus P
Slide 30: TP-04: Potential to Pioneer the Standard of Care for Ocular Rosacea
Uniquely Tailored TP-04: Sterile Ophthalmic Gel Potential to Pioneer the The potential first and only therapeutic designed to work in the periorbital region Standard of Care for Ocular Rosacea Best-in-Class Molecule Lotilaner – a novel, targeted therapy with a demonstrated safety profile across >10
Slide 31: TP-04: Potential to Become the First-Ever FDA-Approved Medicine for Ocular Rosacea
TP-04: Potential to Become the First-Ever FDA-Approved Medicine for Ocular Rosacea • Vehicle-controlled 16-week trial Ongoing KORE • Newly developed endpoints with grading scales Phase 2 Trial • Data expected in 1H 2027 FDA-Endorsed Clear Objective Endpoints Mechanism of Action Telangiectasia Improv
Slide 32: Lyme Disease Prevention: A Growing Public Health Crisis
Lyme Disease Prevention: A Growing Public Health Crisis with Limited Treatment Options and No FDA-Approved Prophylaxis ~35M $1.3B Americans at high or Impact to U.S. moderate infection risk1 healthcare system2 Lyme Disease A tick-borne infection caused by the transmission of Borrelia burgdorferi 32
Slide 33: TP-05: Potential to be First & Only On-Demand Oral Prophylaxis for Lyme Disease
Designed to be Convenient, TP-05: Fast-Acting and Durable Potential to be First & Only Monthly oral tablet that gets to potentially therapeutic levels in hours On-Demand Oral Prophylaxis for Lyme Disease Best-in-Class Molecule Lotilaner – a novel, targeted therapy with a demonstrated safety profile
Slide 34: TP-05: Potential to Fundamentally Shift the Lyme Disease Paradigm
TP-05: Potential to Fundamentally Shift the Lyme Disease Paradigm From Management to Prevention • ~700 participants in endemic areas of the U.S.; completed enrollment Initiated Calliope as of August 2026 Phase 2 Trial • Designed to kill ticks before transmission occurs • Expected to be completed wit
Slide 35: Thank You!
Thank You! 35 | © Tarsus Pharmaceuticals | For Investor Purposes Only
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