Tarsus Pharmaceuticals, Inc.

Good afternoon and welcome to TARSA's First Quarter 2026 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 Miscellations, 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 view 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, and Jeff Farrell, 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. We are off to a strong start in 2026. with a quarter that reflects the continued momentum of Xtembe's launch and the strength of our key growth drivers. We've always believed Xtembe would be revolutionary, and our strong first quarter results reflect that. Every key metric we track, including the number of riders, depth of prescribing, awareness and evidence generation, continue to grow substantially quarter over quarter. These are the same drivers we have committed to delivering on, and we are on track to achieve our full-year guidance, reach blockbuster status in the next couple of years, and realize $2 billion in peak sales potential. In the first quarter of 2026, XtemV delivered more than $145 million in net product sales, an increase of more than 85% year-over-year, reflecting consistent patient outcomes and expanding eye care physician, or ECP, utilization across their practices. Having spent time in the field and at several medical conferences over the past few months, I can tell you what we're hearing directly from ECPs. They describe Extenvi as one of the most impactful medicines they've ever used with consistent outcomes, clear utility across their practices, and broad access that is nearly universal. Said differently, it works, it's easy to use, and access is outstanding. When those elements come together, behavior changes. ECPs are no longer looking only for the most symptomatic cases. They are beginning to screen every patient for cholera. And that is what ultimately drives a larger addressable market over time, more patients identified, and more patients treated. What we're building at Tarsus, however, is not a one product story. We have developed a disciplined, repeatable playbook for identifying diseases with clear root causes and significant unmet need and transforming how they're treated. That playbook is driving the future of our pipeline. In the first quarter of 2026, we initiated Calliope, an approximately 700 participant phase two trial of TPO5 for the potential prevention of Lyme disease. Enrollment is progressing well. with the first wave of participants already dosed, and we expect top line data during the first half of 2027, which would support readiness for a phase three trial. Lyme disease represents one of the largest and fastest growing unmet needs in infectious disease prevention, affecting millions of Americans each year. Yet, there are no FDA approved prophylactic options available today. It seems like I can't go a week without reading something in the news about the impact of the disease and the increasing burden on the US healthcare system. TPO5 is a first of its kind investigational oral on-demand prophylactic designed to target and kill ticks before they transmit disease. And we believe it has the potential to fundamentally shift the current paradigm from management to disease prevention. We've seen tremendous interest in this program from patients, potential partners, federal agencies, and the broader medical community, reflecting both the scale of the opportunity and the need for a new approach. Another program I hear increasing excitement about is TPO4, particularly with the initiation of our Phase II core study in ocular rosacea. Ocular rosacea is another significant and underdiagnosed disease affecting an estimated 15 to 18 million Americans with no FDA-approved treatments today. Similar to demonex blepharitis, or DB, it is a mite-driven disease that impacts the area around the eye, including the eyelids and surrounding skin, that can meaningfully affect how patients look, feel, and see. We hear it all the time from ECPs. A treatment like TPO4 could be game-changing, and they can't wait to offer their patients an option like this. TPO4 is a novel, sterile, investigational ophthalmic gel designed to treat demonex mites, the root cause of disease, and we believe it has the potential to become another first and only FDA-approved medicine for an underdiagnosed and underappreciated eye disease. The core study is progressing as planned, and we continue to expect top-line data in the first half of 2027. Turning back to Extenvi, the drivers are clear. Broader physician adoption, a DTC campaign bringing more patients through the door, and an expanding evidence base, all pointing to a larger, treatable population over time. But Xtemvi is only one piece of a larger story. We are deliberately building Tarsus to create and lead new categories in iCare and beyond with the pipeline and playbook to do it repeatedly. And with that, I'll pass it to Aziz.