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Vivian , an XDEMVY patient . Tarsus Building the Future of Eye Care Q2 2026 Financial Results Advancing Our Next Phase of Growth August 2026
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2 | © Tarsus Pharmaceuticals | For Investor Purposes Only Sesha Neervannan, PhD Chief Operating Officer Elizabeth Yeu, MD Chief Medical Officer Jeff Farrow Chief Financial & Strategy Officer Bobby Azamian, MD, PhD CEO & Chairman World-Class Leadership T eam With Proven Track Record of Success: T oday’ s Speakers Neera Clase Interim Chief Commercial Officer
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3 | © Tarsus Pharmaceuticals | For Investor Purposes Only Forward-looking Statements This presentation contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding the potential commercial success and growth of XDEMVY in Demodex blepharitis, including 2026 financial guidance, market size, acceptance, demand, adoption rate, and peak sales potential for XDEMVY; our ability to maintain distribution and patient access to XDEMVY and timing and breadth of payer coverage; our ability to expand the clinical applications of XDEMVY in eye care; our ability to successfully maintain our sales force execution and the impact of our direct-to-consumer campaign including network television and planned initiation of additional creative campaigns; our ability to continue to educate the market about Demodex blepharitis, the timing, objectives, and results of the clinical trials including the Phase 2 Calliope trial for the potential prevention of Lyme disease and the Phase 2 KORE trial for the potential treatment of Ocular Rosacea and the Phase 3 COMFORT Study of IRX-101, the potential market size, opportunity, and ECP education for Ocular Rosacea and our other pipeline indications, the anticipated strategic and financial benefits of our pending acquisition of Alkeus Pharmaceuticals, including development, regulatory approval, and commercial potential of ALK-001 for the treatment of Stargardt disease, the timing and results of the Phase 3 trial, and the potential milestone and royalty payments associated with the acquisition transaction; the anticipated strategic and financial benefits of our acquisition of iRenix Medical and the development, regulatory approval, and commercial potential of IRX-101, including the timing of Phase 3 initiation and anticipated results; our ability to achieve the potential number of FDA approved products across our pipeline within the timeframes discussed in this presentation; anticipated regulatory and development milestones including the clarity of the regulatory path forward for TP-04 and TP-05 in the US, and potential Europe, Japan regulatory pathways and approval for TP-03, the ability of our out-license partner to commercialize TP-03 in China, and our ability to continue investing in our business, add new programs, create value, and become an eye care leader. The words, without limitation, “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “on track,” or “would,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Further, there are other risks and uncertainties that could cause actual results to differ from those set forth in the forward-looking statements and they are detailed from time to time in the reports Tarsus files with the Securities and Exchange Commission, including Tarsus’ Form 10-K for the year December 31, 2025 filed on February 23, 2026, Tarsus’ Form 10-Q for the quarter ended March 31, 2026 filed on May 6, 2026, and Tarsus’ Form 10-Q for the quarter ended June 30, 2026 filed on August 6, 2026, copies of which are or will be posted on its website and are available from Tarsus without charge. However, new risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements contained in this presentation are based on the current expectations of Tarsus’ management team and speak only as of the date hereof, and Tarsus specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. This presentation also includes estimates and other statistical data made by independent parties and us relating to data and analysis about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk.
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4 | © Tarsus Pharmaceuticals | For Investor Purposes Only Delivering Continued V alue Creation And Patient Impact In Eye Care Pending acquisition of Alkeus expected to build upon commercial success of XDEMVY and establish a potential blockbuster opportunity in retinal disease XDEMVY is powering innovation at Tarsus Proven track record, standout $173.9mm Q2 2026 and potential for continued growth Potential to preserve vision in >36,000 patients suffering from Stargardt disease $180M $451M $685- $705M *$2B+ ‘24A ‘25A ‘26E ‘27+ Phase 3 Foundational Medicine Agrees to acquire 5 Potential FDA Approved Drugs by 2031 Pipeline of Growth Opportunities *Peak sales potential estimated beyond 2027
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5 | © Tarsus Pharmaceuticals | For Investor Purposes Only XDEMVY® Building T oward $2B+ U.S. Annual Peak Sales Potential Breakthrough Medicine XDEMVY has fundamentally changed eye care and is one the best-selling prescription eye drops Demonstrated Eye Care Playbook Unique ability to identify untapped opportunities driven by patient need and the potential to transform the standard of care Blockbuster Growth Engine XDEMVY is just scratching the surface of large, untapped addressable market opportunity 2024A 2025A 2026E $180mm $451mm $685- $705mm *Peak sales potential estimated beyond 2027 2027+ *$2B+
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6 | © Tarsus Pharmaceuticals | For Investor Purposes Only $2B+ Annual Peak Sales Potential XDEMVY® Growth Engine Driving Deepening Utilization High-Impact DTC Campaign Evidence Generation New data broadening how ECPs look for and treat DB Peak Sales Potential 1. Retreatment rate as of Q2 2026. $2B+ Growing Retreatment Retreatment trending in high-teens %1 The number of ECPs prescribing XDEMVY at least daily has doubled YoY Driving increasing returns, with impactful new initiatives set to launch
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7 | © Tarsus Pharmaceuticals | For Investor Purposes Only 7 | © Tarsus Pharmaceuticals | For Investor Purposes Only Compelling New Evidence Gives ECPs More Reasons to Screen, Diagnose and Treat Demodex Blepharitis 71% Showed Signs of Underlying DB Emphasizing the importance of screening every patient for DB Reinforces XDEMVY as the Standard of Care The only treatment with proven, statistically significant efficacy against Demodex mites Demodex Blepharitis Could Increase Infection Risk Strengthening the case for pre-surgical screening
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8 | © Tarsus Pharmaceuticals | For Investor Purposes Only John Cena Bringing DB Into the Spotlight in New PR Campaign • John Cena’s broad appeal and authenticity as a real DB patient give the campaign credibility and the potential to reach beyond traditional DTC efforts • Normalizes the disease and is expected to accelerate the path from awareness to diagnosis to treatment
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9 | © Tarsus Pharmaceuticals | For Investor Purposes Only DTC Driving Patients Into ECP Offices and ROI Exceeding Initial Expectations 1. Relative percent increase from Q1 2026 to Q2 2026. ROI = Return on Investment. QoQ increase in website visits on XDEMVY .com1 30%+ Positive and growing ROI on DTC campaign QoQ increase in high-value actions on XDEMVY .com1 19%
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10 | © Tarsus Pharmaceuticals | For Investor Purposes Only Severe and Rare Disease Stargardt is widely known as a disease leading to irreversible blindness with >36k diagnosed U.S. patients Novel and Targeted Approach Phase 3 program supported by encouraging efficacy, and safety data from >400 patients; FDA Breakthrough Therapy Designation Expansion into rare inherited retinal disease, coupled with strategic use of capital to potentially create meaningful long-term value Clear Path to Approval Vitamin-A preserving therapy designed to protect the retina and maintain healthy vision by addressing the underlying biology of Stargardt disease Advances Retina Strategy Multi-billion dollar potential blockbuster opportunity with efficient call point leveraging Tarsus’ commercial expertise Gildeuretinol (ALK-001): A V ery Compelling Strategic Acquisition
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11 | © Tarsus Pharmaceuticals | For Investor Purposes Only Stargardt Disease Represents A Potential Multi-Billion Dollar Market Opportunity with Efficient Call Point ECP = Eye Care Professional. 1. Gong J, Cheung S, Fasso-Opie A., et al. Clin Ophthalmol. 2021:15;2855-2866. 2. Verana Health, IRIS. 3. Rotenstreich Y et al, Ophthalmology 2003. 4. Verana Health IRIS Database 2025. 36,0002 Up to 86,0001 Total estimated prevalent Stargardt patients in U.S. Total diagnosed Stargardt patients under ECP care No FDA-approved currently available treatments Progressively leads to severe, irreversible vision loss 50% of younger Stargardt patients expected to become legally blind within 7 years3 80% of diagnosed patients are concentrated in 2,000 retina practices4
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12 | © Tarsus Pharmaceuticals | For Investor Purposes Only Stargardt is a Rare Disease with a Significant Unmet Medical Need that Progressively Leads to Severe and Irreversible Vision Loss 1. Sajovic J et al, Int J Mol Sci 2022. Retina in Stargardt Disease Vitamin A is required for normal vision, and its recycling in the retina is important for maintaining healthy visual function1 Genetic mutations lead to disease-causing toxic dimers of vitamin A Central vision becomes blurry or dark, making it difficult to read, recognize faces and perform daily tasks How Vision is Affected Normal Vision Vision with Stargardt Disease
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13 | © Tarsus Pharmaceuticals | For Investor Purposes Only TEASE-1 Advanced Disease TEASE-3 Early Disease TEASE-4 LT Extension Efficacy and long-term tolerability up to 7 yrs (Ongoing) BCVA: Best Corrected Visual Acuity. LLVA = Low Light Visual Acuity. 1. Nominal p value. TEASE-2 Moderate Disease Patients treated with ALK-001 were 87% less likely to experience significant LLVA loss (a 2 line decrease) compared with placebo (p=0.0227)1 Randomized Placebo-controlled N = 50 Stabilized BCVA with minimal to no disease progression in high-risk early patients (Ongoing) ALK-001: A Potentially Transformational Medicine to Prevent the Progression of Stargardt Disease The TEASE studies showed ALK-001’s potential to preserve the visual cycle and acuity, slow retinal atrophy, and favorable tolerability profile Randomized Placebo-controlled N = 79 Open-label N ≈ 20 Open-label Roll-over and naïve N ≈ 215 29.5% slower growth rate of atrophic lesions (p<0.001) 13 | © Tarsus Pharmaceuticals | For Investor Purposes Only
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14 | © Tarsus Pharmaceuticals | For Investor Purposes Only ALK-001: Potential Foundational Therapy for Stargardt Disease Differentiated Oral Therapy Profile Once daily capsule, supports continuous, long-term treatment Robust Potential Regulatory and Exclusivity Landscape Breakthrough Therapy Designation, Orphan Drug Designation, Rare Pediatric Disease Designation; 7.5 years of exclusivity upon approval; potential Priority Review Voucher eligibility Favorable Tolerability Profile Generally well-tolerated in >400 patients, long-term data 7+ years Novel Method of Action Designed to maintain healthy vision by reducing accumulation of toxic Vitamin A dimers without disrupting the visual cycle 14 | © Tarsus Pharmaceuticals | For Investor Purposes Only Disclaimer: ALK-001 is an investigational therapy, not FDA approved.
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15 | © Tarsus Pharmaceuticals | For Investor Purposes Only 15 | © Tarsus Pharmaceuticals | For Investor Purposes Only FDA-Endorsed Endpoints Primary: Annual rate of growth of retinal atrophic lesions Secondary: Change in LLVA Mechanistic Confidence in Potential Success Demonstrated ability to slow disease progression while preserving visual cycle function1 • Initiated in June 2026 • Anticipated to enroll ~230 patients • Topline data expected in 2029 Ongoing NORTHSTAR Phase 3 Trial LLVA = Low Light Visual Acuity. 1. In Phase 2 studies. ALK-001: Anticipated to Have One of the Most Robust Clinical Packages in Stargardt Disease Potential Second Phase 3 Trial to Support Approval Pending FDA alignment, anticipated to enroll ~150 with a focus on younger and faster-progressing patients and include additional exploratory endpoints
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16 | © Tarsus Pharmaceuticals | For Investor Purposes Only Strong Growth in Q2 2026 Note: U.S. dollars in millions unless otherwise noted. 1. Net sales for the three months ending June 30, 2026. 2. Net sales growth reflects the second quarter 2026 net sales of $173.9 million compared to the second quarter 2025 net sales of $102.7 million. 3. Inclusive of marketable securities. $173.9mm XDEMVY Net Sales1 XDEMVY Fueling Investment in Innovation +69% YoY Net Sales Growth2 $449.7mm Cash & Cash Equivalents3 Q2 2026
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17 | © Tarsus Pharmaceuticals | For Investor Purposes Only Increased 2026 Financial Guidance Gross Margin XDEMVY Net Sales R&D Expense SG&A Expense ~93% $545 - $565mm $190 - $210mm1 $685- $705mm All financial metrics presented exclude the impact of the pending Alkeus transaction. 1. Increase reflects $75mm upfront consideration to iRenix Medical, Inc. $670-$700mm previous $115-$135mm previousreiterate reiterate
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18 | © Tarsus Pharmaceuticals | For Investor Purposes Only T arsus Extends Leadership in Eye Care With Pending Acquisition of Alkeus Upfront Consideration $450mm 60% cash 40% stock1 Tiered Royalties Low-single-digit % Note: U.S. dollars in millions unless otherwise noted. Transaction economics all related to the merger agreement with Alkeus. 1. Upfront stock consideration number of shares issued calculated using TARS stock price of $61.38 per share, based on 60-day VWAP from May 1st to July 28th. Approval & First Sale Milestones Up to $350mm
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19 | © Tarsus Pharmaceuticals | For Investor Purposes Only Delivering Continued V alue Creation And Patient Impact In Eye Care Pending acquisition of Alkeus expected to build upon commercial success of XDEMVY and establish a potential blockbuster opportunity in retinal disease XDEMVY is powering innovation at Tarsus Proven track record, standout $173.9mm Q2 2026 and potential for continued growth Potential to preserve vision in >36,000 patients suffering from Stargardt disease $180M $451M $685- $705M *$2B+ ‘24A ‘25A ‘26E ‘27+ Phase 3 Foundational Medicine Agrees to acquire 5 Potential FDA Approved Drugs by 2031 Pipeline of Growth Opportunities *Peak sales potential estimated beyond 2027
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Thank You! 20 | © Tarsus Pharmaceuticals | For Investor Purposes Only Diamond, an XDEMVY patient.