Tarsus Pharmaceuticals, Inc.

Good afternoon, and welcome to TARSA's fourth quarter and full year 2025 financial results conference call. As a reminder, this call is being recorded, and all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. At this time, I would like to turn the call over to David Nakasone, 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 TARCIS website to see the earnings release and related materials we will be discussing today. Joining me on the call this afternoon are Bobby Azamian, our Chief Executive Officer and Chairman, Aziz Matawala, our Chief Commercial Officer, Stacia Nirvanan, our Chief Operating Officer, and Jeff Farah, our Chief Financial Officer and Chief Strategy Officer. I'd like to draw your attention to slide three, 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'll turn the call over to Bobby.

Good afternoon, and thank you for joining us. 2025 was a breakout year for Tarsus and for Xtembe. the first and only FDA-approved therapeutic for demonex blepharitis, an impactful disease that affects more than 25 million Americans. Among the key highlights for the year, we delivered more than $450 million in full-year net sales. We have helped more than half a million patients living with demonex blepharitis since launch, underscoring the meaningful real-world impact of Xtembe. And by creating and leading an entirely new category in eye care, We have established Tarsus as a differentiated company, fully capable of translating scientific insight into commercial leadership. We believed from the beginning that Xtemvi could be a breakthrough medicine. Today, the data and real-world experience validate our conviction. In just two years since launch, Xtemvi has fundamentally changed the eye care experience. We see that transformation reflected in three clear proof points. First, Xtemvi is delivering consistent, meaningful outcomes for patients. Second, eye care professionals have fundamentally changed the way they practice. And third, we've redefined the rules of launch and have succeeded in rewriting the biotech playbook. We're now ready to share what we've always believed, that Xtemvi can reach blockbuster status within the next couple of years with sales potential exceeding $2 billion. At the same time, we are intentionally building Tarsus for its next phase of growth. Our primary strategy is disciplined and built for repetition. Identify diseases with clear root causes, significant demand for better solutions, and the potential to establish a new standard of care. And then, apply the development and commercial playbook we have proven with XtemV. We are already executing against that framework with TPO4 and ocular rosacea, and TPO5 and Lyme disease prevention, two clinical stage programs where the biology is clear, the unmet need is substantial, and our approach has the potential to deliver a new standard of care. Importantly, we also intend to expand our pipeline in a measured way, targeting one to two new programs per year. This pace allows us to remain focused, leverage our existing infrastructure, and allocate capital responsibly while extending our long-term growth trajectory and patient impact. What excites me the most is that we have the right team in place to accelerate our goal of becoming the next leader in eye care. You may have seen last week that we welcomed David Pyatt, a distinguished leader in the global biopharmaceutical industry and former chairman and CEO of Allergan, to our board of directors. His experience building enduring global eye care franchises and driving discipline growth at scale will be invaluable as we continue to expand Tarsus' reach. We have proven we can build and scale. We have a product that continues to grow in a pipeline with tangible proof points that position us to do even more. Looking ahead, our ambition is clear. to build a company capable of repeatedly creating and leading new categories in eye care and beyond. Before I hand it over to Aziz, I want to thank the entire Tarsus team. Our performance in 2025 reflects extraordinary execution and our award-winning culture laying the foundation as we become a leader in eye care.