0001819790-26-000038 | 10-Q | XBRL Viewer | Tarsus Pharmaceuticals INC

NET LOSS PER SHARE - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Basic [Abstract]
Net loss	$ (6,967)	$ (25,120)
Weighted-average shares outstanding - basic (in shares)	42,956,973	39,345,359
Weighted-average shares outstanding - diluted (in shares)	42,956,973	39,345,359
Net loss per share - basic (usd per share)	$ (0.16)	$ (0.64)
Net loss per share - diluted (usd per share)	$ (0.16)	$ (0.64)

- Definition

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

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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.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES Basis of Presentation and Use of Estimates 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, 2025, as filed with the SEC on February 23, 2026. The interim Condensed Balance Sheet as of March 31, 2026, the Condensed Statements of Operations and Comprehensive Loss, and the Condensed Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025, and the Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025 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. Certain prior year amounts have been reclassified to conform to the current year presentation on the Condensed Statements of Cash Flows to separately present accounts payable and other accrued liabilities. 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, 2025 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, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026 or any other interim or annual period. 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 accompanying 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, 2026, 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 Restricted cash relates to collateral for a letter of credit related to the Company’s new office space lease that was executed in December 2024 (see Note 8). Restricted cash that will be held for less than one year is reported in current assets and amounts that will be held for longer than one year are 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. The Company holds a preferred stock investment in a privately-held eye care company that does not meet the criteria for in-substance common stock. Accordingly, the investment is classified within long-term investments in the accompanying Condensed Balance Sheets based on the Company’s intent to hold the securities for more than one year. The preferred stock investment is measured under the Accounting Standards Codification 321, Investments— Equity Securities, measurement alternative and is carried at cost, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity financings. The Company evaluates this investment for such observable price changes at each reporting period. In December 2025, the Company purchased additional preferred stock of the same investee in a subsequent fundraising round that was executed at the same price and pursuant to the same terms as the Company’s initial investment under the Amended Preferred Stock Purchase Agreement. This transaction represented an orderly transaction for similar securities. Based on this subsequent financing, the Company concluded that there was no change in the observable price of the preferred stock investment. Additionally, at each reporting period, the Company assesses the investment for possible impairment indicators. If the fair value of the preferred stock investment is determined to be less than its carrying value, the Company will recognize an impairment loss through other income (expense) in the Statements of Operations and Comprehensive Loss. During the three months ended March 31, 2026 and 2025, there were no identified impairment indicators that resulted in a change to the fair value of the 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, 2026 and 2025. 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. As the long-term debt is subject to variable interest rates that are based on market rates which regularly reset, the Company believes that the carrying value of the long-term debt approximates its fair value. 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. Construction-in-progress represents capitalized costs of assets being constructed and is not depreciated until the asset is ready for its intended use, at which point it is reclassified to the appropriate asset category and depreciation commences. 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 non-current portion of the operating lease liability are included in 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 periodically 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, 2026 and 2025, the Company’s two largest customers each exceeded 10% of total gross product sales. These customers on a combined basis accounted for 79.0% and 72.3% of total gross product sales for the respective periods. As of March 31, 2026 and December 31, 2025, the Company’s two and three largest customers, respectively, each exceeded 10% of gross accounts receivable. These customers on a combined basis accounted for 75.8% and 79.9% of the accounts receivable balance 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 outsourced manufacturing 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. During the three months ended March 31, 2026 and 2025, the Company did not recognize any revenue related to material changes in product sales, net related to amounts included in accrued liabilities at the beginning of the period. 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: 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 the Company’s historical experience 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, including direct-to-consumer (“DTC”) advertising costs, to support the Company’s commercial launch that started in August 2023, consulting fees, legal services, rent and other facilities costs, patient support functions, 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, clinical trial site insurance, 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 expected to be earned. 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 to determine the expected term since the Company does not have sufficient exercise history. The simplified method results in an expected term of 6.25 years based on the mid-point between the vesting date and the end of the contractual term. 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 are discussed below. Outside of the pronouncements 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 in 2025. The Company adopted ASU 2023-09 for the year ended December 31, 2025, which expanded its income tax footnote disclosures, including a more detailed effective tax rate reconciliation. 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.

DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2026
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 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 $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. During the three months ended March 31, 2026 and 2025, there were no sales of the Company’s common stock pursuant to the 2023 ATM Prospectus. Liquidity The Company has a limited operating history, has accumulated losses and negative cash flows from operations since inception, and, while it has successfully generated revenues from XDEMVY since its launch in August 2023, the revenue and income potential from the Company’s business and market are unproven. 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 believes the Company could continue to incur operating losses in the 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.

NET LOSS PER SHARE - Schedule of Outstanding Potentially Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding and potentially dilutive securities excluded from computation of diluted net loss per share (in shares)	7,327,446	7,284,454
Stock options, unexercised — vested and unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding and potentially dilutive securities excluded from computation of diluted net loss per share (in shares)	5,631,438	5,352,939
Restricted stock units — unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding and potentially dilutive securities excluded from computation of diluted net loss per share (in shares)	1,696,008	1,931,515

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

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 (“CEO”). 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,
	2026		2025
Revenues:
Product sales, net	$	145,387	$	78,335
License fees and collaboration revenue	16,667		—
Total revenues	162,054		78,335

Operating expenses:
Cost of sales	9,396		5,211
Research and development	22,351		14,409
Selling and marketing	84,481		60,286
General and administrative	51,948		24,709
Total operating expenses	168,176		104,615
Loss from operations	(6,122)		(26,280)
Other reconciling items(1)	(845)		1,160
Net loss	$	(6,967)	$	(25,120)

Other segment disclosures:
Interest income	$	3,722	$	3,454
Interest expense	$	(2,128)	$	(2,213)
Depreciation and amortization expense	$	(437)	$	(460)
Provision for income taxes	$	(2,352)	$	—
(1) Other reconciling items primarily includes interest income, interest expense, and provision for income taxes.

- 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.

+ References

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-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Net loss	$	(6,967)	$	(25,120)
Weighted-average shares outstanding — basic and diluted(1)	42,956,973		39,345,359
Net loss per share — basic and diluted	$	(0.16)	$	(0.64)
(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,
	2026	2025
Stock options, unexercised — vested and unvested	5,631,438	5,352,939
Restricted stock units — unvested	1,696,008	1,931,515

Total	7,327,446	7,284,454

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Fair market value of common stock (as a percent)	100.00%
Expected term (in years)	6 years 3 months
Expected dividend yield	0.00%
2016 Plan
Property, Plant and Equipment [Line Items]
Expected term (in years)	10 years
Two Customers \| Revenue Benchmark \| Customer Concentration Risk
Property, Plant and Equipment [Line Items]
Concentration risk (as a percent)	79.00%	72.30%
Two Customers \| Accounts Receivable \| Customer Concentration Risk
Property, Plant and Equipment [Line Items]
Concentration risk (as a percent)	75.80%
Three Customers \| Accounts Receivable \| Customer Concentration Risk
Property, Plant and Equipment [Line Items]
Concentration risk (as a percent)			79.90%
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

STOCK-BASED COMPENSATION - Schedule of Valuation Assumptions of Stock Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Weighted-average risk-free interest rate	3.84%	4.15%
Weighted-average volatility	64.79%	68.42%
Weighted-average grant-date fair value per stock option (usd per share)	$ 47.11	$ 44.88

BALANCE SHEET ACCOUNT DETAIL - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 19,967	$ 13,763
(Less): Accumulated depreciation	(2,295)	(2,098)
Property and equipment, net	17,672	11,665
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	2,810	1,335
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	2,020	930
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	345	345
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	13,564	9,925
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 1,228	$ 1,228

STOCK-BASED COMPENSATION - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) vote shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, issued (in shares) \| shares	43,021,312		42,553,931
Common stock, outstanding (in shares) \| shares	43,021,312		42,553,931
Pre-funded warrants reserved for future issuance (in shares) \| shares	312,500		312,500
Common stock votes \| vote	1
Total stock-based compensation	$ 11,967	$ 6,930
Stock Option Activity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 44,600
Unrecognized compensation expense, weighted average period of recognition (in years)	2 years 9 months 18 days
Restricted Stock Unit Activity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, weighted average period of recognition (in years)	3 years 1 month 6 days
Unrecognized compensation expense	$ 66,800
Performance Stock Unit Activity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 20,400
Unrecognized compensation expense, weighted average period of recognition (in years)	1 year 9 months 18 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 300	$ 300

BALANCE SHEET ACCOUNT DETAIL - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Intangible assets, gross	$ 9,000	$ 9,000
(Less): Accumulated amortization	(1,874)	(1,634)
Intangible assets, net	$ 7,126	$ 7,366

BALANCE SHEET ACCOUNT DETAIL - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation	$ 197,000	$ 220,000
Amortization expense	240,000	240,000
Impairments of intangible assets	$ 0	$ 0
Intangible Assets, Milestone Payment
Property, Plant and Equipment [Line Items]
Remaining useful life (in years)	7 years 4 months 24 days
Initial useful life (in years)	10 years

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

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, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	102,192	$	—	$	—	$	102,192
U.S. Treasury securities	144,964		—		—		144,964
Commercial paper	—		38,086		—		38,086
Corporate debt securities	—		86,036		—		86,036
Government-related debt securities	—		17,454		—		17,454
Total assets measured at fair value	$	247,156	$	141,576	$	—	$	388,732

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


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	173,694	$	—	$	—	$	173,694
U.S. Treasury securities	129,350		—		—		129,350
Commercial paper	—		39,040		—		39,040
Corporate debt securities	—		70,186		—		70,186
Government-related debt securities	—		4,998		—		4,998
Total assets measured at fair value	$	303,044	$	114,224	$	—	$	417,268

(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, 2026
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	102,192	$	—	$	—	$	102,192



Total cash equivalents	$	102,192	$	—	$	—	$	102,192

Marketable securities:
U.S. Treasury securities	$	145,057	$	51	$	(144)	$	144,964
Commercial paper	38,149		4		(67)		38,086
Corporate debt securities	86,133		35		(132)		86,036
Government-related debt securities	17,499		1		(46)		17,454
Total marketable securities	$	286,838	$	91	$	(389)	$	286,540

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


	December 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	173,694	$	—	$	—	$	173,694
U.S. Treasury securities	9,946		1		—		9,947


Total cash equivalents	$	183,640	$	1	$	—	$	183,641

Marketable securities:
U.S. Treasury securities	$	119,194	$	209	$	—	$	119,403
Commercial paper	39,022		26		(8)		39,040
Corporate debt securities	70,032		154		—		70,186
Government-related debt securities	4,999		—		(1)		4,998
Total marketable securities	$	233,247	$	389	$	(9)	$	233,627

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

As of March 31, 2026 and December 31, 2025, a majority of the Company’s debt securities had a maturity of 12 months or less. As of March 31, 2026, twenty-nine debt securities had a contractual maturity between one and two years, with an estimated fair market value of $71.3 million and amortized cost of $71.5 million. As of December 31, 2025, twenty debt securities had a contractual maturity between one and two years, with an estimated fair market value of $46.9 million and amortized cost of $46.8 million.

As of March 31, 2026 and December 31, 2025, the Company had seventy and seven debt securities, respectively, in a continuous gross unrealized loss position for less than one year. As of March 31, 2026 and December 31, 2025, unrealized credit losses on these securities were not material. Further, the Company does not intend to sell these investments 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/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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Reference 10: 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 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

FAIR VALUE MEASUREMENTS - Schedule of Estimated Value of Cash, Cash Equivalents, Marketable Securities, and Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash equivalents:
Amortized cost	$ 102,192	$ 183,640
Unrealized gains		1
Total cash equivalents	102,192	183,641
Marketable securities:
Amortized cost	286,838	233,247
Unrealized gains	91	389
Unrealized losses	(389)	(9)
Total marketable securities	286,540	233,627
Money market funds
Cash equivalents:
Amortized cost	102,192	173,694
Total cash equivalents	102,192	173,694
U.S. Treasury securities
Cash equivalents:
Amortized cost		9,946
Unrealized gains		1
Total cash equivalents		9,947
Marketable securities:
Amortized cost	145,057	119,194
Unrealized gains	51	209
Unrealized losses	(144)	0
Total marketable securities	144,964	119,403
Commercial paper
Marketable securities:
Amortized cost	38,149	39,022
Unrealized gains	4	26
Unrealized losses	(67)	(8)
Total marketable securities	38,086	39,040
Corporate debt securities
Marketable securities:
Amortized cost	86,133	70,032
Unrealized gains	35	154
Unrealized losses	(132)	0
Total marketable securities	86,036	70,186
Government-related debt securities
Marketable securities:
Amortized cost	17,499	4,999
Unrealized gains	1	0
Unrealized losses	(46)	(1)
Total marketable securities	$ 17,454	$ 4,998

STOCK-BASED COMPENSATION - Schedule of Total Shares Reserved For Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
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 Plans (in shares)	7,942,416	7,044,164
Common stock awards reserved for future issuance under the 2020 ESPP (in shares)	3,222,148	2,796,609
Stock options issued and outstanding (unvested and vested) under the 2020 and 2016 Plans (in shares)	5,631,438	5,231,125
Restricted stock units issued and outstanding (unvested) under the 2020 Plan (in shares)	1,696,008	1,756,329
Performance stock units issued and outstanding (unvested) under the 2020 Plan (in shares)	721,325	724,793
Total shares of common stock reserved (in shares)	19,525,835	17,865,520

STOCK-BASED COMPENSATION - Schedule of Performance Stock Unit Activity (Details) - Performance Stock Unit Activity	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	724,793
Granted (in shares) \| shares	2,860
Forfeited (in shares) \| shares	(6,328)
Outstanding, ending balance (in shares) \| shares	721,325
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (usd per share) \| $ / shares	$ 44.77
Granted (usd per share) \| $ / shares	76.20
Forfeited (usd per share) \| $ / shares	44.50
Outstanding, ending balance (usd per share) \| $ / shares	$ 44.90

DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2025	Nov. 30, 2023	Mar. 31, 2026	Mar. 31, 2025
2023 Shelf Registration Statement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized consideration		$ 300.0
Follow-On Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)	2,808,988
Original issue price (usd per share)	$ 44.50			$ 44.50
Underwriters' option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)	421,348
Original issue price (usd per share)	$ 44.50			$ 44.50
Underwriter purchase option (in days)	30 days			30 days
Stock issued, net proceeds	$ 134.8
2023 ATM Prospectus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized consideration		$ 100.0
Stock issued (in shares)			0	0
Agent fee (as a percent)		3.00%

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Total Shares Reserved For Future Issuance

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, 2026	December 31, 2025
Pre-funded warrants to purchase common stock	312,500	312,500
Equity award plans:
Common stock awards reserved for future issuance under the 2020 and 2016 Plans	7,942,416	7,044,164
Common stock awards reserved for future issuance under the 2020 ESPP	3,222,148	2,796,609
Stock options issued and outstanding (unvested and vested) under the 2020 and 2016 Plans	5,631,438	5,231,125
Restricted stock units issued and outstanding (unvested) under the 2020 Plan	1,696,008	1,756,329
Performance stock units issued and outstanding (unvested) under the 2020 Plan	721,325	724,793
Total shares of common stock reserved	19,525,835	17,865,520

Schedule of Stock-Based Compensation Expense

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


	Three Months Ended March 31,
	2026		2025
Cost of sales	$	196	$	135
Research and development	2,992		1,505
Selling, general and administrative	8,779		5,290
Total stock-based compensation	$	11,967	$	6,930

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,
	2026			2025
Weighted-average risk-free interest rate	3.84		%	4.15		%
Weighted-average volatility	64.79		%	68.42		%
Weighted-average grant-date fair value per stock option	$	47.11		$	44.88

Schedule of Stock Option Activity

Stock option activity for the period presented is as follows:


	Number of Shares	Weighted- Average Exercise Price/Share ($)	Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($)(1)
Outstanding — December 31, 2025	5,231,125	22.11	6.26	312,647
Granted	463,060	74.74
Exercised	(45,394)	26.52
Forfeited	(17,353)	33.74

Outstanding — March 31, 2026	5,631,438	26.37	6.26	248,777
Exercisable — March 31, 2026	4,096,233	18.59	5.34	211,213
Unvested — March 31, 2026	1,535,205	47.13	8.73	37,564

(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, 2026.

Schedule of Restricted Stock Unit Activity

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


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding — December 31, 2025	1,756,329	31.83
Granted	387,890	76.02
Vested	(421,987)	29.47
Forfeited	(26,224)	31.29
Outstanding — March 31, 2026	1,696,008	42.53

Schedule of Performance Stock Unit Activity

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


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding — December 31, 2025	724,793	44.77
Granted	2,860	76.20

Forfeited	(6,328)	44.50
Outstanding — March 31, 2026	721,325	44.90

- 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.

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+ Details

BALANCE SHEET ACCOUNT DETAIL - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued product sales deductions	$ 70,517	$ 68,439
Other liabilities	32,499	22,179
Accrued royalty payable	7,269	9,100
Income tax payable, current	563	1,811
Other accrued liabilities	$ 110,848	$ 101,529

SEGMENT REPORTING - Schedule of Operating Financial Results of Therapeutics Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 162,054	$ 78,335
Operating expenses:
Cost of sales	9,396	5,211
Research and development	22,351	14,409
General and administrative	136,429	84,995
Total operating expenses	168,176	104,615
Loss from operations before other income (expense)	(6,122)	(26,280)
Net loss	(6,967)	(25,120)
Other segment disclosures:
Interest income	3,722	3,454
Interest expense	(2,128)	(2,213)
Provision for income taxes	2,352	0
Reportable Segment
Revenues:
Total revenues	162,054	78,335
Operating expenses:
Cost of sales	9,396	5,211
Research and development	22,351	14,409
Selling and marketing	84,481	60,286
General and administrative	51,948	24,709
Total operating expenses	168,176	104,615
Loss from operations before other income (expense)	(6,122)	(26,280)
Other reconciling items	(845)	1,160
Net loss	(6,967)	(25,120)
Other segment disclosures:
Interest income	3,722	3,454
Interest expense	(2,128)	(2,213)
Depreciation and amortization expense	(437)	(460)
Provision for income taxes	(2,352)	0
Product sales, net
Revenues:
Total revenues	145,387	78,335
Product sales, net \| Reportable Segment
Revenues:
Total revenues	145,387	78,335
License fees and collaboration revenue
Revenues:
Total revenues	16,667	0
License fees and collaboration revenue \| Reportable Segment
Revenues:
Total revenues	$ 16,667	$ 0

CREDIT FACILITY AGREEMENT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

CREDIT FACILITY AGREEMENT

In April 2024, the Company executed the 2024 Credit Facility with Pharmakon, which matures 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 drew $75.0 million from the initial tranche of the 2024 Credit Facility, a portion of which was used to repay all outstanding indebtedness on the Credit Facility with Hercules and SVB, 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. The Company did not draw on any of the three additional tranches, each of which expired on December 31, 2024, 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.

As of March 31, 2026 and 2025, the effective interest rates for the full term of the 2024 Credit Facility was 11.75% and 12.32%, respectively. The Company recognized interest expense in the accompanying Condensed Statements of Operations and Comprehensive Loss in connection with the 2024 Credit Facility as follows:


	Three Months Ended March 31,
	2026		2025
Interest expense for long-term debt	$	1,969	$	2,074
Amortization of debt issuance costs	159		139
Total interest expense	$	2,128	$	2,213

The carrying value of the 2024 Credit Facility 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 2024 Credit Facility 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, 2026		December 31, 2025
Long-term debt, gross	$	75,000	$	75,000
Debt issuance costs	(3,523)		(3,523)
Accumulated amortization of debt issuance costs	1,120		961
Long-term debt, net	$	72,597	$	72,438

- 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.

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+ Details

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Shares
Beginning balance (in shares)	5,231,125
Granted (in shares)	463,060
Exercised (in shares)	(45,394)
Forfeited (in shares)	(17,353)
Ending balance (in shares)	5,631,438	5,231,125
Exercisable (in shares)	4,096,233
Unvested (in shares)	1,535,205
Weighted- Average Exercise Price/Share ($)
Beginning balance (usd per share)	$ 22.11
Granted (usd per share)	74.74
Exercised (usd per share)	26.52
Forfeited (usd per share)	33.74
Ending balance (usd per share)	26.37	$ 22.11
Exercisable (usd per share)	18.59
Unvested (usd per share)	$ 47.13
Weighted- Average Remaining Contractual Term (Years)
Outstanding (in years)	6 years 3 months 3 days	6 years 3 months 3 days
Exercisable (in years)	5 years 4 months 2 days
Unvested (in years)	8 years 8 months 23 days
Aggregate Intrinsic Value
Outstanding	$ 248,777	$ 312,647
Exercisable	211,213
Unvested	$ 37,564

CREDIT FACILITY AGREEMENT - Schedule of Principal Balance of the 2024 Credit Facility (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Long-term debt, gross	$ 75,000	$ 75,000
Debt issuance costs	(3,523)	(3,523)
Accumulated amortization of debt issuance costs	1,120	961
Long-term debt, net	$ 72,597	$ 72,438

- Definition

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

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+ Details

COMMITMENTS & CONTINGENCIES - Schedule of Future Contractual Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Amounts
2026 (remaining nine months)	$ 1,780
2027	2,625
2028	2,704
2029	2,783
2030	2,869
Thereafter	15,396
Total future lease payments, undiscounted	28,157
(Less): Imputed interest	(11,486)
(Less): Tenant improvement allowance	(592)
Present value of operating lease payments	16,079
Operating lease liability, current	$ 0
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Operating lease liability, non-current	$ 16,079
Total operating lease liability	$ 16,079

CREDIT FACILITY AGREEMENT - Additional Information (Details) - Line of Credit $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($) contract	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Effective interest rate (as a percent)		11.75%	12.32%
Pharmakon Credit Facility, Tranche One
Debt Instrument [Line Items]
Draw on credit facility	$ 75.0
Credit facility, aggregate principal amount	25.0
Pharmakon Credit Facility
Debt Instrument [Line Items]
Net proceeds	$ 39.6
Potential additional tranches \| contract	3
Basis spread on variable rate (as a percent)	6.75%
Interest rate floor (as a percent)	3.75%
Pharmakon Credit Facility, Tranche Two
Debt Instrument [Line Items]
Credit facility, aggregate principal amount	$ 50.0
Pharmakon Credit Facility, Tranche Three
Debt Instrument [Line Items]
Credit facility, aggregate principal amount	$ 50.0

COMMITMENTS & CONTINGENCIES - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 802	$ 173
Variable lease expense	325	124
Total lease expense	$ 1,127	$ 297

OUT-LICENSE AGREEMENTS	3 Months Ended
OUT-LICENSE AGREEMENTS	Mar. 31, 2026
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, the Company entered into the China Out-License agreement 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. Prior to the March 2024 Novation Agreement to GrandPharma discussed in detail below, LianBio was 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) a $15.0 million upfront cash payment; (ii) a $10.0 million second cash payment; (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. 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. The Novation Agreement also 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. In March 2026, GrandPharma obtained regulatory approval of TP-03 in the People’s Republic of China (“PRC”), following a previous regulatory approval in Macau. The regulatory approval in the PRC, together with a previous patent issuance in the PRC relating to TP-03, triggered a $15.0 million milestone payment to the Company. The Company recognized the $15.0 million milestone achievement in full during the three months ended March 31, 2026, because the milestone related to a single performance obligation that was satisfied upon achievement of the regulatory and patent issuance conditions. The milestone payment was recorded as license fees and collaboration revenue in the accompanying Condensed Statement of Operations and Comprehensive Loss for the three months ended March 31, 2026, and as other receivables in the accompanying Condensed Balance Sheet as of March 31, 2026. GrandPharma is contractually required to pay $1.7 million of China withholding taxes associated with the milestone achievement, which was also recorded to license fees and collaboration revenue and is fully offset by foreign tax expense recorded to provision for income taxes (see Note 11). Through March 31, 2026, the Company received aggregate payments from the China Out-License totaling $86.1 million, comprised of (i) $15.0 million of initial consideration, (ii) $67.5 million for the achievement of specified milestones, and (iii) $3.6 million related to the transition of the China Out-License from LianBio to GrandPharma. As of March 31, 2026, 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 (of which $15.0 million was triggered in March 2026 and the Company is awaiting the corresponding cash receipt); (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, 2026.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	17700 Laguna Canyon Road
Entity Address, Address Line Two	Floor 4
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		43,023,959
Amendment Flag	false
Entity Central Index Key	0001819790
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1

SEGMENT REPORTING - Additional Information (Details)	3 Months Ended
SEGMENT REPORTING - Additional Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

RELATED PARTY TRANSACTION	3 Months Ended
RELATED PARTY TRANSACTION	Mar. 31, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTION	RELATED PARTY TRANSACTION Equity Investment in Privately-Held Eye Care Company In April 2024, the Company participated in an equity financing 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. In December 2025, pursuant to the terms of an Amended Preferred Stock Purchase Agreement, the Company purchased an additional $0.9 million of preferred stock, resulting in a total investment of $3.9 million and representing a small minority equity interest in this private company. Dr. Azamian, the Company’s CEO and Chair of the Board, and Dr. Link, a member of the Company’s Board of Directors, serve on the board 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 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 2: 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 3: 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 4: 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 5: 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 6: 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 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
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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

COMMITMENTS & CONTINGENCIES - Lease Agreements (Details) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2024 USD ($)	Mar. 31, 2026 USD ($) ft² contract	Mar. 31, 2025 USD ($)	Feb. 28, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of leases \| contract		2
Square feet of office space \| ft²		98,807
Lease term (in years)	10 years
Base rent expense	$ 2.5
Annual increase in rent (as a percent)	3.00%
Rent abatement	$ 0.7
Tenant improvement allowance	5.8
Payments for tenant improvement allowance		$ 5.3
Security deposit	$ 2.6			$ 2.0
Cash paid for our current lease		$ 0.2	$ 0.1

BALANCE SHEET ACCOUNT DETAIL (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

Inventory consists of the following:


	March 31, 2026		December 31, 2025
Current assets:

Work in progress	$	1,632	$	1,410
Finished goods	2,940		2,962
Inventory	4,572		4,372
Non-current assets:
Raw materials	2,528		2,532
Inventory, non-current	2,528		2,532
Total inventory	$	7,100	$	6,904

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	March 31, 2026		December 31, 2025
Furniture and fixtures	$	2,810	$	1,335
Office equipment	2,020		930
Laboratory equipment	345		345
Leasehold improvements(1)	13,564		9,925
Manufacturing equipment	1,228		1,228
Property and equipment, at cost	19,967		13,763
(Less): Accumulated depreciation	(2,295)		(2,098)
Property and equipment, net	$	17,672	$	11,665
(1) This balance represents construction in progress for which no depreciation expense has been recognized.

Schedule of Intangible Assets, Net

Intangible assets, net consists of the following:


	March 31, 2026		December 31, 2025
Intangible assets, gross	$	9,000	$	9,000
(Less): Accumulated amortization	(1,874)		(1,634)
Intangible assets, net	$	7,126	$	7,366

Schedule of Expected Future Amortization Expense

As of March 31, 2026, the expected future amortization expense for the Company's intangible assets is as follows:


	Amounts
2026 (remaining nine months)	$	721
2027	961
2028	961
2029	961
2030	961
Thereafter	2,561
Total future amortization	$	7,126

Schedule of Other Accrued Liabilities

Other accrued liabilities consists of the following:


	March 31, 2026		December 31, 2025
Accrued product sales deductions	$	70,517	$	68,439
Other liabilities	32,499		22,179
Accrued royalty payable	7,269		9,100
Income tax payable, current	563		1,811

Other accrued liabilities	$	110,848	$	101,529

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 11,967	$ 6,930
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	196	135
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,992	1,505
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 8,779	$ 5,290

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Unit Activity	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	1,756,329
Granted (in shares) \| shares	387,890
Vested (in shares) \| shares	(421,987)
Forfeited (in shares) \| shares	(26,224)
Outstanding, ending balance (in shares) \| shares	1,696,008
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (usd per share) \| $ / shares	$ 31.83
Granted (usd per share) \| $ / shares	76.02
Vested (usd per share) \| $ / shares	29.47
Forfeited (usd per share) \| $ / shares	31.29
Outstanding, ending balance (usd per share) \| $ / shares	$ 42.53

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 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
Katherine Goodrich [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 2, 2026, Katherine Goodrich, a member of our Board of Directors, 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 5,187 shares of common stock held by Ms. Goodrich between June 12, 2026 and June 2, 2027.
Name	Katherine Goodrich
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 2, 2026
Expiration Date	June 2, 2027
Arrangement Duration	457 days
Aggregate Available	5,187

FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Money market funds	$ 102,192	$ 183,641
Total assets measured at fair value	388,732	417,268
Money market funds
Assets:
Money market funds	102,192	173,694
U.S. Treasury securities
Assets:
Money market funds		9,947
Debt securities, available for sale and cash and cash equivalents	144,964	129,350
Commercial paper
Assets:
Debt securities, available for sale and cash and cash equivalents	38,086	39,040
Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	86,036	70,186
Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	17,454	4,998
Level 1
Assets:
Total assets measured at fair value	247,156	303,044
Level 1 \| Money market funds
Assets:
Money market funds	102,192	173,694
Level 1 \| U.S. Treasury securities
Assets:
Debt securities, available for sale and cash and cash equivalents	144,964	129,350
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	141,576	114,224
Level 2 \| Money market funds
Assets:
Money market funds	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	38,086	39,040
Level 2 \| Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	86,036	70,186
Level 2 \| Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	17,454	4,998
Level 3
Assets:
Total assets measured at fair value	0	0
Level 3 \| Money market funds
Assets:
Money market funds	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

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Common Stock Outstanding and Reserves for Future Issuance

As of March 31, 2026 and December 31, 2025, the Company had 43,021,312 and 42,553,931 shares of common stock issued and outstanding, respectively, which excludes 312,500 of pre-funded warrants that remained exercisable at both period ends 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, 2026	December 31, 2025
Pre-funded warrants to purchase common stock	312,500	312,500
Equity award plans:
Common stock awards reserved for future issuance under the 2020 and 2016 Plans	7,942,416	7,044,164
Common stock awards reserved for future issuance under the 2020 ESPP	3,222,148	2,796,609
Stock options issued and outstanding (unvested and vested) under the 2020 and 2016 Plans	5,631,438	5,231,125
Restricted stock units issued and outstanding (unvested) under the 2020 Plan	1,696,008	1,756,329
Performance stock units issued and outstanding (unvested) under the 2020 Plan	721,325	724,793
Total shares of common stock reserved	19,525,835	17,865,520

Stock-Based Compensation Expense


	Three Months Ended March 31,
	2026		2025
Cost of sales	$	196	$	135
Research and development	2,992		1,505
Selling, general and administrative	8,779		5,290
Total stock-based compensation	$	11,967	$	6,930

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,
	2026			2025
Weighted-average risk-free interest rate	3.84		%	4.15		%
Weighted-average volatility	64.79		%	68.42		%
Weighted-average grant-date fair value per stock option	$	47.11		$	44.88

Stock Option Activity

Stock option activity for the period presented is as follows:


	Number of Shares	Weighted- Average Exercise Price/Share ($)	Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($)(1)
Outstanding — December 31, 2025	5,231,125	22.11	6.26	312,647
Granted	463,060	74.74
Exercised	(45,394)	26.52
Forfeited	(17,353)	33.74

Outstanding — March 31, 2026	5,631,438	26.37	6.26	248,777
Exercisable — March 31, 2026	4,096,233	18.59	5.34	211,213
Unvested — March 31, 2026	1,535,205	47.13	8.73	37,564

(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, 2026.

As of March 31, 2026, there was approximately $44.6 million of unrecognized compensation expense related to unvested stock options, which the Company expects to recognize over a weighted average period of 2.8 years.

Restricted Stock Unit Activity

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


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding — December 31, 2025	1,756,329	31.83
Granted	387,890	76.02
Vested	(421,987)	29.47
Forfeited	(26,224)	31.29
Outstanding — March 31, 2026	1,696,008	42.53

As of March 31, 2026, there was approximately $66.8 million of unrecognized compensation expense related to unvested restricted stock units, which the Company expects to recognize over a weighted average period of 3.1 years.

Performance Stock Unit Activity

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


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding — December 31, 2025	724,793	44.77
Granted	2,860	76.20

Forfeited	(6,328)	44.50
Outstanding — March 31, 2026	721,325	44.90

As of March 31, 2026, there was approximately $20.4 million of unrecognized compensation expense related to unvested performance stock units. This expense is expected to be recognized over a weighted average period of 1.8 years.

Employee Stock Purchase Plan

Stock-based compensation expense related to the ESPP was $0.3 million and $0.3 million, respectively, for the three months ended March 31, 2026 and 2025.

COMMITMENTS & CONTINGENCIES - Schedule of Other Information (Details)	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Remaining lease term (years)	9 years 8 months 12 days	9 years 10 months 24 days
Discount rate	11.40%	11.40%

COMMITMENTS & CONTINGENCIES - In-License Agreements (Details) - USD ($) $ in Millions	1 Months Ended						3 Months Ended		31 Months Ended
	Feb. 28, 2026	Oct. 31, 2024	Sep. 30, 2024	Aug. 31, 2023	Dec. 31, 2022	Jan. 31, 2019	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received		$ 2.5
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 \| Commercial and Sales Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments							77.0
Anterior In-License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received	$ 2.0
Anterior In-License Agreement \| Event-Based Development Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales	2.5
Anterior In-License Agreement \| Commercial Sales Milestone Payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments	$ 92.0
Elanco \| Sales-based Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales			$ 100.0
Elanco \| License Agreement
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							7.3	$ 3.9
Elanco \| License Agreement \| Clinical Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales					$ 0.5				$ 4.0
Maximum milestone payments							$ 4.0
Elanco \| License Agreement \| Commercial and Sales Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales				$ 4.0
Elanco \| License Agreement \| Sales-based Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales			$ 5.0

COMMITMENTS & CONTINGENCIES - Employment Arrangements (Details)	Mar. 31, 2026 contract
Commitments and Contingencies Disclosure [Abstract]
Number of employment arrangements with executive officers	7

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 102,192	$ 183,641
Restricted cash	0	560
Marketable securities	286,540	233,627
Accounts receivable, net	100,344	85,057
Inventory	4,572	4,372
Other receivables	16,863	2,052
Prepaid expenses	26,718	13,473
Total current assets	537,229	522,782
Restricted cash, non-current	2,001	2,002
Inventory, non-current	2,528	2,532
Property and equipment, net	17,672	11,665
Intangible assets, net	7,126	7,366
Operating lease right-of-use assets	9,994	10,080
Long-term investments	3,870	3,870
Other assets	715	1,861
Total assets	581,135	562,158
Current liabilities:
Accounts payable	24,131	16,387
Accrued payroll and benefits	8,529	17,779
Other accrued liabilities	110,848	101,529
Total current liabilities	143,508	135,695
Long-term debt, net	72,597	72,438
Other long-term liabilities	16,079	10,599
Total liabilities	232,184	218,732
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized; 43,021,312 shares issued and outstanding at March 31, 2026 (unaudited); 42,553,931 shares issued and outstanding at December 31, 2025	6	6
Additional paid-in capital	782,838	769,667
Accumulated other comprehensive income (loss)	(298)	381
Accumulated deficit	(433,595)	(426,628)
Total stockholders’ equity	348,951	343,426
Total liabilities and stockholders’ equity	$ 581,135	$ 562,158

CREDIT FACILITY AGREEMENT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Interest expense for long-term debt	$ 1,969	$ 2,074
Amortization of debt issuance costs	159	139
Total interest expense	$ 2,128	$ 2,213

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 162,054	$ 78,335
Operating expenses:
Cost of sales	9,396	5,211
Research and development	22,351	14,409
Selling, general and administrative	136,429	84,995
Total operating expenses	168,176	104,615
Loss from operations before other income (expense)	(6,122)	(26,280)
Other income (expense):
Interest income	3,722	3,454
Interest expense	(2,128)	(2,213)
Other income (expense), net	(87)	(81)
Total other income (expense), net	1,507	1,160
Provision for income taxes	(2,352)	0
Net loss	(6,967)	(25,120)
Unrealized gain (loss) on marketable securities and cash equivalents	(679)	(94)
Comprehensive loss	$ (7,646)	$ (25,214)
Net loss per share - basic (usd per share)	$ (0.16)	$ (0.64)
Net loss per share - diluted (usd per share)	$ (0.16)	$ (0.64)
Weighted-average shares outstanding, basic (in shares)	42,956,973	39,345,359
Weighted-average shares outstanding - diluted (in shares)	42,956,973	39,345,359
Product sales, net
Revenues:
Total revenues	$ 145,387	$ 78,335
License fees and collaboration revenue
Revenues:
Total revenues	$ 16,667	$ 0

COMMITMENTS & CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS & CONTINGENCIES

Lease Agreements

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, 2026, the Company had two active leases with a combined square footage of 98,807 for office and laboratory suites in Irvine, California.

In December 2024, the Company entered into an agreement to terminate its former facility lease agreements (the “Former Lease”) and concurrently entered into a new lease agreement (the “Current Lease”), both with the same landlord, to relocate its corporate headquarters to another location in Irvine, California under a 10-year lease term. In September 2025, the Company obtained access to the new facility and commenced the Current Lease; however, the Company’s headquarters had not been relocated as of March 31, 2026.

Lease payments under the Current Lease began in November 2025. Base rent under the Current Lease is $2.5 million for the first year and is subject to annual increases of 3% thereafter. Upon commencement of the Current Lease, the Company became entitled to base rent abatement for the first five full calendar months for an aggregate amount of $0.7 million. The Current Lease also provides a tenant improvement allowance, not to exceed approximately $5.8 million, and to be applied toward construction costs of the premises. The tenant improvement allowance must be used within one year of the

Current Lease commencement date, after which any unused portion will be forfeited with no further obligation by the landlord. As of March 31, 2026, the landlord paid $5.3 million of the tenant improvement allowance.

Upon execution of the Current Lease, 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 February 2026, a financial milestone within the lease agreement was achieved and the letter of credit was reduced to $2.0 million.

The components of total lease expense for the Company’s lease agreements are as follows:


	Three Months Ended March 31,
	2026		2025
Operating lease expense	$	802	$	173
Variable lease expense	325		124
Total lease expense	$	1,127	$	297

Other information related to the Company’s lease agreements is as follows:


	March 31, 2026		December 31, 2025
Remaining lease term (years)	9.7		9.9
Discount rate	11.4	%	11.4	%

Cash paid for the Company’s lease agreements was $0.2 million and $0.1 million, respectively, for the three months ended March 31, 2026 and 2025.

The below table summarizes as of March 31, 2026, the (i) minimum lease payments over the next five years and thereafter, (ii) lease arrangement imputed interest, and (iii) present value of future lease payments, as follows:


	Amounts
2026 (remaining nine months)	$	1,780
2027	2,625
2028	2,704
2029	2,783
2030	2,869
Thereafter	15,396
Total future lease payments, undiscounted	28,157
(Less): Imputed interest	(11,486)
(Less): Tenant improvement allowance	(592)
Present value of operating lease payments	$	16,079
Operating lease liability, current	—
Operating lease liability, non-current	16,079
Total operating lease liability	$	16,079

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, 2026 and December 31, 2025.

The Company is obligated to make potential future 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 May 2025, Elanco sold and assigned its rights to receive certain future tiered royalties and commercial milestones under the Eye and Derm Elanco Agreement to an affiliate of Blackstone Private Credit Fund (“Blackstone”). Certain future payments under the Eye and Derm Elanco Agreement will be directed to Blackstone, with no modification to the Company’s obligations or the terms of the underlying agreement. The Company and Elanco amended the Eye and Derm Elanco Agreement to make certain conforming changes.

In addition, the Company is obligated to pay tiered contractual royalties 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 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. The Company’s accrued royalties payable are recorded to cost of sales in the accompanying Condensed Statements of Operations and Comprehensive Loss for the three months ended March 31, 2026 and 2025, and other accrued liabilities in the accompanying Condensed Balance Sheets as of March 31, 2026 and December 31, 2025. Royalty expense for the three months ended March 31, 2026 and 2025, was $7.3 million and $3.9 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 potential future 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 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 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 “October 2024 In-License Agreement”), and concurrently made an upfront payment of $2.5 million, which was recorded to research and development expense in the Statements of Operations and Comprehensive Loss for the year ended December 31, 2024. As of March 31, 2026, the Company is obligated to make potential future cash payments under the October 2024 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, developed, manufactured, and commercialized via the October 2024 In-License Agreement, will also be subject to incremental royalty rates in the range of mid to high single digits.

Other In-License Agreements for All Diagnostic, Prophylactic, and Therapeutic Uses in Humans

In February 2026, the Company executed two new in-license agreements from a third party for the exclusive worldwide rights to develop, manufacture, and commercialize several compounds for all diagnostic, prophylactic, and therapeutic uses, except for a specific field carve-out for a small minority of the compounds to be retained by the licensor (collectively, the “February 2026 In-License Agreements”), and concurrently made an upfront payment of $2.0 million which was recorded to research and development expense in the Statements of Operations and Comprehensive Loss for the three months ended March 31, 2026. As of March 31, 2026, the Company is obligated to make potential future cash payments under the February 2026 In-License Agreements of $2.5 million upon the achievement of certain event-based development milestones, and up to $92.0 million for various commercial and sales threshold milestones. Future annual worldwide net sales of products developed, manufactured, and commercialized in conjunction with the February 2026 In-License Agreements will also be subject to incremental tiered royalty rates in the mid-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.

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Net loss	$	(6,967)	$	(25,120)
Weighted-average shares outstanding — basic and diluted(1)	42,956,973		39,345,359
Net loss per share — basic and diluted	$	(0.16)	$	(0.64)
(1) Weighted-average shares outstanding includes pre-funded warrants issued on March 5, 2024.


	As of March 31,
	2026	2025
Stock options, unexercised — vested and unvested	5,631,438	5,352,939
Restricted stock units — unvested	1,696,008	1,931,515

Total	7,327,446	7,284,454

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	102,192	$	—	$	—	$	102,192
U.S. Treasury securities	144,964		—		—		144,964
Commercial paper	—		38,086		—		38,086
Corporate debt securities	—		86,036		—		86,036
Government-related debt securities	—		17,454		—		17,454
Total assets measured at fair value	$	247,156	$	141,576	$	—	$	388,732

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


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	173,694	$	—	$	—	$	173,694
U.S. Treasury securities	129,350		—		—		129,350
Commercial paper	—		39,040		—		39,040
Corporate debt securities	—		70,186		—		70,186
Government-related debt securities	—		4,998		—		4,998
Total assets measured at fair value	$	303,044	$	114,224	$	—	$	417,268

(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, 2026
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	102,192	$	—	$	—	$	102,192



Total cash equivalents	$	102,192	$	—	$	—	$	102,192

Marketable securities:
U.S. Treasury securities	$	145,057	$	51	$	(144)	$	144,964
Commercial paper	38,149		4		(67)		38,086
Corporate debt securities	86,133		35		(132)		86,036
Government-related debt securities	17,499		1		(46)		17,454
Total marketable securities	$	286,838	$	91	$	(389)	$	286,540

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


	December 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	173,694	$	—	$	—	$	173,694
U.S. Treasury securities	9,946		1		—		9,947


Total cash equivalents	$	183,640	$	1	$	—	$	183,641

Marketable securities:
U.S. Treasury securities	$	119,194	$	209	$	—	$	119,403
Commercial paper	39,022		26		(8)		39,040
Corporate debt securities	70,032		154		—		70,186
Government-related debt securities	4,999		—		(1)		4,998
Total marketable securities	$	233,247	$	389	$	(9)	$	233,627

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

RELATED PARTY TRANSACTION (Details) - Bobak Azamian - Related Party - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2025	Apr. 30, 2024
Related Party Transaction [Line Items]
Preferred stock purchased	$ 0.9	$ 3.0
Amortized cost	$ 3.9

- 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.

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+ Details

BALANCE SHEET ACCOUNT DETAIL - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Amounts
2026 (remaining nine months)	$ 721
2027	961
2028	961
2029	961
2030	961
Thereafter	2,561
Total future amortization	$ 7,126

BALANCE SHEET ACCOUNT DETAIL - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Work in progress	$ 1,632	$ 1,410
Finished goods	2,940	2,962
Inventory	4,572	4,372
Non-current assets:
Raw materials	2,528	2,532
Inventory, non-current	2,528	2,532
Total inventory	$ 7,100	$ 6,904

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Valuation Allowance [Line Items]
Provision for income taxes	$ 2,352	$ 0
Unrecognized tax benefits	$ 4,300		$ 4,300
State and Local Jurisdiction
Valuation Allowance [Line Items]
Provision for income taxes		700
Foreign Tax Jurisdiction
Valuation Allowance [Line Items]
Provision for income taxes		$ 1,700

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

BALANCE SHEET ACCOUNT DETAIL

3 Months Ended

Mar. 31, 2026

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, 2026		December 31, 2025
Current assets:

Work in progress	$	1,632	$	1,410
Finished goods	2,940		2,962
Inventory	4,572		4,372
Non-current assets:
Raw materials	2,528		2,532
Inventory, non-current	2,528		2,532
Total inventory	$	7,100	$	6,904

Property and Equipment, Net

Property and equipment, net consists of the following:


	March 31, 2026		December 31, 2025
Furniture and fixtures	$	2,810	$	1,335
Office equipment	2,020		930
Laboratory equipment	345		345
Leasehold improvements(1)	13,564		9,925
Manufacturing equipment	1,228		1,228
Property and equipment, at cost	19,967		13,763
(Less): Accumulated depreciation	(2,295)		(2,098)
Property and equipment, net	$	17,672	$	11,665
(1) This balance represents construction in progress for which no depreciation expense has been recognized.

Depreciation expense for the three months ended March 31, 2026 and 2025 was $0.2 million and $0.2 million, respectively. There were no impairments recognized during the three months ended March 31, 2026 and 2025.

Intangible Assets

Intangible assets, net consists of the following:


	March 31, 2026		December 31, 2025
Intangible assets, gross	$	9,000	$	9,000
(Less): Accumulated amortization	(1,874)		(1,634)
Intangible assets, net	$	7,126	$	7,366

Intangible assets are amortized to cost of sales over the remaining useful life of 7.4 years as of March 31, 2026, 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, 2026 and 2025 was $0.2 million and $0.2 million, respectively. There have been no impairments of intangible assets for the three months ended March 31, 2026 and 2025.

As of March 31, 2026, the expected future amortization expense for the Company's intangible assets is as follows:


	Amounts
2026 (remaining nine months)	$	721
2027	961
2028	961
2029	961
2030	961
Thereafter	2,561
Total future amortization	$	7,126

Other Accrued Liabilities

Other accrued liabilities consists of the following:


	March 31, 2026		December 31, 2025
Accrued product sales deductions	$	70,517	$	68,439
Other liabilities	32,499		22,179
Accrued royalty payable	7,269		9,100
Income tax payable, current	563		1,811

Other accrued liabilities	$	110,848	$	101,529

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash Flows From Operating Activities:
Net loss	$ (6,967)	$ (25,120)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	197	220
Amortization of intangible assets	240	240
Amortization of debt-related costs	159	139
Stock-based compensation	11,967	6,930
Non-cash lease expense	77	164
Net amortization/accretion of marketable securities	(849)	(1,314)
Changes in operating assets and liabilities:
Accounts receivable, net	(30,287)	(15,666)
Inventory	(196)	(84)
Other receivables	189	(429)
Prepaid expenses	(13,244)	8,725
Other non-current assets	141	125
Accounts payable	7,714	1,144
Accrued payroll and benefits	(9,250)	(5,890)
Other accrued liabilities	15,457	10,165
Net cash used in operating activities	(24,652)	(20,651)
Cash Flows From Investing Activities:
Proceeds from maturities of marketable securities	74,055	91,218
Purchases of marketable securities	(126,799)	(125,570)
Purchases of property and equipment	(5,818)	(590)
Net cash used in investing activities	(58,562)	(34,942)
Cash Flows From Financing Activities:
Proceeds from issuance of common stock, net of paid issuance costs	0	135,125
Proceeds from exercise of stock options	1,204	1,437
Net cash provided by financing activities	1,204	136,562
Net (decrease) increase in cash, cash equivalents and restricted cash	(82,010)	80,969
Cash, cash equivalents and restricted cash at beginning of period	186,203	97,381
Cash, cash equivalents and restricted cash at end of period	104,193	178,350
Supplemental Disclosures From Noncash, Investing and Financing Activities:
Interest expense paid in cash	1,969	2,074
Income taxes paid in cash	1,934	0
Additions of property and equipment included within accounts payable and other accrued liabilities	911	39
Offering costs included within accounts payable and other accrued liabilities	$ 0	$ 354

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance of common stock, net of issuance costs	$ 9.0

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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)	43,021,312	42,553,931
Common stock, outstanding (in shares)	43,021,312	42,553,931

CREDIT FACILITY AGREEMENT (Tables)

3 Months Ended

Mar. 31, 2026

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 2024 Credit Facility as follows:


	Three Months Ended March 31,
	2026		2025
Interest expense for long-term debt	$	1,969	$	2,074
Amortization of debt issuance costs	159		139
Total interest expense	$	2,128	$	2,213

Schedule of Principal Balance of the 2024 Credit Facility

The principal balance of the 2024 Credit Facility 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, 2026		December 31, 2025
Long-term debt, gross	$	75,000	$	75,000
Debt issuance costs	(3,523)		(3,523)
Accumulated amortization of debt issuance costs	1,120		961
Long-term debt, net	$	72,597	$	72,438

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Revenues:
Product sales, net	$	145,387	$	78,335
License fees and collaboration revenue	16,667		—
Total revenues	162,054		78,335

Operating expenses:
Cost of sales	9,396		5,211
Research and development	22,351		14,409
Selling and marketing	84,481		60,286
General and administrative	51,948		24,709
Total operating expenses	168,176		104,615
Loss from operations	(6,122)		(26,280)
Other reconciling items(1)	(845)		1,160
Net loss	$	(6,967)	$	(25,120)

Other segment disclosures:
Interest income	$	3,722	$	3,454
Interest expense	$	(2,128)	$	(2,213)
Depreciation and amortization expense	$	(437)	$	(460)
Provision for income taxes	$	(2,352)	$	—
(1) Other reconciling items primarily includes interest income, interest expense, and provision for income taxes.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized income tax expense of $2.4 million for the three months ended March 31, 2026, which was computed using the “discrete” (or “cut-off”) method. The Company did not recognize income tax expense for the three months ended March 31, 2025. The income tax expense for three months ended March 31, 2026 was primarily comprised of state income tax expense of $0.7 million and $1.7 million of foreign withholding tax expense in connection with the Company’s China Out-License and a milestone that was achieved during the three months ended March 31, 2026. Based on all available objective evidence, the Company believes that it is more likely than not that its deferred tax assets will not be fully realized. Accordingly, the Company maintains a valuation allowance against all of its deferred tax assets as of both March 31, 2026 and December 31, 2025. The Company will continue to maintain a full valuation allowance until there is sufficient evidence to support recoverability of its deferred tax assets. The Company had $4.3 million of unrecognized tax benefits at March 31, 2026 and December 31, 2025, none of which would affect the effective tax rate if recognized. The Company had no accrual for interest and penalties related to unrecognized tax benefits recognized as part of the Company’s income tax provision in its condensed consolidated statements of operations. The statute of limitations remains open for all years since inception in the U.S. federal, state, and local jurisdictions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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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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+ Details

COMMITMENTS & CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Cost

The components of total lease expense for the Company’s lease agreements are as follows:


	Three Months Ended March 31,
	2026		2025
Operating lease expense	$	802	$	173
Variable lease expense	325		124
Total lease expense	$	1,127	$	297

Other information related to the Company’s lease agreements is as follows:


	March 31, 2026		December 31, 2025
Remaining lease term (years)	9.7		9.9
Discount rate	11.4	%	11.4	%

Schedule of Future Contractual Lease Payments


	Amounts
2026 (remaining nine months)	$	1,780
2027	2,625
2028	2,704
2029	2,783
2030	2,869
Thereafter	15,396
Total future lease payments, undiscounted	28,157
(Less): Imputed interest	(11,486)
(Less): Tenant improvement allowance	(592)
Present value of operating lease payments	$	16,079
Operating lease liability, current	—
Operating lease liability, non-current	16,079
Total operating lease liability	$	16,079

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		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
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 income (loss)	(94)			(94)
Ending balance (in shares) at Mar. 31, 2025		41,995,537
Ending balance at Mar. 31, 2025	$ 342,458	$ 6	727,697	85	(385,330)
Beginning balance (in shares) at Dec. 31, 2025	42,553,931	42,553,931
Beginning balance at Dec. 31, 2025	$ 343,426	$ 6	769,667	381	(426,628)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(6,967)				(6,967)
Recognition of stock-based compensation expense	$ 11,967		11,967
Exercise of vested stock options (in shares)	45,394	45,394
Exercise of vested stock options	$ 1,204		1,204
Issuance of common stock upon the vesting of restricted stock units (in shares)		421,987
Other comprehensive income (loss)	$ (679)			(679)
Ending balance (in shares) at Mar. 31, 2026	43,021,312	43,021,312
Ending balance at Mar. 31, 2026	$ 348,951	$ 6	$ 782,838	$ (298)	$ (433,595)

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Thousands	Mar. 31, 2026 USD ($) security contract	Dec. 31, 2025 USD ($) security contract
Debt Securities, Available-for-Sale [Line Items]
Number of securities with contractual maturity between one and three years \| security	29	20
Corporate debt securities	$ 286,540	$ 233,627
Amortized cost	$ 286,838	$ 233,247
Number of available-for-sale debt securities in gross unrealized loss position for less than one year \| contract	70	7
Available-for-sale Debt Securities, Contractual Maturity Less Than 12 Months
Debt Securities, Available-for-Sale [Line Items]
Corporate debt securities	$ 71,300	$ 46,900
Amortized cost	$ 71,500	$ 46,800
Minimum \| Available-for-sale Debt Securities, Contractual Maturity Less Than 12 Months
Debt Securities, Available-for-Sale [Line Items]
Contractual maturity (in years)	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 (in years)	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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ 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
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+ Details

OUT-LICENSE AGREEMENTS (Details) - License Agreement - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2021
LianBio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment			$ 15.0
Additional cash payment			10.0
Amortized cost			1.2
Revenue recognized		$ 86.1
Upfront payment received		15.0
LianBio \| Milestone Determined by the Company
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved			$ 10.0
LianBio \| Development and Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved	$ 67.5	67.5
LianBio \| Upon Execution of the Novation Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved	3.6	3.6
Grandpharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized	15.0	15.0
Maximum milestone payments	100.0	100.0
Grandpharma \| Grandpharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	1.7	1.7
Grandpharma \| Development and Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments	$ 20.0	$ 20.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates 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, 2025, as filed with the SEC on February 23, 2026. The interim Condensed Balance Sheet as of March 31, 2026, the Condensed Statements of Operations and Comprehensive Loss, and the Condensed Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025, and the Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025 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. Certain prior year amounts have been reclassified to conform to the current year presentation on the Condensed Statements of Cash Flows to separately present accounts payable and other accrued liabilities. 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, 2025 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, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026 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 accompanying 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, 2026, 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.
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 Restricted cash relates to collateral for a letter of credit related to the Company’s new office space lease that was executed in December 2024 (see Note 8). Restricted cash that will be held for less than one year is reported in current assets and amounts that will be held for longer than one year are 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. The Company holds a preferred stock investment in a privately-held eye care company that does not meet the criteria for in-substance common stock. Accordingly, the investment is classified within long-term investments in the accompanying Condensed Balance Sheets based on the Company’s intent to hold the securities for more than one year. The preferred stock investment is measured under the Accounting Standards Codification 321, Investments— Equity Securities, measurement alternative and is carried at cost, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity financings. The Company evaluates this investment for such observable price changes at each reporting period. In December 2025, the Company purchased additional preferred stock of the same investee in a subsequent fundraising round that was executed at the same price and pursuant to the same terms as the Company’s initial investment under the Amended Preferred Stock Purchase Agreement. This transaction represented an orderly transaction for similar securities. Based on this subsequent financing, the Company concluded that there was no change in the observable price of the preferred stock investment. Additionally, at each reporting period, the Company assesses the investment for possible impairment indicators. If the fair value of the preferred stock investment is determined to be less than its carrying value, the Company will recognize an impairment loss through other income (expense) in the 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.
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. As the long-term debt is subject to variable interest rates that are based on market rates which regularly reset, the Company believes that the carrying value of the long-term debt approximates its fair value. 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. Construction-in-progress represents capitalized costs of assets being constructed and is not depreciated until the asset is ready for its intended use, at which point it is reclassified to the appropriate asset category and depreciation commences. 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 non-current portion of the operating lease liability are included in 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 periodically 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, 2026 and 2025, the Company’s two largest customers each exceeded 10% of total gross product sales. These customers on a combined basis accounted for 79.0% and 72.3% of total gross product sales for the respective periods. As of March 31, 2026 and December 31, 2025, the Company’s two and three largest customers, respectively, each exceeded 10% of gross accounts receivable. These customers on a combined basis accounted for 75.8% and 79.9% of the accounts receivable balance 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 outsourced manufacturing 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. During the three months ended March 31, 2026 and 2025, the Company did not recognize any revenue related to material changes in product sales, net related to amounts included in accrued liabilities at the beginning of the period. 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: 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 the Company’s historical experience 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, including direct-to-consumer (“DTC”) advertising costs, to support the Company’s commercial launch that started in August 2023, consulting fees, legal services, rent and other facilities costs, patient support functions, 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, clinical trial site insurance, 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 expected to be earned. 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 to determine the expected term since the Company does not have sufficient exercise history. The simplified method results in an expected term of 6.25 years based on the mid-point between the vesting date and the end of the contractual term. 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 are discussed below. Outside of the pronouncements 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 in 2025. The Company adopted ASU 2023-09 for the year ended December 31, 2025, which expanded its income tax footnote disclosures, including a more detailed effective tax rate reconciliation. 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.