0001819790-26-000076 | 10-Q | XBRL Viewer | Tarsus Pharmaceuticals INC

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STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 27,218	$ 12,243	$ 52,474	$ 27,406
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	205	204	636	509
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	10,195	2,958	16,188	6,383
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 16,818	$ 9,081	$ 35,650	$ 20,514

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES	9 Months Ended
	Sep. 30, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES Basis of Presentation The accompanying Condensed Consolidated 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 Consolidated 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 Consolidated Balance Sheet as of September 30, 2026, the Condensed Consolidated Statements of Operations and Comprehensive Loss, and the Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2026 and 2025, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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 Consolidated 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 and nine month periods are also unaudited. The Condensed Consolidated 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 the three and nine months ended September 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026 or any other interim or annual period. Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of Tarsus Pharmaceuticals, Inc. and its wholly owned subsidiaries, consisting of iRenix and Alkeus. On July 6, 2026, a wholly owned subsidiary of the Company merged with and into iRenix, with iRenix surviving as a wholly owned subsidiary of the Company. iRenix is consolidated under the voting interest model, as it was determined not to be a variable interest entity (“VIE”) because it had sufficient equity at risk to finance its intended purpose/designed activities without additional subordinated financial support. On September 4, 2026, a wholly owned subsidiary of the Company merged with and into Alkeus, with Alkeus surviving as a wholly owned subsidiary of the Company. Alkeus is a VIE for which the Company is the primary beneficiary under ASC 810, Consolidation (“ASC 810”), because the Company has both the power to direct the activities that most significantly affect Alkeus’ economic performance and the obligation to absorb losses of, or the right to receive benefits from Alkeus that could potentially be significant (see Note 8). The results of operations of iRenix and Alkeus are included from their respective acquisition dates. All significant intercompany transactions and balances have been eliminated. The Company operates its business in one operating segment consisting of one reporting unit. 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 Consolidated 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, stock-based compensation, and the fair value of assets acquired, liabilities assumed and consideration transferred in acquisitions, including contingent consideration. 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 Consolidated Financial Statements under different assumptions and conditions. The Company’s Condensed Consolidated Financial Statements as of and for the three and nine months ended September 30, 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 Consolidated Financial Statements. The accounting policies and estimates that most significantly impact the presented amounts within these accompanying Condensed Consolidated 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 Consolidated 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 9). The Company also has collateral for a letter of credit related to Alkeus’ office space for which the Company assumed the lease obligations upon closing of the Alkeus Acquisition. 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 Consolidated 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 Consolidated 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 Consolidated Statements of Stockholders’ Equity until realized. 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 within the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss. 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 Consolidated Statements of Operations and Comprehensive Loss. The Company periodically evaluates whether a credit loss allowance should be recorded for available-for-sale debt securities in an unrealized loss position, which occurs when the fair value of a debt security declines below its amortized cost. The Company’s credit loss evaluation is based on objective evidence, including the underlying credit quality and credit ratings of the issuers, as well as subjective factors, including knowledge of recent events and assumptions of future events. If the Company intends to sell, or it is more likely than not that the Company will be required to sell, a debt security before recovery of its amortized cost basis, the amortized cost basis of the individual security is written down to fair value through earnings. Otherwise, declines in fair value attributable to credit losses are recorded through an allowance for credit losses, limited to the amount by which fair value is below amortized cost, with a corresponding charge to other income (expense), and declines attributable to non-credit-related factors are recorded in other comprehensive income (loss). The Company held 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 Consolidated Balance Sheets based on the Company’s intent to hold the securities for more than one year. The investment is measured under the Accounting Standards Codification (“ASC”) 321, Investments— Equity Securities (“ASC 321”), measurement alternative and is carried at cost, less impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity financings. The Company evaluates the investment for such observable price changes at each reporting period. In June 2026, the privately-held company was acquired by a newly formed holding company through a merger and recapitalization. In connection with the transaction, the Company’s preferred stock in the privately-held company was cancelled and exchanged for preferred units of the holding company. Because the security the Company held was legally extinguished and exchanged for a different equity instrument of a different issuer, the Company accounted for the transaction as a disposal of the preferred stock and an acquisition of the preferred units, measured at fair value. The Company derecognized the carrying value of its preferred stock, recorded the preferred units received at their fair value of $6.7 million, and recognized a gain of $2.8 million in other income (expense) in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2026. The fair value of the preferred units was determined based on the price per unit in a substantially concurrent, cash financing of the same preferred units of the holding company, which the Company considered an observable transaction for an identical security. The Company continues to account for its investment in the preferred units under the ASC 321 measurement alternative, at the new cost basis established in the exchange. At each reporting period, the Company also assesses the investment for possible impairment indicators. If the fair value of the 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 and nine months ended September 30, 2026 and 2025, there were no identified impairment indicators that resulted in a change to the carrying value of the 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 and nine months ended September 30, 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 Consolidated 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 Consolidated 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 Consolidated 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 Consolidated 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 Consolidated Balance Sheets. Rent expense is allocated to research and development and general and administrative expenses in the accompanying Condensed Consolidated 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 September 30, 2026, one customer exceeded 10% of total gross product sales, representing 69.7% of total gross product sales. For the nine months ended September 30, 2026, two customers each exceeded 10% of total gross product sales, representing 76.8% of total gross product sales on a combined basis. For the three and nine months ended September 30, 2025, two customers in each period each exceeded 10% of total gross product sales, representing 77.1% and 74.9%, respectively, of total gross product sales on a combined basis. As of September 30, 2026, one customer exceeded 10% of gross accounts receivable, representing 63.7% of the balance. As of December 31, 2025, three customers each exceeded 10% of gross accounts receivable, representing 79.9% of the balance on a combined basis. 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 Consolidated 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 and nine months ended September 30, 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 Consolidated 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 10. 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 Consolidated 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 such license arrangements accounted for as asset acquisitions that do not involve the initial consolidation of a VIE (see “Asset Acquisitions and Acquired In-Process Research and Development” policy below), the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval that are not derivatives and are not within the scope of ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), are immediately recognized as research and development expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss when paid or they become payable, provided there is no alternative future use of rights in other research and development projects. Asset Acquisitions and Acquired In-Process Research and Development (“IPR&D”) The Company evaluates acquisitions to determine whether they should be accounted for as business combinations or asset acquisitions, first applying the screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets then assessing the definition of a business under ASC 805, Business Combinations (“ASC 805”). When the acquired asset is not a business, the Company further evaluates whether the acquired entity is a VIE. For asset acquisitions of entities that are not VIEs, the cost of the acquisition, including direct transaction costs, is allocated to the assets acquired on a relative fair value basis, and contingent consideration is generally recognized when it is paid or becomes payable, unless it is a derivative or within the scope of ASC 480. For the initial consolidation of a VIE that is not a business, in accordance with ASC 810, Consolidation (“ASC 810”), the Company recognizes and measures the identifiable assets acquired and liabilities assumed at fair value using the measurement principles of ASC 805, does not recognize goodwill, measures the consideration transferred (including contingent consideration) at fair value, and recognizes a gain or loss for any difference between the net assets acquired and the consideration transferred as a loss on initial consolidation of a VIE within other income (expense), net, in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Acquisition-related costs incurred by the Company in connection with the initial consolidation of a VIE are expensed as incurred. In either model, acquired IPR&D, and any acquired materials or inventory, that have no alternative future use are expensed upon acquisition as acquired in process research and development expense and research and development expense, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Contingent Consideration In connection with an asset acquisition, the Company may be obligated to make future payments to the seller upon the achievement of specified development, regulatory or commercial milestones. The Company evaluates the terms of each such arrangement to determine the appropriate accounting model. Where the Company may settle the contingent consideration in cash or in a variable number of shares of its common stock at the Company’s election, the Company accounts for the arrangement as a liability in accordance with ASC 480. Contingent consideration arising from the initial consolidation of a VIE that is not a business is recognized at its acquisition-date fair value as part of the consideration transferred and therefore is a component of the gain or loss on initial consolidation of the VIE. Contingent consideration classified as a liability within the scope of ASC 480 is remeasured to fair value at each reporting date, with changes recorded to change in fair value of contingent consideration in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Contingent consideration that is payable solely in cash is classified as a liability but is not within the scope of ASC 480 or ASC 815, Derivatives and Hedging, and is not remeasured each reporting period. For milestone-based arrangements classified as contingent consideration, the liability is carried at its initially recognized amount until the milestone becomes payable, at which time the recognized liability is released and any amount payable in excess of the recognized liability is capitalized to the related intangible asset and amortized over its remaining useful life. For sales-based royalty arrangements, as royalties become due the recognized liability is released and royalty payments in excess of the recognized liability are recognized in cost of sales on the Condensed Consolidated Statements of Operations and Comprehensive Loss. The fair value of the contingent consideration liability, including the valuation technique and the significant unobservable inputs used in its measurement, is described further in Note 3, Fair Value Measurements. 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 an accelerated attribution method 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. Stock awards that are classified as liabilities are initially measured at fair value and remeasured at fair value at each reporting date until settlement. For liability-classified awards subject to a performance condition that affects vesting, compensation cost is recognized when achievement of the performance condition is probable, based on the then-current fair value of the award and the requisite service rendered. Changes in fair value are recognized as compensation cost over the requisite service period and, after the requisite service period has been completed, are recognized in the period of change until settlement. Compensation cost is attributed using the graded-vesting attribution method, as applicable. 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 Consolidated 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 (“Nasdaq”) 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 Consolidated 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 became effective for the Company beginning with its Annual Report on Form 10-K for the year ended December 31, 2025. The Company adopted ASU 2023-09 during 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 December 31, 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. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07 expands the scope exception in Topic 815 to exclude from derivative accounting contracts, and embedded features within contracts, that are not traded on an exchange and that contain underlyings based on operations or activities specific to one of the parties to the contract. The standard also clarifies that share-based noncash consideration received from a customer in exchange for the transfer of goods or services is accounted for under Topic 606 until the Company’s right to receive or retain that consideration becomes unconditional, at which point the consideration is accounted for under other applicable guidance, including Topic 815 or Topic 321. ASU 2025-07 is effective for annual periods beginning after December 15, 2026, and interim periods within, with early adoption permitted prospectively or on a modified retrospective basis. The Company is currently assessing the impact this standard will have on its financial statements.

DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS	Description of Business Tarsus Pharmaceuticals, Inc. (together with its subsidiaries, hereinafter referred to as “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. The Company expanded its pipeline into retina through the acquisitions of iRenix Medical, Inc. (“iRenix”, and the “iRenix Acquisition”) in July 2026, and Alkeus Pharmaceuticals, Inc. (“Alkeus”, and the “Alkeus Acquisition”) in September 2026 (see Note 8). Private Placement of Common Stock In August 2026, the Company completed a private placement (the “2026 Private Placement”), pursuant to which the Company sold an aggregate of 2,098,519 shares of its common stock at a purchase price of $56.00 per share and pre-funded warrants to purchase an aggregate of 133,625 shares of the Company’s common stock at a purchase price of $55.9999 per pre-funded warrant (the purchase price per share less $0.0001, the exercise price of the pre-funded warrants), which resulted in net proceeds of approximately $120.1 million, after deducting placement agent fees and other offering expenses. 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 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 Sale 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. 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 and nine months ended September 30, 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 and has incurred accumulated losses. Although the Company has recently generated positive cash flows from operations and has successfully generated revenues from XDEMVY since its commercial launch in August 2023, it historically generated negative cash flows from operations since inception, and the revenue and income potential from the Company’s business and market remains unproven. The Company has funded its inception-to-date operations through the Initial Public Offering (“IPO”), subsequent follow-on public offerings, the 2023 ATM Prospectus and the 2026 Private Placement, 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. 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 Consolidated 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.

COMMITMENTS AND CONTINGENCIES - In-License Agreements (Details) - USD ($) $ in Millions	1 Months Ended							3 Months Ended		9 Months Ended		31 Months Ended
	Sep. 30, 2026	Feb. 28, 2026	Oct. 31, 2024	Sep. 30, 2024	Aug. 31, 2023	Dec. 31, 2022	Jan. 31, 2019	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received			$ 2.5
Clinical Milestones
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							$ 77.0		77.0
Anterior In-License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received		$ 2.0
Anterior In-License Agreement \| Clinical Milestones
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	500.0			$ 100.0
Elanco \| License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received							$ 1.0
Future cash payments	2.0							2.0		2.0
Maximum milestone payments	70.0							70.0		70.0
Royalty expense								11.8	$ 6.4	28.5	$ 15.5
Elanco \| License Agreement \| Clinical Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales						$ 0.5						$ 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	10.0			$ 5.0
Maximum milestone payments	$ 4.0							$ 4.0		$ 4.0

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 4,642	$ 0	$ 9,710	$ 0
Unrecognized tax benefits	$ 4,300		$ 4,300		$ 4,300

- Definition

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

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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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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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION - Schedule of Valuation Assumptions of Stock Options (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]
Weighted-average risk-free interest rate	4.47%	3.94%	3.91%	4.12%
Weighted-average volatility	63.61%	67.04%	64.66%	68.21%

SEGMENT REPORTING

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

7. 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 10). 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 Consolidated 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues:
Product sales, net	$	194,569	$	118,697	$	513,868	$	299,692
License fees and collaboration revenue	—		—		16,667		—
Total revenues	194,569		118,697		530,535		299,692

Operating expenses:
Cost of sales	13,894		8,309		35,403		19,757
Research and development	44,192		16,284		97,553		46,287
Acquired in-process research and development	632,176		—		632,176		—
Selling and marketing	77,495		64,708		251,978		190,851
General and administrative	90,526		43,925		203,169		105,790
Change in fair value of contingent consideration	(1,620)		—		(1,620)		—
Total operating expenses	856,663		133,226		1,218,659		362,685
Loss from operations	(662,094)		(14,529)		(688,124)		(62,993)
Other reconciling items(1)	(6,240)		1,944		(5,728)		4,948
Net loss	$	(668,334)	$	(12,585)	$	(693,852)	$	(58,045)

Other segment disclosures:
Interest income	$	3,777	$	4,114	$	11,197	$	11,797
Interest expense	$	(2,185)	$	(2,268)	$	(6,469)	$	(6,721)
Depreciation and amortization expense	$	(1,027)	$	(460)	$	(2,464)	$	(1,373)
Provision for income taxes	$	(4,642)	$	—	$	(9,710)	$	—

(1) Other reconciling items primarily includes interest income, interest expense, gain on exchange of long-term investments, loss on initial consolidation of variable interest entity, and provision for income taxes.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2026	December 31, 2025
Pre-funded warrants to purchase common stock	446,125	312,500
Equity award plans:
Common stock awards reserved for future issuance under the 2020 and 2016 Plans	8,064,534	7,044,164
Common stock awards reserved for future issuance under the 2020 ESPP	3,195,262	2,796,609
Stock options issued and outstanding (unvested and vested) under the 2020 and 2016 Plans	5,171,240	5,231,125
Restricted stock units issued and outstanding (unvested) under the 2020 Plan	1,468,827	1,756,329
Performance stock units issued and outstanding (unvested) under the 2020 Plan	645,675	724,793
Total shares of common stock reserved	18,991,663	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 Consolidated Statements of Operations and Comprehensive Loss as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cost of sales	$	205	$	204	$	636	$	509
Research and development	10,195		2,958		16,188		6,383
Selling, general and administrative	16,818		9,081		35,650		20,514
Total stock-based compensation	$	27,218	$	12,243	$	52,474	$	27,406

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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Weighted-average risk-free interest rate	4.47	%	3.94	%	3.91	%	4.12	%
Weighted-average volatility	63.61	%	67.04	%	64.66	%	68.21	%

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	526,926	74.28
Exercised	(446,688)	23.61
Forfeited	(140,123)	48.09

Outstanding — September 30, 2026	5,171,240	26.60	5.82	269,099
Exercisable — September 30, 2026	4,006,291	19.05	5.04	238,607
Unvested — September 30, 2026	1,164,949	52.54	8.50	30,493

(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 September 30, 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	529,069	74.71
Vested	(661,604)	27.52
Forfeited	(154,967)	42.91
Outstanding — September 30, 2026	1,468,827	48.05

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	5,437	71.86

Forfeited	(84,555)	43.80
Outstanding — September 30, 2026	645,675	45.13

- Definition

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

+ References

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+ Details

CREDIT FACILITY AGREEMENT (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Interest Expense

The Company recognized interest expense in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss in connection with the 2024 Credit Facility as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Interest expense for long-term debt	$	2,013	$	2,116	$	5,972	$	6,284
Amortization of debt issuance costs	172		152		497		437
Total interest expense	$	2,185	$	2,268	$	6,469	$	6,721

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 Consolidated Balance Sheets as follows:


	September 30, 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	1,458		961
Long-term debt, net	$	72,935	$	72,438

BALANCE SHEET ACCOUNT DETAIL - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Amounts
2026 (remaining three months)	$ 602
2027	2,407
2028	2,407
2029	2,407
2030	2,407
Thereafter	6,415
Total future amortization	$ 16,645

FAIR VALUE MEASUREMENTS - Schedule of Estimated Value of Cash, Cash Equivalents, Marketable Securities, and Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Cash equivalents:
Amortized Cost	$ 136,530	$ 183,640
Unrealized Gains		1
Total cash equivalents	136,530	183,641
Marketable securities:
Amortized Cost	173,996	233,247
Unrealized Gains	1	389
Unrealized Losses	(915)	(9)
Total marketable securities	173,082	233,627
Money market funds
Cash equivalents:
Amortized Cost	136,530	173,694
Total cash equivalents	136,530	173,694
U.S. Treasury securities
Cash equivalents:
Amortized Cost		9,946
Unrealized Gains		1
Total cash equivalents		9,947
Marketable securities:
Amortized Cost	68,908	119,194
Unrealized Gains	0	209
Unrealized Losses	(453)	0
Total marketable securities	68,455	119,403
Commercial paper
Marketable securities:
Amortized Cost	25,301	39,022
Unrealized Gains	0	26
Unrealized Losses	(35)	(8)
Total marketable securities	25,266	39,040
Corporate debt securities
Marketable securities:
Amortized Cost	64,788	70,032
Unrealized Gains	1	154
Unrealized Losses	(257)	0
Total marketable securities	64,532	70,186
Government-related debt securities
Marketable securities:
Amortized Cost	14,999	4,999
Unrealized Gains	0	0
Unrealized Losses	(170)	(1)
Total marketable securities	$ 14,829	$ 4,998

BALANCE SHEET ACCOUNT DETAIL - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property and equipment, at cost	$ 23,445	$ 13,763
(Less): Accumulated depreciation	(2,726)	(2,098)
Property and equipment, net	20,719	11,665
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Property and equipment, at cost	2,738	1,335
Office equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, at cost	2,191	930
Laboratory equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, at cost	824	345
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property and equipment, at cost	16,283	9,925
Manufacturing equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, at cost	$ 1,409	$ 1,228

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + 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

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-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 7A
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

FAIR VALUE MEASUREMENTS - Schedule of Reconciliation of the Contingent Consideration Liability (Details) - Contingent consideration $ in Thousands	1 Months Ended
	Sep. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 49,280
Change in fair value	(1,620)
Ending balance	$ 47,660

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Thousands	Sep. 30, 2026 USD ($) contract security	Sep. 04, 2026 USD ($)	Dec. 31, 2025 USD ($) contract security
Debt Securities, Available-for-Sale [Line Items]
Number of securities with contractual maturity between one and three years \| security	16		20
Corporate debt securities	$ 173,082		$ 233,627
Amortized Cost	$ 173,996		$ 233,247
Number of available-for-sale debt securities in gross unrealized loss position for less than one year \| contract	68		7
Contingent milestone consideration	$ 47,660
First Commercial Sale Milestone
Debt Securities, Available-for-Sale [Line Items]
Contingent milestone consideration		$ 19,500
Sales Royalty Earnout
Debt Securities, Available-for-Sale [Line Items]
Contingent milestone consideration		$ 18,500
Available-for-sale Debt Securities, Contractual Maturity Less Than 12 Months
Debt Securities, Available-for-Sale [Line Items]
Corporate debt securities	39,900		$ 46,900
Amortized Cost	$ 40,500		$ 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

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

3. 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:


	September 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	136,530	$	—	$	—	$	136,530
U.S. Treasury securities	68,455		—		—		68,455
Commercial paper	—		25,266		—		25,266
Corporate debt securities	—		64,532		—		64,532
Government-related debt securities	—		14,829		—		14,829
Total assets measured at fair value	$	204,985	$	104,627	$	—	$	309,612
Liabilities:
Contingent consideration	$	—	$	—	$	47,660	$	47,660
Total liabilities measured at fair value	$	—	$	—	$	47,660	$	47,660

(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:


	September 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds(1)	$	136,530	$	—	$	—	$	136,530



Total cash equivalents	$	136,530	$	—	$	—	$	136,530

Marketable securities:
U.S. Treasury securities	$	68,908	$	—	$	(453)	$	68,455
Commercial paper	25,301		—		(35)		25,266
Corporate debt securities	64,788		1		(257)		64,532
Government-related debt securities	14,999		—		(170)		14,829
Total marketable securities	$	173,996	$	1	$	(915)	$	173,082

(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 September 30, 2026 and December 31, 2025, a majority of the Company’s debt securities had a maturity of 12 months or less. As of September 30, 2026, sixteen debt securities had a contractual maturity between one and two years, with an estimated fair market value of $39.9 million and amortized cost of $40.5 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 September 30, 2026 and December 31, 2025, the Company had sixty-eight and seven debt securities, respectively, in a continuous gross unrealized loss position for less than one year. As of September 30, 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 record an allowance for credit losses or write down the amortized cost basis of any debt securities for the three and nine months ended September 30, 2026 and 2025.

Contingent Consideration

In connection with the Alkeus Acquisition (see Note 8), the Company recorded contingent consideration liabilities for future regulatory/commercial milestone payments and royalty payments. The contingent consideration liability related to the regulatory approval milestone is measured at fair value on a recurring basis and is classified within Level 3 of the fair value

hierarchy because its measurement relies on significant unobservable inputs, including the probability of achieving the regulatory milestone, the estimated timing of the related payment and the discount rate. The fair value is estimated with a probability-weighted model. The Company remeasures this liability at fair value as of each reporting period and records changes in fair value within change in fair value of contingent consideration in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

A reconciliation of the contingent consideration liability related to the regulatory milestone measured at fair value on a recurring basis using Level 3 inputs is presented in the following table:


Balance as of acquisition date (September 4, 2026)	$	49,280
Change in fair value	(1,620)
Balance as of September 30, 2026	$	47,660

Quantitative information about the significant unobservable inputs used in the fair value measurement of the contingent consideration liability related to the regulatory approval milestone is presented in the following table as of September 30, 2026:


	Probability-Weighted Discounted Cash Flow

Discount rate	13.0	%
Estimated period to payment	4.7 years

The assumptions used to calculate the fair value of the regulatory approval milestones are subject to a significant amount of judgment. Fair value measurements are highly sensitive to changes in our probability assessment of regulatory approval and significant changes could result in a significantly higher or lower fair value and resulting expense or gain.

The acquisition-date fair values of the contingent consideration liabilities related to the first commercial sale milestone and the sales royalty earnout were $19.5 million and $18.5 million, respectively. The fair values were estimated using probability-weighted valuation models incorporating significant unobservable inputs. The valuation of the first commercial sale milestone incorporated the estimated probability and timing of the first commercial sale and a risk-adjusted discount rate. The valuation of the sales royalty earnout incorporated projected net sales, the probability of commercial success and a risk-adjusted discount rate. Because these liabilities are not remeasured after the acquisition date, they are excluded from the recurring fair value measurement disclosures above

- 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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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

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

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

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

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended		9 Months Ended
	Aug. 31, 2026	Mar. 31, 2025	Nov. 30, 2023	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-funded warrants to purchase common stock (in shares)				446,125		446,125		312,500
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
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
Stock issued, net proceeds		$ 134.8
Underwriter purchase option (in days)		30 days
2023 ATM Prospectus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)				0	0	0	0
Authorized consideration			$ 100.0
Agent fee (as a percent)			3.00%
Purchase Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)	2,098,519
Original issue price (usd per share)	$ 56.00
Pre-funded warrants to purchase common stock (in shares)	133,625
Warrant issue price (usd per share)	$ 55.9999
Exercise price per warrant (usd per share)	$ 0.0001
Stock issued, net proceeds	$ 120.1

BALANCE SHEET ACCOUNT DETAIL - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2024	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Property, Plant, and Equipment [Line Items]
Depreciation			$ 800,000	$ 200,000	$ 1,744,000	$ 653,000
Amortization expense			200,000	200,000	720,000	720,000
Impairments of intangible assets			$ 0	$ 0	$ 0	$ 0
Intangible Assets, Milestone Payment
Property, Plant, and Equipment [Line Items]
Remaining useful life (in years)	6 years 10 months 24 days		6 years 10 months 24 days		6 years 10 months 24 days
Initial useful life (in years)	10 years		10 years		10 years
Elanco \| Sales-based Milestones
Property, Plant, and Equipment [Line Items]
Contractual milestone payment net sales	$ 500,000,000.0	$ 100,000,000.0
License Agreement \| Elanco \| Sales-based Milestones
Property, Plant, and Equipment [Line Items]
Contractual milestone payment net sales	$ 10,000,000.0	$ 5,000,000.0

STOCK-BASED COMPENSATION - Schedule of Total Shares Reserved For Future Issuance (Details) - shares	Sep. 30, 2026	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Pre-funded warrants to purchase common stock (in shares)	446,125	312,500
Common stock awards reserved for future issuance under the 2020 and 2016 Plans (in shares)	8,064,534	7,044,164
Common stock awards reserved for future issuance under the 2020 ESPP (in shares)	3,195,262	2,796,609
Stock options issued and outstanding (unvested and vested) under the 2020 and 2016 Plans (in shares)	5,171,240	5,231,125
Restricted stock units issued and outstanding (unvested) under the 2020 Plan (in shares)	1,468,827	1,756,329
Performance stock units issued and outstanding (unvested) under the 2020 Plan (in shares)	645,675	724,793
Total shares of common stock reserved (in shares)	18,991,663	17,865,520

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating lease expense	$	602	$	174	$	2,042	$	530
Variable lease expense	220		155		804		404
Total lease expense	$	822	$	329	$	2,846	$	934

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


	September 30, 2026		December 31, 2025
Discount rate	11.4	%	11.4	%
Weighted-average remaining lease term (years)	8.9		9.9

Schedule of Future Contractual Lease Payments

The below table summarizes as of September 30, 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 three months)	$	784
2027	3,113
2028	2,704
2029	2,783
2030	2,869
Thereafter	15,396
Total future lease payments, undiscounted	27,649
(Less): Imputed interest	(10,561)
(Less): Tenant improvement allowance	(591)
Present value of operating lease payments	$	16,497
Operating lease liability, current	765
Operating lease liability, non-current	15,732
Total operating lease liability	$	16,497

COMMITMENTS AND CONTINGENCIES - Schedule of Future Contractual Lease Payments (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Amounts
2026 (remaining three months)	$ 784
2027	3,113
2028	2,704
2029	2,783
2030	2,869
Thereafter	15,396
Total future lease payments, undiscounted	27,649
(Less): Imputed interest	(10,561)
(Less): Tenant improvement allowance	(591)
Present value of operating lease payments	16,497
Operating lease liability, current	$ 765
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Operating lease liability, non-current	$ 15,732
Total operating lease liability	$ 16,497

CREDIT FACILITY AGREEMENT - Additional Information (Details) - Line of Credit $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($) contract	Sep. 30, 2026	Sep. 30, 2025
Debt Instrument [Line Items]
Effective interest rate (as a percent)		11.75%	12.30%
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

BALANCE SHEET ACCOUNT DETAIL (Tables)

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

Inventory consists of the following:


	September 30, 2026		December 31, 2025
Current assets:

Work in progress	$	3,063	$	1,410
Finished goods	2,096		2,962
Inventory	5,159		4,372
Non-current assets:
Raw materials	2,525		2,532
Inventory, non-current	2,525		2,532
Total inventory	$	7,684	$	6,904

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	September 30, 2026		December 31, 2025
Furniture and fixtures	$	2,738	$	1,335
Office equipment	2,191		930
Laboratory equipment	824		345
Leasehold improvements	16,283		9,925
Manufacturing equipment	1,409		1,228
Property and equipment, at cost	23,445		13,763
(Less): Accumulated depreciation	(2,726)		(2,098)
Property and equipment, net	$	20,719	$	11,665

Schedule of Intangible Assets, Net

Intangible assets, net consists of the following:


	September 30, 2026		December 31, 2025
Intangible assets, gross	$	19,000	$	9,000
(Less): Accumulated amortization	(2,355)		(1,634)
Intangible assets, net	$	16,645	$	7,366

Schedule of Expected Future Amortization Expense

As of September 30, 2026, the expected future amortization expense for the Company’s intangible assets is as follows:


	Amounts
2026 (remaining three months)	$	602
2027	2,407
2028	2,407
2029	2,407
2030	2,407
Thereafter	6,415
Total future amortization	$	16,645

Schedule of Other Accrued Liabilities

Other accrued liabilities consists of the following:


	September 30, 2026		December 31, 2025
Accrued product sales deductions	$	77,679	$	68,439
Other liabilities	32,154		16,307
Accrued branded prescription drug fee	13,286		5,384
Accrued royalty payable	11,803		9,100
Accrued milestone achievement	10,000		—
Accrued clinical trials	7,496		488
Income tax payable, current	5,667		1,811
Other accrued liabilities	$	158,085	$	101,529

BALANCE SHEET ACCOUNT DETAIL - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Work in progress	$ 3,063	$ 1,410
Finished goods	2,096	2,962
Inventory	5,159	4,372
Non-current assets:
Raw materials	2,525	2,532
Inventory, non-current	2,525	2,532
Total inventory	$ 7,684	$ 6,904

COMMITMENTS AND CONTINGENCIES - Employment Arrangements (Details)	Sep. 30, 2026 contract
Commitments and Contingencies Disclosure [Abstract]
Number of employment arrangements with executive officers	6

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Unit Activity	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	1,756,329
Granted (in shares) \| shares	529,069
Vested (in shares) \| shares	(661,604)
Forfeited (in shares) \| shares	(154,967)
Outstanding, ending balance (in shares) \| shares	1,468,827
Weighted-Average Grant Date Fair Value ($)
Outstanding, beginning balance (usd per share) \| $ / shares	$ 31.83
Granted (usd per share) \| $ / shares	74.71
Vested (usd per share) \| $ / shares	27.52
Forfeited (usd per share) \| $ / shares	42.91
Outstanding, ending balance (usd per share) \| $ / shares	$ 48.05

OUT-LICENSE AGREEMENT	9 Months Ended
OUT-LICENSE AGREEMENT	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OUT-LICENSE AGREEMENT	10. OUT-LICENSE AGREEMENT 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 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 Consolidated Statement of Operations and Comprehensive Loss for the nine months ended September 30, 2026. GrandPharma was 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 12) in the accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss for the nine months ended September 30, 2026. Through September 30, 2026, the Company received aggregate payments from the China Out-License totaling $101.1 million, comprised of (i) $15.0 million of initial consideration, (ii) $82.5 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 September 30, 2026, the Company is eligible to receive further consideration from GrandPharma upon the achievement of additional TP-03 events, including: (i) an additional regulatory approval milestone of $5.0 million; (ii) China-based TP-03 sales threshold milestone payments of up to an aggregate of $100.0 million; and (iii) tiered low-to-high-teen royalties for China Territory TP-03 product sales. The variable consideration related to the remaining milestone payments was fully constrained as of September 30, 2026.

BALANCE SHEET ACCOUNT DETAIL - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued product sales deductions	$ 77,679	$ 68,439
Other liabilities	32,154	16,307
Accrued branded prescription drug fee	13,286	5,384
Accrued royalty payable	11,803	9,100
Accrued milestone achievement	10,000	0
Accrued clinical trials	7,496	488
Income tax payable, current	5,667	1,811
Other accrued liabilities	$ 158,085	$ 101,529

COMMITMENTS AND CONTINGENCIES - Lease Agreements (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2024 USD ($)	Sep. 30, 2026 USD ($) ft² contract	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) ft² contract	Sep. 30, 2025 USD ($)	Feb. 28, 2026 USD ($)
Lessee, Lease, Description [Line Items]
Number of leases \| contract		2		2
Lease term (in years)	10 years
Base rent expense	$ 2,500
Annual increase in rent (as a percent)	3.00%
Rent abatement	$ 700
Tenant improvement allowance	5,800
Payments for tenant improvement allowance				$ 5,300
Security deposit	$ 2,600					$ 2,000
Payment for landlord in base rent over the remaining lease term		$ 27,649		27,649
Cash paid for our current lease		$ 600	$ 200	$ 1,400	$ 600
Irvine, California
Lessee, Lease, Description [Line Items]
Square feet of office space \| ft²		59,626		59,626
Cambridge, Massachusetts
Lessee, Lease, Description [Line Items]
Square feet of office space \| ft²		10,861		10,861
Alkeus Pharmaceuticals, Inc.
Lessee, Lease, Description [Line Items]
Payment for landlord in base rent over the remaining lease term		$ 600		$ 600

SEGMENT REPORTING - Additional Information (Details) - 9 months ended Sep. 30, 2026	contract	segment
Segment Reporting [Abstract]
Number of reportable segments	1	1

MERGERS AND ACQUISITIONS - Summary of Fair Value of Consideration Transferred (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 04, 2026	Sep. 30, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Business Combination [Line Items]
Contingent milestone consideration		$ 47,660	$ 47,660		$ 47,660
Total stock-based compensation			$ 27,218	$ 12,243	$ 52,474	$ 27,406
Alkeus Pharmaceuticals, Inc.
Business Combination [Line Items]
Total consideration for the transaction (in shares)	2,769,696
Shares transferred (in usd per share)	$ 83.21
Consideration on equity interest	$ 230,466
Cash consideration	238,202
Seller transaction costs paid by the Company	1,438
Total consideration transferred	$ 577,269	$ 577,269
Common stock issued, gross (in shares)	2,908,692
Equity interests issued attributable to accelerated options (in shares)	138,996
Contingent consideration value allocable to partially vested option holders	11.40%
Alkeus Pharmaceuticals, Inc. \| Cash Settled Accelerated Options
Business Combination [Line Items]
Total stock-based compensation	$ 9,200
Alkeus Pharmaceuticals, Inc. \| Stock Option Activity
Business Combination [Line Items]
Total stock-based compensation	11,500
Alkeus Pharmaceuticals, Inc. \| Regulatory Approval Milestone
Business Combination [Line Items]
Contingent milestone consideration	49,280
Alkeus Pharmaceuticals, Inc. \| First Commercial Sales Milestone
Business Combination [Line Items]
Contingent milestone consideration	19,529
Alkeus Pharmaceuticals, Inc. \| Royalty
Business Combination [Line Items]
Contingent milestone consideration	18,501
Alkeus Pharmaceuticals, Inc. \| Adjustment Escrow
Business Combination [Line Items]
Deferred consideration	5,000
Alkeus Pharmaceuticals, Inc. \| Option Holder Settlement
Business Combination [Line Items]
Deferred consideration	$ 14,853

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						9 Months Ended
	Sep. 04, 2026	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share, Basic [Abstract]
Net loss		$ (668,334)	$ (18,551)	$ (6,967)	$ (12,585)	$ (20,340)	$ (25,120)	$ (693,852)	$ (58,045)
Weighted-average shares outstanding - basic (in shares)		46,421,382			42,607,717			44,270,023	41,457,027
Weighted-average shares outstanding - diluted (in shares)		46,421,382			42,607,717			44,270,023	41,457,027
Net loss per share - basic (usd per share)		$ (14.40)			$ (0.30)			$ (15.67)	$ (1.40)
Net loss per share - diluted (usd per share)		$ (14.40)			$ (0.30)			$ (15.67)	$ (1.40)
Alkeus Pharmaceuticals, Inc.
Business Combination [Line Items]
Aggregate milestone payments upon achievement	$ 250,000

- 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

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

9. COMMITMENTS AND 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 September 30, 2026, the Company had two active leases: (i) office and laboratory suites in Irvine, California with square footage of 59,626, and (ii) office suites in Cambridge, Massachusetts with square footage of 10,861.

In December 2024, the Company entered into an agreement to terminate its former facility lease agreements and concurrently entered into a new lease agreement (the “Irvine 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 Irvine Lease. The Company relocated its headquarters to the new facility in April 2026.

Lease payments under the Irvine Lease began in November 2025. Base rent under the Irvine Lease is $2.5 million for the first year and is subject to annual increases of 3% thereafter. Upon commencement of the Irvine 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 Irvine 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 Irvine Lease commencement date, after which any unused portion will be forfeited with no further obligation by the landlord. As of September 30, 2026, the landlord paid $5.3 million of the tenant improvement allowance.

Upon execution of the Irvine 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.

Concurrent with the Alkeus Acquisition, in September 2026, the Company assumed the lease obligations for office and laboratory suites in Cambridge, Massachusetts (the “Cambridge Lease”). The Company will pay the landlord $0.6 million in base rent over the remaining lease term which ends on October 31, 2027.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating lease expense	$	602	$	174	$	2,042	$	530
Variable lease expense	220		155		804		404
Total lease expense	$	822	$	329	$	2,846	$	934

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


	September 30, 2026		December 31, 2025
Discount rate	11.4	%	11.4	%
Weighted-average remaining lease term (years)	8.9		9.9

Cash paid for the Company’s lease agreements was $0.6 million and $0.2 million, respectively, for the three months ended September 30, 2026 and 2025, and was $1.4 million and $0.6 million, respectively, for the nine months ended September 30, 2026 and 2025.


	Amounts
2026 (remaining three months)	$	784
2027	3,113
2028	2,704
2029	2,783
2030	2,869
Thereafter	15,396
Total future lease payments, undiscounted	27,649
(Less): Imputed interest	(10,561)
(Less): Tenant improvement allowance	(591)
Present value of operating lease payments	$	16,497
Operating lease liability, current	765
Operating lease liability, non-current	15,732
Total operating lease liability	$	16,497

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 Consolidated 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 calendar year net product sales of XDEMVY. These respective milestone payments were recorded to intangible assets, net in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025. In September 2026, a $10.0 million sales-based milestone obligation to Elanco was triggered for the achievement of reaching $500.0 million in calendar year net product sales of XDEMVY, which was recorded to intangible assets, net and other accrued liabilities in the accompanying Condensed Consolidated Balance Sheet as of September 30, 2026.

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 a last clinical milestone in a second indication for treatment of human eye care or dermatology diseases using lotilaner and a maximum of $70.0 million for various commercial and sales threshold milestones (including the $10.0 million sales-based milestone triggered in September 2026, which is expected to be paid in the fourth quarter of 2026) 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 Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2026 and 2025, and other accrued liabilities in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025. Royalty expense for the three months ended September 30, 2026 and 2025, was $11.8 million and $6.4 million, respectively, and for the nine months ended September 30, 2026 and 2025, was $28.5 million and $15.5 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. As of September 30, 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 a clinical 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 Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2026. As of September 30, 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 clinical 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 six 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 Consolidated Balance Sheets.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2026	Oct. 29, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		49,305,552
Amendment Flag	false
Entity Central Index Key	0001819790
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	5,231,125
Granted (in shares) \| shares	526,926
Exercised (in shares) \| shares	(446,688)
Forfeited (in shares) \| shares	(140,123)
Ending balance (in shares) \| shares	5,171,240	5,231,125
Exercisable (in shares) \| shares	4,006,291
Unvested (in shares) \| shares	1,164,949
Weighted- Average Exercise Price/Share ($)
Beginning balance (usd per share) \| $ / shares	$ 22.11
Granted (usd per share) \| $ / shares	74.28
Exercised (usd per share) \| $ / shares	23.61
Forfeited (usd per share) \| $ / shares	48.09
Ending balance (usd per share) \| $ / shares	26.60	$ 22.11
Exercisable (usd per share) \| $ / shares	19.05
Unvested (usd per share) \| $ / shares	$ 52.54
Weighted- Average Remaining Contractual Term (Years)
Outstanding (in years)	5 years 9 months 25 days	6 years 3 months 3 days
Exercisable (in years)	5 years 14 days
Unvested (in years)	8 years 6 months
Aggregate Intrinsic Value
Outstanding \| $	$ 269,099	$ 312,647
Exercisable \| $	238,607
Unvested \| $	$ 30,493

INCOME TAXES

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

12. INCOME TAXES

The Company computed income tax expense for the three and nine months ended September 30, 2026 using the “discrete” (or “cut-off”) method, which was comprised of the following:


	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
Federal	$	341	$	652
State	4,301		7,391
Foreign	—		1,667
Provision for income taxes	$	4,642	$	9,710

The foreign withholding tax expense was incurred in connection with the Company’s China Out-License and a milestone that was achieved during the three months ended March 31, 2026. The Company did not recognize income tax expense for the three and nine months ended September 30, 2025.

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 September 30, 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 September 30, 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 and Comprehensive Loss. 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.

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+ Details

STOCK-BASED COMPENSATION - Schedule of Performance Stock Unit Activity (Details) - Performance Stock Unit Activity	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	724,793
Granted (in shares) \| shares	5,437
Forfeited (in shares) \| shares	(84,555)
Outstanding, ending balance (in shares) \| shares	645,675
Weighted-Average Grant Date Fair Value ($)
Outstanding, beginning balance (usd per share) \| $ / shares	$ 44.77
Granted (usd per share) \| $ / shares	71.86
Forfeited (usd per share) \| $ / shares	43.80
Outstanding, ending balance (usd per share) \| $ / shares	$ 45.13

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	136,530	$	—	$	—	$	136,530
U.S. Treasury securities	68,455		—		—		68,455
Commercial paper	—		25,266		—		25,266
Corporate debt securities	—		64,532		—		64,532
Government-related debt securities	—		14,829		—		14,829
Total assets measured at fair value	$	204,985	$	104,627	$	—	$	309,612
Liabilities:
Contingent consideration	$	—	$	—	$	47,660	$	47,660
Total liabilities measured at fair value	$	—	$	—	$	47,660	$	47,660

(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:


	September 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds(1)	$	136,530	$	—	$	—	$	136,530



Total cash equivalents	$	136,530	$	—	$	—	$	136,530

Marketable securities:
U.S. Treasury securities	$	68,908	$	—	$	(453)	$	68,455
Commercial paper	25,301		—		(35)		25,266
Corporate debt securities	64,788		1		(257)		64,532
Government-related debt securities	14,999		—		(170)		14,829
Total marketable securities	$	173,996	$	1	$	(915)	$	173,082

(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.

Schedule of Reconciliation of the Contingent Consideration Liability

A reconciliation of the contingent consideration liability related to the regulatory milestone measured at fair value on a recurring basis using Level 3 inputs is presented in the following table:


Balance as of acquisition date (September 4, 2026)	$	49,280
Change in fair value	(1,620)
Balance as of September 30, 2026	$	47,660

Schedule of Quantitative Information About the Significant Unobservable Inputs


	Probability-Weighted Discounted Cash Flow

Discount rate	13.0	%
Estimated period to payment	4.7 years

BALANCE SHEET ACCOUNT DETAIL - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Intangible assets, gross	$ 19,000	$ 9,000
(Less): Accumulated amortization	(2,355)	(1,634)
Intangible assets, net	$ 16,645	$ 7,366

STOCK-BASED COMPENSATION - Additional Information (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 04, 2026 USD ($)	Sep. 30, 2026 USD ($) vote shares	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) vote shares	Sep. 30, 2025 USD ($)	Dec. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, outstanding (in shares) \| shares		49,303,413		49,303,413		42,553,931
Common stock, issued (in shares) \| shares		49,303,413		49,303,413		42,553,931
Pre-funded warrants reserved for future issuance (in shares) \| shares		446,125		446,125		312,500
Common stock votes \| vote		1		1
Total stock-based compensation		$ 27,218	$ 12,243	$ 52,474	$ 27,406
Alkeus Pharmaceuticals, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate milestone payments upon achievement	$ 250,000
Alkeus Pharmaceuticals, Inc. \| Accounting Standards Codification 480
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate milestone payments upon achievement	100,000
Share-Based Compensation \| Alkeus Pharmaceuticals, Inc. \| Accounting Standards Codification 480
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate milestone payments upon achievement	11,400
Stock Option Activity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		35,400		$ 35,400
Unrecognized compensation expense, weighted average period of recognition (in years)				2 years 4 months 24 days
Stock Option Activity \| Alkeus Pharmaceuticals, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 11,500
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)				2 years 9 months 18 days
Unrecognized compensation expense		58,800		$ 58,800
Performance Stock Unit Activity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		16,400		$ 16,400
Unrecognized compensation expense, weighted average period of recognition (in years)				1 year 3 months 18 days
Performance Stock Unit Activity \| Alkeus Pharmaceuticals, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		39,900		$ 39,900
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation		$ 200	$ 200	$ 900	$ 700

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS 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, served on the board of this private company. In June 2026, the private company was acquired by a newly formed holding company through a merger and recapitalization led by a third-party investor. In connection with the transaction, the Company’s preferred stock was exchanged for approximately 6.7 million preferred units of the holding company with a fair value of approximately $6.7 million, representing a small minority interest, and Dr. Azamian and Dr. Link resigned from the board of the private company. The Company did not contribute additional capital in the transaction. A former member of the Company’s Board of Directors, who has provided consulting services to the Company since 2022, serves as the CEO and as a member of the board of directors of the holding 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

+ Details

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Federal, State and Foreign Income Tax Provision (Benefit)

The Company computed income tax expense for the three and nine months ended September 30, 2026 using the “discrete” (or “cut-off”) method, which was comprised of the following:


	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
Federal	$	341	$	652
State	4,301		7,391
Foreign	—		1,667
Provision for income taxes	$	4,642	$	9,710

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

5. STOCK-BASED COMPENSATION

Common Stock Outstanding and Reserves for Future Issuance

As of September 30, 2026 and December 31, 2025, the Company had 49,303,413 and 42,553,931 shares of common stock issued and outstanding, respectively, which excludes 446,125 and 312,500 shares issuable upon exercise of pre-funded warrants that remained exercisable at the respective 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:


	September 30, 2026	December 31, 2025
Pre-funded warrants to purchase common stock	446,125	312,500
Equity award plans:
Common stock awards reserved for future issuance under the 2020 and 2016 Plans	8,064,534	7,044,164
Common stock awards reserved for future issuance under the 2020 ESPP	3,195,262	2,796,609
Stock options issued and outstanding (unvested and vested) under the 2020 and 2016 Plans	5,171,240	5,231,125
Restricted stock units issued and outstanding (unvested) under the 2020 Plan	1,468,827	1,756,329
Performance stock units issued and outstanding (unvested) under the 2020 Plan	645,675	724,793
Total shares of common stock reserved	18,991,663	17,865,520

Stock-Based Compensation Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cost of sales	$	205	$	204	$	636	$	509
Research and development	10,195		2,958		16,188		6,383
Selling, general and administrative	16,818		9,081		35,650		20,514
Total stock-based compensation	$	27,218	$	12,243	$	52,474	$	27,406

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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Weighted-average risk-free interest rate	4.47	%	3.94	%	3.91	%	4.12	%
Weighted-average volatility	63.61	%	67.04	%	64.66	%	68.21	%

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	526,926	74.28
Exercised	(446,688)	23.61
Forfeited	(140,123)	48.09

Outstanding — September 30, 2026	5,171,240	26.60	5.82	269,099
Exercisable — September 30, 2026	4,006,291	19.05	5.04	238,607
Unvested — September 30, 2026	1,164,949	52.54	8.50	30,493

(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 September 30, 2026.

As of September 30, 2026, there was approximately $35.4 million of unrecognized compensation expense related to unvested stock options, which the Company expects to recognize over a weighted average period of 2.4 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	529,069	74.71
Vested	(661,604)	27.52
Forfeited	(154,967)	42.91
Outstanding — September 30, 2026	1,468,827	48.05

As of September 30, 2026, there was approximately $58.8 million of unrecognized compensation expense related to unvested restricted stock units, which the Company expects to recognize over a weighted average period of 2.8 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	5,437	71.86

Forfeited	(84,555)	43.80
Outstanding — September 30, 2026	645,675	45.13

As of September 30, 2026, there was approximately $16.4 million of unrecognized compensation expense related to unvested performance stock units. This expense is expected to be recognized over a weighted average period of 1.3 years.

Performance Awards Issued in the Acquisition of Alkeus

In connection with the acquisition of Alkeus, the Company issued consideration in the form of cash and/or shares of the Company’s common stock to Alkeus employees in exchange for their partially vested equity awards issued for prior completed service. As these awards were not fully vested and did not contain a change in control provision requiring their settlement, the exchange was treated as compensatory awards separate from the acquisition. The awards consist of (i) an aggregate of $28.5 million, payable in cash and/or shares of the Company’s common stock, contingent upon the achievement of regulatory approval for gildeuretinol, (ii) an aggregate amount of cash equal to $11.4 million contingent upon the achievement of the first commercial sale, and (iii) cash payments based on a low-to-mid single digit tiered royalty payable based on the net sales of gildeuretinol subsequent to the first commercial sale. Because the awards are cash settleable, they are considered a liability under ASC 718, Compensation—Stock Compensation (“ASC 718”). The Company will recognize these liabilities for cash settleable awards at fair value when achievement of the regulatory milestone and first commercial sale become probable. Compensation expense, including changes in fair value, is attributed using the graded-vesting attribution method and is post-combination expense because the performance conditions were not probable as of the closing date of the acquisition.

The Company assesses the probability of vesting in the above performance awards each reporting period. As of September 30, 2026, the Company assessed all performance targets as not probable of being met as they are all subject to regulatory approval which has not occurred as of this date.

As of September 30, 2026, there was approximately $39.9 million of unrecognized compensation expense related to unvested performance awards tied to future milestones to be recognized when performance targets become probable.

Employee Stock Purchase Plan

Stock-based compensation expense related to the ESPP was $0.2 million for the three months ended September 30, 2026 and 2025, and was $0.9 million and $0.7 million, respectively, for the nine months ended September 30, 2026 and 2025.

OUT-LICENSE AGREEMENT (Details) - License Agreement - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Sep. 30, 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			$ 101.1
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			82.5
LianBio \| Upon Execution of the Novation Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved			3.6
Grandpharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized	$ 15.0	$ 15.0
Maximum milestone payments			100.0
Grandpharma \| Grandpharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment			1.7
Grandpharma \| Development and Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments			$ 5.0

NET LOSS PER SHARE - Schedule of Outstanding Potentially Dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2026	Sep. 30, 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)	6,640,067	6,998,241
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)	5,171,240	5,249,730
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)	1,468,827	1,748,511

CREDIT FACILITY AGREEMENT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Debt Disclosure [Abstract]
Interest expense for long-term debt	$ 2,013	$ 2,116	$ 5,972	$ 6,284
Amortization of debt issuance costs	172	152	497	437
Total interest expense	$ 2,185	$ 2,268	$ 6,469	$ 6,721

SEGMENT REPORTING - Schedule of Operating Financial Results of Therapeutics Segment (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues:
Total revenues	$ 194,569			$ 118,697			$ 530,535	$ 299,692
Operating expenses:
Cost of sales	13,894			8,309			35,403	19,757
Research and Development Expense	44,192			16,284			97,553	46,287
General and administrative	168,021			108,633			455,147	296,641
Change in fair value of contingent consideration	(1,620)			0			(1,620)	0
Total operating expenses	856,663			133,226			1,218,659	362,685
Loss from operations before other income (expense)	(662,094)			(14,529)			(688,124)	(62,993)
Net loss	(668,334)	$ (18,551)	$ (6,967)	(12,585)	$ (20,340)	$ (25,120)	(693,852)	(58,045)
Other segment disclosures:
Interest income	3,777			4,114			11,197	11,797
Interest expense	(2,185)			(2,268)			(6,469)	(6,721)
Provision for income taxes	4,642			0			9,710	0
Product sales, net
Revenues:
Total revenues	194,569			118,697			513,868	299,692
License fees and collaboration revenue
Revenues:
Total revenues	0			0			16,667	0
Reportable Segment
Revenues:
Total revenues	194,569			118,697			530,535	299,692
Operating expenses:
Cost of sales	13,894			8,309			35,403	19,757
Research and Development Expense	44,192			16,284			97,553	46,287
Selling and marketing	77,495			64,708			251,978	190,851
General and administrative	90,526			43,925			203,169	105,790
Total operating expenses	856,663			133,226			1,218,659	362,685
Loss from operations before other income (expense)	(662,094)			(14,529)			(688,124)	(62,993)
Other reconciling items	(6,240)			1,944			(5,728)	4,948
Net loss	(668,334)			(12,585)			(693,852)	(58,045)
Other segment disclosures:
Interest income	3,777			4,114			11,197	11,797
Interest expense	(2,185)			(2,268)			(6,469)	(6,721)
Depreciation and amortization expense	(1,027)			(460)			(2,464)	(1,373)
Provision for income taxes	(4,642)			0			(9,710)	0
Reportable Segment \| In Process Research and Development
Operating expenses:
Research and Development Expense	632,176			0			632,176	0
Reportable Segment \| Product sales, net
Revenues:
Total revenues	194,569			118,697			513,868	299,692
Reportable Segment \| License fees and collaboration revenue
Revenues:
Total revenues	$ 0			$ 0			$ 16,667	$ 0

MERGERS AND ACQUISITIONS - iRenix Medical, Inc. Acquisition (Details) - iRenix Medical, Inc. $ in Millions	Jul. 06, 2026 USD ($) shares
Asset Acquisition [Line Items]
Aggregate consideration paid	$ 35.2
Aggregate consideration, shares issued (in shares) \| shares	607,093
Cash consideration paid to selling shareholders	$ 40.7
Eligible milestone payment amount	115.0
Maximum milestone payment amount	375.0
Total acquisition cost	78.2
Assets acquired	81.3
Liabilities assumed	3.1
In Process Research and Development
Asset Acquisition [Line Items]
Amount expensed at closing	$ 81.0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 136,530	$ 183,641
Restricted cash	0	560
Marketable securities	173,082	233,627
Accounts receivable, net	100,436	85,057
Inventory	5,159	4,372
Other receivables	1,670	2,052
Prepaid expenses	28,541	13,473
Total current assets	445,418	522,782
Restricted cash, non-current	2,382	2,002
Inventory, non-current	2,525	2,532
Property and equipment, net	20,719	11,665
Intangible assets, net	16,645	7,366
Operating lease right-of-use assets	10,393	10,080
Long-term investments	6,682	3,870
Other assets	735	1,861
Total assets	505,499	562,158
Current liabilities:
Accounts payable	34,694	16,387
Accrued payroll and benefits	34,335	17,779
Other accrued liabilities	158,085	101,529
Total current liabilities	227,114	135,695
Long-term debt, net	72,935	72,438
Contingent consideration, non-current	85,689	0
Other long-term liabilities	15,732	10,599
Total liabilities	401,470	218,732
Commitments and contingencies (Note 9)
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; 49,303,413 shares issued and outstanding at September 30, 2026 (unaudited); 42,553,931 shares issued and outstanding at December 31, 2025	7	6
Additional paid-in capital	1,225,416	769,667
Accumulated other comprehensive income (loss)	(914)	381
Accumulated deficit	(1,120,480)	(426,628)
Total stockholders’ equity	104,029	343,426
Total liabilities and stockholders’ equity	$ 505,499	$ 562,158

MERGERS AND ACQUISITIONS - Summary of Fair Value of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 04, 2026	Sep. 30, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Business Combination [Line Items]
Loss on initial consolidation of variable interest entity			$ (3,281)	$ 0	$ (3,281)	$ 0
Alkeus Pharmaceuticals, Inc.
Business Combination [Line Items]
Cash and cash equivalents	$ 28,894
Prepaid expenses and other assets	2,190
Property and equipment, net	246
Operating lease right-of-use assets	612
Restricted cash, non-current	381
Acquired IPR&D	551,151
Acquired clinical inventory	3,045
Total assets acquired	586,519
Accounts payable	2,798
Accrued payroll and benefits	4,323
Other accrued liabilities	4,281
Other long-term liabilities	1,129
Total liabilities assumed	12,531
Net assets acquired	573,988
Total consideration transferred	(577,269)	$ (577,269)
Loss on initial consolidation of variable interest entity	$ (3,300)	$ (3,281)

INCOME TAXES - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Valuation Allowance [Line Items]
Federal	$ 341		$ 652
State	4,301		7,391
Foreign	0		1,667
Provision for income taxes	$ 4,642	$ 0	$ 9,710	$ 0

- Definition

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

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues:
Total revenues	$ 194,569	$ 118,697	$ 530,535	$ 299,692
Operating expenses:
Cost of sales	13,894	8,309	35,403	19,757
Research and development	44,192	16,284	97,553	46,287
Acquired in-process research and development	632,176	0	632,176	0
Selling, general and administrative	168,021	108,633	455,147	296,641
Change in fair value of contingent consideration	(1,620)	0	(1,620)	0
Total operating expenses	856,663	133,226	1,218,659	362,685
Loss from operations before other income (expense)	(662,094)	(14,529)	(688,124)	(62,993)
Other income (expense):
Interest income	3,777	4,114	11,197	11,797
Interest expense	(2,185)	(2,268)	(6,469)	(6,721)
Gain on exchange of long-term investments	0	0	2,812	0
Loss on initial consolidation of variable interest entity	(3,281)	0	(3,281)	0
Other income (expense), net	91	98	(277)	(128)
Total other income (expense), net	(1,598)	1,944	3,982	4,948
Provision for income taxes	(4,642)	0	(9,710)	0
Net loss	(668,334)	(12,585)	(693,852)	(58,045)
Unrealized gain (loss) on marketable securities and cash equivalents	(357)	250	(1,295)	110
Comprehensive loss	$ (668,691)	$ (12,335)	$ (695,147)	$ (57,935)
Net loss per share - basic (usd per share)	$ (14.40)	$ (0.30)	$ (15.67)	$ (1.40)
Net loss per share - diluted (usd per share)	$ (14.40)	$ (0.30)	$ (15.67)	$ (1.40)
Weighted-average shares outstanding, basic (in shares)	46,421,382	42,607,717	44,270,023	41,457,027
Weighted-average shares outstanding - diluted (in shares)	46,421,382	42,607,717	44,270,023	41,457,027
Product sales, net
Revenues:
Total revenues	$ 194,569	$ 118,697	$ 513,868	$ 299,692
License fees and collaboration revenue
Revenues:
Total revenues	$ 0	$ 0	$ 16,667	$ 0

MERGERS AND ACQUISITIONS

9 Months Ended

Sep. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

MERGERS AND ACQUISITIONS

8. MERGERS AND ACQUISITIONS

iRenix Medical, Inc. Acquisition

On July 6, 2026 (the “iRenix Closing Date”), the Company completed the acquisition of iRenix and its lead product candidate, IRX-101, an investigational ocular antiseptic with the potential to improve the standard of care by reducing post-procedural pain and corneal toxicity in patients receiving intravitreal therapy. The aggregate consideration paid by the Company for the iRenix Acquisition on the iRenix Closing Date was $35.2 million in cash, and 607,093 shares of common stock, with a fair value of $40.7 million (collectively, the “iRenix Upfront Consideration”). In addition to the iRenix Upfront Consideration, the former securityholders of iRenix are eligible to receive up to an aggregate of $115.0 million of milestone payments upon achievement of certain regulatory milestones, and up to an aggregate of $375.0 million of milestone payments upon achievement of certain commercial sales-threshold milestones. The Company is also obligated to pay incremental tiered royalties ranging from low-to-mid single digits on future annual net sales in the U.S. of products developed, manufactured, and commercialized in conjunction with the iRenix Acquisition.

The transaction was accounted for as an asset acquisition rather than a business combination, as substantially all of the value of the acquired assets was in the IPR&D asset, IRX-101. iRenix was not considered a variable interest entity as it had sufficient equity to finance the activities of the company’s purpose and design without additional subordinated financial support. Accordingly, the total acquisition cost of $78.2 million, including direct transaction costs, was allocated to the $81.3 million assets acquired and $3.1 million liabilities assumed based on their relative fair values. The IPR&D asset had no alternative future use and $81.0 million was expensed at closing to acquired in-process research and development expense and was recorded in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2026. Contingent milestone payments will be accounted for when they become payable. Milestones paid

after regulatory approval will be capitalized and amortized over the useful life of IRX-101. Royalties paid will be expensed to cost of sales.

Alkeus Pharmaceuticals, Inc. Acquisition

On September 4, 2026, upon completion of the Alkeus Acquisition, the Company became the primary beneficiary of Alkeus and consolidated it as a VIE. Alkeus is a clinical-stage biopharmaceutical company whose purpose and design are principally to develop gildeuretinol (ALK-001), an investigational once-daily oral therapy for the potential treatment of Stargardt disease. Alkeus historically financed its activities through equity financings and following consolidation, Alkeus is financed through funding provided by the Company. Alkeus was determined to be a VIE due to its equity investment at risk not being sufficient to finance the activities for which it was designed without additional subordinated financial support.

The Company determined that it is the primary beneficiary of Alkeus because it has both (i) the power to direct the activities that most significantly affect Alkeus’ economic performance and (ii) the obligation to absorb losses of, and the right to receive benefits from, Alkeus that could potentially be significant. The activities that most significantly affect Alkeus’ economic performance include clinical-development strategy and execution, regulatory strategy, manufacturing and clinical-supply decisions, and funding and budget decisions. The Company has substantive rights to direct those activities through its governance rights. No other party has substantive kick-out, participating, or other rights that would prevent the Company from directing those activities. The Company’s ownership interest and exposure to Alkeus’ operating results and ALK-001 economics provide the obligation to absorb losses and the right to receive benefits that could potentially be significant.

The Company recognized the identifiable assets and liabilities of Alkeus using the recognition and measurement provisions specified by ASC 810, did not recognize goodwill, and recognized a $3.3 million loss on initial consolidation of a variable interest entity in the accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss for the three and nine months ended September 30, 2026. The following table summarizes the fair value of consideration transferred for the Alkeus Acquisition:


	Amounts
Shares of common stock issued as consideration(1)	2,769,696
Price per share of common stock(2)	$	83.21
Fair value of stock consideration(3)	$	230,466
Cash consideration paid to selling shareholders(3)	238,202
Seller transaction costs paid by the Company	1,438
Deferred consideration — adjustment escrow(4)	5,000
Deferred consideration — option holder settlements(5)	14,853
Contingent consideration — regulatory approval milestone(6)	49,280
Contingent consideration — first commercial sales milestone(6)	19,529
Contingent consideration — sales royalty earnouts(6)	18,501
Total consideration transferred	$	577,269

(1) Represents the 2,908,692 shares of the Company’s common stock issued, less the 138,996 attributable to options accelerated in connection with the merger agreement for the Alkeus Acquisition that were recognized as compensation expense within research and development expense and selling, general and administrative expense in the accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss, immediately following the closing.

(2) Represents the closing price per share of the Company’s common stock on September 3, 2026.

(3) The share consideration and cash consideration are presented net of approximately $11.5 million and $9.2 million, respectively, attributable to options accelerated in connection with the merger agreement for the Alkeus Acquisition that were recognized as compensation expense immediately following the closing.

(4) Represents a $5.0 million adjustment escrow funded upon closing with a third-party escrow agent to secure potential post-closing adjustments to the merger consideration.

(5) Represents amounts due to former option holders of Alkeus and settled subsequent to the closing.

(6) Contingent consideration is shown net of the 11.4% of the total contingent consideration value that is allocable to the partially vested option holders who received a right to contingent consideration that is treated as a performance-based ASC 718 award in the post-combination period (see Note 3 and Note 5).

The following table summarizes the fair value of the assets acquired and liabilities assumed as of the closing on September 4, 2026 and the related loss on initial consolidation of the VIE:


Assets:
Cash and cash equivalents	$	28,894
Prepaid expenses and other assets	2,190
Property and equipment, net	246
Operating lease right-of-use assets	612
Restricted cash, non-current	381
Acquired IPR&D	551,151
Acquired clinical inventory	3,045
Total assets acquired	$	586,519
Liabilities:
Accounts payable	$	2,798
Accrued payroll and benefits	4,323
Other accrued liabilities	4,281
Other long-term liabilities	1,129
Total liabilities assumed	12,531
Net assets acquired	573,988
(Less): Consideration transferred	(577,269)
Loss on initial consolidation of VIE	$	(3,281)

As the acquired ALK-001 IPR&D asset and acquired inventory have no alternative future use, their aggregate acquisition-date fair value of $554.2 million, consists of $551.2 million which was expensed to acquired IPR&D in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss and $3.0 million of acquired clinical inventory which was expensed at closing.

The Company recognized approximately $87.3 million of contingent consideration liabilities at their estimated acquisition-date fair values, consisting of the regulatory approval milestone, first commercial sale milestone and sales royalty earnout arrangements. The potential payment of $250.0 million upon achievement of the regulatory approval milestone may be settled in cash and/or shares of the Company’s common stock in such proportions as the Company may determine in its sole discretion. Of the potential $250 million regulatory approval milestone payment, $221.5 million relates to contingent consideration associated with the initial consolidation of the VIE and is accounted for as a liability under ASC 480. The remaining $28.5 million is subject to the share-based compensation guidance under ASC 718 (see Note 5). The portion accounted for under ASC 480 had an acquisition-date fair value of $49.3 million and is subsequently measured at fair value at each reporting date, with changes recognized in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The potential payment of $100.0 million upon achievement of the first commercial sale milestone is payable in cash and the sales royalty earnout milestones are payable in cash based on low-to-mid single digit tiered descending royalties on worldwide product sales, net during the royalty term. Consistent with the Company’s accounting policy for cash-settled contingent consideration, the liability is carried at its initially recognized amount and is not remeasured until the milestone becomes payable. Of the potential $100.0 million first commercial sale milestone payment, $88.6 million relates to contingent consideration associated with the initial consolidation of the VIE. Upon achievement of the first commercial sale milestone, payments in excess of the initial fair value as of the acquisition date to settle the contingent consideration will be capitalized as an intangible asset. The intangible asset will be amortized over its remaining useful life with amortization expense recognized within cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive Loss, and tested for impairment under ASC 360, Long-lived Assets, as part of its asset group when impairment triggers exist. The remaining $11.4 million is subject to the share-based compensation guidance under ASC 718.

In connection with the Alkeus Acquisition, certain unvested Alkeus equity awards were accelerated. The portion of the cash and share consideration attributable to these accelerated awards totaled $20.7 million and was recognized as compensation expense immediately following the closing. The portion of contingent consideration attributable to these awards is accounted for as a performance-condition award under ASC 718, and will be recognized as compensation expense when the related performance conditions are considered probable (see Note 5). In addition, retention bonuses of $1.8 million payable to Alkeus employees will be recognized as compensation expense in the post-combination period.

MERGERS AND ACQUISITIONS

- Definition

The entire disclosure for business combination.

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+ Details

NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

NET LOSS PER SHARE

6. NET LOSS PER SHARE

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net loss	$	(668,334)	$	(12,585)	$	(693,852)	$	(58,045)
Weighted-average shares outstanding — basic and diluted(1)	46,421,382		42,607,717		44,270,023		41,457,027
Net loss per share — basic and diluted	$	(14.40)	$	(0.30)	$	(15.67)	$	(1.40)

(1) Weighted-average shares outstanding includes pre-funded warrants issued on March 5, 2024 and August 7, 2026; it excludes shares contingently issuable upon achievement of the $250.0 million regulatory milestone (see Note 8).

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 September 30,
	2026	2025
Stock options, unexercised — vested and unvested	5,171,240	5,249,730
Restricted stock units — unvested	1,468,827	1,748,511

Total	6,640,067	6,998,241

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Policies)	9 Months Ended
	Sep. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated 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 Consolidated 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 Consolidated Balance Sheet as of September 30, 2026, the Condensed Consolidated Statements of Operations and Comprehensive Loss, and the Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2026 and 2025, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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 Consolidated 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 and nine month periods are also unaudited. The Condensed Consolidated 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 the three and nine months ended September 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026 or any other interim or annual period.
Principles of Consolidation	Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of Tarsus Pharmaceuticals, Inc. and its wholly owned subsidiaries, consisting of iRenix and Alkeus. On July 6, 2026, a wholly owned subsidiary of the Company merged with and into iRenix, with iRenix surviving as a wholly owned subsidiary of the Company. iRenix is consolidated under the voting interest model, as it was determined not to be a variable interest entity (“VIE”) because it had sufficient equity at risk to finance its intended purpose/designed activities without additional subordinated financial support. On September 4, 2026, a wholly owned subsidiary of the Company merged with and into Alkeus, with Alkeus surviving as a wholly owned subsidiary of the Company. Alkeus is a VIE for which the Company is the primary beneficiary under ASC 810, Consolidation (“ASC 810”), because the Company has both the power to direct the activities that most significantly affect Alkeus’ economic performance and the obligation to absorb losses of, or the right to receive benefits from Alkeus that could potentially be significant (see Note 8). The results of operations of iRenix and Alkeus are included from their respective acquisition dates. All significant intercompany transactions and balances have been eliminated. The Company operates its business in one operating segment consisting of one reporting unit.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP and with the rules and regulations of the SEC requires management to make informed estimates and assumptions that affect the amounts reported in these accompanying Condensed Consolidated 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, stock-based compensation, and the fair value of assets acquired, liabilities assumed and consideration transferred in acquisitions, including contingent consideration. 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 Consolidated Financial Statements under different assumptions and conditions. The Company’s Condensed Consolidated Financial Statements as of and for the three and nine months ended September 30, 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 Consolidated 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 Consolidated 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 9). The Company also has collateral for a letter of credit related to Alkeus’ office space for which the Company assumed the lease obligations upon closing of the Alkeus Acquisition. 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 Consolidated 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 Consolidated 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 Consolidated Statements of Stockholders’ Equity until realized. 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 within the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss. 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 Consolidated Statements of Operations and Comprehensive Loss. The Company periodically evaluates whether a credit loss allowance should be recorded for available-for-sale debt securities in an unrealized loss position, which occurs when the fair value of a debt security declines below its amortized cost. The Company’s credit loss evaluation is based on objective evidence, including the underlying credit quality and credit ratings of the issuers, as well as subjective factors, including knowledge of recent events and assumptions of future events. If the Company intends to sell, or it is more likely than not that the Company will be required to sell, a debt security before recovery of its amortized cost basis, the amortized cost basis of the individual security is written down to fair value through earnings. Otherwise, declines in fair value attributable to credit losses are recorded through an allowance for credit losses, limited to the amount by which fair value is below amortized cost, with a corresponding charge to other income (expense), and declines attributable to non-credit-related factors are recorded in other comprehensive income (loss). The Company held 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 Consolidated Balance Sheets based on the Company’s intent to hold the securities for more than one year. The investment is measured under the Accounting Standards Codification (“ASC”) 321, Investments— Equity Securities (“ASC 321”), measurement alternative and is carried at cost, less impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity financings. The Company evaluates the investment for such observable price changes at each reporting period. In June 2026, the privately-held company was acquired by a newly formed holding company through a merger and recapitalization. In connection with the transaction, the Company’s preferred stock in the privately-held company was cancelled and exchanged for preferred units of the holding company. Because the security the Company held was legally extinguished and exchanged for a different equity instrument of a different issuer, the Company accounted for the transaction as a disposal of the preferred stock and an acquisition of the preferred units, measured at fair value. The Company derecognized the carrying value of its preferred stock, recorded the preferred units received at their fair value of $6.7 million, and recognized a gain of $2.8 million in other income (expense) in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2026. The fair value of the preferred units was determined based on the price per unit in a substantially concurrent, cash financing of the same preferred units of the holding company, which the Company considered an observable transaction for an identical security. The Company continues to account for its investment in the preferred units under the ASC 321 measurement alternative, at the new cost basis established in the exchange. At each reporting period, the Company also assesses the investment for possible impairment indicators. If the fair value of the 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 Consolidated 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 Consolidated 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 Consolidated 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 Consolidated 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 Consolidated Balance Sheets. Rent expense is allocated to research and development and general and administrative expenses in the accompanying Condensed Consolidated 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 September 30, 2026, one customer exceeded 10% of total gross product sales, representing 69.7% of total gross product sales. For the nine months ended September 30, 2026, two customers each exceeded 10% of total gross product sales, representing 76.8% of total gross product sales on a combined basis. For the three and nine months ended September 30, 2025, two customers in each period each exceeded 10% of total gross product sales, representing 77.1% and 74.9%, respectively, of total gross product sales on a combined basis. As of September 30, 2026, one customer exceeded 10% of gross accounts receivable, representing 63.7% of the balance. As of December 31, 2025, three customers each exceeded 10% of gross accounts receivable, representing 79.9% of the balance on a combined basis. 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 Consolidated 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 and nine months ended September 30, 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 Consolidated 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 10. 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 Consolidated 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 such license arrangements accounted for as asset acquisitions that do not involve the initial consolidation of a VIE (see “Asset Acquisitions and Acquired In-Process Research and Development” policy below), the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval that are not derivatives and are not within the scope of ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), are immediately recognized as research and development expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss when paid or they become payable, provided there is no alternative future use of rights in other research and development projects.
Asset Acquisitions and Acquired In-Process Research and Development (“IPR&D”)	Asset Acquisitions and Acquired In-Process Research and Development (“IPR&D”) The Company evaluates acquisitions to determine whether they should be accounted for as business combinations or asset acquisitions, first applying the screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets then assessing the definition of a business under ASC 805, Business Combinations (“ASC 805”). When the acquired asset is not a business, the Company further evaluates whether the acquired entity is a VIE. For asset acquisitions of entities that are not VIEs, the cost of the acquisition, including direct transaction costs, is allocated to the assets acquired on a relative fair value basis, and contingent consideration is generally recognized when it is paid or becomes payable, unless it is a derivative or within the scope of ASC 480. For the initial consolidation of a VIE that is not a business, in accordance with ASC 810, Consolidation (“ASC 810”), the Company recognizes and measures the identifiable assets acquired and liabilities assumed at fair value using the measurement principles of ASC 805, does not recognize goodwill, measures the consideration transferred (including contingent consideration) at fair value, and recognizes a gain or loss for any difference between the net assets acquired and the consideration transferred as a loss on initial consolidation of a VIE within other income (expense), net, in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Acquisition-related costs incurred by the Company in connection with the initial consolidation of a VIE are expensed as incurred. In either model, acquired IPR&D, and any acquired materials or inventory, that have no alternative future use are expensed upon acquisition as acquired in process research and development expense and research and development expense, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive Loss.
Contingent Consideration	Contingent Consideration In connection with an asset acquisition, the Company may be obligated to make future payments to the seller upon the achievement of specified development, regulatory or commercial milestones. The Company evaluates the terms of each such arrangement to determine the appropriate accounting model. Where the Company may settle the contingent consideration in cash or in a variable number of shares of its common stock at the Company’s election, the Company accounts for the arrangement as a liability in accordance with ASC 480. Contingent consideration arising from the initial consolidation of a VIE that is not a business is recognized at its acquisition-date fair value as part of the consideration transferred and therefore is a component of the gain or loss on initial consolidation of the VIE. Contingent consideration classified as a liability within the scope of ASC 480 is remeasured to fair value at each reporting date, with changes recorded to change in fair value of contingent consideration in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Contingent consideration that is payable solely in cash is classified as a liability but is not within the scope of ASC 480 or ASC 815, Derivatives and Hedging, and is not remeasured each reporting period. For milestone-based arrangements classified as contingent consideration, the liability is carried at its initially recognized amount until the milestone becomes payable, at which time the recognized liability is released and any amount payable in excess of the recognized liability is capitalized to the related intangible asset and amortized over its remaining useful life. For sales-based royalty arrangements, as royalties become due the recognized liability is released and royalty payments in excess of the recognized liability are recognized in cost of sales on the Condensed Consolidated Statements of Operations and Comprehensive Loss. The fair value of the contingent consideration liability, including the valuation technique and the significant unobservable inputs used in its measurement, is described further in Note 3, Fair Value Measurements.
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 an accelerated attribution method 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. Stock awards that are classified as liabilities are initially measured at fair value and remeasured at fair value at each reporting date until settlement. For liability-classified awards subject to a performance condition that affects vesting, compensation cost is recognized when achievement of the performance condition is probable, based on the then-current fair value of the award and the requisite service rendered. Changes in fair value are recognized as compensation cost over the requisite service period and, after the requisite service period has been completed, are recognized in the period of change until settlement. Compensation cost is attributed using the graded-vesting attribution method, as applicable. 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 Consolidated 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 (“Nasdaq”) 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 Consolidated 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 became effective for the Company beginning with its Annual Report on Form 10-K for the year ended December 31, 2025. The Company adopted ASU 2023-09 during 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 December 31, 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. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07 expands the scope exception in Topic 815 to exclude from derivative accounting contracts, and embedded features within contracts, that are not traded on an exchange and that contain underlyings based on operations or activities specific to one of the parties to the contract. The standard also clarifies that share-based noncash consideration received from a customer in exchange for the transfer of goods or services is accounted for under Topic 606 until the Company’s right to receive or retain that consideration becomes unconditional, at which point the consideration is accounted for under other applicable guidance, including Topic 815 or Topic 321. ASU 2025-07 is effective for annual periods beginning after December 15, 2026, and interim periods within, with early adoption permitted prospectively or on a modified retrospective basis. The Company is currently assessing the impact this standard will have on its financial statements.

COMMITMENTS AND CONTINGENCIES - Schedule of Other Information (Details)	Sep. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Discount rate	11.40%	11.40%
Weighted-average remaining lease term (years)	8 years 10 months 24 days	9 years 10 months 24 days

FAIR VALUE MEASUREMENTS - Schedule of Quantitative Information About the Significant Unobservable Inputs (Details)	Sep. 30, 2026 yr
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability, measurement input	0.130
Estimated period to payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability, measurement input	4.7

- 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 + Details

FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Assets:
Money market funds	$ 136,530	$ 183,641
Total assets measured at fair value	309,612	417,268
Liabilities:
Contingent consideration	47,660
Total liabilities measured at fair value	47,660
Money market funds
Assets:
Money market funds	136,530	173,694
U.S. Treasury securities
Assets:
Money market funds		9,947
Debt securities, available for sale and cash and cash equivalents	68,455	129,350
Commercial paper
Assets:
Debt securities, available for sale and cash and cash equivalents	25,266	39,040
Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	64,532	70,186
Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	14,829	4,998
Level 1
Assets:
Total assets measured at fair value	204,985	303,044
Liabilities:
Contingent consideration	0
Total liabilities measured at fair value	0
Level 1 \| Money market funds
Assets:
Money market funds	136,530	173,694
Level 1 \| U.S. Treasury securities
Assets:
Debt securities, available for sale and cash and cash equivalents	68,455	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	104,627	114,224
Liabilities:
Contingent consideration	0
Total liabilities measured at fair value	0
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	25,266	39,040
Level 2 \| Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	64,532	70,186
Level 2 \| Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	14,829	4,998
Level 3
Assets:
Total assets measured at fair value	0	0
Liabilities:
Contingent consideration	47,660
Total liabilities measured at fair value	47,660
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

COMMITMENTS AND CONTINGENCIES - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 602	$ 174	$ 2,042	$ 530
Variable lease expense	220	155	804	404
Total lease expense	$ 822	$ 329	$ 2,846	$ 934

BALANCE SHEET ACCOUNT DETAIL

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET ACCOUNT DETAIL

4. BALANCE SHEET ACCOUNT DETAIL

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

Inventory

Inventory consists of the following:


	September 30, 2026		December 31, 2025
Current assets:

Work in progress	$	3,063	$	1,410
Finished goods	2,096		2,962
Inventory	5,159		4,372
Non-current assets:
Raw materials	2,525		2,532
Inventory, non-current	2,525		2,532
Total inventory	$	7,684	$	6,904

Property and Equipment, Net

Property and equipment, net consists of the following:


	September 30, 2026		December 31, 2025
Furniture and fixtures	$	2,738	$	1,335
Office equipment	2,191		930
Laboratory equipment	824		345
Leasehold improvements	16,283		9,925
Manufacturing equipment	1,409		1,228
Property and equipment, at cost	23,445		13,763
(Less): Accumulated depreciation	(2,726)		(2,098)
Property and equipment, net	$	20,719	$	11,665

Depreciation expense for the three months ended September 30, 2026 and 2025 was $0.8 million and $0.2 million, respectively, and for the nine months ended September 30, 2026 and 2025 was $1.7 million and $0.7 million, respectively. The December 31, 2025 leasehold improvements represent construction in progress. In April 2026, in connection with the relocation of the Company’s headquarters, the Company placed its leasehold improvements into service and began recognizing the related depreciation expense. There were no impairments recognized during the three and nine months ended September 30, 2026 and 2025.

Intangible Assets

Intangible assets, net consists of the following:


	September 30, 2026		December 31, 2025
Intangible assets, gross	$	19,000	$	9,000
(Less): Accumulated amortization	(2,355)		(1,634)
Intangible assets, net	$	16,645	$	7,366

In September 2026, the Company capitalized a $10.0 million milestone achieved under the Eye and Derm Elanco Agreement based on annual net sales of XDEMVY (see Note 9).

Intangible assets are amortized to cost of sales over the remaining useful life of 6.9 years as of September 30, 2026, with an initial useful life of 10 years from the date of first commercial sale. Amortization expense for the three months ended September 30, 2026 and 2025 was $0.2 million in both periods, and for the nine months ended September 30, 2026 and 2025 was $0.7 million in both periods. There have been no impairments of intangible assets for the three and nine months ended September 30, 2026 and 2025.

As of September 30, 2026, the expected future amortization expense for the Company’s intangible assets is as follows:


	Amounts
2026 (remaining three months)	$	602
2027	2,407
2028	2,407
2029	2,407
2030	2,407
Thereafter	6,415
Total future amortization	$	16,645

Other Accrued Liabilities

Other accrued liabilities consists of the following:


	September 30, 2026		December 31, 2025
Accrued product sales deductions	$	77,679	$	68,439
Other liabilities	32,154		16,307
Accrued branded prescription drug fee	13,286		5,384
Accrued royalty payable	11,803		9,100
Accrued milestone achievement	10,000		—
Accrued clinical trials	7,496		488
Income tax payable, current	5,667		1,811
Other accrued liabilities	$	158,085	$	101,529

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash Flows From Operating Activities:
Net loss	$ (693,852)	$ (58,045)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	1,744	653
Amortization of intangible assets	720	720
Amortization of debt-related costs	497	437
Loss on disposal of property and equipment	183	0
Stock-based compensation	52,474	27,406
Non-cash lease expense	300	528
Gain on exchange of long-term investments	(2,812)	0
Acquired IPR&D expenses	632,176	0
Acquired inventory expensed	3,045	0
Loss on initial consolidation of variable interest entity	3,281	0
Change in fair value of contingent consideration	(1,620)	0
Net amortization/accretion of marketable securities	(2,055)	(4,557)
Unrealized (gain) loss from transactions denominated in a foreign currency	(4)	14
Changes in operating assets and liabilities:
Accounts receivable, net	(15,379)	(25,860)
Inventory	(779)	(1,215)
Other receivables	404	(418)
Prepaid expenses	(12,837)	(6,471)
Other non-current assets	119	(146)
Accounts payable	14,790	(8,063)
Accrued payroll and benefits	5,103	(2,272)
Other accrued liabilities	46,200	45,508
Other long-term liabilities	(1,129)	0
Net cash provided by (used in) operating activities	30,569	(31,781)
Cash Flows From Investing Activities:
Proceeds from maturities of marketable securities	190,505	269,718
Purchases of marketable securities	(129,201)	(357,606)
Cash paid for the acquisition of Alkeus, net of cash acquired	(223,089)	0
Cash paid for the acquisition of iRenix, net of cash acquired	(37,290)	0
Purchases of property and equipment	(11,100)	(3,501)
Net cash used in investing activities	(210,175)	(91,389)
Cash Flows From Financing Activities:
Proceeds from issuance of common stock, net of paid issuance costs	113,135	134,771
Proceeds from issuance of pre-funded warrants, net of paid issuance costs	7,190	0
Proceeds from exercise of stock options	10,552	5,204
Proceeds from sale of common stock under employee stock purchase plan	1,438	1,101
Net cash provided by financing activities	132,315	141,076
Net (decrease) increase in cash, cash equivalents and restricted cash	(47,291)	17,906
Cash, cash equivalents and restricted cash at beginning of period	186,203	97,381
Cash, cash equivalents and restricted cash at end of period	138,912	115,287
Supplemental Disclosures From Noncash, Investing and Financing Activities:
Operating lease right-of-use asset obtained in exchange for operating lease liability	0	10,209
Fair value of common stock issued in connection to acquisitions	271,172	0
Deferred consideration included within accrued payroll and benefits	7,129	0
Preferred stock investment exchanged for preferred units of privately-held company	6,682	0
Interest expense paid in cash	5,972	6,284
Income taxes paid in cash	5,854	0
Additions of intangible assets included within other accrued liabilities	10,000	0
Additions of property and equipment included within accounts payable and other accrued liabilities	0	1,499
Offering costs included within other accrued liabilities	212	0
iRenix Medical, Inc.
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Acquired IPR&D expenses	81,025	0
Alkeus Pharmaceuticals, Inc.
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Acquired IPR&D expenses	$ 551,151	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Issuance of common stock, net of issuance costs	$ 4.6	$ 9.0
Issuance of pre-funded warrants in private placement, net of issuance costs	$ 0.3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	49,303,413	42,553,931
Common stock, outstanding (in shares)	49,303,413	42,553,931

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

MERGERS AND ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Consideration Transferred

The following table summarizes the fair value of consideration transferred for the Alkeus Acquisition:


	Amounts
Shares of common stock issued as consideration(1)	2,769,696
Price per share of common stock(2)	$	83.21
Fair value of stock consideration(3)	$	230,466
Cash consideration paid to selling shareholders(3)	238,202
Seller transaction costs paid by the Company	1,438
Deferred consideration — adjustment escrow(4)	5,000
Deferred consideration — option holder settlements(5)	14,853
Contingent consideration — regulatory approval milestone(6)	49,280
Contingent consideration — first commercial sales milestone(6)	19,529
Contingent consideration — sales royalty earnouts(6)	18,501
Total consideration transferred	$	577,269

(2) Represents the closing price per share of the Company’s common stock on September 3, 2026.

(4) Represents a $5.0 million adjustment escrow funded upon closing with a third-party escrow agent to secure potential post-closing adjustments to the merger consideration.

(5) Represents amounts due to former option holders of Alkeus and settled subsequent to the closing.

Schedule of Fair Value of the Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the assets acquired and liabilities assumed as of the closing on September 4, 2026 and the related loss on initial consolidation of the VIE:


Assets:
Cash and cash equivalents	$	28,894
Prepaid expenses and other assets	2,190
Property and equipment, net	246
Operating lease right-of-use assets	612
Restricted cash, non-current	381
Acquired IPR&D	551,151
Acquired clinical inventory	3,045
Total assets acquired	$	586,519
Liabilities:
Accounts payable	$	2,798
Accrued payroll and benefits	4,323
Other accrued liabilities	4,281
Other long-term liabilities	1,129
Total liabilities assumed	12,531
Net assets acquired	573,988
(Less): Consideration transferred	(577,269)
Loss on initial consolidation of VIE	$	(3,281)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

NET LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net loss	$	(668,334)	$	(12,585)	$	(693,852)	$	(58,045)
Weighted-average shares outstanding — basic and diluted(1)	46,421,382		42,607,717		44,270,023		41,457,027
Net loss per share — basic and diluted	$	(14.40)	$	(0.30)	$	(15.67)	$	(1.40)

Schedule of Outstanding Potentially Dilutive Securities


	As of September 30,
	2026	2025
Stock options, unexercised — vested and unvested	5,171,240	5,249,730
Restricted stock units — unvested	1,468,827	1,748,511

Total	6,640,067	6,998,241

CREDIT FACILITY AGREEMENT

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

CREDIT FACILITY AGREEMENT

11. 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 Company’s previous Credit Facility, resulting in total net proceeds of $39.6 million. The 2024 Credit Facility provided for three potential additional term loan tranches in principal amounts up to $25.0 million, $50.0 million, and $50.0 million, respectively. 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 September 30, 2026 and 2025, the effective interest rates for the full term of the 2024 Credit Facility were 11.75% and 12.30%, respectively. The Company recognized interest expense in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss in connection with the 2024 Credit Facility as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Interest expense for long-term debt	$	2,013	$	2,116	$	5,972	$	6,284
Amortization of debt issuance costs	172		152		497		437
Total interest expense	$	2,185	$	2,268	$	6,469	$	6,721

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 Consolidated Balance Sheets as follows:


	September 30, 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	1,458		961
Long-term debt, net	$	72,935	$	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.

+ References

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+ Details

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues:
Product sales, net	$	194,569	$	118,697	$	513,868	$	299,692
License fees and collaboration revenue	—		—		16,667		—
Total revenues	194,569		118,697		530,535		299,692

Operating expenses:
Cost of sales	13,894		8,309		35,403		19,757
Research and development	44,192		16,284		97,553		46,287
Acquired in-process research and development	632,176		—		632,176		—
Selling and marketing	77,495		64,708		251,978		190,851
General and administrative	90,526		43,925		203,169		105,790
Change in fair value of contingent consideration	(1,620)		—		(1,620)		—
Total operating expenses	856,663		133,226		1,218,659		362,685
Loss from operations	(662,094)		(14,529)		(688,124)		(62,993)
Other reconciling items(1)	(6,240)		1,944		(5,728)		4,948
Net loss	$	(668,334)	$	(12,585)	$	(693,852)	$	(58,045)

Other segment disclosures:
Interest income	$	3,777	$	4,114	$	11,197	$	11,797
Interest expense	$	(2,185)	$	(2,268)	$	(6,469)	$	(6,721)
Depreciation and amortization expense	$	(1,027)	$	(460)	$	(2,464)	$	(1,373)
Provision for income taxes	$	(4,642)	$	—	$	(9,710)	$	—

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Alkeus Pharmaceuticals, Inc.	iRenix Medical, Inc.	Common Stock	Common Stock Alkeus Pharmaceuticals, Inc.	Common Stock iRenix Medical, Inc.	Additional Paid-In Capital	Additional Paid-In Capital Alkeus Pharmaceuticals, Inc.	Additional Paid-In Capital iRenix Medical, Inc.	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 in private placement, net of issuance costs (in shares)				3,230,336
Issuance of common stock in private placement, 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, 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	(58,045)
Common stock issued	0
Ending balance (in shares) at Sep. 30, 2025				42,447,882
Ending balance at Sep. 30, 2025	335,082			$ 6			753,042			289	(418,255)
Beginning balance (in shares) at Mar. 31, 2025				41,995,537
Beginning balance at Mar. 31, 2025	342,458			$ 6			727,697			85	(385,330)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(20,340)										(20,340)
Recognition of stock-based compensation expense	8,234						8,234
Exercise of vested stock options (in shares)				56,795
Exercise of vested stock options	1,205						1,205
Issuance of common stock upon the vesting of restricted stock units (in shares)				126,639
Shares issued in connection with the employee stock purchase plan (in shares)				32,001
Shares issued in connection with the employee stock purchase plan	1,101						1,101
Other comprehensive income (loss)	(46)									(46)
Ending balance (in shares) at Jun. 30, 2025				42,210,972
Ending balance at Jun. 30, 2025	332,612			$ 6			738,237			39	(405,670)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(12,585)										(12,585)
Recognition of stock-based compensation expense	12,243						12,243
Exercise of vested stock options (in shares)				127,085
Exercise of vested stock options	2,562						2,562
Issuance of common stock upon the vesting of restricted stock units (in shares)				109,825
Other comprehensive income (loss)	250									250
Ending balance (in shares) at Sep. 30, 2025				42,447,882
Ending balance at Sep. 30, 2025	$ 335,082			$ 6			753,042			289	(418,255)
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
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
Ending balance at Mar. 31, 2026	$ 348,951			$ 6			782,838			(298)	(433,595)
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	(693,852)
Common stock issued	$ 271,172
Exercise of vested stock options (in shares)	446,688
Ending balance (in shares) at Sep. 30, 2026	49,303,413			49,303,413
Ending balance at Sep. 30, 2026	$ 104,029			$ 7			1,225,416			(914)	(1,120,480)
Beginning balance (in shares) at Mar. 31, 2026				43,021,312
Beginning balance at Mar. 31, 2026	348,951			$ 6			782,838			(298)	(433,595)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,551)										(18,551)
Recognition of stock-based compensation expense	13,289						13,289
Exercise of vested stock options (in shares)				91,548
Exercise of vested stock options	1,864						1,864
Issuance of common stock upon the vesting of restricted stock units (in shares)				131,601
Shares issued in connection with the employee stock purchase plan (in shares)				26,886
Shares issued in connection with the employee stock purchase plan	1,438						1,438
Other comprehensive income (loss)	(259)									(259)
Ending balance (in shares) at Jun. 30, 2026				43,271,347
Ending balance at Jun. 30, 2026	346,732			$ 6			799,429			(557)	(452,146)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(668,334)										(668,334)
Recognition of stock-based compensation expense	27,218						27,218
Issuance of common stock in private placement, net of issuance costs (in shares)				2,098,519
Issuance of common stock in private placement, net of issuance costs	112,923						112,923
Issuance of pre-funded warrants in private placement, net of issuance costs	7,190						7,190
Common stock issued (in shares)					2,908,692	607,093
Common stock issued		$ 230,467	$ 40,706		$ 1			$ 230,466	$ 40,706
Exercise of vested stock options (in shares)				309,746
Exercise of vested stock options	7,484						7,484
Issuance of common stock upon the vesting of restricted stock units (in shares)				108,016
Other comprehensive income (loss)	$ (357)									(357)
Ending balance (in shares) at Sep. 30, 2026	49,303,413			49,303,413
Ending balance at Sep. 30, 2026	$ 104,029			$ 7			$ 1,225,416			$ (914)	$ (1,120,480)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended						12 Months Ended
	Jun. 30, 2026 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026	Sep. 30, 2026 USD ($)	Sep. 30, 2026	Sep. 30, 2026 contract	Sep. 30, 2026 segment	Sep. 30, 2025 USD ($)	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Number of operating segments \| contract							1
Number of reportable segments							1	1
Gain (loss) on investments		$ 0	$ 0		$ 2,812				$ 0
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
One Customer \| Revenue Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk (as a percent)		69.70%
One Customer \| Accounts Receivable \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk (as a percent)						63.70%
Two Customers \| Revenue Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk (as a percent)			77.10%			76.80%			74.90%
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		3 years	3 years	3 years	3 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		5 years	5 years	5 years	5 years	5 years
Maximum \| 2016 Plan
Property, Plant, and Equipment [Line Items]
Service condition period for full vesting (in years)				4 years
Dr. Azamian and Dr. Link Private Company Transaction - Fair Value Of Preferred Units \| Related Party
Property, Plant, and Equipment [Line Items]
Related party transaction, amount of transaction	$ 6,700

RELATED PARTY TRANSACTIONS (Details) - Related Party - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Apr. 30, 2024
Bobak Azamian
Related Party Transaction [Line Items]
Preferred stock purchased		$ 0.9	$ 3.0
Amortized cost		$ 3.9
Dr. Azamian and Dr. Link Private Company Transaction - Preferred Stock Exchange Amount
Related Party Transaction [Line Items]
Related party transaction, amount of transaction	$ 6.7
Dr. Azamian and Dr. Link Private Company Transaction - Fair Value Of Preferred Units
Related Party Transaction [Line Items]
Related party transaction, amount of transaction	$ 6.7

- 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

+ Details

MERGERS AND ACQUISITIONS - Alkeus Pharmaceuticals, Inc. Acquisition (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 04, 2026	Sep. 30, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Business Combination [Line Items]
Loss on initial consolidation of variable interest entity			$ (3,281)	$ 0	$ (3,281)	$ 0
Contingent milestone consideration		$ 47,660	$ 47,660		$ 47,660
Alkeus Pharmaceuticals, Inc.
Business Combination [Line Items]
Loss on initial consolidation of variable interest entity	$ (3,300)	$ (3,281)
Acquisition-date fair value	551,151
Aggregate milestone payments upon achievement	250,000
Portion of cash and share consideration attributable to accelerated awards	20,700
Retention bonuses payable	1,800
Alkeus Pharmaceuticals, Inc. \| Accounting Standards Codification 718
Business Combination [Line Items]
Contingent milestone consideration	87,300
Aggregate milestone payments upon achievement	250,000
Alkeus Pharmaceuticals, Inc. \| Accounting Standards Codification 480
Business Combination [Line Items]
Contingent milestone consideration	49,300
Aggregate milestone payments upon achievement	100,000
Alkeus Pharmaceuticals, Inc. \| Contingent Consideration Related To Initial Consolidation Of Variable Interest Entity \| Accounting Standards Codification 718
Business Combination [Line Items]
Aggregate milestone payments upon achievement	221,500
Alkeus Pharmaceuticals, Inc. \| Contingent Consideration Related To Initial Consolidation Of Variable Interest Entity \| Accounting Standards Codification 480
Business Combination [Line Items]
Aggregate milestone payments upon achievement	88,600
Alkeus Pharmaceuticals, Inc. \| Share-Based Compensation \| Accounting Standards Codification 718
Business Combination [Line Items]
Aggregate milestone payments upon achievement	28,500
Alkeus Pharmaceuticals, Inc. \| Share-Based Compensation \| Accounting Standards Codification 480
Business Combination [Line Items]
Aggregate milestone payments upon achievement	11,400
Alkeus Pharmaceuticals, Inc. \| In Process Research and Development
Business Combination [Line Items]
Acquisition-date fair value, gross	554,200
Acquisition-date fair value	551,200
Acquisition-date fair value, expensed at closing	$ 3,000

CREDIT FACILITY AGREEMENT - Schedule of Principal Balance of the 2024 Credit Facility (Details) - USD ($) $ in Thousands	Sep. 30, 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	1,458	961
Long-term debt, net	$ 72,935	$ 72,438

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 3
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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
Andrew Goldberg [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 11, 2026, Andrew Goldberg, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement (the “Goldberg Plan”) intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The Goldberg Plan provides for the potential sale of up to 13,700 shares of common stock held by Mr. Goldberg between December 11, 2026 and January 4, 2027. The Goldberg Plan also provides for the sale of up to 20,000 shares of common stock that will be acquired through the cashless exercise of non-qualified stock options, between December 11, 2026 and September 10, 2027.
Name	Andrew Goldberg
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 11, 2026
Andrew Goldberg Plan January 4, 2027 [Member] \| Andrew Goldberg [Member]
Trading Arrangements, by Individual
Expiration Date	January 4, 2027
Arrangement Duration	115 days
Aggregate Available	13,700
Andrew Goldberg Plan September 10, 2027 [Member] \| Andrew Goldberg [Member]
Trading Arrangements, by Individual
Expiration Date	September 10, 2027
Arrangement Duration	364 days
Aggregate Available	20,000