0001819790-25-000078 | 10-Q | XBRL Viewer | Tarsus Pharmaceuticals INC

STOCK-BASED COMPENSATION - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,930	$ 5,519
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	135	135
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,505	1,465
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,290	$ 3,919

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net loss	$ (25,120)	$ (35,731)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

COMMITMENTS & CONTINGENCIES

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS & CONTINGENCIES

Lease Agreements

Current Lease Agreement

In the ordinary course of business, the Company enters into lease agreements with unaffiliated third parties for its facilities and office equipment. As of March 31, 2025, the Company had six active leases for adjacent office and laboratory suites in Irvine, California.

In December 2024, the Company entered into an agreement to terminate its existing facility lease agreements (the "Current Lease") and entered into a new lease agreement (the "New Lease"), both with the same landlord, to relocate its corporate headquarters to another location in Irvine, California. The Current Lease will terminate upon the earlier of the substantial completion of tenant improvements at the New Lease premises or the commencement of the Company's regular business activities at the New Lease premises, which the Company expects to begin occupying in late 2025, as discussed in more detail below.

The components of total lease expense for the Current Lease are as follows:


	Three Months Ended March 31,
	2025		2024
Operating lease expense	$	173	$	179
Variable lease expense	124		103
Total lease expense	$	297	$	282

Other information related to the Current Lease is as follows:


	Three Months Ended March 31,
	2025			2024
Cash paid for operating leases	$	110		$	129
Remaining lease term (years)	0.6			2.8
Discount rate	11.0		%	10.0		%

The below table summarizes the (i) minimum lease payments for the remainder of the year and thereafter, (ii) lease arrangement imputed interest, and (iii) present value of future lease payments for the Current Lease:


	Amounts
2025 (remaining nine months)	$	562
Thereafter	—




Total future lease payments, undiscounted	562
(Less): Imputed interest	(14)
(Less): Tenant improvement allowance	(164)
Present value of operating lease payments	$	384
Operating lease liability, current	384
Operating lease liability, noncurrent	—
Total operating lease liability	$	384

New Lease Agreement

In December 2024, the Company entered into the New Lease for 59,626 square feet of office space located in Irvine, California for a 10-year lease term. The lease payments are expected to commence in late 2025 following the earlier of: (i) eleven months following the lease execution date, or (ii) the date the Company commences its regular business activities at the premises following completion of tenant improvements. The base rent for the first year of the lease will be $2.5 million and is subject to annual increases of 3% thereafter. The Company is entitled to an abatement of base rent for the first five full calendar months from the beginning of the lease commencement date for an aggregate amount of $0.7 million. The lease also provides for a tenant improvement allowance, not to exceed $6.0 million, to be applied to the construction costs of the premises. The tenant improvement allowance must be used within one year of the Company commencing its regular business activities otherwise it will be forfeited with no further obligation by the landlord. As of March 31, 2025, no rent payments were made and the landlord had not provided any of the tenant improvement allowance.

Upon lease execution, the Company provided the landlord a letter of credit for $2.6 million to serve as a security deposit. Provided that no defaults occur and the Company meets certain financial milestones for certain time periods, the security deposit can subsequently be reduced.

In-License Agreements

Elanco In-License Agreement for Skin and Eye Disease or Conditions in Humans

In January 2019, the Company executed a license agreement with Elanco Tiergesundheit AG (“Elanco”) for exclusive worldwide rights to certain intellectual property for the development and commercialization of lotilaner in the treatment or cure of any eye or skin disease or condition in humans, as amended in June 2022 (the "Eye and Derm Elanco Agreement"). The Company has sole financial responsibility for related development, regulatory, and commercialization activities.

The Company made cash payments to Elanco under the Eye and Derm Elanco Agreement comprised of $1.0 million upfront upon contract execution in January 2019 and a total of $4.0 million for three specified clinical milestone achievements in September 2020, April 2021, and March 2023, which were all recorded in research and development expense in the Condensed Statements of Operations and Comprehensive Loss.

In August 2023, a milestone of $4.0 million was achieved and paid to Elanco upon the first commercial sale of XDEMVY in the U.S. and in September 2024, a $5.0 million sales-based milestone obligation to Elanco was triggered for the achievement of reaching $100.0 million in net product sales of XDEMVY. These respective milestone payments were recorded to intangible assets, net in the accompanying Condensed Balance Sheets as of March 31, 2025 and December 31, 2024.

The Company is obligated to make further cash payments to Elanco of $2.0 million under the Eye and Derm Elanco Agreement upon achievement of the last clinical milestone in the treatment of human skin diseases using lotilaner and a maximum of $70.0 million for various commercial and sales threshold milestones for the treatment of human skin diseases and the treatment of blepharitis in humans using lotilaner.

In addition, the Company is obligated to pay tiered contractual royalties to Elanco in the mid to high single digits of its product sales, net. If the Company receives certain types of payments from its sublicensees, it will be obligated to pay Elanco a variable percentage in the low to mid double-digits of such proceeds, until achievement of the first applicable regulatory approval of a product covered under the license, which occurred in July 2023 with the FDA approval of XDEMVY. As a result of the commercialization of XDEMVY, the Company accrued royalties payable to Elanco, which are recorded to cost of sales in the accompanying Condensed Statement of Operations and Comprehensive Loss for the three months ended March 31, 2025 and 2024, and accounts payable and other accrued liabilities in the accompanying Condensed Balance Sheets as of March 31, 2025 and December 31, 2024. Royalty expense during the three months ended March 31, 2025 and 2024, was $3.9 million and $1.2 million, respectively.

Elanco In-License Agreement for All Other Diseases or Conditions in Humans

In September 2020, the Company executed a license agreement with Elanco granting it a worldwide license to certain intellectual property for the development and commercialization of lotilaner for the treatment, palliation, prevention, or cure of all other diseases and conditions in humans (i.e., beyond that of the eye or skin), as amended in June 2022 (the "All Human Uses Elanco Agreement").

The Company made cash payments under the All Human Uses Elanco Agreement of $0.5 million related to a clinical milestone that was triggered in December 2022 upon enrollment of the first patient in the Phase 2a Carpo trial, for the potential treatment of Lyme disease. The Company is required to make further cash payments under this agreement upon the achievement of various clinical milestones up to an aggregate maximum of $4.0 million and various commercial and sales threshold milestones for an aggregate maximum of $77.0 million. In addition, the Company will be obligated to pay contractual royalties to Elanco in the single digits of its product sales, net. If the Company receives certain types of payments from its sublicensees, it will also be obligated to pay Elanco a variable percentage in the low to mid double-digits of such proceeds, until achievement of the first applicable regulatory approval of a product covered under the license.

Other In-License Agreement for All Ophthalmic Uses in Humans

In October 2024, the Company executed a new in-license agreement from a third party for the exclusive worldwide rights to develop, manufacture, and commercialize a compound for all ophthalmic uses. The Company made an upfront payment of $2.5 million upon contract execution in October 2024, which was recorded to research and development expense in the Statements of Operations for the year ended December 31, 2024. As of March 31, 2025, the Company is obligated to make potential future cash payments under this in-license agreement of $3.0 million upon the achievement of an event-based development milestone and up to $102.0 million for various commercial and sales threshold milestones. Future annual worldwide net sales of products developed from the compound will also be subject to incremental royalty rates in the range of mid to high single digits.

Employment Agreements

The Company has entered into employment agreements, including severance and change in control agreements, with seven of its executive officers. These agreements provide for the payment of certain benefits upon separation of employment under specified circumstances, such as termination without cause, or termination in connection with a change in control event.

Litigation Contingencies

From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company is currently not aware of any such matters where there is at least a reasonable probability that a material loss, if any, has been or will be incurred for financial statement recognition.

Indemnities and Guarantees

The Company has certain indemnity commitments, under which it may be required to make payments to its officers and directors in relation to certain transactions to the maximum extent permitted under applicable laws. The duration of these indemnities varies, and in certain cases, are indefinite and do not provide for any limitation of maximum payments. The Company has not been obligated to make any such payments to date and no liabilities have been recorded for this contingency in the accompanying Condensed Balance Sheets.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Bobak Azamian [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	In December 2024, Bobak Azamian, our Chief Executive Officer, adopted a Rule 10b5-1 trading plan to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale of up to 24,000 shares of common stock held by Dr. Azamian between March 24, 2025 and March 23, 2026. For the quarter ended March 31, 2025, Dr. Azamian sold 6,000 shares under this adopted 10b5-1 Plan.
Aziz Mottiwala [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	In March 2025, Aziz Mottiwala, our Chief Commercial Officer, adopted a Rule 10b5-1 trading plan to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale of up to 17,500 shares of common stock held by Mr. Mottiwala between June 9, 2025 and June 9, 2026.
Name	Aziz Mottiwala
Title	Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 2025
Expiration Date	June 9, 2026
Arrangement Duration	365 days
Aggregate Available	17,500

COMMITMENTS & CONTINGENCIES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 173	$ 179
Variable lease expense	124	103
Total lease expense	$ 297	$ 282

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Thousands	Mar. 31, 2025 USD ($) security contract	Dec. 31, 2024 USD ($) security contract
Debt Securities, Available-for-Sale [Line Items]
Number of securities with contractual maturity between one and three years \| security	8	8
Corporate debt securities	$ 232,129	$ 196,557
Amortized cost	$ 232,044	$ 196,379
Number of available-for-sale debt securities in gross unrealized loss position for less than one year \| contract	19	10
Available-for-sale Debt Securities, Contractual Maturity Less Than 12 Months
Debt Securities, Available-for-Sale [Line Items]
Corporate debt securities	$ 19,500	$ 19,000
Amortized cost	$ 19,400	$ 19,000
Minimum \| Available-for-sale Debt Securities, Contractual Maturity Less Than 12 Months
Debt Securities, Available-for-Sale [Line Items]
Contractual maturity	1 year	1 year
Maximum \| Available-for-sale Debt Securities, Contractual Maturity Less Than 12 Months
Debt Securities, Available-for-Sale [Line Items]
Contractual maturity	2 years	2 years

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

STOCK-BASED COMPENSATION - Valuation Assumptions of Stock Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Expected term (in years)	6 years 3 months	6 years 3 months
Weighted average risk-free interest rate	4.15%	4.08%
Weighted average volatility	68.42%	71.23%
Dividend yield rate	0.00%	0.00%
Weighted-average grant-date fair value per stock option (usd per share)	$ 44.88	$ 35.09

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Operating Financial Results of Therapeutics Segment

The following table provides the operating financial results of the therapeutics segment:


	Three Months Ended March 31,
	2025		2024
Revenues:
Product sales, net	$	78,335	$	24,720
License fees and collaboration revenue	—		2,894
Total revenues	78,335		27,614

Operating expenses:
Cost of sales	5,211		1,654
Research and development	14,409		12,066
Selling and marketing	60,286		27,888
General and administrative	24,709		23,690
Total operating expenses	104,615		65,298
Loss from operations	(26,280)		(37,684)
Other reconciling items	1,160		1,953
Net loss	$	(25,120)	$	(35,731)

Other segment disclosures:
Interest income	$	3,454	$	3,117
Interest expense	$	(2,213)	$	(983)
Depreciation and amortization expense	$	460	$	270

BALANCE SHEET ACCOUNT DETAIL

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET ACCOUNT DETAIL

The composition of selected captions within the accompanying Condensed Balance Sheets are summarized below:

Inventory

Inventory consists of the following:


	March 31, 2025		December 31, 2024
Current assets:

Work in progress	$	764	$	614
Finished goods	1,941		2,006
Inventory	2,705		2,620
Non-current assets:
Raw materials	2,532		2,533
Inventory, non-current	2,532		2,533
Total inventory	$	5,237	$	5,153

Property and Equipment, Net

Property and equipment, net consists of the following:


	March 31, 2025		December 31, 2024
Furniture and fixtures	$	1,614	$	1,598
Office equipment	1,127		1,127
Laboratory equipment	196		167
Leasehold improvements	818		794
Manufacturing equipment	1,228		604
Property and equipment, at cost	4,983		4,290
(Less): Accumulated depreciation	(2,196)		(1,976)
Property and equipment, net	$	2,787	$	2,314

Depreciation expense for the three months ended March 31, 2025 and 2024 was $0.2 million and $0.2 million, respectively. There were no impairments recognized during the three months ended March 31, 2025 and 2024.

Intangible Assets

Intangible assets, net consists of the following:


	March 31, 2025		December 31, 2024
Intangible assets, gross	$	9,000	$	9,000
(Less): Accumulated amortization	(914)		(674)
Intangible assets, net	$	8,086	$	8,326

Intangible assets are amortized to cost of sales over the remaining useful life of 8.4 years as of March 31, 2025, with an initial useful life of 10 years from the date of first commercial sale (see Note 8). Amortization expense for the three months ended March 31, 2025 and 2024 was $0.2 million and $0.1 million, respectively.

As of March 31, 2025, the expected future amortization expense for the Company's intangible assets is as follows:


	Amounts
2025 (remaining nine months)	$	721
2026	961
2027	961
2028	961
2029	961
Thereafter	3,521
Total future amortization	$	8,086

There have been no impairments of intangible assets for the three months ended March 31, 2025 and 2024.

Accounts Payable and Other Accrued Liabilities

Accounts payable and other accrued liabilities consists of the following:


	March 31, 2025		December 31, 2024
Trade accounts payable and other	$	28,383	$	27,739
Accrued product sales deductions	43,692		33,122
Accrued royalty payable	3,916		3,320
Operating lease liability, current	384		608
Accounts payable and other accrued liabilities	$	76,375	$	64,789

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	5,007,908
Granted (in shares)	456,823
Exercised (in shares)	(78,436)
Forfeited (in shares)	(33,356)
Ending balance (in shares)	5,352,939	5,007,908
Exercisable (in shares)	3,572,844
Unvested (in shares)	1,780,095
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (usd per share)	$ 19.29
Granted (usd per share)	44.88
Exercised (usd per share)	18.31
Forfeited (usd per share)	22.90
Ending balance (usd per share)	21.47	$ 19.29
Exercisable (usd per share)	17.14
Unvested (usd per share)	$ 30.16
Weighted-Average Remaining Contractual Term
Outstanding	6 years 11 months 1 day	6 years 10 months 28 days
Exercisable	6 years 10 days
Unvested	8 years 8 months 23 days
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Aggregate Intrinsic Value [Abstract]
Outstanding	$ 160,110	$ 180,669
Exercisable	122,312
Unvested	$ 37,798

BALANCE SHEET ACCOUNT DETAIL - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Work in progress	$ 764	$ 614
Finished goods	1,941	2,006
Inventory	2,705	2,620
Non-current assets:
Raw materials	2,532	2,533
Inventory, non-current	2,532	2,533
Total inventory	$ 5,237	$ 5,153

RELATED PARTY TRANSACTIONS (Details) $ in Millions	Apr. 05, 2024 USD ($)
Related Party Transactions [Abstract]
Preferred stock purchased	$ 3.0

FAIR VALUE MEASUREMENTS - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets:
Cash and cash equivalents	$ 175,787	$ 94,819
Total assets measured at fair value	407,916	291,376
Money market funds
Assets:
Cash and cash equivalents	175,787	89,822
U.S. Treasury securities
Assets:
Cash and cash equivalents		4,997
Debt securities, available for sale and cash and cash equivalents	128,112	103,314
Commercial paper
Assets:
Debt securities, available for sale and cash and cash equivalents	45,205	21,795
Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	42,937	46,644
Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	15,875	29,801
Level 1
Assets:
Total assets measured at fair value	303,899	193,136
Level 1 \| Money market funds
Assets:
Cash and cash equivalents	175,787	89,822
Level 1 \| U.S. Treasury securities
Assets:
Debt securities, available for sale and cash and cash equivalents	128,112	103,314
Level 1 \| Commercial paper
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 1 \| Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 1 \| Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 2
Assets:
Total assets measured at fair value	104,017	98,240
Level 2 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Level 2 \| U.S. Treasury securities
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 2 \| Commercial paper
Assets:
Debt securities, available for sale and cash and cash equivalents	45,205	21,795
Level 2 \| Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	42,937	46,644
Level 2 \| Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	15,875	29,801
Level 3
Assets:
Total assets measured at fair value	0	0
Level 3 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Level 3 \| U.S. Treasury securities
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 3 \| Commercial paper
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 3 \| Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 3 \| Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	$ 0	$ 0

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	Apr. 24, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-39614
Entity Registrant Name	TARSUS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4717861
Entity Address, Address Line One	15440 Laguna Canyon Road, Suite 160
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	(949)
Local Phone Number	418-1801
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TARS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,014,237
Amendment Flag	false
Entity Central Index Key	0001819790
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

BALANCE SHEET ACCOUNT DETAIL - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Intangible assets, gross	$ 9,000		$ 9,000
(Less): Accumulated amortization	(914)		(674)
Intangible assets, net	8,086		$ 8,326
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	$ 240	$ 100
Intangible Assets, Milestone Payment
Property, Plant and Equipment [Line Items]
Remaining useful life	8 years 4 months 24 days
Useful life (in years)	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES	3 Months Ended
	Mar. 31, 2025
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES Basis of Presentation The accompanying Condensed Financial Statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the U.S. for interim financial information pursuant to Form 10-Q and with the rules and regulations of the SEC. Accordingly, the accompanying Condensed Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and the related notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 25, 2025. The interim Condensed Balance Sheet as of March 31, 2025, the Condensed Statements of Operations and Comprehensive Loss, and the Condensed Statements of Stockholders’ Equity for the three months ended March 31, 2025 and 2024, and the Condensed Statements of Cash Flows for the three months ended March 31, 2025 and 2024 are unaudited. These unaudited interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which consist of only normal and recurring adjustments for the fair presentation of its financial information. The financial data and other information disclosed in these notes related to the three month periods are also unaudited. The Condensed Balance Sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all information and footnotes required by GAAP for annual financial statements. The condensed interim operating results for three months ended March 31, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025 or any other interim or annual period. Use of Estimates The preparation of financial statements in conformity with GAAP and with the rules and regulations of the SEC requires management to make informed estimates and assumptions that affect the amounts reported in these Condensed Financial Statements and Notes. These estimates and assumptions are based upon historical experience, knowledge of current events and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources and involve judgments with respect to numerous factors that are difficult to predict and may materially differ from the amounts ultimately realized and reported due to the inherent uncertainty of any estimate or assumption. On an ongoing basis, management evaluates its estimates, including those related to the recognition of revenue, clinical trial accruals, contract manufacturing accruals, expected demand for inventory, fair value of assets and liabilities, income taxes, and stock-based compensation. Management bases its estimates on historical experience and various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ materially from those estimates and assumptions used in the preparation of the accompanying Condensed Financial Statements under different assumptions and conditions. The Company’s Condensed Financial Statements as of and for the three months ended March 31, 2025, reflect the Company’s estimates of the impact of the macroeconomic and geopolitical environment, including the impact of inflation, interest rates, and foreign exchange rate fluctuations. The duration and the scope of these conditions cannot be predicted; therefore, the extent to which these conditions will directly or indirectly impact the Company’s business, results of operations and financial condition, is uncertain. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of the issuance date of the accompanying Condensed Financial Statements. The accounting policies and estimates that most significantly impact the presented amounts within these accompanying Condensed Financial Statements are further described below: Cash and Cash Equivalents Cash and cash equivalents consist of bank deposits and highly liquid investments, including money market fund accounts, that are readily convertible into cash without penalty, with original maturities of three months or less from the purchase date. The carrying amounts reported in the accompanying Condensed Balance Sheets for cash and cash equivalents are valued at cost, which approximate their fair value. Restricted Cash As of March 31, 2025 and December 31, 2024, the Company held $2.6 million of restricted cash as collateral for a letter of credit related to the Company's new office space lease that was executed in December 2024 (see Note 8). The restricted cash will be held for longer than one year and is reported in non-current assets on the accompanying Condensed Balance Sheets. Marketable Securities and Long-Term Investments Marketable securities consist primarily of short-term fixed income investments carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities (see Note 3). Management determines the appropriate classification of its investments in fixed income securities at the time of purchase. Available-for-sale securities with original maturities beyond three months at the date of purchase, including those that have maturity dates beyond one year from the balance sheet date, are classified as current assets on the accompanying Condensed Balance Sheets due to their highly liquid nature and availability for use in current operations. Marketable securities are recorded at fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) within the accompanying Condensed Statements of Stockholders' Equity until realized. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. The cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion, as well as interest and dividends, are included in interest income. Realized gains and losses as well as credit losses, if any, on marketable securities identified on a specific identification basis are included in other income (expense) in the accompanying Condensed Statements of Operations and Comprehensive Loss. The Company evaluates the underlying credit quality and credit ratings of the issuers during the period. To date, the Company has not identified any other-than-temporary declines in fair value of its investments and no credit losses associated with credit risk have occurred or have been recorded. Interest earned on marketable securities is included in interest income within the accompanying Condensed Statements of Operations and Comprehensive Loss. In April 2024, the Company made a preferred stock investment in a privately-held eye care company which does not meet the criteria for in-substance common stock. This preferred stock investment is included in long-term investments in the accompanying Condensed Balance Sheets given the Company's intent to hold these securities for longer than one year. In accordance with the measurement alternative under the Accounting Standards Codification 321, Investments— Equity Securities, at each subsequent reporting period the Company records its preferred stock investment at cost, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity financings at each subsequent reporting period. In addition, at each subsequent reporting period the Company will assess for possible impairment indicators. If the Company determines that the preferred stock fair value is less than its carrying value, it will recognize an impairment loss through other income (expense) on the Condensed Statements of Operations and Comprehensive Loss. As of March 31, 2025 and December 31, 2024, there have been no observable transactions or impairment indicators that resulted in a change to the fair value of the Company's preferred stock investment. Accounts Receivable, Net Accounts receivable generally consists of amounts due from the Company's customers, which includes pharmaceutical wholesalers and specialty pharmacy providers related to product sales of XDEMVY in the U.S. Payment terms are typically 30-60 days following delivery to customers. Accounts receivable are recorded net of discounts, chargebacks, allowances and other adjustments. The Company monitors the financial performance and creditworthiness of its customers so it can properly assess and respond to changes in their credit profile. The Company estimates the allowance for credit losses based on existing contractual payment terms, actual payment patterns of customers and individual customer circumstances. Amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The Company did not record a reserve for estimated credit losses during the three months ended March 31, 2025 and 2024. Inventory Inventories include the costs of material, third-party manufacturing costs, packaging services, and freight-in. Cost is determined on a first-in, first-out basis. Inventory is measured at the lower-of-cost and net realizable value, based on a number of factors including, but not limited to, damage, expiration, or changes in price level. The Company capitalizes inventory costs associated with products following regulatory approval when future commercialization is considered probable and the future economic benefit is expected to be realized. Product that may be used in clinical development programs are excluded from inventory and the costs are charged to research and development expense in the Condensed Statements of Operations and Comprehensive Loss as incurred, as long as they do not have an alternative use. The Company evaluates inventory levels that would be sold within one year. The portion of inventory that is not expected to be sold or used within one year is classified as inventory, non-current in the accompanying Condensed Balance Sheets. Intangible Assets, Net Intangible assets are measured at fair value as of the acquisition date or, in the case of commercial milestone payments, the date they become due. The evaluation of intangible assets includes assessing the amortization period for which the asset is expected to contribute to the future cash flows of the Company. Intangible assets with finite useful lives are amortized over their estimated useful lives, primarily on a straight-line basis when the Company is unable to reliably estimate the pattern of cash flow. Long-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset might not be fully recoverable. To do so, the Company compares the carrying value of the intangible asset to the undiscounted net cash flows over its remaining useful life, and if not recoverable, will estimate the fair value of the asset. If the fair value is less than the carrying amount, an impairment loss is recognized in the Condensed Statements of Operations and Comprehensive Loss. Fair Value Measurements Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: •Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are publicly accessible at the measurement date. •Level 2: Observable prices that are based on inputs not quoted on active markets, but that are corroborated by market data. These inputs may include quoted prices for similar assets or liabilities or quoted market prices in markets that are not active to the general public. •Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts for financial instruments consisting of cash, cash equivalents, accounts receivable, net, accounts payable and accrued liabilities approximate fair value due to the short maturities for each. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. The Company did not have any transfers of assets and liabilities between the levels of the fair value hierarchy during the periods presented. Property and Equipment, Net Property and equipment, net are stated at historical cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets that range from three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful lives of related improvements. The Company evaluates the recoverability of its property and equipment, net whenever events or changes in circumstances of the business indicate that the asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the sum of the future undiscounted cash flows the assets are expected to generate over the remaining useful lives of the assets. If a long-lived asset fails a recoverability test, the Company measures the amount by which the carrying value of the asset exceeds its fair value. Leases The Company determines if an arrangement is or contains a lease at inception and evaluates each lease agreement to determine whether the lease is an operating or finance lease. Right-of-use assets (“ROU assets”) represent the Company’s right to control an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the initial non-cancelable lease term, unless there is a renewal option that is reasonably certain to be exercised. The Company uses its incremental borrowing rate at the lease commencement date in determining the discount rate utilized to present value the future minimum lease payments since an implicit interest rate in each at-market lease agreement was not determinable. Lease expense for the Company's operating leases are recognized on a straight-line basis over the lease term. The Company's variable lease costs, consisting primarily of real estate taxes, insurance costs, and common area maintenance, are expensed as incurred and excluded from the reported ROU assets and lease liabilities amounts presented in the accompanying Condensed Balance Sheets. The current and noncurrent portion of the operating lease liability are included in accounts payable and other accrued liabilities and other long-term liabilities, respectively, in the accompanying Condensed Balance Sheets. Rent expense is allocated to research and development and general and administrative expenses in the accompanying Condensed Statements of Operations and Comprehensive Loss. Concentration Risk Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains cash held on deposit at financial institutions in the U.S. These deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") in an amount up to $250,000 for any depositor. To the extent the Company holds cash deposits in amounts that exceed the FDIC insurance limitation, it may incur a loss in the event of a failure of any of the financial institutions where it maintains deposits. The Company invests its excess cash in highly liquid investments, including money market fund accounts, that are readily convertible into cash without penalty. Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions, but will continue to monitor regularly and adjust, if needed, to mitigate risk, including any ongoing or new events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions. The Company has established guidelines regarding diversification of its investments and their maturities, which are designed to maintain principal and maximize liquidity. To date, the Company has not experienced any losses associated with this credit risk and continues to assess that this exposure is not significant. Major Customers The Company enters into agreements with certain limited specialty pharmacies and specialty distributors for the sale of XDEMVY in the U.S. For the three months ended March 31, 2025 and 2024, the Company's two and five largest customers, respectively, each individually accounted for more than 10% of total gross product sales. These customers on a combined basis accounted for 72.3% and 99.6% of gross product sales for the respective periods. As of March 31, 2025 and December 31, 2024, the Company's two largest customers each exceeded 10% of gross accounts receivable. These customers accounted for approximately 72.3% and 68.4% of the accounts receivable balance on a combined basis for the respective periods. The Company believes that the concentration of credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms, and the level of credit worthiness of its customers. Major Suppliers The Company does not currently own manufacturing facilities and depends on an outsourced manufacturing strategy for the production of XDEMVY for commercial use and for the production of its other product candidates for clinical trials. The Company enters into agreements with third-party manufacturers that are approved for the commercial production of XDEMVY and third-party suppliers that are approved for XDEMVY's active pharmaceutical ingredient. Although there are potential sources of supply other than the Company's existing manufacturers and suppliers, any new supplier would be required to qualify under applicable regulatory requirements. The loss of certain manufacturers and third-party suppliers could result in a temporary disruption of the Company’s commercialization efforts. Revenue Recognition (i) Product Sales, Net The Company recognizes product sales, net, when a customer obtains control of the promised goods or services, which occurs at a point in time, typically upon delivery of the Company's product to the customer. The Company records the amount of revenue that reflects the consideration that it expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are capable of being distinct; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue as each performance obligation is satisfied. The Company sells XDEMVY to customers in the U.S., which became available for commercial sale during the third quarter of 2023. These customers include a limited number of specialty pharmacies and distributors who in turn sell it directly to clinics, hospitals, pharmacies and federal healthcare programs. Revenue from product sales is primarily recognized upon physical delivery of the product (when the customer obtains control of the product), in return for agreed-upon consideration. Shipping and handling activities are considered to be fulfillment activities rather than a separate performance obligation and are recorded within selling, general and administrative expenses in the accompanying Condensed Statements of Operations and Comprehensive Loss. Revenues from product sales are recorded at the net sales price, or the transaction price, which may include fixed or variable consideration for (i) invoice discounts for prompt payment and distribution service fees, (ii) commercial and government rebates, chargebacks, discounts and fees, (iii) product returns and (iv) costs of co-pay assistance programs for patients, as well as other incentives. Estimates of variable consideration are calculated based on the actual product sales each reporting period and the nature of the variable consideration related to those sales. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the current contractual and statutory discount rates, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in product sales, net only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates reflect the Company’s best estimate of the amount of consideration to which the Company expects to be entitled based on the terms of the contract. Actual amounts of consideration ultimately received may differ materially from estimates. If actual results in the future vary from estimates, the Company will adjust these estimates, which would affect product sales, net and earnings in the period such variances are adjusted. The Company categorizes product sales deduction estimates as follows: Distribution Service Fees: The Company engages with wholesalers and specialty pharmacies to distribute its products to end customers. The Company pays the wholesalers and certain specialty pharmacies a fee for services such as: inventory management, chargeback administration, and service level commitments. The Company estimates the amount of distribution services fees to be paid to the customers and adjusts the transaction price with the amount of such estimate at the time of sale to the customer. An accrued liability is recorded for unpaid distribution service fees. Prompt Pay Discounts: The Company provides its customers with a percentage discount on their invoice if the customers pay within the agreed upon timeframe. The Company expects that its customers will earn prompt pay discounts. The Company estimates the probability of customers paying promptly based on the percentage of discount outlined in the purchase agreement between the two parties, and deducts the full amount of these discounts from gross product sales and accounts receivable at the time revenue is recognized. Product Returns: The Company's customers are contractually permitted to return product within the contractual allowable time, both before and after the applicable expiration date. In the initial sales period, the Company estimates its provision for returns based on industry data and adjusts the transaction price at the time of the product sale to the customer. Once sufficient history has been collected for product returns, the Company will utilize that history to inform its returns estimate. Once the product is returned, it is destroyed since it cannot be resold. Chargebacks: A chargeback is the difference between the Company's invoice price to the wholesaler and the wholesaler’s customer's contract price. The wholesaler tracks these sales and charges back the Company for the difference between the negotiated prices paid between the wholesaler's customers and the wholesaler's acquisition cost. The Company estimates the percentage of goods sold that are eligible for chargeback and adjusts the transaction price and accounts receivable at the time of sale of the product to the customer. Co-payment Assistance: Patients who meet certain eligibility requirements may receive co-payment assistance funded by the Company. The Company records contra-revenue for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators. An accrued liability is recorded on unredeemed co-payment assistance related to products for which control has been transferred to the customer. Rebates: The Company accrues rebates for contractually agreed-upon discounts with commercial payers and mandated discounts under government programs such as the Medicaid Drug Rebate Program, Medicare Part D Prescription Drug Program, and other government health care programs in the U.S. The Company's estimates for expected utilization of commercial payer rebates are based on data received from its customers. The estimates for rebates under government programs are based on statutory discount rates and expected utilization as well as historical data the Company has accumulated since product launch. The Company calculates the accruals for commercial and government rebates based on various assumptions, including payer mix, with actual rebates potentially requiring accrual adjustments affecting product sales, net. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current period’s activity, plus an accrual balance for known prior periods’ unpaid rebates. If actual rebates vary from estimates, the Company may need to adjust accruals, which would affect product sales, net in the period of adjustment. An accrued liability is recorded for unpaid rebates related to product for which control has transferred to the customer. (ii) License Fees and Collaboration Revenue China Out-License License fees and collaboration revenue in the accompanying Condensed Statements of Operations and Comprehensive Loss have historically been related to the China Out-License that allows the third-party licensee to market the Company's TP-03 product candidate (representing functional intellectual property) in the People's Republic of China, Hong Kong, Macau, and Taiwan (the "China Territory") — see Note 9. The accounting and reporting of revenue for out-license arrangements requires significant judgment for: (a) identification of the number of performance obligations within the contract; (b) the contract’s transaction price for allocation (including variable consideration); (c) the stand-alone selling price for each identified performance obligation; and (d) the timing and amount of revenue recognition in each period. The China Out-License was analyzed under GAAP to determine whether the promised goods or services are distinct or must be accounted for as part of a combined performance obligation. In making these assessments, the Company considers factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own, and/or whether the required expertise is readily available. If the license is not distinct, the license is combined with other promised goods or services as a combined performance obligation for revenue recognition. The China Out-License included the following forms of consideration: (i) non-refundable upfront license payment; (ii) equity-based consideration; (iii) sales-based royalties; (iv) sales-based threshold milestones; (v) one-time payment for executing a drug supply agreement; (vi) development milestone payments; (vii) regulatory milestone payments and the issuance of a related patent; and (viii) a one-time termination payment to transition the rights to develop and commercialize TP-03 in China for the treatment of Demodex blepharitis and Meibomian Gland Disease ("MGD") to Xi An Grand Chang An Pharmaceutical Co., Ltd. ("GrandPharma"). Revenue is recognized in proportion to the allocated transaction price when (or as) the respective performance obligation is satisfied. The Company evaluates the progress related to each milestone at each reporting period and, if necessary, adjusts the probability of achievement and related revenue recognition. The measure of progress, and thereby periods over which revenue is recognized, is subject to estimates by management and may change over the course of the agreement. Contractual Terms for Receipt of Payments A performance obligation is a promise in a contract to transfer a distinct good or service and is the unit of accounting. A contract’s transaction price is allocated among each distinct performance obligation based on relative standalone selling price and recognized when, or as, the applicable performance obligation is satisfied. The contractual terms that establish the Company’s right to collect specified amounts from its customers and that require contemporaneous evaluation and documentation under GAAP for the corresponding timing and amount of revenue recognition, are as follows: Upfront License Fees: The Company determines whether non-refundable license fee consideration is recognized at the time of contract execution (i.e., when the license is transferred to the customer and the customer is able to use and benefit from the license) or over the actual (or implied) contractual period of the China Out-License. The Company also evaluates whether it has any other requirements to provide substantive services that are inseparable from the performance obligation of the license transfer to determine whether any combined performance obligation is satisfied over time or at a point in time. Upfront payments may require deferral of revenue recognition to a future period until the Company performs obligations under these arrangements. Development Milestones: The Company utilizes the most likely amount method to estimate the amount of consideration to which it will be entitled for achievement of development milestones as these represent variable consideration. For those payments based on development milestones (e.g., patient dosing in a clinical study or the achievement of statistically significant clinical results), the Company assesses the probability that the milestone will be achieved, including its ability to control the timing or likelihood of achievement, and any associated revenue constraint. Given the high degree of uncertainty around the occurrence of these events, the Company determines the milestone and other contingent amounts to be constrained until the uncertainty associated with these payments is resolved. At each reporting period, the Company re-evaluates this associated revenue recognition constraint. Any resulting adjustments are recorded to revenue on a cumulative catch-up basis, and reflected in the financial statements in the period of adjustment. Regulatory Milestones: The Company utilizes the most likely amount method to estimate the consideration to which it will be entitled and recognizes revenue in the period regulatory approval occurs (the performance obligation is satisfied) as these represent variable consideration. Amounts constrained as variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company evaluates whether the milestones are considered probable of being reached and not otherwise constrained. Accordingly, due to the inherent uncertainty of achieving regulatory approval, associated milestones are deemed constrained for revenue recognition until achievement. Royalties: Under the sales-or-usage-based royalty exception the Company recognizes revenue based on the contractual percentage of the licensee’s sale of products to its customers at the later of (i) the occurrence of the related product sales or (ii) the date upon which the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue from the China Out-License. Sales Threshold Milestones: Similar to royalties, applying the sales-or-usage-based royalty exception, the Company recognizes revenue from sales threshold milestones at the later of (i) the period the licensee achieves the one-time annual product sales levels in their territories for which the Company is contractually entitled to a specified lump-sum receipt, or (ii) the date upon which the performance obligation to which some or all of the milestone has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any sales threshold milestone revenue from the China Out-License. The Company re-evaluates the measure of progress to each performance obligation in each reporting period as uncertain events are resolved and other changes in circumstances occur. Cost of Sales Cost of sales consists of direct and indirect costs related to the manufacturing and distribution of XDEMVY, including raw materials, third-party manufacturing costs, packaging services, freight-in, third-party royalties payable on the Company’s product sales, net and amortization of capitalized intangible assets associated with XDEMVY. Cost of sales also includes period costs related to certain inventory warehouse and distribution operations and inventory adjustment charges. The Company began capitalizing inventory costs upon FDA approval of XDEMVY in July 2023. Prior to FDA approval of XDEMVY, manufacturing and other inventory costs were recorded to research and development expenses in the Condensed Statements of Operations and Comprehensive Loss. Selling, General and Administrative Selling, general and administrative costs consist of salaries, benefits, stock-based compensation and other personnel-related costs for the Company's executive, finance, sales and marketing, and other administrative functions. Selling, general and administrative expenses also include sales and marketing costs to support the Company's commercial launch starting in August 2023, consulting fees, legal services, rent and other facilities costs, patient assistance donations, the U.S. healthcare reform federal excise fee on Branded Prescription Pharmaceutical Manufacturers and Importers, and other general operating expenses not otherwise classified as research and development expenses. Advertising costs are expensed as incurred. Research and Development Costs Research and development costs are expensed as incurred or as certain upfront or milestone payments become contractually due to licensors upon the achievement of clinical or regulatory events. Research and development expenses include internal costs directly attributable to in-development programs, including the costs of salaries, payroll taxes, employee benefit and other personnel-related costs (including stock-based compensation expense), license fees, materials, supplies and the cost of services provided by outside contractors to conduct nonclinical studies, clinical trials and contract manufacturing activities. All costs associated with research and development are expensed as incurred. The Company accrues these costs based on factors such as estimates of the work completed and in accordance with agreements established with third-party service providers under the service agreements. As it relates to clinical trials, the financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received. Such payments are evaluated for current or long-term classification based on when they will be realized. The Company's objective is to reflect the appropriate expense in its financial statements by matching those expenses with the period in which the services and efforts are expended. The Company accounts for these expenses according to the progress of the trial as measured by patient progression and the timing of various aspects of the trial taking into consideration discussions with applicable personnel and outside service providers. The clinical trial accrual is dependent in part upon the timely and accurate reporting of progress and efforts incurred from contract research organizations ("CROs"), contract manufacturers and other third-party vendors. Although estimates are expected to be materially consistent with actual amounts incurred, the Company's understanding of the status and timing of services performed relative to the actual status and timing of services performed can vary and may result in changes in estimates in any particular period. The Company makes significant judgments and estimates in determining the accrued liabilities balance at each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. To date, there have been no material differences between estimates of such expenses and the amounts actually incurred. The Company has entered into, and may continue to enter into, license agreements to access and utilize certain technology. In each case, the Company evaluates if the license agreement results in the acquisition of an asset or a business. To date, none of the Company's license agreements have been considered an acquisition of a business. For asset acquisitions, the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval that do not meet the definition of a derivative, are immediately recognized as research and development expense in the Condensed Statements of Operations and Comprehensive Loss when paid or become payable, provided there is no alternative future use of rights in other research and development projects. Stock-Based Compensation The Company recognizes stock-based compensation expense for equity awards granted to employees, consultants, and members of its Board of Directors. Stock option awards are at an exercise price of not less than 100% of the fair market value of common stock on the respective date of grant. The grant date is the date the terms of the award are formally approved by the Company’s Board of Directors or its designee. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards as of the date of grant. The fair value of restricted stock units is representative of the closing market price of the Company's common stock on the date preceding the award grant-date. Stock awards granted typically have one to four-year service conditions and a contractual term of 10 years. Any performance conditions for vesting are explicitly stated in each award agreement and are associated with clinical, business development, or operational milestones. For stock-based awards that vest subject to the satisfaction of a service requirement, the related expense is recognized on a straight-line basis over each award’s actual or implied vesting period. For stock-based awards that vest subject to a performance condition, the Company will recognize compensation expense when performance conditions are achieved or when the Company determines it is probable the performance conditions will be achieved by the end of the requisite service period. Compensation expense will be recognized on a cumulative catch-up basis in the period of achievement, and on a straight-line basis thereafter until the end of the requisite service period. The expense recognized for awards is based on the grant date fair value of a unit multiplied by the number of units expected to be earned with respect to the related performance conditions. Depending on the outcome of these performance goals, a recipient may ultimately earn a number of units greater or less than the number of units granted. Shares of the Company's common stock are issued on a one-for-one basis for each performance unit earned. In general, performance unit awards vest at the end of the performance period. At each reporting period, the Company reassesses the probability of the achievement of the performance vesting conditions. As applicable, the Company reverses previously recognized expense for unvested awards in the same period of forfeiture. The measurement of the fair value of stock option awards and recognition of stock-based compensation expense requires assumptions to be estimated by management that involve inherent uncertainties and the application of management’s judgment, including (i) the expected term of the stock option until its exercise by the recipient, (ii) stock price volatility over the expected term, (iii) the prevailing risk-free interest rate over the expected term, and (iv) expected dividend payments over the expected term. All stock-based compensation expense is reported in the accompanying Condensed Statements of Operations and Comprehensive Loss within cost of sales, research and development expense or selling, general and administrative expense, based upon the assigned department of the award recipient. The measurement of the fair value of stock option awards and recognition of stock-based compensation expense requires assumptions to be estimated by management that involve inherent uncertainties and the application of management’s judgment, including: Fair Value of Common Stock — The fair value of the Company’s common stock is based on the closing quoted market price of its common stock as reported by the Nasdaq Global Select Market on the date of the option grant. Expected Term — The Company’s expected term represents the period that the Company’s stock option awards are expected to be outstanding. Management estimates the expected term of awarded stock options utilizing the simplified method (based on the mid-point between the vesting date and the end of the contractual term) to determine the expected term since the Company does not yet have sufficient exercise history. Expected Volatility — Prior to 2023, the Company did not have sufficient trading history for its common stock to use its own historical volatility. Management estimated the expected volatility based on a designated peer-group of publicly-traded companies for a look-back period (from the date of grant) that corresponded with the expected term of the awarded stock option. Beginning in January 2023, the Company began using its own historical stock price for expected volatility. Risk-Free Interest Rate — The Company estimates the risk-free interest rate based upon the U.S. Department of Treasury yield curve in effect at award grant date for the time period that corresponds with the expected term of the awarded stock option. Dividend Yield — The Company’s expected dividend yield is zero because it has never paid cash dividends and does not expect to for the foreseeable future. Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recorded based on the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the financial statements, as well as operating losses and tax credit carry forwards using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain due to the Company’s historical operating performance and recorded cumulative net losses in prior fiscal periods. A valuation allowance is recorded to reduce deferred tax assets, because based upon a weighting of positive and negative factors, it is more likely than not that these deferred tax assets will not be realized. If or when the Company were to determine that deferred tax assets are realizable, an adjustment to the corresponding valuation allowance would increase the net income in the period that such determination was made. The Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential revisions and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. Interest and penalties related to unrecognized tax benefits, if any, are recorded as a component of income tax expense. Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method and if-converted method as applicable. Due to net losses in all periods presented, all otherwise potentially dilutive securities are antidilutive, and accordingly, the reported basic net loss per share equals diluted net loss per share. Comprehensive Loss Comprehensive loss represents (i) net loss for the periods presented, and (ii) unrealized gains or losses on debt securities included in the Company's reported marketable securities and cash equivalents. Recently Issued or Effective Accounting Standards Recently issued or effective accounting pronouncements that impact, or may have an impact, on the Company’s financial statements have been discussed within the footnote to which each relates. Outside of the pronouncement below, other recent accounting pronouncements not disclosed in these Condensed Financial Statements have been determined by the Company’s management to have no impact, or an immaterial impact, on its current financial position, results of operations, or cash flows. In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure ("ASU 2023-09"). ASU 2023-09 requires annual disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and a disaggregation of income taxes paid, net of refunds. The standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities and is effective for the Company beginning with its Annual Report on Form 10-K for the year ending 2025. The Company is currently assessing the impact this standard will have on its financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting-Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 improves the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. The standard is effective for the Company beginning with its Annual Report on Form 10-K for the year ending 2027. Early adoption is permitted. ASU 2024-03 should be applied prospectively. Retrospective adoption is permitted. The Company is currently assessing the impact this standard will have on its financial statements.

STOCK-BASED COMPENSATION - Restricted Stock Unit Activity (Details) - Restricted stock	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	1,915,281
Granted (in shares) \| shares	408,091
Vested (in shares) \| shares	(336,939)
Forfeited (in shares) \| shares	(54,918)
Outstanding, ending balance (in shares) \| shares	1,931,515
Weighted Average Value per Share
Outstanding, beginning balance (usd per share) \| $ / shares	$ 24.41
Granted (usd per share) \| $ / shares	44.88
Vested (usd per share) \| $ / shares	24.93
Forfeited (usd per share) \| $ / shares	23.53
Outstanding, ending balance (usd per share) \| $ / shares	$ 28.67

OUT-LICENSE AGREEMENTS (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2021
LianBio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Special cash dividends paid		$ 0.7	$ 0.7
Special cash dividend (usd per share)		$ 4.80
LianBio \| License agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment				$ 15.0
Additional cash payment				10.0
Amortized cost				1.2
Revenue recognized	$ 2.5		86.1
Proceeds from warrant cancellation payment		$ 0.4
Upfront payment received			15.0
LianBio \| License agreement \| Milestone Determined by the Company
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved				$ 10.0
LianBio \| License agreement \| Development and Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved			67.5
LianBio \| License agreement \| Upon Execution of the Novation Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved			2.5
LianBio \| License agreement \| Upon Execution of Warrant Termination Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved			0.4
Grandpharma \| License agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments			100.0
Grandpharma \| License agreement \| Development and Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments			$ 20.0

CREDIT FACILITY AGREEMENTS - Balances of Debt, Debt Issuance Costs, and Accumulated Accretion (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt, gross	$ 75,000	$ 75,000
Debt issuance costs	(3,523)	(3,523)
Accumulated amortization of debt issuance costs	507	368
Long-term debt, net	$ 71,984	$ 71,845

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended
	Mar. 05, 2024	Nov. 21, 2023	Mar. 31, 2025	Dec. 31, 2023	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (usd per share)	$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001
Pre-funded warrants to purchase common stock (in shares)			312,500		312,500		312,500
Pre-funded warrants reserved for future issuance (in shares)			312,500		312,500
Follow-On Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)	2,812,500		2,808,988
Pre-funded warrants to purchase common stock (in shares)	312,500
Original issue price (usd per share)	$ 32.00		$ 44.50		$ 44.50
Price per warrant (usd per share)	31.9999
Exercise price per warrant (usd per share)	$ 0.0001
Stock issued, net proceeds	$ 107.7		$ 134.8
Underwriters' option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)	468,750		421,348
Original issue price (usd per share)	$ 32.00		$ 44.50		$ 44.50
2023 ATM Prospectus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized consideration		$ 100.0
Stock issued (in shares)				1,000,000	0	0
Stock issued, net proceeds				$ 19.2
Agent fee percentage		3.00%
2023 Shelf Registration Statement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized consideration		$ 300.0

BALANCE SHEET ACCOUNT DETAIL - Property and Equipment, Net of Accumulated Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 4,983		$ 4,290
(Less): Accumulated depreciation	(2,196)		(1,976)
Property and equipment, net	2,787		2,314
Depreciation	220	$ 170
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	1,614		1,598
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	1,127		1,127
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	196		167
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	818		794
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 1,228		$ 604

BALANCE SHEET ACCOUNT DETAIL - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade accounts payable and other	$ 28,383	$ 27,739
Accrued product sales deductions	43,692	33,122
Accrued royalty payable	3,916	3,320
Operating lease liability, current	384	608
Accounts payable and other accrued liabilities	$ 76,375	$ 64,789

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Security deposit	$ 2.6		$ 2.6
Fair market value of common stock (as a percent)	100.00%
Expected term (in years)	6 years 3 months	6 years 3 months
Dividend yield rate	0.00%	0.00%
2016 Plan
Property, Plant and Equipment [Line Items]
Expected term (in years)	10 years
Revenue Benchmark \| Customer Concentration Risk \| Two Customers
Property, Plant and Equipment [Line Items]
Concentration risk	72.30%	99.60%
Revenue Benchmark \| Customer Concentration Risk \| Five Customers
Property, Plant and Equipment [Line Items]
Concentration risk	72.30%	99.60%
Accounts Receivable \| Customer Concentration Risk \| Two Customers
Property, Plant and Equipment [Line Items]
Concentration risk	72.30%		68.40%
Minimum
Property, Plant and Equipment [Line Items]
Useful lives of assets (in years)	3 years
Minimum \| 2016 Plan
Property, Plant and Equipment [Line Items]
Service condition period for full vesting (in years)	1 year
Maximum
Property, Plant and Equipment [Line Items]
Useful lives of assets (in years)	5 years
Maximum \| 2016 Plan
Property, Plant and Equipment [Line Items]
Service condition period for full vesting (in years)	4 years

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	41,995,537	38,349,826
Common stock, outstanding (in shares)	41,995,537	38,349,826

COMMITMENTS & CONTINGENCIES - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Cash paid for operating leases	$ 110	$ 129
Remaining lease term (years)	7 months 6 days	2 years 9 months 18 days
Discount rate	11.00%	10.00%

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Common Stock Outstanding and Reserves for Future Issuance

As of March 31, 2025 and December 31, 2024, the Company had 41,995,537 and 38,349,826 shares of common stock issued and outstanding, respectively, excluding 312,500 of pre-funded warrants that remained exercisable at period end and are reserved for future issuance. Common stockholders have one vote for each share of common stock held and are entitled to receive dividends declared by the Company's Board of Directors when legally available for distribution, then-subject to the dividend rights of the holders of preferred stock.

The Company's total shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 Employee Stock Purchase Plan ("ESPP") are summarized below:


	March 31, 2025	December 31, 2024
Pre-funded warrants to purchase common stock	312,500	312,500
Equity award plans:
Common stock awards reserved for future issuance under 2020 and 2016 Equity Incentive Plans	7,269,407	7,204,677
Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan	2,864,930	2,765,942
Stock options issued and outstanding (unvested and vested) under 2020 and 2016 Equity Incentive Plans	5,352,939	5,007,908
Restricted stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan	1,931,515	1,915,281
Performance stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan	692,623	—
Total shares of common stock reserved	18,423,914	17,206,308

Stock-Based Compensation Expense

Stock-based compensation expense for stock options, restricted stock units, and the ESPP was recognized in the accompanying Condensed Statements of Operations and Comprehensive Loss as follows:


	Three Months Ended March 31,
	2025		2024
Cost of sales	$	135	$	135
Research and development	1,505		1,465
Selling, general and administrative	5,290		3,919
Total stock-based compensation	$	6,930	$	5,519

The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes option-pricing model, based on the following inputs:


	Three Months Ended March 31,
	2025			2024
Expected term (in years)	6.25			6.25
Weighted average risk-free interest rate	4.15		%	4.08		%
Weighted average volatility	68.42		%	71.23		%
Dividend yield rate	—		%	—		%
Weighted-average grant-date fair value per stock option	$	44.88		$	35.09

Stock Option Activity

Stock option activity for the period presented was as follows:


	Number of Shares	Weighted- Average Exercise Price/Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($)(1)
Outstanding — December 31, 2024	5,007,908	$	19.29	6.91	180,669
Granted	456,823	44.88
Exercised	(78,436)	18.31
Forfeited	(33,356)	22.90

Outstanding — March 31, 2025	5,352,939	21.47		6.92	160,110
Exercisable — March 31, 2025	3,572,844	17.14		6.03	122,312
Unvested — March 31, 2025	1,780,095	$	30.16	8.73	37,798

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of March 31, 2025.

As of March 31, 2025, there was approximately $34.0 million of unrecognized compensation expense related to unvested stock options, which the Company expects to recognize over a weighted average period of 2.7 years.

Restricted Stock Unit Activity

Restricted stock unit activity for the period presented was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding — December 31, 2024	1,915,281	24.41
Granted	408,091	44.88
Vested	(336,939)	24.93
Forfeited	(54,918)	23.53
Outstanding — March 31, 2025	1,931,515	28.67

As of March 31, 2025, there was approximately $51.1 million of unrecognized compensation expense related to unvested restricted stock units, which the Company expects to recognize over a weighted average period of 3.2 years.

Performance Stock Unit Activity

During the quarter ended March 31, 2025, the Company granted certain employees performance stock units. Performance stock unit activity for the period presented was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding — December 31, 2024	—	—
Granted	692,623	44.50


Outstanding — March 31, 2025	692,623	44.50

As of March 31, 2025, there was approximately $30.8 million of grant-date fair value unrecognized compensation expense related to unvested performance stock units. For the three months ended March 31, 2025, there was no stock-based compensation expense recognized given that none of the performance conditions were achieved or considered probable of being achieved during the period.

Employee Stock Purchase Plan

Stock-based compensation expense related to the ESPP was $0.3 million and $0.2 million, respectively, for the three months ended March 31, 2025 and 2024.

STOCK-BASED COMPENSATION - Performance Stock Unit Activity (Details) - Performance Shares	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	692,623
Outstanding, ending balance (in shares) \| shares	692,623
Weighted Average Value per Share
Outstanding, beginning balance (usd per share) \| $ / shares	$ 0
Granted (usd per share) \| $ / shares	44.50
Outstanding, ending balance (usd per share) \| $ / shares	$ 44.50

COMMITMENTS & CONTINGENCIES - Lease Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Mar. 31, 2025 USD ($) contract	Dec. 31, 2024 USD ($) ft²
Lessee, Lease, Description [Line Items]
Number of leases \| contract		6
Square feet of office space \| ft²			59,626
Lease term			10 years
Annual increase in rent			3.00%
Rent abatement			$ 0.7
Tenant improvement allowance			6.0
Security deposit		$ 2.6	$ 2.6
Forecast
Lessee, Lease, Description [Line Items]
Base rent expense	$ 2.5

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table:


	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	175,787	$	—	$	—	$	175,787
U.S. Treasury securities	128,112		—		—		128,112
Commercial paper	—		45,205		—		45,205
Corporate debt securities	—		42,937		—		42,937
Government-related debt securities	—		15,875		—		15,875
Total assets measured at fair value	$	303,899	$	104,017	$	—	$	407,916
(1) This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	89,822	$	—	$	—	$	89,822
U.S. Treasury securities	103,314		—		—		103,314
Commercial paper	—		21,795		—		21,795
Corporate debt securities	—		46,644		—		46,644
Government-related debt securities	—		29,801		—		29,801
Total assets measured at fair value	$	193,136	$	98,240	$	—	$	291,376
(1) This balance includes cash requirements settled on a nightly basis.

Schedule of Estimated Value of Cash, Cash Equivalents, Marketable Securities, and Equity Securities

The fair value and amortized cost of cash equivalents and available-for-sale investments by major security type are presented in the following table:


	March 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	175,787	$	—	$	—	$	175,787



Total cash equivalents	$	175,787	$	—	$	—	$	175,787

Marketable securities:
U.S. Treasury securities	$	128,042	$	71	$	(1)	$	128,112
Commercial paper	45,203		8		(6)		45,205
Corporate debt securities	42,909		34		(6)		42,937
Government-related debt securities	15,890		—		(15)		15,875
Total marketable securities	$	232,044	$	113	$	(28)	$	232,129

(1) This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	89,822	$	—	$	—	$	89,822
U.S. Treasury securities	4,996		1		—		4,997


Total cash equivalents	$	94,818	$	1	$	—	$	94,819

Marketable securities:
U.S. Treasury securities	$	98,247	$	72	$	(2)	$	98,317
Commercial paper	21,757		38		—		21,795
Corporate debt securities	46,570		84		(10)		46,644
Government-related debt securities	29,805		12		(16)		29,801
Total marketable securities	$	196,379	$	206	$	(28)	$	196,557

(1 ) This balance includes cash requirements settled on a nightly basis.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023		34,211,190
Beginning balance at Dec. 31, 2023	$ 196,988	$ 5	$ 441,641	$ (2)	$ (244,656)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(35,731)				(35,731)
Recognition of stock-based compensation expense	5,519		5,519
Issuance of common stock, net of issuance costs (in shares)		3,281,250
Issuance of common stock, net of issuance costs	98,329	$ 1	98,328
Issuance of pre-funded warrants, net of issuance costs	9,365		9,365
Exercise of vested stock options (in shares)		49,310
Exercise of vested stock options	802		802
Issuance of common stock upon the vesting of restricted stock units (in shares)		207,718
Other comprehensive loss	(61)			(61)
Ending balance (in shares) at Mar. 31, 2024		37,749,468
Ending balance at Mar. 31, 2024	$ 275,211	$ 6	555,655	(63)	(280,387)
Beginning balance (in shares) at Dec. 31, 2024	38,349,826	38,349,826
Beginning balance at Dec. 31, 2024	$ 224,534	$ 6	584,559	179	(360,210)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(25,120)				(25,120)
Recognition of stock-based compensation expense	6,930		6,930
Issuance of common stock, net of issuance costs (in shares)		3,230,336
Issuance of common stock, net of issuance costs	$ 134,771		134,771
Exercise of vested stock options (in shares)	78,436	78,436
Exercise of vested stock options	$ 1,437		1,437
Issuance of common stock upon the vesting of restricted stock units (in shares)		336,939
Other comprehensive loss	$ (94)			(94)
Ending balance (in shares) at Mar. 31, 2025	41,995,537	41,995,537
Ending balance at Mar. 31, 2025	$ 342,458	$ 6	$ 727,697	$ 85	$ (385,330)

STOCK-BASED COMPENSATION - Shares Reserved for Issuance (Details) - shares	Mar. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Pre-funded warrants to purchase common stock (in shares)	312,500	312,500
Common stock awards reserved for future issuance under 2020 and 2016 Equity Incentive Plans (in shares)	7,269,407	7,204,677
Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan (in shares)	2,864,930	2,765,942
Stock options issued and outstanding (unvested and vested) under 2020 and 2016 Equity Incentive Plans (in shares)	5,352,939	5,007,908
Restricted stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan (in shares)	1,931,515	1,915,281
Performance stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan (in shares)	692,623	0
Total shares of common stock reserved (in shares)	18,423,914	17,206,308

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Details

The Company's total shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 Employee Stock Purchase Plan ("ESPP") are summarized below:


	March 31, 2025	December 31, 2024
Pre-funded warrants to purchase common stock	312,500	312,500
Equity award plans:
Common stock awards reserved for future issuance under 2020 and 2016 Equity Incentive Plans	7,269,407	7,204,677
Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan	2,864,930	2,765,942
Stock options issued and outstanding (unvested and vested) under 2020 and 2016 Equity Incentive Plans	5,352,939	5,007,908
Restricted stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan	1,931,515	1,915,281
Performance stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan	692,623	—
Total shares of common stock reserved	18,423,914	17,206,308

Schedule of Stock Based Compensation

Stock-based compensation expense for stock options, restricted stock units, and the ESPP was recognized in the accompanying Condensed Statements of Operations and Comprehensive Loss as follows:


	Three Months Ended March 31,
	2025		2024
Cost of sales	$	135	$	135
Research and development	1,505		1,465
Selling, general and administrative	5,290		3,919
Total stock-based compensation	$	6,930	$	5,519

Schedule of Valuation Assumptions of Stock Options

The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes option-pricing model, based on the following inputs:


	Three Months Ended March 31,
	2025			2024
Expected term (in years)	6.25			6.25
Weighted average risk-free interest rate	4.15		%	4.08		%
Weighted average volatility	68.42		%	71.23		%
Dividend yield rate	—		%	—		%
Weighted-average grant-date fair value per stock option	$	44.88		$	35.09

Schedule of Stock Option Activity

Stock option activity for the period presented was as follows:


	Number of Shares	Weighted- Average Exercise Price/Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($)(1)
Outstanding — December 31, 2024	5,007,908	$	19.29	6.91	180,669
Granted	456,823	44.88
Exercised	(78,436)	18.31
Forfeited	(33,356)	22.90

Outstanding — March 31, 2025	5,352,939	21.47		6.92	160,110
Exercisable — March 31, 2025	3,572,844	17.14		6.03	122,312
Unvested — March 31, 2025	1,780,095	$	30.16	8.73	37,798

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of March 31, 2025.

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the period presented was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding — December 31, 2024	1,915,281	24.41
Granted	408,091	44.88
Vested	(336,939)	24.93
Forfeited	(54,918)	23.53
Outstanding — March 31, 2025	1,931,515	28.67

Schedule of Performance Stock Unit Activity

Performance stock unit activity for the period presented was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding — December 31, 2024	—	—
Granted	692,623	44.50


Outstanding — March 31, 2025	692,623	44.50

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Subparagraph (SX 210.5-02(27))
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+ Details

CREDIT FACILITY AGREEMENTS - Additional Information (Details) $ in Thousands			1 Months Ended	12 Months Ended
	Apr. 19, 2024 USD ($)	Feb. 02, 2022 USD ($)	Apr. 30, 2024 USD ($) contract	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024	Jan. 05, 2023 USD ($)
Debt Instrument [Line Items]
Principal outstanding				$ 75,000		$ 75,000
Loss on debt extinguishment				$ 1,900
Line of Credit
Debt Instrument [Line Items]
Draw on credit facility		$ 20,000			$ 10,000
End of term charge	$ 1,400
End of term charge, interest rate (as a percent)	4.75%
Principal outstanding	$ 30,000
Effective interest rate (as a percent)						12.32%	11.96%
Line of Credit \| Prime Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		11.45%
Line of Credit \| Credit Facility, Tranche One
Debt Instrument [Line Items]
Credit facility, aggregate principal amount								$ 25,000
Line of Credit \| Pharmakon Credit Facility, Tranche One
Debt Instrument [Line Items]
Draw on credit facility			$ 75,000
Line of Credit \| Pharmakon Credit Facility
Debt Instrument [Line Items]
Net proceeds			$ 39,600
Potential additional tranches \| contract			3
Tranches with minimum net sales milestones \| contract			2
Number of remaining additional tranches \| contract			2
Line of Credit \| Pharmakon Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	6.75%
Interest rate floor (as a percent)	3.75%
Line of Credit \| Pharmakon Credit Facility, Tranche Two
Debt Instrument [Line Items]
Credit facility, aggregate principal amount			$ 25,000
Line of Credit \| Pharmakon Credit Facility, Tranche Three
Debt Instrument [Line Items]
Credit facility, aggregate principal amount			50,000
Line of Credit \| Pharmakon Credit Facility, Tranche Four
Debt Instrument [Line Items]
Credit facility, aggregate principal amount			$ 50,000

COMMITMENTS & CONTINGENCIES - Summary of Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
2025 (remaining nine months)	$ 562
Thereafter	0
Total future lease payments, undiscounted	562
(Less): Imputed interest	(14)
(Less): Tenant improvement allowance	(164)
Total operating lease liability	384
Operating lease liability, current	384	$ 608
Operating lease liability, noncurrent	0
Total operating lease liability	$ 384

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table:


	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	175,787	$	—	$	—	$	175,787
U.S. Treasury securities	128,112		—		—		128,112
Commercial paper	—		45,205		—		45,205
Corporate debt securities	—		42,937		—		42,937
Government-related debt securities	—		15,875		—		15,875
Total assets measured at fair value	$	303,899	$	104,017	$	—	$	407,916
(1) This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	89,822	$	—	$	—	$	89,822
U.S. Treasury securities	103,314		—		—		103,314
Commercial paper	—		21,795		—		21,795
Corporate debt securities	—		46,644		—		46,644
Government-related debt securities	—		29,801		—		29,801
Total assets measured at fair value	$	193,136	$	98,240	$	—	$	291,376
(1) This balance includes cash requirements settled on a nightly basis.

Money Market Funds and U.S. Treasury Securities

Money market funds and U.S. Treasury securities are highly liquid investments and are actively traded with readily-available market prices that are publicly observable and independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

Commercial Paper, Corporate Debt Securities and Government-related Debt Securities

Commercial paper, corporate debt securities and government-related debt securities were valued using Level 2 inputs that utilized industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. The Company reviews trading activity and pricing for these investments as of each measurement date.

The fair value and amortized cost of cash equivalents and available-for-sale investments by major security type are presented in the following table:


	March 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	175,787	$	—	$	—	$	175,787



Total cash equivalents	$	175,787	$	—	$	—	$	175,787

Marketable securities:
U.S. Treasury securities	$	128,042	$	71	$	(1)	$	128,112
Commercial paper	45,203		8		(6)		45,205
Corporate debt securities	42,909		34		(6)		42,937
Government-related debt securities	15,890		—		(15)		15,875
Total marketable securities	$	232,044	$	113	$	(28)	$	232,129

(1) This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	89,822	$	—	$	—	$	89,822
U.S. Treasury securities	4,996		1		—		4,997


Total cash equivalents	$	94,818	$	1	$	—	$	94,819

Marketable securities:
U.S. Treasury securities	$	98,247	$	72	$	(2)	$	98,317
Commercial paper	21,757		38		—		21,795
Corporate debt securities	46,570		84		(10)		46,644
Government-related debt securities	29,805		12		(16)		29,801
Total marketable securities	$	196,379	$	206	$	(28)	$	196,557

(1 ) This balance includes cash requirements settled on a nightly basis.

As of March 31, 2025 and December 31, 2024, substantially all available-for-sale debt securities had a maturity of 12 months or less. As of March 31, 2025, eight securities had a contractual maturity between one and two years, with an estimated fair market value of $19.5 million and amortized cost of $19.4 million. As of December 31, 2024, eight available-for-sale debt securities had a maturity between one and two years, with an estimated fair market value of $19.0 million and amortized cost of $19.0 million.

As of March 31, 2025 and December 31, 2024, the Company had nineteen and ten available-for-sale debt securities, respectively, in a continuous gross unrealized loss position for less than one year. As of March 31, 2025 and December 31, 2024, unrealized credit losses on these securities were not material. Further, the Company does not intend to sell these investments prior to maturity and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis. Accordingly, the Company did not recognize any other-than-temporary impairment losses.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

COMMITMENTS & CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Cost

The components of total lease expense for the Current Lease are as follows:


	Three Months Ended March 31,
	2025		2024
Operating lease expense	$	173	$	179
Variable lease expense	124		103
Total lease expense	$	297	$	282

Other information related to the Current Lease is as follows:


	Three Months Ended March 31,
	2025			2024
Cash paid for operating leases	$	110		$	129
Remaining lease term (years)	0.6			2.8
Discount rate	11.0		%	10.0		%

Schedule of Future Contractual Lease Payments


	Amounts
2025 (remaining nine months)	$	562
Thereafter	—




Total future lease payments, undiscounted	562
(Less): Imputed interest	(14)
(Less): Tenant improvement allowance	(164)
Present value of operating lease payments	$	384
Operating lease liability, current	384
Operating lease liability, noncurrent	—
Total operating lease liability	$	384

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended March 31,
	2025		2024
Net loss	$	(25,120)	$	(35,731)
Weighted-average shares outstanding — basic and diluted(1)	39,345,359		35,300,655
Net loss per share — basic and diluted	$	(0.64)	$	(1.01)
(1) Weighted-average shares outstanding includes pre-funded warrants issued on March 5, 2024.

Schedule of Outstanding Potentially Dilutive Securities

The following outstanding and potentially dilutive securities were excluded from the calculation of diluted net loss per share because their impact under the treasury stock method and if-converted method would have been anti-dilutive for each period presented:


	As of March 31,
	2025	2024
Stock options, unexercised — vested and unvested	5,352,939	5,217,617
Restricted stock units — unvested	1,931,515	1,981,673

Total	7,284,454	7,199,290

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended March 31,
	2025		2024
Net loss	$	(25,120)	$	(35,731)
Weighted-average shares outstanding — basic and diluted(1)	39,345,359		35,300,655
Net loss per share — basic and diluted	$	(0.64)	$	(1.01)
(1) Weighted-average shares outstanding includes pre-funded warrants issued on March 5, 2024.


	As of March 31,
	2025	2024
Stock options, unexercised — vested and unvested	5,352,939	5,217,617
Restricted stock units — unvested	1,931,515	1,981,673

Total	7,284,454	7,199,290

STOCK-BASED COMPENSATION - Additional Information (Details)	3 Months Ended
	Mar. 31, 2025 USD ($) vote shares	Mar. 31, 2024 USD ($)	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, issued (in shares) \| shares	41,995,537		38,349,826
Common stock, outstanding (in shares) \| shares	41,995,537		38,349,826
Pre-funded warrants reserved for future issuance (in shares) \| shares	312,500
Common stock votes \| vote	1
Unrecognized compensation expense	$ 34,000,000
Total stock-based compensation	$ 6,930,000	$ 5,519,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, weighted average period of recognition (in years)	2 years 8 months 12 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, weighted average period of recognition (in years)	3 years 2 months 12 days
Unrecognized compensation expense	$ 51,100,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	30,800,000
Total stock-based compensation	0
Employee stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 300,000	$ 200,000

SEGMENT REPORTING - Other Segment Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Interest income	$ 3,454	$ 3,117
Interest expense	(2,213)	(983)
Reportable Segment
Segment Reporting Information [Line Items]
Interest income	3,454	3,117
Interest expense	(2,213)	(983)
Depreciation and amortization expense	$ 460	$ 270

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 9.0	$ 6.7
Issuance costs, warrants		$ 0.6

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Equity Investment in Privately-Held Eye Care Company In April 2024, the Company participated in an equity funding round of an early clinical-stage private eye care company. Pursuant to the terms of a Preferred Stock Purchase Agreement the Company purchased $3.0 million of preferred stock. Drs. Azamian (the Company's CEO) and Link (a director of the Company) are board members of this private company. The Company owns a small minority of this private company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 175,787	$ 94,819
Marketable securities	232,129	196,557
Accounts receivable, net	62,426	46,760
Inventory	2,705	2,620
Other receivables	1,727	1,299
Prepaid expenses	5,999	14,650
Total current assets	480,773	356,705
Restricted cash, non-current	2,563	2,562
Inventory, non-current	2,532	2,533
Property and equipment, net	2,787	2,314
Intangible assets, net	8,086	8,326
Operating lease right-of-use assets	393	552
Long-term investments	3,000	3,000
Other assets	616	999
Total assets	500,750	376,991
Current liabilities:
Accounts payable and other accrued liabilities	76,375	64,789
Accrued payroll and benefits	9,933	15,823
Total current liabilities	86,308	80,612
Long-term debt, net	71,984	71,845
Total liabilities	158,292	152,457
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized; 41,995,537 shares issued and outstanding at March 31, 2025 (unaudited); 38,349,826 shares issued and outstanding at December 31, 2024	6	6
Additional paid-in capital	727,697	584,559
Accumulated other comprehensive income (loss)	85	179
Accumulated deficit	(385,330)	(360,210)
Total stockholders’ equity	342,458	224,534
Total liabilities and stockholders’ equity	$ 500,750	$ 376,991

FAIR VALUE MEASUREMENTS - Estimated Value of Cash, Cash Equivalents, Marketable Securities, and Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Cash equivalents:
Amortized cost	$ 175,787	$ 94,818
Unrealized gains		1
Cash and cash equivalents	175,787	94,819
Marketable securities:
Amortized cost	232,044	196,379
Unrealized gains	113	206
Unrealized losses	(28)	(28)
Corporate debt securities	232,129	196,557
Money market funds
Cash equivalents:
Amortized cost	175,787	89,822
Cash and cash equivalents	175,787	89,822
U.S. Treasury securities
Cash equivalents:
Amortized cost		4,996
Unrealized gains		1
Cash and cash equivalents		4,997
Marketable securities:
Amortized cost	128,042	98,247
Unrealized gains	71	72
Unrealized losses	(1)	(2)
Corporate debt securities	128,112	98,317
Government-related debt securities
Marketable securities:
Amortized cost	15,890	29,805
Unrealized gains	0	12
Unrealized losses	(15)	(16)
Corporate debt securities	15,875	29,801
Commercial paper
Marketable securities:
Amortized cost	45,203	21,757
Unrealized gains	8	38
Unrealized losses	(6)	0
Corporate debt securities	45,205	21,795
Corporate debt securities
Marketable securities:
Amortized cost	42,909	46,570
Unrealized gains	34	84
Unrealized losses	(6)	(10)
Corporate debt securities	$ 42,937	$ 46,644

NET LOSS PER SHARE - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income (loss) per share (in shares)	7,284,454	7,199,290
Stock options, unexercised — vested and unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income (loss) per share (in shares)	5,352,939	5,217,617
Restricted stock units — unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income (loss) per share (in shares)	1,931,515	1,981,673

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Cash Flows From Operating Activities:
Net loss	$ (25,120)	$ (35,731)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	220	170
Amortization of intangible assets	240	100
Amortization of debt-related costs	139	114
Stock-based compensation	6,930	5,519
Non-cash lease expense	164	132
Net amortization/accretion of marketable securities	(1,314)	(290)
Unrealized loss on equity investments	0	585
Change in fair value of equity warrants issued by licensee	0	201
Changes in operating assets and liabilities:
Accounts receivable, net	(15,666)	(13,264)
Inventory	(84)	(929)
Other receivables	(429)	(383)
Prepaid expenses	8,725	1,065
Other non-current assets	125	106
Accounts payable and other accrued liabilities	11,309	12,335
Accrued payroll and benefits	(5,890)	(7,287)
Other long-term liabilities	0	(232)
Net cash used in operating activities	(20,651)	(37,789)
Cash Flows From Investing Activities:
Proceeds from maturities of marketable securities	91,218	2,500
Purchases of marketable securities	(125,570)	(104,550)
Purchases of property and equipment	(590)	(174)
Net cash used in investing activities	(34,942)	(102,224)
Cash Flows From Financing Activities:
Proceeds from issuance of common stock, net of paid issuance costs	135,125	98,604
Proceeds from issuance of pre-funded warrants, net of paid issuance costs	0	9,365
Proceeds from exercise of stock options	1,437	802
Net cash provided by financing activities	136,562	108,771
Net increase (decrease) in cash, cash equivalents and restricted cash	80,969	(31,242)
Cash, cash equivalents and restricted cash at beginning of period	97,381	224,947
Cash, cash equivalents and restricted cash at end of period	178,350	193,705
Supplemental Disclosures From Noncash, Investing and Financing Activities:
Operating lease right-of-use asset obtained in exchange for operating lease liability	0	384
Interest expense paid in cash	2,074	868
Additions of property and equipment included within accounts payable and other accrued liabilities	39	0
Offering costs included within accounts payable and other accrued liabilities	$ 354	$ 275

SEGMENT REPORTING - Schedule of Operating Financial Results of Therapeutics Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Total revenues	$ 78,335	$ 27,614
Operating expenses:
Research and development	14,409	12,066
Selling, general and administrative	84,995	51,578
Total operating expenses	104,615	65,298
Loss from operations before other income (expense)	(26,280)	(37,684)
Net loss	(25,120)	(35,731)
Reportable Segment
Revenues:
Total revenues	78,335	27,614
Operating expenses:
Cost of sales	5,211	1,654
Research and development	14,409	12,066
Selling and marketing	60,286	27,888
Selling, general and administrative	24,709	23,690
Total operating expenses	104,615	65,298
Loss from operations before other income (expense)	(26,280)	(37,684)
Other reconciling items	1,160	1,953
Net loss	(25,120)	(35,731)
Product sales, net
Revenues:
Total revenues	78,335	24,720
Operating expenses:
Cost of sales	5,211	1,654
Product sales, net \| Reportable Segment
Revenues:
Total revenues	78,335	24,720
License fees and collaboration revenue
Revenues:
Total revenues	0	2,894
License fees and collaboration revenue \| Reportable Segment
Revenues:
Total revenues	$ 0	$ 2,894

BALANCE SHEET ACCOUNT DETAIL - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2025 (remaining nine months)	$ 721
2026	961
2027	961
2028	961
2029	961
Thereafter	3,521
Total future amortization	8,086
Impairments of intangible assets	$ 0	$ 0

CREDIT FACILITY AGREEMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Interest Expense

The Company recognized interest expense in the accompanying Condensed Statements of Operations and Comprehensive Loss in connection with the Credit Facilities as follows:


	Three Months Ended March 31,
	2025		2024
Interest expense for long-term debt	$	2,074	$	869
Accretion of end of term charge	—		80
Amortization of debt issuance costs	139		34
Total interest expense	$	2,213	$	983

Schedule of Balances of Debt, Debt Issuance Costs, and Accumulated Accretion

The principal balance of the Credit Facilities and related accretion and amortization are reported on a combined basis as long-term debt, net in the accompanying Condensed Balance Sheets as follows:


	March 31, 2025		December 31, 2024
Long-term debt, gross	$	75,000	$	75,000
Debt issuance costs	(3,523)		(3,523)
Accumulated amortization of debt issuance costs	507		368
Long-term debt, net	$	71,984	$	71,845

CREDIT FACILITY AGREEMENTS

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

CREDIT FACILITY AGREEMENTS

In February 2022, the Company executed the Credit Facility with Hercules and SVB (the "2022 Credit Facility") and concurrently made a $20.0 million draw. The 2022 Credit Facility was amended in 2023. During 2023, the Company made

two separate draws totaling $10.0 million from the $25.0 million tranche associated with the New Drug Application submission of TP-03. The Company did not incur any lender fees as part of the 2022 Credit Facility.

In April 2024, the Company executed a loan and security agreement (the "2024 Credit Facility") with Pharmakon with maturity in April 2029. The 2024 Credit Facility is collateralized by substantially all of the Company's presently existing and subsequently acquired assets. Upon execution, the Company made a $75.0 million draw from the initial tranche of the 2024 Credit Facility, a portion of which was utilized to repay all outstanding indebtedness on the 2022 Credit Facility, resulting in total net proceeds of $39.6 million. The 2024 Credit Facility provided for three potential additional term loan tranches in principal amounts up to $25.0 million, $50.0 million, and $50.0 million, respectively, subject to customary conditions to funding and, in the case of the last two tranches, achieving minimum net product sales milestones. The Company did not draw on the first additional tranche of $25.0 million, which expired on December 31, 2024. The two remaining additional tranches may be requested at the Company's option on or prior to June 30, 2025 and December 31, 2025, respectively.

Under the 2024 Credit Facility, the outstanding principal draws accrue interest at a floating rate based upon the secured overnight financing rate (“SOFR”), plus a margin of 6.75% per annum. The SOFR is subject to a 3.75% floor. At the extinguishment date of the 2022 Credit Facility, the outstanding principal was accruing interest at the aggregate cap of 11.45%.

The Company was required to pay a specified fee upon the earlier of (i) February 2, 2027 or (ii) the date the Company prepays, in full or in part, the outstanding principal balance of the 2022 Credit Facility ("End of Term Charge"). As the 2022 Credit Facility was paid in full upon the signing of the 2024 Credit Facility, the End of Term Charge of $1.4 million was paid in April 2024, which was derived by multiplying 4.75% by the $30.0 million outstanding principal balance. Prior to being paid, the End of Term Charge was accreted to interest expense over the expected maturity date. The Company recognized a loss on debt extinguishment of $1.9 million during 2024 in the Statement of Operations and Comprehensive Loss.

As of March 31, 2025 and 2024, the effective interest rates for the full term of the Credit Facilities was 12.32% and 11.96%, respectively. The Company recognized interest expense in the accompanying Condensed Statements of Operations and Comprehensive Loss in connection with the Credit Facilities as follows:


	Three Months Ended March 31,
	2025		2024
Interest expense for long-term debt	$	2,074	$	869
Accretion of end of term charge	—		80
Amortization of debt issuance costs	139		34
Total interest expense	$	2,213	$	983

The carrying value of the Credit Facilities consists of principal outstanding less legal and administrative issuance costs that were recorded as a debt discount to the long-term debt, net and will continue to be accreted to interest expense using the effective interest method during its term. The principal balance of the Credit Facilities and related accretion and amortization are reported on a combined basis as long-term debt, net in the accompanying Condensed Balance Sheets as follows:


	March 31, 2025		December 31, 2024
Long-term debt, gross	$	75,000	$	75,000
Debt issuance costs	(3,523)		(3,523)
Accumulated amortization of debt issuance costs	507		368
Long-term debt, net	$	71,984	$	71,845

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 6
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OUT-LICENSE AGREEMENTS	3 Months Ended
OUT-LICENSE AGREEMENTS	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OUT-LICENSE AGREEMENTS	OUT-LICENSE AGREEMENTS Out-License of TP-03 Commercial Rights in the China Territory in March 2021 In March 2021, the Company entered into the China Out-License with LianBio for its exclusive development and commercialization rights of TP-03 (lotilaner ophthalmic solution) 0.25% in the China Territory for the treatment of Demodex blepharitis and MGD. LianBio is contractually responsible for all clinical development and commercialization activities and costs within the China Territory. The Company assessed this arrangement and identified the following material promises under the arrangement: (i) the exclusive license to research, develop, manufacture, commercialize, make, offer for sale, sell, and import TP-03 in the China Territory; and (ii) the research and development services in the form of clinical study materials for the respective Phase 2b/3 trial (Saturn-1) and Phase 3 (Saturn-2) TP-03 trials. The promises to provide research and development services for Saturn-1 and Saturn-2 clinical trials were evaluated and determined to be distinct promises in the contract and each of the two clinical trials are separate performance obligations apart from the promise to provide the license. The assessment of the initial transaction price for the China Out-License included an analysis of amounts the Company expected to receive, which at contract inception consisted of: (i) the upfront cash payment of $15.0 million; (ii) a second cash payment of $10.0 million; (iii) a $10.0 million milestone that was determined to be within the control of the Company; and (iv) $1.2 million representing the initial fair value of equity warrants. The Company accounted for each performance obligation as follows: Out-License The Company determined that this license was distinct based on an evaluation of the delivery of the functional license that was in the later stages of development, and it met the criteria for being distinct from the research and development services required under the China Out-License. The Company determined the standalone selling price of this license using a discounted projected sales model and recognized as license fees and collaboration revenue the total allocated transaction price at contract inception, upon delivery of the license. Research and Development Services The standalone selling price of these performance obligations was determined using the adjusted market assessment approach. The Company analyzed costs expected to be incurred for each of the clinical trials through completion to estimate the price that a customer would be willing to pay for these services in order to benefit from the clinical trials. The Company determined that LianBio simultaneously benefited from the research and development services that are satisfied over time, as they were able to request and access the clinical trial data at any point through the trial completion. Therefore, the Company recognized the amounts allocated to the respective research and development performance obligations for the Saturn-1 and Saturn-2 clinical trials within license fees and collaboration revenue as the research and development services were provided using an input method, based on the costs incurred for each clinical trial and the total costs expected to be incurred to satisfy each performance obligation. The Company believes this method most faithfully depicted its performance in transferring the promised services during the expected period of time that each clinical trial was ongoing. The Company monitored the expected completion dates for each clinical trial and updated its estimated time to completion at each reporting period, as necessary. In February 2024, LianBio announced its plan to wind down its operations and in March 2024 made a special cash dividend payment to the Company of $0.7 million (equivalent to $4.80 per share - see Note 3). In March 2024, the Company executed an agreement with GrandPharma and LianBio to transition the rights to develop and commercialize TP-03 in China for Demodex blepharitis and MGD from LianBio to GrandPharma ("the Novation Agreement") and, upon execution of the Novation Agreement, the China Out-License with LianBio was assigned to GrandPharma with a one-time payment of $2.5 million (the "Termination Payment") made to the Company from LianBio in April 2024. This Termination Payment was recorded as license fees and collaboration revenue in the Condensed Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024. The Novation Agreement amended the $15.0 million future development milestone payable on China regulatory approval of the China Out-License with a combined condition of patent issuance related to TP-03 in China. Simultaneous with the execution of the Novation Agreement, the Company entered into a warrant termination agreement (the "Warrant Termination Agreement") for a total cancellation payment of $0.4 million (the "Warrant Cancellation Payment"). This Warrant Cancellation Payment was recorded as license fees and collaboration revenue in the Condensed Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024. Through March 31, 2025, the Company received aggregate payments from LianBio totaling $86.1 million, comprised of (i) initial consideration of $15.0 million, (ii) $67.5 million for the achievement of specified milestones, (iii) $2.5 million upon execution of the Novation Agreement, (iv) $0.4 million upon execution of the Warrant Termination Agreement, and (v) $0.7 million related to a special cash dividend. As of March 31, 2025 the Company is eligible to receive further consideration from GrandPharma upon the achievement of additional TP-03 events, including: (i) additional regulatory approval and/or patent issuance milestones of up to an aggregate of $20.0 million; (ii) China-based TP-03 sales threshold milestone payments of up to an aggregate of $100.0 million; and (iii) tiered low-to-high-teen royalties for China Territory TP-03 product sales. The variable consideration related to the remaining milestone payments was fully constrained as of March 31, 2025.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Total revenues	$ 78,335	$ 27,614
Operating expenses:
Research and development	14,409	12,066
Selling, general and administrative	84,995	51,578
Total operating expenses	104,615	65,298
Loss from operations before other income (expense)	(26,280)	(37,684)
Other income (expense):
Interest income	3,454	3,117
Interest expense	(2,213)	(983)
Other income (expense), net	(81)	(181)
Total other income (expense), net	1,160	1,953
Net loss	(25,120)	(35,731)
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized gain (loss) on marketable securities and cash equivalents	(94)	(61)
Comprehensive loss	$ (25,214)	$ (35,792)
Earnings Per Share [Abstract]
Net loss per share - basic (usd per share)	$ (0.64)	$ (1.01)
Net loss per share - diluted (usd per share)	$ (0.64)	$ (1.01)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted-average shares outstanding, basic (in shares)	39,345,359	35,300,655
Weighted-average shares outstanding - diluted (in shares)	39,345,359	35,300,655
Product sales, net
Revenues:
Total revenues	$ 78,335	$ 24,720
Operating expenses:
Cost of sales	5,211	1,654
License fees and collaboration revenue
Revenues:
Total revenues	$ 0	$ 2,894

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share, Basic [Abstract]
Net loss	$ (25,120)	$ (35,731)
Weighted-average shares outstanding - basic (in shares)	39,345,359	35,300,655
Weighted-average shares outstanding - diluted (in shares)	39,345,359	35,300,655
Net loss per share - basic (usd per share)	$ (0.64)	$ (1.01)
Net loss per share - diluted (usd per share)	$ (0.64)	$ (1.01)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

COMMITMENTS & CONTINGENCIES - In-License Agreements (Details) - USD ($) $ in Millions	1 Months Ended					3 Months Ended		31 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Aug. 31, 2024	Dec. 31, 2022	Jan. 31, 2019	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received	$ 2.5
Sales-based Milestones \| Elanco
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales		$ 100.0
Event-Based Development Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales						$ 3.0
Commercial Sales Milestone Payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales						102.0
License agreement \| Elanco
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received					$ 1.0
Future cash payments						2.0
Maximum milestone payments						70.0
Royalty expense						3.9	$ 1.2
License agreement \| Clinical milestones \| Elanco
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales				$ 0.5				$ 4.0
Maximum milestone payments						4.0
License agreement \| Commercial and sales milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments						$ 77.0
License agreement \| Commercial and sales milestones \| Elanco
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales			$ 4.0
License agreement \| Sales-based Milestones \| Elanco
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales		$ 5.0

CREDIT FACILITY AGREEMENTS - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Disclosure [Abstract]
Interest expense for long-term debt	$ 2,074	$ 869
Accretion of end of term charge	0	80
Amortization of debt issuance costs	139	34
Total interest expense	$ 2,213	$ 983

COMMITMENTS & CONTINGENCIES - Employment Arrangements (Details)	Mar. 31, 2025 contract
Commitments and Contingencies Disclosure [Abstract]
Number of employment arrangements with executive officers	7

DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS	DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS Description of Business Tarsus Pharmaceuticals, Inc. (“Tarsus” or the “Company”) is a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. The Company launched XDEMVY® (lotilaner ophthalmic solution) 0.25%, formerly known as TP-03, for the treatment of Demodex blepharitis, in August 2023, after receiving United States ("U.S.") Food and Drug Administration ("FDA") approval in July 2023. Follow-On Public Offerings In November 2023, the Company filed a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission ("SEC") on November 21, 2023, (the "2023 Shelf Registration Statement"), which replaced the 2021 Shelf Registration Statement and permits the Company to offer up to $300.0 million of common stock, preferred stock, debt securities and warrants in one or more offerings and in any combination, including in units from time to time. In February 2024, the Company filed an automatic shelf registration on Form S-3 ASR (the "2024 Shelf Registration Statement"). In March 2024, the Company completed an underwritten follow-on public offering under the 2024 Shelf Registration Statement of 2,812,500 shares of the Company’s common stock, par value $0.0001 per share, and, in lieu of common stock to a certain investor, pre-funded warrants to purchase 312,500 shares of its common stock (the “March 2024 Public Offering”). The price to the public was $32.00 per share and $31.9999 per pre-funded warrant, which was the price to the public of each share of common stock sold in the March 2024 Public Offering, minus the $0.0001 exercise price per pre-funded warrant. The pre-funded warrants are exercisable, subject to certain beneficial ownership restrictions, at any time after their original issuance and will not expire; as of March 31, 2025, 312,500 of pre-funded warrants are exercisable. The Company also granted the underwriters a 30-day option to purchase up to 468,750 additional shares of its common stock at the public offering price of $32.00 per share, which the underwriters exercised in full and was completed in March 2024. The aggregate net proceeds received by the Company were $107.7 million, after deducting underwriting discounts, commissions, and other estimated offering-related expenses. In March 2025, the Company completed an underwritten follow-on public offering under the 2024 Shelf Registration Statement, pursuant to which the Company sold 2,808,988 shares of its common stock at a public offering price of $44.50 per share (the “March 2025 Public Offering”). The Company also granted the underwriters a 30-day option to purchase up to 421,348 additional shares of its common stock at the public offering price of $44.50 per share, which the underwriters exercised in full in March 2025. The aggregate net proceeds received by the Company were approximately $134.8 million, after deducting underwriting discounts, commissions, and other estimated offering-related expenses. Open Market Sales Agreement As part of the 2023 Shelf Registration Statement, the Company concurrently filed a sales agreement prospectus covering the sale of up to $100.0 million of common stock pursuant to an Open Market Sale Agreement (the "2023 ATM Prospectus") with Jefferies LLC ("Jefferies"), which replaced the November 1, 2021 Open Market Sale AgreementTM (the "2021 ATM Prospectus"). Under the terms of the 2023 ATM Prospectus, Jefferies will act as the Company's sales agent and is entitled to compensation for its services equal to 3% of the gross proceeds of any shares of common stock sold. In December 2023, the Company sold 1,000,000 shares of common stock under the 2023 ATM Prospectus for net proceeds of $19.2 million, after deducting broker commissions and offering-related expenses. During the three months ended March 31, 2025 and 2024, there were no sales of the Company's common stock pursuant to the 2023 ATM Prospectus. Liquidity The Company has a limited operating history, limited history of product sales and has accumulated losses and negative cash flows from operations since inception. The Company has funded its inception-to-date operations through the Initial Public Offering ("IPO"), subsequent follow-on public offerings, and the 2023 ATM Prospectus, as well as from proceeds from product sales, the development and license agreement (the "China Out-License"), and draws on the current loan and security agreement (the "2024 Credit Facility") with Pharmakon Advisors, LP ("Pharmakon") and the previous loan and security agreement with Hercules Capital, Inc. ("Hercules") and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company ("SVB") (collectively the "Credit Facilities"). The Company estimates that its existing capital resources will be sufficient to meet projected operating expense requirements and other liquidity needs for at least 12 months from the issuance date of the accompanying Condensed Financial Statements that have been prepared on a going-concern basis. The Company plans to fund its operations, capital funding and other liquidity needs using existing cash and investments and, to the extent available, cash generated from commercial operations. Management expects the Company to continue to incur operating losses for the foreseeable future and may be required to raise additional capital to fund its ongoing operations. However, no assurance can be given as to whether financing will be available on terms acceptable to the Company, or at all. If the Company is unable to raise additional funds as required, it may need to delay, reduce, or terminate some or all of its development programs and clinical trials. The Company may also be required to sell or license its rights to product candidates in certain territories or indications that it would otherwise prefer to develop and commercialize on its own and/or enter into collaborations and other arrangements to address its liquidity needs, which could materially and adversely affect its business and financial prospects, or even its ability to remain a going concern.

BALANCE SHEET ACCOUNT DETAIL (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

Inventory consists of the following:


	March 31, 2025		December 31, 2024
Current assets:

Work in progress	$	764	$	614
Finished goods	1,941		2,006
Inventory	2,705		2,620
Non-current assets:
Raw materials	2,532		2,533
Inventory, non-current	2,532		2,533
Total inventory	$	5,237	$	5,153

Schedule of Property and Equipment, Net of Accumulated Depreciation

Property and equipment, net consists of the following:


	March 31, 2025		December 31, 2024
Furniture and fixtures	$	1,614	$	1,598
Office equipment	1,127		1,127
Laboratory equipment	196		167
Leasehold improvements	818		794
Manufacturing equipment	1,228		604
Property and equipment, at cost	4,983		4,290
(Less): Accumulated depreciation	(2,196)		(1,976)
Property and equipment, net	$	2,787	$	2,314

Schedule of Finite-Lived Intangible Assets

Intangible assets, net consists of the following:


	March 31, 2025		December 31, 2024
Intangible assets, gross	$	9,000	$	9,000
(Less): Accumulated amortization	(914)		(674)
Intangible assets, net	$	8,086	$	8,326

Schedule of Expected Future Amortization Expense

As of March 31, 2025, the expected future amortization expense for the Company's intangible assets is as follows:


	Amounts
2025 (remaining nine months)	$	721
2026	961
2027	961
2028	961
2029	961
Thereafter	3,521
Total future amortization	$	8,086

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and other accrued liabilities consists of the following:


	March 31, 2025		December 31, 2024
Trade accounts payable and other	$	28,383	$	27,739
Accrued product sales deductions	43,692		33,122
Accrued royalty payable	3,916		3,320
Operating lease liability, current	384		608
Accounts payable and other accrued liabilities	$	76,375	$	64,789

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

The Company manages business activities on an aggregated basis and operates in one reportable segment: therapeutics. The therapeutics segment derives revenue primarily through sales of XDEMVY to specialty pharmacies and distributors in the U.S., who in turn sell it directly to clinics, hospitals, pharmacies and federal healthcare programs. The segment also generates license fees and collaboration revenue related to the China Out-License (see Note 9). The accounting

policies of the therapeutics segment are the same as those described in the summary of significant accounting policies (see Note 2).

The Company’s chief operating decision-maker ("CODM") is its Chief Executive Officer. The CODM uses net loss, as reported in the accompanying Condensed Statements of Operations and Comprehensive Loss, to assess performance of the therapeutics segment and in deciding whether to allocate resources into the therapeutics segment or outside the segment, such as for acquisitions or new in-license agreements. The CODM uses net loss to regularly monitor budget versus actual results which are used in assessing performance of the segment and in establishing management’s compensation. The CODM does not review assets in evaluating the results of the therapeutics segment, and therefore, such information is not presented.

The following table provides the operating financial results of the therapeutics segment:


	Three Months Ended March 31,
	2025		2024
Revenues:
Product sales, net	$	78,335	$	24,720
License fees and collaboration revenue	—		2,894
Total revenues	78,335		27,614

Operating expenses:
Cost of sales	5,211		1,654
Research and development	14,409		12,066
Selling and marketing	60,286		27,888
General and administrative	24,709		23,690
Total operating expenses	104,615		65,298
Loss from operations	(26,280)		(37,684)
Other reconciling items	1,160		1,953
Net loss	$	(25,120)	$	(35,731)

Other segment disclosures:
Interest income	$	3,454	$	3,117
Interest expense	$	(2,213)	$	(983)
Depreciation and amortization expense	$	460	$	270

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Policies)	3 Months Ended
	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Financial Statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the U.S. for interim financial information pursuant to Form 10-Q and with the rules and regulations of the SEC. Accordingly, the accompanying Condensed Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and the related notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 25, 2025. The interim Condensed Balance Sheet as of March 31, 2025, the Condensed Statements of Operations and Comprehensive Loss, and the Condensed Statements of Stockholders’ Equity for the three months ended March 31, 2025 and 2024, and the Condensed Statements of Cash Flows for the three months ended March 31, 2025 and 2024 are unaudited. These unaudited interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which consist of only normal and recurring adjustments for the fair presentation of its financial information. The financial data and other information disclosed in these notes related to the three month periods are also unaudited. The Condensed Balance Sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all information and footnotes required by GAAP for annual financial statements. The condensed interim operating results for three months ended March 31, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025 or any other interim or annual period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP and with the rules and regulations of the SEC requires management to make informed estimates and assumptions that affect the amounts reported in these Condensed Financial Statements and Notes. These estimates and assumptions are based upon historical experience, knowledge of current events and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources and involve judgments with respect to numerous factors that are difficult to predict and may materially differ from the amounts ultimately realized and reported due to the inherent uncertainty of any estimate or assumption. On an ongoing basis, management evaluates its estimates, including those related to the recognition of revenue, clinical trial accruals, contract manufacturing accruals, expected demand for inventory, fair value of assets and liabilities, income taxes, and stock-based compensation. Management bases its estimates on historical experience and various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ materially from those estimates and assumptions used in the preparation of the accompanying Condensed Financial Statements under different assumptions and conditions. The Company’s Condensed Financial Statements as of and for the three months ended March 31, 2025, reflect the Company’s estimates of the impact of the macroeconomic and geopolitical environment, including the impact of inflation, interest rates, and foreign exchange rate fluctuations. The duration and the scope of these conditions cannot be predicted; therefore, the extent to which these conditions will directly or indirectly impact the Company’s business, results of operations and financial condition, is uncertain. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of the issuance date of the accompanying Condensed Financial Statements. The accounting policies and estimates that most significantly impact the presented amounts within these accompanying Condensed Financial Statements are further described below:
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of bank deposits and highly liquid investments, including money market fund accounts, that are readily convertible into cash without penalty, with original maturities of three months or less from the purchase date. The carrying amounts reported in the accompanying Condensed Balance Sheets for cash and cash equivalents are valued at cost, which approximate their fair value.
Restricted Cash	Restricted Cash As of March 31, 2025 and December 31, 2024, the Company held $2.6 million of restricted cash as collateral for a letter of credit related to the Company's new office space lease that was executed in December 2024 (see Note 8). The restricted cash will be held for longer than one year and is reported in non-current assets on the accompanying Condensed Balance Sheets.
Marketable Securities and Long-Term Investments	Marketable Securities and Long-Term Investments Marketable securities consist primarily of short-term fixed income investments carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities (see Note 3). Management determines the appropriate classification of its investments in fixed income securities at the time of purchase. Available-for-sale securities with original maturities beyond three months at the date of purchase, including those that have maturity dates beyond one year from the balance sheet date, are classified as current assets on the accompanying Condensed Balance Sheets due to their highly liquid nature and availability for use in current operations. Marketable securities are recorded at fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) within the accompanying Condensed Statements of Stockholders' Equity until realized. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. The cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion, as well as interest and dividends, are included in interest income. Realized gains and losses as well as credit losses, if any, on marketable securities identified on a specific identification basis are included in other income (expense) in the accompanying Condensed Statements of Operations and Comprehensive Loss. The Company evaluates the underlying credit quality and credit ratings of the issuers during the period. To date, the Company has not identified any other-than-temporary declines in fair value of its investments and no credit losses associated with credit risk have occurred or have been recorded. Interest earned on marketable securities is included in interest income within the accompanying Condensed Statements of Operations and Comprehensive Loss. In April 2024, the Company made a preferred stock investment in a privately-held eye care company which does not meet the criteria for in-substance common stock. This preferred stock investment is included in long-term investments in the accompanying Condensed Balance Sheets given the Company's intent to hold these securities for longer than one year. In accordance with the measurement alternative under the Accounting Standards Codification 321, Investments— Equity Securities, at each subsequent reporting period the Company records its preferred stock investment at cost, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity financings at each subsequent reporting period. In addition, at each subsequent reporting period the Company will assess for possible impairment indicators. If the Company determines that the preferred stock fair value is less than its carrying value, it will recognize an impairment loss through other income (expense) on the Condensed Statements of Operations and Comprehensive Loss.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable generally consists of amounts due from the Company's customers, which includes pharmaceutical wholesalers and specialty pharmacy providers related to product sales of XDEMVY in the U.S. Payment terms are typically 30-60 days following delivery to customers. Accounts receivable are recorded net of discounts, chargebacks, allowances and other adjustments. The Company monitors the financial performance and creditworthiness of its customers so it can properly assess and respond to changes in their credit profile. The Company estimates the allowance for credit losses based on existing contractual payment terms, actual payment patterns of customers and individual customer circumstances. Amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The Company did not record a reserve for estimated credit losses during the three months ended March 31, 2025 and 2024.
Inventory	Inventory Inventories include the costs of material, third-party manufacturing costs, packaging services, and freight-in. Cost is determined on a first-in, first-out basis. Inventory is measured at the lower-of-cost and net realizable value, based on a number of factors including, but not limited to, damage, expiration, or changes in price level. The Company capitalizes inventory costs associated with products following regulatory approval when future commercialization is considered probable and the future economic benefit is expected to be realized. Product that may be used in clinical development programs are excluded from inventory and the costs are charged to research and development expense in the Condensed Statements of Operations and Comprehensive Loss as incurred, as long as they do not have an alternative use. The Company evaluates inventory levels that would be sold within one year. The portion of inventory that is not expected to be sold or used within one year is classified as inventory, non-current in the accompanying Condensed Balance Sheets.
Intangible Assets, Net	Intangible Assets, Net Intangible assets are measured at fair value as of the acquisition date or, in the case of commercial milestone payments, the date they become due. The evaluation of intangible assets includes assessing the amortization period for which the asset is expected to contribute to the future cash flows of the Company. Intangible assets with finite useful lives are amortized over their estimated useful lives, primarily on a straight-line basis when the Company is unable to reliably estimate the pattern of cash flow. Long-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset might not be fully recoverable. To do so, the Company compares the carrying value of the intangible asset to the undiscounted net cash flows over its remaining useful life, and if not recoverable, will estimate the fair value of the asset. If the fair value is less than the carrying amount, an impairment loss is recognized in the Condensed Statements of Operations and Comprehensive Loss.
Fair Value Measurements	Fair Value Measurements Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: •Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are publicly accessible at the measurement date. •Level 2: Observable prices that are based on inputs not quoted on active markets, but that are corroborated by market data. These inputs may include quoted prices for similar assets or liabilities or quoted market prices in markets that are not active to the general public. •Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts for financial instruments consisting of cash, cash equivalents, accounts receivable, net, accounts payable and accrued liabilities approximate fair value due to the short maturities for each. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. The Company did not have any transfers of assets and liabilities between the levels of the fair value hierarchy during the periods presented.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net are stated at historical cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets that range from three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful lives of related improvements. The Company evaluates the recoverability of its property and equipment, net whenever events or changes in circumstances of the business indicate that the asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the sum of the future undiscounted cash flows the assets are expected to generate over the remaining useful lives of the assets. If a long-lived asset fails a recoverability test, the Company measures the amount by which the carrying value of the asset exceeds its fair value.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception and evaluates each lease agreement to determine whether the lease is an operating or finance lease. Right-of-use assets (“ROU assets”) represent the Company’s right to control an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the initial non-cancelable lease term, unless there is a renewal option that is reasonably certain to be exercised. The Company uses its incremental borrowing rate at the lease commencement date in determining the discount rate utilized to present value the future minimum lease payments since an implicit interest rate in each at-market lease agreement was not determinable. Lease expense for the Company's operating leases are recognized on a straight-line basis over the lease term. The Company's variable lease costs, consisting primarily of real estate taxes, insurance costs, and common area maintenance, are expensed as incurred and excluded from the reported ROU assets and lease liabilities amounts presented in the accompanying Condensed Balance Sheets. The current and noncurrent portion of the operating lease liability are included in accounts payable and other accrued liabilities and other long-term liabilities, respectively, in the accompanying Condensed Balance Sheets. Rent expense is allocated to research and development and general and administrative expenses in the accompanying Condensed Statements of Operations and Comprehensive Loss.
Concentration Risk	Concentration Risk Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains cash held on deposit at financial institutions in the U.S. These deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") in an amount up to $250,000 for any depositor. To the extent the Company holds cash deposits in amounts that exceed the FDIC insurance limitation, it may incur a loss in the event of a failure of any of the financial institutions where it maintains deposits. The Company invests its excess cash in highly liquid investments, including money market fund accounts, that are readily convertible into cash without penalty. Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions, but will continue to monitor regularly and adjust, if needed, to mitigate risk, including any ongoing or new events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions. The Company has established guidelines regarding diversification of its investments and their maturities, which are designed to maintain principal and maximize liquidity. To date, the Company has not experienced any losses associated with this credit risk and continues to assess that this exposure is not significant. Major Customers The Company enters into agreements with certain limited specialty pharmacies and specialty distributors for the sale of XDEMVY in the U.S. For the three months ended March 31, 2025 and 2024, the Company's two and five largest customers, respectively, each individually accounted for more than 10% of total gross product sales. These customers on a combined basis accounted for 72.3% and 99.6% of gross product sales for the respective periods. As of March 31, 2025 and December 31, 2024, the Company's two largest customers each exceeded 10% of gross accounts receivable. These customers accounted for approximately 72.3% and 68.4% of the accounts receivable balance on a combined basis for the respective periods. The Company believes that the concentration of credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms, and the level of credit worthiness of its customers. Major Suppliers The Company does not currently own manufacturing facilities and depends on an outsourced manufacturing strategy for the production of XDEMVY for commercial use and for the production of its other product candidates for clinical trials. The Company enters into agreements with third-party manufacturers that are approved for the commercial production of XDEMVY and third-party suppliers that are approved for XDEMVY's active pharmaceutical ingredient. Although there are potential sources of supply other than the Company's existing manufacturers and suppliers, any new supplier would be required to qualify under applicable regulatory requirements. The loss of certain manufacturers and third-party suppliers could result in a temporary disruption of the Company’s commercialization efforts.
Revenue Recognition	Revenue Recognition (i) Product Sales, Net The Company recognizes product sales, net, when a customer obtains control of the promised goods or services, which occurs at a point in time, typically upon delivery of the Company's product to the customer. The Company records the amount of revenue that reflects the consideration that it expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are capable of being distinct; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue as each performance obligation is satisfied. The Company sells XDEMVY to customers in the U.S., which became available for commercial sale during the third quarter of 2023. These customers include a limited number of specialty pharmacies and distributors who in turn sell it directly to clinics, hospitals, pharmacies and federal healthcare programs. Revenue from product sales is primarily recognized upon physical delivery of the product (when the customer obtains control of the product), in return for agreed-upon consideration. Shipping and handling activities are considered to be fulfillment activities rather than a separate performance obligation and are recorded within selling, general and administrative expenses in the accompanying Condensed Statements of Operations and Comprehensive Loss. Revenues from product sales are recorded at the net sales price, or the transaction price, which may include fixed or variable consideration for (i) invoice discounts for prompt payment and distribution service fees, (ii) commercial and government rebates, chargebacks, discounts and fees, (iii) product returns and (iv) costs of co-pay assistance programs for patients, as well as other incentives. Estimates of variable consideration are calculated based on the actual product sales each reporting period and the nature of the variable consideration related to those sales. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the current contractual and statutory discount rates, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in product sales, net only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates reflect the Company’s best estimate of the amount of consideration to which the Company expects to be entitled based on the terms of the contract. Actual amounts of consideration ultimately received may differ materially from estimates. If actual results in the future vary from estimates, the Company will adjust these estimates, which would affect product sales, net and earnings in the period such variances are adjusted. The Company categorizes product sales deduction estimates as follows: Distribution Service Fees: The Company engages with wholesalers and specialty pharmacies to distribute its products to end customers. The Company pays the wholesalers and certain specialty pharmacies a fee for services such as: inventory management, chargeback administration, and service level commitments. The Company estimates the amount of distribution services fees to be paid to the customers and adjusts the transaction price with the amount of such estimate at the time of sale to the customer. An accrued liability is recorded for unpaid distribution service fees. Prompt Pay Discounts: The Company provides its customers with a percentage discount on their invoice if the customers pay within the agreed upon timeframe. The Company expects that its customers will earn prompt pay discounts. The Company estimates the probability of customers paying promptly based on the percentage of discount outlined in the purchase agreement between the two parties, and deducts the full amount of these discounts from gross product sales and accounts receivable at the time revenue is recognized. Product Returns: The Company's customers are contractually permitted to return product within the contractual allowable time, both before and after the applicable expiration date. In the initial sales period, the Company estimates its provision for returns based on industry data and adjusts the transaction price at the time of the product sale to the customer. Once sufficient history has been collected for product returns, the Company will utilize that history to inform its returns estimate. Once the product is returned, it is destroyed since it cannot be resold. Chargebacks: A chargeback is the difference between the Company's invoice price to the wholesaler and the wholesaler’s customer's contract price. The wholesaler tracks these sales and charges back the Company for the difference between the negotiated prices paid between the wholesaler's customers and the wholesaler's acquisition cost. The Company estimates the percentage of goods sold that are eligible for chargeback and adjusts the transaction price and accounts receivable at the time of sale of the product to the customer. Co-payment Assistance: Patients who meet certain eligibility requirements may receive co-payment assistance funded by the Company. The Company records contra-revenue for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators. An accrued liability is recorded on unredeemed co-payment assistance related to products for which control has been transferred to the customer. Rebates: The Company accrues rebates for contractually agreed-upon discounts with commercial payers and mandated discounts under government programs such as the Medicaid Drug Rebate Program, Medicare Part D Prescription Drug Program, and other government health care programs in the U.S. The Company's estimates for expected utilization of commercial payer rebates are based on data received from its customers. The estimates for rebates under government programs are based on statutory discount rates and expected utilization as well as historical data the Company has accumulated since product launch. The Company calculates the accruals for commercial and government rebates based on various assumptions, including payer mix, with actual rebates potentially requiring accrual adjustments affecting product sales, net. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current period’s activity, plus an accrual balance for known prior periods’ unpaid rebates. If actual rebates vary from estimates, the Company may need to adjust accruals, which would affect product sales, net in the period of adjustment. An accrued liability is recorded for unpaid rebates related to product for which control has transferred to the customer. (ii) License Fees and Collaboration Revenue China Out-License License fees and collaboration revenue in the accompanying Condensed Statements of Operations and Comprehensive Loss have historically been related to the China Out-License that allows the third-party licensee to market the Company's TP-03 product candidate (representing functional intellectual property) in the People's Republic of China, Hong Kong, Macau, and Taiwan (the "China Territory") — see Note 9. The accounting and reporting of revenue for out-license arrangements requires significant judgment for: (a) identification of the number of performance obligations within the contract; (b) the contract’s transaction price for allocation (including variable consideration); (c) the stand-alone selling price for each identified performance obligation; and (d) the timing and amount of revenue recognition in each period. The China Out-License was analyzed under GAAP to determine whether the promised goods or services are distinct or must be accounted for as part of a combined performance obligation. In making these assessments, the Company considers factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own, and/or whether the required expertise is readily available. If the license is not distinct, the license is combined with other promised goods or services as a combined performance obligation for revenue recognition. The China Out-License included the following forms of consideration: (i) non-refundable upfront license payment; (ii) equity-based consideration; (iii) sales-based royalties; (iv) sales-based threshold milestones; (v) one-time payment for executing a drug supply agreement; (vi) development milestone payments; (vii) regulatory milestone payments and the issuance of a related patent; and (viii) a one-time termination payment to transition the rights to develop and commercialize TP-03 in China for the treatment of Demodex blepharitis and Meibomian Gland Disease ("MGD") to Xi An Grand Chang An Pharmaceutical Co., Ltd. ("GrandPharma"). Revenue is recognized in proportion to the allocated transaction price when (or as) the respective performance obligation is satisfied. The Company evaluates the progress related to each milestone at each reporting period and, if necessary, adjusts the probability of achievement and related revenue recognition. The measure of progress, and thereby periods over which revenue is recognized, is subject to estimates by management and may change over the course of the agreement. Contractual Terms for Receipt of Payments A performance obligation is a promise in a contract to transfer a distinct good or service and is the unit of accounting. A contract’s transaction price is allocated among each distinct performance obligation based on relative standalone selling price and recognized when, or as, the applicable performance obligation is satisfied. The contractual terms that establish the Company’s right to collect specified amounts from its customers and that require contemporaneous evaluation and documentation under GAAP for the corresponding timing and amount of revenue recognition, are as follows: Upfront License Fees: The Company determines whether non-refundable license fee consideration is recognized at the time of contract execution (i.e., when the license is transferred to the customer and the customer is able to use and benefit from the license) or over the actual (or implied) contractual period of the China Out-License. The Company also evaluates whether it has any other requirements to provide substantive services that are inseparable from the performance obligation of the license transfer to determine whether any combined performance obligation is satisfied over time or at a point in time. Upfront payments may require deferral of revenue recognition to a future period until the Company performs obligations under these arrangements. Development Milestones: The Company utilizes the most likely amount method to estimate the amount of consideration to which it will be entitled for achievement of development milestones as these represent variable consideration. For those payments based on development milestones (e.g., patient dosing in a clinical study or the achievement of statistically significant clinical results), the Company assesses the probability that the milestone will be achieved, including its ability to control the timing or likelihood of achievement, and any associated revenue constraint. Given the high degree of uncertainty around the occurrence of these events, the Company determines the milestone and other contingent amounts to be constrained until the uncertainty associated with these payments is resolved. At each reporting period, the Company re-evaluates this associated revenue recognition constraint. Any resulting adjustments are recorded to revenue on a cumulative catch-up basis, and reflected in the financial statements in the period of adjustment. Regulatory Milestones: The Company utilizes the most likely amount method to estimate the consideration to which it will be entitled and recognizes revenue in the period regulatory approval occurs (the performance obligation is satisfied) as these represent variable consideration. Amounts constrained as variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company evaluates whether the milestones are considered probable of being reached and not otherwise constrained. Accordingly, due to the inherent uncertainty of achieving regulatory approval, associated milestones are deemed constrained for revenue recognition until achievement. Royalties: Under the sales-or-usage-based royalty exception the Company recognizes revenue based on the contractual percentage of the licensee’s sale of products to its customers at the later of (i) the occurrence of the related product sales or (ii) the date upon which the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue from the China Out-License. Sales Threshold Milestones: Similar to royalties, applying the sales-or-usage-based royalty exception, the Company recognizes revenue from sales threshold milestones at the later of (i) the period the licensee achieves the one-time annual product sales levels in their territories for which the Company is contractually entitled to a specified lump-sum receipt, or (ii) the date upon which the performance obligation to which some or all of the milestone has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any sales threshold milestone revenue from the China Out-License. The Company re-evaluates the measure of progress to each performance obligation in each reporting period as uncertain events are resolved and other changes in circumstances occur.
Cost of Sales	Cost of Sales Cost of sales consists of direct and indirect costs related to the manufacturing and distribution of XDEMVY, including raw materials, third-party manufacturing costs, packaging services, freight-in, third-party royalties payable on the Company’s product sales, net and amortization of capitalized intangible assets associated with XDEMVY. Cost of sales also includes period costs related to certain inventory warehouse and distribution operations and inventory adjustment charges. The Company began capitalizing inventory costs upon FDA approval of XDEMVY in July 2023. Prior to FDA approval of XDEMVY, manufacturing and other inventory costs were recorded to research and development expenses in the Condensed Statements of Operations and Comprehensive Loss.
Selling, General and Administrative	Selling, General and Administrative Selling, general and administrative costs consist of salaries, benefits, stock-based compensation and other personnel-related costs for the Company's executive, finance, sales and marketing, and other administrative functions. Selling, general and administrative expenses also include sales and marketing costs to support the Company's commercial launch starting in August 2023, consulting fees, legal services, rent and other facilities costs, patient assistance donations, the U.S. healthcare reform federal excise fee on Branded Prescription Pharmaceutical Manufacturers and Importers, and other general operating expenses not otherwise classified as research and development expenses. Advertising costs are expensed as incurred.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred or as certain upfront or milestone payments become contractually due to licensors upon the achievement of clinical or regulatory events. Research and development expenses include internal costs directly attributable to in-development programs, including the costs of salaries, payroll taxes, employee benefit and other personnel-related costs (including stock-based compensation expense), license fees, materials, supplies and the cost of services provided by outside contractors to conduct nonclinical studies, clinical trials and contract manufacturing activities. All costs associated with research and development are expensed as incurred. The Company accrues these costs based on factors such as estimates of the work completed and in accordance with agreements established with third-party service providers under the service agreements. As it relates to clinical trials, the financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received. Such payments are evaluated for current or long-term classification based on when they will be realized. The Company's objective is to reflect the appropriate expense in its financial statements by matching those expenses with the period in which the services and efforts are expended. The Company accounts for these expenses according to the progress of the trial as measured by patient progression and the timing of various aspects of the trial taking into consideration discussions with applicable personnel and outside service providers. The clinical trial accrual is dependent in part upon the timely and accurate reporting of progress and efforts incurred from contract research organizations ("CROs"), contract manufacturers and other third-party vendors. Although estimates are expected to be materially consistent with actual amounts incurred, the Company's understanding of the status and timing of services performed relative to the actual status and timing of services performed can vary and may result in changes in estimates in any particular period. The Company makes significant judgments and estimates in determining the accrued liabilities balance at each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. To date, there have been no material differences between estimates of such expenses and the amounts actually incurred. The Company has entered into, and may continue to enter into, license agreements to access and utilize certain technology. In each case, the Company evaluates if the license agreement results in the acquisition of an asset or a business. To date, none of the Company's license agreements have been considered an acquisition of a business. For asset acquisitions, the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval that do not meet the definition of a derivative, are immediately recognized as research and development expense in the Condensed Statements of Operations and Comprehensive Loss when paid or become payable, provided there is no alternative future use of rights in other research and development projects.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based compensation expense for equity awards granted to employees, consultants, and members of its Board of Directors. Stock option awards are at an exercise price of not less than 100% of the fair market value of common stock on the respective date of grant. The grant date is the date the terms of the award are formally approved by the Company’s Board of Directors or its designee. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards as of the date of grant. The fair value of restricted stock units is representative of the closing market price of the Company's common stock on the date preceding the award grant-date. Stock awards granted typically have one to four-year service conditions and a contractual term of 10 years. Any performance conditions for vesting are explicitly stated in each award agreement and are associated with clinical, business development, or operational milestones. For stock-based awards that vest subject to the satisfaction of a service requirement, the related expense is recognized on a straight-line basis over each award’s actual or implied vesting period. For stock-based awards that vest subject to a performance condition, the Company will recognize compensation expense when performance conditions are achieved or when the Company determines it is probable the performance conditions will be achieved by the end of the requisite service period. Compensation expense will be recognized on a cumulative catch-up basis in the period of achievement, and on a straight-line basis thereafter until the end of the requisite service period. The expense recognized for awards is based on the grant date fair value of a unit multiplied by the number of units expected to be earned with respect to the related performance conditions. Depending on the outcome of these performance goals, a recipient may ultimately earn a number of units greater or less than the number of units granted. Shares of the Company's common stock are issued on a one-for-one basis for each performance unit earned. In general, performance unit awards vest at the end of the performance period. At each reporting period, the Company reassesses the probability of the achievement of the performance vesting conditions. As applicable, the Company reverses previously recognized expense for unvested awards in the same period of forfeiture. The measurement of the fair value of stock option awards and recognition of stock-based compensation expense requires assumptions to be estimated by management that involve inherent uncertainties and the application of management’s judgment, including (i) the expected term of the stock option until its exercise by the recipient, (ii) stock price volatility over the expected term, (iii) the prevailing risk-free interest rate over the expected term, and (iv) expected dividend payments over the expected term. All stock-based compensation expense is reported in the accompanying Condensed Statements of Operations and Comprehensive Loss within cost of sales, research and development expense or selling, general and administrative expense, based upon the assigned department of the award recipient. The measurement of the fair value of stock option awards and recognition of stock-based compensation expense requires assumptions to be estimated by management that involve inherent uncertainties and the application of management’s judgment, including: Fair Value of Common Stock — The fair value of the Company’s common stock is based on the closing quoted market price of its common stock as reported by the Nasdaq Global Select Market on the date of the option grant. Expected Term — The Company’s expected term represents the period that the Company’s stock option awards are expected to be outstanding. Management estimates the expected term of awarded stock options utilizing the simplified method (based on the mid-point between the vesting date and the end of the contractual term) to determine the expected term since the Company does not yet have sufficient exercise history. Expected Volatility — Prior to 2023, the Company did not have sufficient trading history for its common stock to use its own historical volatility. Management estimated the expected volatility based on a designated peer-group of publicly-traded companies for a look-back period (from the date of grant) that corresponded with the expected term of the awarded stock option. Beginning in January 2023, the Company began using its own historical stock price for expected volatility. Risk-Free Interest Rate — The Company estimates the risk-free interest rate based upon the U.S. Department of Treasury yield curve in effect at award grant date for the time period that corresponds with the expected term of the awarded stock option. Dividend Yield — The Company’s expected dividend yield is zero because it has never paid cash dividends and does not expect to for the foreseeable future.
Income Taxes	Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recorded based on the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the financial statements, as well as operating losses and tax credit carry forwards using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain due to the Company’s historical operating performance and recorded cumulative net losses in prior fiscal periods. A valuation allowance is recorded to reduce deferred tax assets, because based upon a weighting of positive and negative factors, it is more likely than not that these deferred tax assets will not be realized. If or when the Company were to determine that deferred tax assets are realizable, an adjustment to the corresponding valuation allowance would increase the net income in the period that such determination was made. The Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential revisions and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. Interest and penalties related to unrecognized tax benefits, if any, are recorded as a component of income tax expense.
Net Loss per Share	Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method and if-converted method as applicable. Due to net losses in all periods presented, all otherwise potentially dilutive securities are antidilutive, and accordingly, the reported basic net loss per share equals diluted net loss per share.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents (i) net loss for the periods presented, and (ii) unrealized gains or losses on debt securities included in the Company's reported marketable securities and cash equivalents.
Recently Issued or Effective Accounting Standards	Recently Issued or Effective Accounting Standards Recently issued or effective accounting pronouncements that impact, or may have an impact, on the Company’s financial statements have been discussed within the footnote to which each relates. Outside of the pronouncement below, other recent accounting pronouncements not disclosed in these Condensed Financial Statements have been determined by the Company’s management to have no impact, or an immaterial impact, on its current financial position, results of operations, or cash flows. In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure ("ASU 2023-09"). ASU 2023-09 requires annual disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and a disaggregation of income taxes paid, net of refunds. The standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities and is effective for the Company beginning with its Annual Report on Form 10-K for the year ending 2025. The Company is currently assessing the impact this standard will have on its financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting-Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 improves the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. The standard is effective for the Company beginning with its Annual Report on Form 10-K for the year ending 2027. Early adoption is permitted. ASU 2024-03 should be applied prospectively. Retrospective adoption is permitted. The Company is currently assessing the impact this standard will have on its financial statements.

SEGMENT REPORTING - Additional Information (Details)	3 Months Ended
SEGMENT REPORTING - Additional Information (Details)	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1