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Material FY guidance upgrade, a transformative Alkeus deal broadening retinal depth, and a sizable cash position reduce execution risk and may attract multiple expansion if near-term Phase 2/3 data meet expectations; dilution and execution risk remain.
What happened, with direct paths to the underlying reporting
Tarsus reported a record quarter for XDEMVY with net product sales of $173.9 million, up 69% year-over-year and prompted an increase in full-year guidance to $685-705 million. The company also announced a pending acquisition of Alkeus Pharmaceuticals (ALK-001) alongside a $125 million private placement, broadening its retina portfolio. Key near-term catalysts include Phase 2 readouts for TP-04 and TP-05 in 1H 2027 and a Phase 3 start for IRX-101 with topline results anticipated in 2028, supported by a stronger balance sheet ($449.7M cash) and expanded commercial leadership.
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