Tarsus Pharmaceuticals, Inc.

Acquisitions or strategic partnerships could disrupt our business, cause dilution to our stockholders, reduce our financial resources, cause us to incur debt or assume contingent liabilities, and subject us to other risks.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

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.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

The Company has funded its inception-to-date operations through the Initial Public Offering ( IPO ), subsequent follow-on public offerings, and the 2023 ATM Prospectus, as well as from proceeds from product sales, the development and license agreement (the China Out-License ), and draws on the current loan and security agreement (the 2024 Credit Facility ) with Pharmakon Advisors, LP ( Pharmakon ) and the previous loan and security agreement with Hercules Capital, Inc.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

The cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

Such amortization and accretion, as well as interest and dividends, are included in interest income.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

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.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

With strong ongoing commercial execution, a differentiated pipeline, and a focus on category creation, we remain confident in our ability to drive sustained growth and position ourselves for long-term leadership in eye care.

SEC original ↗Tarsus Pharmaceuticals, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025

Global Expansion Meetings with regulatory authorities in Japan remain on track for H2 2025 and potential European regulatory approval for a preservative-free formulation of XDEMVY is expected in 2027.

SEC original ↗Tarsus Pharmaceuticals, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025

XDEMVY and any product candidates for which we obtain marketing approval may become subject to unfavorable pricing regulations, third-party coverage or reimbursement practices or healthcare reform initiatives, which could harm our business.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

Acquisitions or strategic partnerships could disrupt our business, cause dilution to our stockholders, reduce our financial resources, cause us to incur debt or assume contingent liabilities, and subject us to other risks.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

( Tarsus or the Company ) is a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

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 ended December 31, 2024 filed on February 25, 2025 and the most recent Form 10-Q quarterly filing filed with the SEC on August 6, 2025, which Tarsus incorporates by reference into this press release, copies of which are posted on its website and are available from Tarsus without charge.

SEC original ↗Tarsus Pharmaceuticals, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025

However, new risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties.

SEC original ↗Tarsus Pharmaceuticals, Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2025

Table of Contents SUMMARY OF RISKS ASSOCIATED WITH OUR BUSINESS We face risks and uncertainties associated with our business, many of which are beyond our control.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

Any termination or suspension of, or delays in the commencement or completion of, our planned clinical trials could result in increased costs to us, delay or limit our ability to generate revenue from product sales and adversely affect our commercial prospects.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

Unfavorable global and geopolitical economic conditions, including tariffs, could adversely affect our business, financial condition or results of operations.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026

Legal Proceedings 50 Item 1A.

SEC original ↗Tarsus Pharmaceuticals, Inc. — 10-Q Quarterly report10-QAug 6, 2026