Tarsus Pharmaceuticals, Inc(NASDAQ:TARS) 
Tarsus Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutic candidates for ophthalmic conditions. Its lead product candidate is TP-03, a novel therapeutic that is in Phase IIb/III for the treatment of blepharitis cau...
Website: http://www.tarsusrx.com
Founded: 2016
Full Time Employees: 18
CEO / Co-Founder: Bobak Azamian
Sector: Healthcare
Industry: Biotechnology
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At a glance:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 |
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revenues: | ||||||||||||||||||||||
product sales | 151,668,000 | 118,697,000 | 102,660,000 | 78,335,000 | 66,408,000 | 48,118,000 | 40,813,000 | 24,720,000 | 13,076,000 | 1,653,000 | ||||||||||||
license fees and collaboration revenue | 2,894,000 | 218,000 | 2,500,000 | |||||||||||||||||||
total revenues | 151,668,000 | 118,697,000 | 102,660,000 | 78,335,000 | 66,408,000 | 48,118,000 | 40,813,000 | 27,614,000 | 13,076,000 | 1,871,000 | 10,000,000 | 15,277,000 | 539,000 | 338,000 | 1,240,000 | 22,017,000 | 33,432,000 | |||||
yoy | 128.39% | 146.68% | 151.54% | 183.68% | 407.86% | 2471.78% | 30.76% | NaN% | 2858.58% | NaN% | -30.61% | -98.39% | ||||||||||
qoq | 27.78% | 15.62% | 31.05% | 17.96% | 38.01% | 17.90% | 47.80% | 111.18% | 598.88% | NaN% | NaN% | 2734.32% | 59.47% | -72.74% | -94.37% | -34.14% | ||||||
operating expenses: | ||||||||||||||||||||||
cost of sales | 10,927,000 | 8,309,000 | 6,237,000 | 5,211,000 | 4,926,000 | 3,242,000 | 3,004,000 | 1,654,000 | 1,216,000 | 377,000 | ||||||||||||
research and development | 18,035,000 | 16,284,000 | 15,594,000 | 14,409,000 | 16,873,000 | 12,128,000 | 12,319,000 | 12,066,000 | 13,305,000 | 12,105,000 | 12,546,000 | 12,356,000 | 10,028,000 | 10,912,000 | 9,603,000 | 12,081,000 | 8,038,000 | 10,209,000 | 7,204,000 | 16,261,000 | 7,587,000 | 7,991,000 |
selling, general and administrative | 130,682,000 | 108,633,000 | 103,013,000 | 84,995,000 | 69,030,000 | 57,910,000 | 58,792,000 | 51,578,000 | 43,005,000 | 30,324,000 | ||||||||||||
total operating expenses | 159,644,000 | 133,226,000 | 124,844,000 | 104,615,000 | 90,829,000 | 73,280,000 | 74,115,000 | 65,298,000 | 57,526,000 | 42,806,000 | 32,821,000 | 27,452,000 | 25,061,000 | 22,906,000 | 20,501,000 | 20,060,000 | 14,786,000 | 16,945,000 | 14,735,000 | 22,718,000 | 11,477,000 | 10,141,000 |
loss from operations before other income | -7,976,000 | -14,529,000 | -22,184,000 | -26,280,000 | -24,037,000 | -25,162,000 | -37,684,000 | |||||||||||||||
other income: | ||||||||||||||||||||||
interest income | 3,950,000 | 4,114,000 | 4,229,000 | 3,454,000 | 3,647,000 | 4,120,000 | 4,130,000 | 3,117,000 | 2,978,000 | 2,840,000 | 2,226,000 | 2,293,000 | 2,127,000 | 1,061,000 | -247,000 | -316,000 | 12,000 | 8,000 | 7,000 | 9,000 | 10,000 | 4,000 |
interest expense | -2,214,000 | -2,268,000 | -2,240,000 | -2,213,000 | -2,312,000 | -2,445,000 | -2,109,000 | -983,000 | -989,000 | -858,000 | -815,000 | -684,000 | -692,000 | -633,000 | ||||||||
loss on debt extinguishment | -1,944,000 | |||||||||||||||||||||
other income | -74,000 | 98,000 | -145,000 | -81,000 | -27,000 | 67,000 | -59,000 | 605,000 | -13,000 | -48,000 | -47,000 | 6,000 | -50,000 | -7,000 | 106,000 | 37,000 | -17,000 | 5,000 | -39,000 | -34,000 | ||
total other income | 1,662,000 | 1,944,000 | 1,844,000 | 1,160,000 | 1,308,000 | 1,742,000 | 12,000 | 1,953,000 | 2,548,000 | 1,787,000 | 1,397,000 | 1,533,000 | 1,462,000 | 390,000 | -349,000 | -333,000 | -908,000 | -25,000 | 10,000 | 4,000 | ||
net income | -8,373,000 | -12,585,000 | -20,340,000 | -25,120,000 | -23,113,000 | -23,420,000 | -33,290,000 | -35,731,000 | -41,902,000 | -39,148,000 | -31,424,000 | -23,419,000 | -13,599,000 | -22,511,000 | ||||||||
yoy | -63.77% | -46.26% | -38.90% | -29.70% | -44.84% | -40.18% | 5.94% | 52.57% | 208.13% | 73.91% | ||||||||||||
qoq | -33.47% | -38.13% | -19.03% | 8.68% | -1.31% | -29.65% | -6.83% | -14.73% | 7.03% | 24.58% | 34.18% | 72.21% | -39.59% | |||||||||
net income margin % | -5.52% | -10.60% | -19.81% | -32.07% | -34.80% | -48.67% | -81.57% | -129.39% | -320.45% | -2092.36% | -Infinity% | -Infinity% | -135.99% | NaN% | 0% | 0% | 0% | 0% | 0% | 0% | NaN% | NaN% |
unrealized gain on marketable securities and cash equivalents | 92,000 | 250,000 | -46,000 | -94,000 | -167,000 | 522,000 | -113,000 | -61,000 | 6,000 | 15,000 | 47,000 | 4,000 | ||||||||||
comprehensive loss | -8,281,000 | -12,335,000 | -20,386,000 | -25,214,000 | -23,280,000 | -22,898,000 | -33,403,000 | -35,792,000 | -41,896,000 | -39,133,000 | -31,377,000 | -23,415,000 | ||||||||||
net income per share | -0.19 | -0.3 | -0.48 | -0.64 | -0.59 | -0.61 | -0.88 | -1.01 | -1.27 | -1.28 | -1.17 | -0.88 | -0.49 | -0.84 | -0.24 | -0.98 | 1.41 | -3.71 | ||||
weighted-average shares outstanding, basic and diluted | 41,784,014 | 42,607,717 | 42,360,452 | 39,345,359 | 37,604,538 | 38,381,968 | 37,823,233 | 35,300,655 | 29,383,276 | 30,622,440 | 24,619,700 | |||||||||||
realized/unrealized loss on equity investments | -147,750 | |||||||||||||||||||||
change in fair value of equity warrants issued by licensee | -201,000 | 152,000 | -36,000 | 18,000 | -17,000 | 19,000 | -18,000 | -257,000 | ||||||||||||||
other comprehensive gain: | ||||||||||||||||||||||
income from operations before other income | -33,302,000 | |||||||||||||||||||||
realized/unrealized gain on equity investments | -6,000 | |||||||||||||||||||||
other comprehensive loss: | ||||||||||||||||||||||
unrealized loss on equity investments | -585,000 | -40,250 | -111,000 | -65,000 | 58,000 | -13,000 | -121,000 | |||||||||||||||
cost of license fees and collaboration revenue | 400,000 | 522,000 | 33,000 | -24,000 | 65,000 | 737,000 | 1,297,000 | |||||||||||||||
loss from operations before other income and income taxes | -24,677,000 | -40,935,000 | -32,821,000 | -24,952,000 | -11,477,000 | -10,141,000 | ||||||||||||||||
benefit from income taxes | ||||||||||||||||||||||
general and administrative | 20,275,000 | 15,096,000 | 14,633,000 | 11,994,000 | 10,376,000 | 7,946,000 | 6,772,000 | 6,671,000 | 6,794,000 | 5,160,000 | 3,890,000 | 2,150,000 | ||||||||||
unrealized gain on equity investments | 15,000 | |||||||||||||||||||||
provision for income taxes | -29,000 | -313,000 | -1,000 | |||||||||||||||||||
weighted-average shares outstanding, basic | 26,815,733 | 26,742,023 | 26,662,374 | 24,332,531 | 20,710,224 | |||||||||||||||||
weighted-average shares outstanding, diluted | 26,815,733 | 26,742,023 | 26,662,374 | 24,332,531 | 20,710,224 | |||||||||||||||||
license fees | 10,000,000 | 13,893,000 | 708,000 | 19,048,000 | 33,311,000 | |||||||||||||||||
collaboration revenue | 1,384,000 | 539,000 | 338,000 | 532,000 | 2,969,000 | 121,000 | ||||||||||||||||
income from operations before other income and income taxes | -11,912,750 | -22,906,000 | -5,224,000 | -19,521,000 | 572,750 | -15,705,000 | 7,282,000 | 10,714,000 | ||||||||||||||
benefit for income taxes | 5,000 | -1,000 | -250 | 341,000 | ||||||||||||||||||
other comprehensive income: | ||||||||||||||||||||||
unrealized loss on marketable securities and cash equivalents | -64,000 | -10,000 | ||||||||||||||||||||
comprehensive income | -12,125,500 | -22,521,000 | ||||||||||||||||||||
total other expense | -519,000 | -716,000 | ||||||||||||||||||||
net income and comprehensive income | -5,743,000 | -20,238,000 | 256,000 | -15,697,000 | 6,345,000 | 10,376,000 | ||||||||||||||||
unrealized loss on equity securities | -192,000 | |||||||||||||||||||||
change in fair value of equity warrants | -245,000 | |||||||||||||||||||||
net (loss) per share, basic | -0.98 | |||||||||||||||||||||
change in fair value of equity warrant rights | -305,500 | -346,000 | -876,000 | |||||||||||||||||||
net income per share | -0.19 | -0.3 | -0.48 | -0.64 | -0.59 | -0.61 | -0.88 | -1.01 | -1.27 | -1.28 | -1.17 | -0.88 | -0.49 | -0.84 | -0.24 | -0.98 | 1.41 | -3.71 | ||||
basic | 0.013 | -0.76 | 0.31 | 0.51 | ||||||||||||||||||
diluted | 0.013 | -0.76 | 0.29 | 0.47 | ||||||||||||||||||
weighted-average shares outstanding | ||||||||||||||||||||||
basic | 20,641,285 | 20,555,258 | 20,336,022 | |||||||||||||||||||
diluted | 20,641,285 | 21,966,599 | 21,824,574 | |||||||||||||||||||
change in fair value of derivative liabilities | ||||||||||||||||||||||
net loss and comprehensive loss | -11,467,000 | -10,138,000 | ||||||||||||||||||||
weighted-average common shares outstanding, basic and diluted | 2,729,685 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||
current assets: | ||||||||||||||||||||||
cash and cash equivalents | 183,641,000 | 112,724,000 | 96,648,000 | 175,787,000 | 94,819,000 | 176,210,000 | 181,095,000 | 193,705,000 | 224,947,000 | 226,672,000 | 106,773,000 | 65,997,000 | 71,660,000 | 169,489,000 | 245,363,000 | 175,010,000 | 171,332,000 | 183,801,000 | 176,735,000 | 156,179,000 | 168,129,000 | 86,329,000 |
restricted cash | 560,000 | 20,000 | 20,000 | 20,000 | ||||||||||||||||||
marketable securities | 233,627,000 | 289,113,000 | 284,495,000 | 232,129,000 | 196,557,000 | 140,742,000 | 142,485,000 | 104,819,000 | 2,495,000 | 20,213,000 | 71,455,000 | 135,222,000 | 145,366,000 | 57,083,000 | 291,000 | 483,000 | ||||||
accounts receivable | 85,057,000 | 72,620,000 | 58,334,000 | 62,426,000 | 46,760,000 | 29,159,000 | 29,529,000 | 29,885,000 | 16,621,000 | 5,362,000 | 2,500,000 | 17,000 | 17,000 | 17,000 | 20,000,000 | 25,000,000 | ||||||
inventory | 4,372,000 | 3,836,000 | 3,873,000 | 2,705,000 | 2,620,000 | 2,846,000 | 2,195,000 | 4,036,000 | 3,107,000 | 15,000 | ||||||||||||
other receivables | 2,052,000 | 1,716,000 | 1,906,000 | 1,727,000 | 1,299,000 | 1,145,000 | 1,312,000 | 1,476,000 | 1,093,000 | 1,008,000 | 246,000 | 418,000 | 3,582,000 | 3,995,000 | 603,000 | 306,000 | 92,000 | 139,000 | 157,000 | 247,000 | 20,000 | 1,000 |
prepaid expenses | 13,473,000 | 21,695,000 | 29,173,000 | 5,999,000 | 14,650,000 | 7,015,000 | 5,972,000 | 6,803,000 | 7,868,000 | 6,007,000 | 5,002,000 | 4,509,000 | 4,767,000 | 3,494,000 | 2,486,000 | |||||||
total current assets | 522,782,000 | 501,704,000 | 474,429,000 | 480,773,000 | 356,705,000 | 357,117,000 | 362,588,000 | 340,724,000 | 256,131,000 | 259,277,000 | 183,476,000 | 208,646,000 | 225,375,000 | 234,078,000 | 250,283,000 | 178,755,000 | 175,952,000 | 187,088,000 | 200,904,000 | 191,451,000 | 170,655,000 | 89,072,000 |
restricted cash, non-current | 2,002,000 | 2,563,000 | 2,563,000 | 2,563,000 | 2,562,000 | |||||||||||||||||
inventory, non-current | 2,532,000 | 2,532,000 | 2,532,000 | 2,532,000 | 2,533,000 | 2,533,000 | 2,533,000 | |||||||||||||||
property and equipment | 11,665,000 | 5,746,000 | 3,182,000 | 2,787,000 | 2,314,000 | 2,393,000 | 2,241,000 | 1,338,000 | 1,468,000 | 1,614,000 | 1,541,000 | 1,193,000 | 957,000 | 951,000 | 963,000 | 915,000 | 755,000 | 519,000 | 481,000 | 589,000 | 548,000 | 604,000 |
intangible assets | 7,366,000 | 7,606,000 | 7,846,000 | 8,086,000 | 8,326,000 | 8,567,000 | 3,667,000 | 3,767,000 | 3,867,000 | 3,967,000 | ||||||||||||
operating lease right-of-use assets | 10,080,000 | 10,233,000 | 229,000 | 393,000 | 552,000 | 1,802,000 | 1,969,000 | 2,132,000 | 1,880,000 | 2,011,000 | 2,137,000 | 540,000 | 575,000 | 696,000 | 813,000 | 926,000 | 1,074,000 | 688,000 | ||||
long-term investments | 3,870,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 631,000 | 210,000 | 322,000 | 306,000 | 371,000 | 157,000 | 169,000 | ||||||||
other assets | 1,861,000 | 1,177,000 | 1,213,000 | 616,000 | 999,000 | 888,000 | 846,000 | 1,317,000 | 1,514,000 | 1,253,000 | 1,451,000 | 529,000 | 585,000 | 583,000 | 600,000 | 887,000 | 1,126,000 | 1,615,000 | 1,525,000 | 1,330,000 | 81,000 | 1,750,000 |
total assets | 562,158,000 | 534,561,000 | 494,994,000 | 500,750,000 | 376,991,000 | 376,300,000 | 376,844,000 | 349,278,000 | 265,491,000 | 268,332,000 | 188,927,000 | 211,214,000 | 227,863,000 | 236,465,000 | 252,828,000 | 181,483,000 | 178,907,000 | 190,412,000 | 203,450,000 | 193,954,000 | 171,972,000 | 92,185,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||
accounts payable | 16,387,000 | |||||||||||||||||||||
accrued payroll and benefits | 17,779,000 | 13,552,000 | 11,612,000 | 9,933,000 | 15,823,000 | 11,325,000 | 8,045,000 | 5,958,000 | 13,245,000 | 7,898,000 | 5,306,000 | 4,206,000 | 5,519,000 | 4,092,000 | 2,780,000 | 1,805,000 | 2,798,000 | 2,246,000 | 1,470,000 | 685,000 | 1,040,000 | 520,000 |
other accrued liabilities | 101,529,000 | |||||||||||||||||||||
total current liabilities | 135,695,000 | 117,050,000 | 90,253,000 | 86,308,000 | 80,612,000 | 65,868,000 | 51,571,000 | 42,528,000 | 36,936,000 | 23,249,000 | 14,765,000 | 13,255,000 | 15,429,000 | 14,273,000 | 11,718,000 | 12,610,000 | 11,478,000 | 10,365,000 | 10,455,000 | 10,118,000 | 5,387,000 | 6,144,000 |
long-term debt | 72,438,000 | 72,281,000 | 72,129,000 | 71,984,000 | 71,845,000 | 71,708,000 | ||||||||||||||||
other long-term liabilities | 10,599,000 | 10,148,000 | 1,240,000 | 1,449,000 | 1,606,000 | 1,748,000 | 1,711,000 | 1,826,000 | 40,000 | 100,000 | 209,000 | 343,000 | 496,000 | 699,000 | 905,000 | 524,000 | 604,000 | 605,000 | 711,000 | |||
total liabilities | 218,732,000 | 199,479,000 | 162,382,000 | 158,292,000 | 152,457,000 | 138,816,000 | 124,598,000 | 74,067,000 | 68,503,000 | 54,668,000 | 41,198,000 | 37,810,000 | 34,963,000 | 33,838,000 | 31,323,000 | 32,286,000 | 12,177,000 | 11,270,000 | 10,979,000 | 10,722,000 | 5,992,000 | 6,855,000 |
commitments and contingencies | ||||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||||
preferred stock, 0.0001 par value... | ||||||||||||||||||||||
common stock, 0.0001 par value... | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 2,000 |
additional paid-in capital | 769,667,000 | 753,042,000 | 738,237,000 | 727,697,000 | 584,559,000 | 574,229,000 | 566,093,000 | 555,655,000 | 441,641,000 | 416,421,000 | 311,353,000 | 305,651,000 | 301,732,000 | 297,796,000 | 294,153,000 | 216,103,000 | 213,398,000 | 210,959,000 | 208,591,000 | 205,697,000 | 198,821,000 | 3,548,000 |
accumulated other comprehensive income | 381,000 | 289,000 | 39,000 | 85,000 | 179,000 | |||||||||||||||||
accumulated deficit | -426,628,000 | -418,255,000 | -405,670,000 | -385,330,000 | -360,210,000 | -337,097,000 | -313,677,000 | -280,387,000 | -244,656,000 | -202,754,000 | -163,606,000 | -132,182,000 | -108,763,000 | -95,164,000 | -72,653,000 | -66,910,000 | -46,672,000 | -31,821,000 | -16,124,000 | -22,469,000 | -32,845,000 | -21,379,000 |
total stockholders’ equity | 343,426,000 | 335,082,000 | 332,612,000 | 342,458,000 | 224,534,000 | 237,484,000 | 252,246,000 | 275,211,000 | 196,988,000 | 213,664,000 | 147,729,000 | 173,404,000 | 192,900,000 | 202,627,000 | 221,505,000 | 149,197,000 | 166,730,000 | 179,142,000 | 192,471,000 | 183,232,000 | 165,980,000 | |
total liabilities and stockholders’ equity | 562,158,000 | 534,561,000 | 494,994,000 | 500,750,000 | 376,991,000 | 376,300,000 | 376,844,000 | 349,278,000 | 265,491,000 | 268,332,000 | 188,927,000 | 211,214,000 | 227,863,000 | 236,465,000 | 252,828,000 | 181,483,000 | 178,907,000 | 190,412,000 | ||||
liabilities and stockholders' equity | ||||||||||||||||||||||
accounts payable and other accrued liabilities | 103,498,000 | 78,641,000 | 76,375,000 | 64,789,000 | 54,543,000 | 43,526,000 | 36,570,000 | 23,691,000 | 15,351,000 | 9,459,000 | 9,049,000 | 9,910,000 | 10,181,000 | 8,938,000 | 10,805,000 | 8,680,000 | 8,119,000 | 8,985,000 | 9,433,000 | 4,347,000 | 5,624,000 | |
accumulated other comprehensive gain | 346,000 | |||||||||||||||||||||
term loan | 71,578,000 | 29,933,000 | 29,819,000 | 29,708,000 | 24,607,000 | 24,515,000 | 19,434,000 | 19,356,000 | 19,262,000 | 19,180,000 | ||||||||||||
accumulated other comprehensive loss | -176,000 | -63,000 | -2,000 | -8,000 | -23,000 | -70,000 | -74,000 | -10,000 | ||||||||||||||
prepaid expenses and other current assets | 4,300,000 | 3,131,000 | 4,045,000 | 3,148,000 | 4,012,000 | 2,806,000 | 2,722,000 | |||||||||||||||
operating lease right-of-use asset | 1,190,000 | 540,000 | 584,000 | 759,000 | ||||||||||||||||||
liabilities, preferred stock and stockholders’ equity | ||||||||||||||||||||||
total liabilities, preferred stock and stockholders’ equity | 203,450,000 | 193,954,000 | 171,972,000 | |||||||||||||||||||
contract asset | 7,199,000 | |||||||||||||||||||||
series a preferred stock, 0.0001 par value... | 3,564,000 | |||||||||||||||||||||
series b preferred stock, 0.0001 par value... | 59,838,000 | |||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||||
liabilities, preferred stock and stockholders’ deficit | ||||||||||||||||||||||
series c preferred stock, 0.0001 par value... | 39,757,000 | |||||||||||||||||||||
stockholders’ (deficit) equity: | ||||||||||||||||||||||
total stockholders’ deficit | -17,829,000 | |||||||||||||||||||||
total liabilities, preferred stock and stockholders’ deficit | 92,185,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||||
net loss | -8,373,000 | -12,585,000 | -20,340,000 | -25,120,000 | -23,113,000 | -35,731,000 | -41,902,000 | -39,148,000 | -31,424,000 | -23,419,000 | -11,467,000 | ||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||
depreciation | 202,000 | 220,000 | 213,000 | 220,000 | 192,000 | 184,000 | 139,000 | 170,000 | 247,000 | ||||||||||||
amortization of intangible assets | 241,000 | 240,000 | 240,000 | 240,000 | 240,000 | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||
amortization/accretion of debt-related costs | |||||||||||||||||||||
stock-based compensation | 14,314,000 | 12,243,000 | 8,233,000 | 6,930,000 | 7,403,000 | 7,415,000 | 7,481,000 | 5,519,000 | 5,482,000 | 5,250,000 | 5,192,000 | 3,906,000 | 3,671,000 | 3,583,000 | 3,532,000 | 2,674,000 | 2,179,000 | 2,119,000 | 2,794,000 | 1,363,000 | 438,000 |
loss on debt extinguishment | 0 | 0 | |||||||||||||||||||
non-cash lease expense | 154,000 | 205,000 | 159,000 | 164,000 | 173,000 | 167,000 | 163,000 | 132,000 | 131,000 | 125,000 | 134,000 | 151,000 | 121,000 | 117,000 | 113,000 | 113,000 | 116,000 | ||||
net amortization/accretion on marketable securities | -290,000 | -125,000 | -487,000 | ||||||||||||||||||
realized/unrealized loss on equity investments | 0 | 0 | |||||||||||||||||||
change in fair value of equity warrants issued by licensee | 0 | 0 | 0 | 201,000 | -152,000 | 36,000 | -18,000 | 17,000 | -19,000 | 18,000 | |||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||
accounts receivable | -12,437,000 | -14,286,000 | 4,092,000 | -15,666,000 | -17,601,000 | 370,000 | 356,000 | -13,264,000 | -11,259,000 | -2,500,000 | 0 | 0 | -17,000 | 5,000,000 | -25,000,000 | ||||||
inventory | -536,000 | 37,000 | -1,168,000 | -84,000 | 227,000 | -652,000 | -692,000 | -929,000 | -3,092,000 | ||||||||||||
other receivables | -336,000 | 190,000 | -179,000 | -429,000 | -154,000 | 166,000 | 165,000 | -383,000 | -84,000 | -762,000 | 171,000 | 3,165,000 | 412,000 | -3,392,000 | -285,000 | -225,000 | 46,000 | 18,000 | 90,000 | -227,000 | -18,000 |
prepaid expenses | 8,187,000 | 7,978,000 | -23,174,000 | 8,725,000 | -7,702,000 | -1,149,000 | 767,000 | 1,065,000 | -1,861,000 | -793,000 | -492,000 | 257,000 | -1,272,000 | ||||||||
other non-current assets | -381,000 | -373,000 | 102,000 | 125,000 | -42,000 | 25,000 | 483,000 | 106,000 | -110,000 | -102,000 | -544,000 | 38,000 | -140,000 | 0 | -89,000 | 14,000 | 497,000 | -436,000 | -1,071,000 | -1,255,000 | -48,000 |
accounts payable | |||||||||||||||||||||
accrued payroll and benefits | 4,228,000 | 1,940,000 | 1,678,000 | -5,890,000 | 4,498,000 | 3,280,000 | 2,087,000 | -7,287,000 | 5,347,000 | 2,592,000 | 1,100,000 | -1,313,000 | 1,427,000 | 1,312,000 | 975,000 | -993,000 | 552,000 | 776,000 | 785,000 | -355,000 | 520,000 |
other accrued liabilities | |||||||||||||||||||||
other long-term liabilities | 0 | 0 | -1,000 | -232,000 | 189,000 | 33,000 | -29,000 | -8,000 | 7,000 | -3,000 | -28,000 | -43,000 | -35,000 | 43,000 | -16,000 | 123,000 | |||||
net cash from operating activities | 19,330,000 | 18,257,000 | -29,387,000 | -20,651,000 | -22,182,000 | -8,652,000 | -14,404,000 | -37,789,000 | -32,362,000 | -23,826,000 | -21,970,000 | -10,874,000 | -18,611,000 | -4,259,000 | -15,286,000 | -12,121,000 | 7,112,000 | 20,551,000 | -11,794,000 | -10,013,000 | |
capital expenditures | -6,358,000 | -1,910,000 | -1,001,000 | -590,000 | -72,000 | -282,000 | -1,039,000 | -174,000 | -375,000 | -787,000 | -340,000 | -127,000 | -96,000 | -122,000 | -161,000 | -274,000 | -121,000 | -16,000 | -175,000 | 50,000 | |
free cash flows | 12,972,000 | 16,347,000 | -30,388,000 | -21,241,000 | -22,254,000 | -8,934,000 | -15,443,000 | -37,963,000 | -32,737,000 | -24,613,000 | -22,310,000 | -11,001,000 | -18,707,000 | -4,381,000 | -15,447,000 | -12,395,000 | 6,991,000 | 20,535,000 | -11,969,000 | -9,963,000 | |
cash flows from investing activities: | |||||||||||||||||||||
proceeds from sales and maturities of marketable securities | |||||||||||||||||||||
purchases of marketable securities | -35,580,000 | -102,333,000 | -129,703,000 | -125,570,000 | -89,967,000 | -21,085,000 | -47,026,000 | -104,550,000 | 0 | 3,000 | 0 | -28,667,000 | -92,407,000 | ||||||||
purchases of long-term investments | 0 | 0 | |||||||||||||||||||
intangible asset additions | 0 | ||||||||||||||||||||
purchases of property and equipment | -6,358,000 | -1,910,000 | -1,001,000 | -590,000 | -72,000 | -282,000 | -1,039,000 | -174,000 | 0 | -375,000 | -787,000 | -340,000 | -127,000 | -96,000 | -122,000 | -161,000 | -274,000 | -121,000 | -16,000 | -175,000 | 50,000 |
net cash from investing activities | 49,274,000 | -4,743,000 | -51,704,000 | -34,942,000 | -59,574,000 | 3,128,000 | -40,525,000 | -102,224,000 | 17,850,000 | 47,368,000 | 64,092,000 | 11,294,000 | |||||||||
cash flows from financing activities: | |||||||||||||||||||||
proceeds from issuance of common stock, net of paid issuance costs | 0 | 0 | -354,000 | 135,125,000 | 0 | -43,000 | -274,000 | 98,604,000 | |||||||||||||
proceeds from issuance of pre-funded warrants, net of paid issuance costs | 0 | 0 | 0 | 9,365,000 | |||||||||||||||||
proceeds from exercise of stock options | 1,076,000 | 2,562,000 | 1,205,000 | 1,437,000 | |||||||||||||||||
proceeds from sale of common stock under employee stock purchase plan | 1,236,000 | 0 | 659,000 | 0 | 520,000 | 0 | 240,000 | 0 | |||||||||||||
proceeds from issuance of common stock under an at-the-market sales agreement, net of paid issuance costs | |||||||||||||||||||||
proceeds from long-term debt | 0 | ||||||||||||||||||||
payment of debt issuance costs | 0 | -815,000 | |||||||||||||||||||
payments for debt extinguishment | 0 | 0 | |||||||||||||||||||
net cash from financing activities | 2,312,000 | 2,562,000 | 1,952,000 | 136,562,000 | 2,927,000 | 639,000 | 42,319,000 | 108,771,000 | 19,760,000 | 104,893,000 | 510,000 | 5,013,000 | 264,000 | -136,000 | 74,734,000 | 19,125,000 | -74,000 | 75,000 | 1,000 | 19,000 | 91,763,000 |
net increase in cash, cash equivalents and restricted cash | 70,916,000 | 16,076,000 | -79,139,000 | 80,969,000 | -12,469,000 | 7,066,000 | 81,800,000 | ||||||||||||||
cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | 0 | 97,381,000 | |||||||||||||||||
cash, cash equivalents and restricted cash at end of period | 70,916,000 | 16,076,000 | -79,139,000 | 178,350,000 | |||||||||||||||||
supplemental disclosures from noncash, investing and financing activities: | |||||||||||||||||||||
operating lease right-of-use asset obtained in exchange for operating lease liability | 0 | 0 | 0 | 0 | 384,000 | 0 | 0 | 1,730,000 | 116,000 | 0 | 0 | ||||||||||
operating lease modification | |||||||||||||||||||||
interest expense paid in cash | 2,058,000 | 2,116,000 | 2,094,000 | 2,074,000 | 2,174,000 | 4,152,000 | 468,000 | 868,000 | 846,000 | 732,000 | 709,000 | 593,000 | |||||||||
additions of property and equipment included within accounts payable and other accrued liabilities | 32,000 | 1,155,000 | 305,000 | 39,000 | 41,000 | 55,000 | 102,000 | 11,000 | |||||||||||||
offering costs included within accounts payable | |||||||||||||||||||||
amortization of debt-related costs | 152,000 | 146,000 | 139,000 | 129,000 | |||||||||||||||||
net amortization/accretion of marketable securities | -1,534,000 | -1,709,000 | -1,314,000 | -1,144,000 | |||||||||||||||||
realized loss on equity investments | |||||||||||||||||||||
unrealized loss from transactions denominated in a foreign currency | -12,000 | 1,000 | |||||||||||||||||||
accounts payable and other accrued liabilities | 23,842,000 | 2,294,000 | 11,309,000 | 15,047,000 | 5,868,000 | 7,087,000 | 12,335,000 | 8,063,000 | 5,814,000 | 409,000 | -1,046,000 | -366,000 | 1,322,000 | -2,104,000 | 1,969,000 | 357,000 | -1,099,000 | -441,000 | 5,063,000 | 215,000 | |
proceeds from maturities of marketable securities | 99,500,000 | 79,000,000 | 91,218,000 | 24,495,000 | 10,540,000 | 2,500,000 | 51,740,000 | 64,879,000 | 40,301,000 | ||||||||||||
payments of debt issuance costs | |||||||||||||||||||||
additions of intangible assets included within accounts payable and other accrued liabilities | |||||||||||||||||||||
offering costs included within accounts payable and other accrued liabilities | 354,000 | ||||||||||||||||||||
unrealized loss on equity investments | 585,000 | 111,000 | -15,000 | 65,000 | |||||||||||||||||
payments of deferred offering costs | |||||||||||||||||||||
proceeds from exercise of equity awards | 721,000 | 1,818,000 | 802,000 | 516,000 | 45,000 | 13,000 | |||||||||||||||
net increase in cash and cash equivalents | -4,885,000 | -1,725,000 | 119,899,000 | 40,776,000 | -5,663,000 | -97,829,000 | -75,874,000 | ||||||||||||||
cash and cash equivalents — beginning of period | 0 | 0 | 224,947,000 | 0 | 0 | 71,660,000 | 0 | ||||||||||||||
cash and cash equivalents — end of period | -4,885,000 | -12,610,000 | 193,705,000 | 119,899,000 | 40,776,000 | 65,997,000 | -75,874,000 | ||||||||||||||
supplemental disclosures noncash and other investing and financing activities: | |||||||||||||||||||||
offering costs included within accounts payable and accrued liabilities | -121,000 | -136,000 | 275,000 | ||||||||||||||||||
net income | -22,511,000 | -5,743,000 | -20,238,000 | -15,697,000 | 6,345,000 | 10,376,000 | |||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
unrealized gain from transactions denominated in a foreign currency | -17,000 | 16,000 | 2,000 | 0 | 2,000 | 4,000 | 27,000 | -35,000 | |||||||||||||
proceeds from term loan | 0 | 5,000,000 | 0 | 5,000,000 | 0 | 0 | 0 | 20,000,000 | |||||||||||||
payment of term loan issuance costs | 0 | 0 | |||||||||||||||||||
supplemental disclosures noncash investing and financing activities: | |||||||||||||||||||||
accretion of term loan-related costs | 114,000 | 111,000 | 101,000 | 92,000 | 81,000 | 78,000 | |||||||||||||||
net decrease in cash and cash equivalents | -31,242,000 | ||||||||||||||||||||
amortization of discount on available-for-sale debt securities | -1,484,000 | -1,253,000 | |||||||||||||||||||
unrealized loss on equity investment | -58,000 | ||||||||||||||||||||
net cash from by operating activities | |||||||||||||||||||||
proceeds from sales of marketable securities | |||||||||||||||||||||
proceeds from issuance of common stock upon follow-on public offering, net of paid issuance costs | 0 | -218,000 | |||||||||||||||||||
proceeds from exercise of vested stock options | 24,000 | 82,000 | 8,000 | 75,000 | 1,000 | 19,000 | |||||||||||||||
payment of deferred offering costs | 0 | 0 | -15,000 | -60,000 | |||||||||||||||||
cash and cash equivalents — beginning of year | |||||||||||||||||||||
cash and cash equivalents — end of year | |||||||||||||||||||||
proceeds from issuance of common stock upon follow-on public offerings, net of paid issuance costs | |||||||||||||||||||||
deferred offering costs included within accounts payable and accrued liabilities | |||||||||||||||||||||
depreciation and amortization | 182,000 | 104,000 | 98,000 | 94,000 | 92,000 | 41,000 | 40,000 | 83,000 | 125,000 | 64,000 | 40,000 | ||||||||||
deferred offering costs included within additional-paid in capital | |||||||||||||||||||||
loss on lease termination | 0 | 0 | 0 | 2,000 | |||||||||||||||||
loss on disposal of property and equipment | 0 | 0 | 0 | 70,000 | |||||||||||||||||
issuance of common stock upon in-license agreement milestone achievement | |||||||||||||||||||||
stock issued for in-license agreements included within research and development expense | |||||||||||||||||||||
expense of right-of-use asset upon lease termination | 0 | ||||||||||||||||||||
deferred offering costs included in accounts payable and accrued liabilities | |||||||||||||||||||||
cash from investing activities | -57,127,000 | -122,000 | -161,000 | -274,000 | -121,000 | -16,000 | -175,000 | 50,000 | |||||||||||||
"operating lease right-of-use asset" obtained in exchange for operating lease liability | |||||||||||||||||||||
"interest expense" paid in cash | 967,000 | 0 | 127,000 | ||||||||||||||||||
additions of "property and equipment, net" included within "accounts payable and other accrued liabilities" | -15,000 | 18,000 | 41,000 | ||||||||||||||||||
expensing of "operating lease right-of-use assets" upon lease termination | |||||||||||||||||||||
stock issued for in-license agreements included within "research and development" expense | |||||||||||||||||||||
amortization and accretion of term loan-related costs | |||||||||||||||||||||
prepaid expenses and other current assets | -1,180,000 | 926,000 | -1,380,000 | 864,000 | -1,206,000 | -321,000 | 236,000 | ||||||||||||||
deferred offering costs included within "additional-paid in capital" | |||||||||||||||||||||
deferred offering costs included within "accounts payable and accrued liabilities" | 55,000 | ||||||||||||||||||||
amortization and accretion of long-term debt related costs | 55,000 | ||||||||||||||||||||
unrealized loss on equity securities | 192,000 | ||||||||||||||||||||
change in fair value of equity warrants | 245,000 | ||||||||||||||||||||
issuance of common stock pursuant to in-license agreement | 0 | 0 | 0 | 5,494,000 | |||||||||||||||||
contract asset | -7,199,000 | ||||||||||||||||||||
net decrease in cash, cash equivalents and restricted cash | 3,678,000 | -11,950,000 | |||||||||||||||||||
cash, cash equivalents, and restricted cash — beginning of period | 171,332,000 | ||||||||||||||||||||
cash, cash equivalents, and restricted cash — end of period | 175,010,000 | 7,066,000 | 20,536,000 | 156,199,000 | |||||||||||||||||
reconciliation of cash, cash equivalents and restricted cash | |||||||||||||||||||||
cash and cash equivalents | 175,010,000 | -12,469,000 | 7,066,000 | 20,556,000 | 156,179,000 | 81,800,000 | |||||||||||||||
restricted cash | 20,000 | 0 | |||||||||||||||||||
cash, cash equivalents and restricted cash | 175,010,000 | -12,469,000 | 7,066,000 | 20,536,000 | 156,199,000 | 81,800,000 | |||||||||||||||
stock issued for in-license agreements | |||||||||||||||||||||
proceeds from issuance of preferred stock, net of issuance costs | |||||||||||||||||||||
proceeds from issuance of common stock upon initial public offering, net of issuance costs | |||||||||||||||||||||
proceeds from stock option exercises prior to vesting | |||||||||||||||||||||
cash, cash equivalents, and restricted cash — beginning of year | 0 | 0 | 0 | 168,149,000 | 0 | ||||||||||||||||
cash, cash equivalents, and restricted cash — end of year | |||||||||||||||||||||
stock issued for license agreements | |||||||||||||||||||||
conversion of preferred stock into common stock upon initial public offering | |||||||||||||||||||||
additions of property and equipment included in accounts payable and other accrued liabilities | |||||||||||||||||||||
change in fair value of derivative assets | 346,000 | ||||||||||||||||||||
issuance costs for initial public offering | |||||||||||||||||||||
stock issued to licensor pursuant to execution of out-license agreement | 0 | 0 | 5,494,000 | ||||||||||||||||||
series c preferred stock issuance costs in accounts payable and other accrued liabilities | |||||||||||||||||||||
amortization of operating lease right-of-use asset | 44,000 | 43,000 | 56,000 | ||||||||||||||||||
proceeds from issuance of series b preferred stock, net of issuance costs | 0 | ||||||||||||||||||||
proceeds from exercise of stock options prior to vesting | |||||||||||||||||||||
additions of property and equipment in accounts payable and other accrued liabilities | |||||||||||||||||||||
derecognition of right-of-use asset upon lease termination | 0 | -38,000 | |||||||||||||||||||
impairment of operating lease right-of-use asset | |||||||||||||||||||||
change in fair value of derivative liabilities | |||||||||||||||||||||
stock issued for in-license agreement | |||||||||||||||||||||
non-cash related party interest expense | |||||||||||||||||||||
loss on extinguishment of convertible notes | |||||||||||||||||||||
proceeds from issuance of series c preferred stock, net of issuance costs | -244,000 | ||||||||||||||||||||
proceeds from issuance of convertible notes, net of issuance costs | |||||||||||||||||||||
proceeds from early exercise of stock options | 0 | ||||||||||||||||||||
proceeds from issuance of common stock upon exercise of vested stock options | |||||||||||||||||||||
conversion of preferred stock to common stock upon initial public offering | |||||||||||||||||||||
settlement of derivative liabilities upon conversion of convertible notes | |||||||||||||||||||||
series b preferred stock issuance costs in accounts payable and other accrued liabilities | |||||||||||||||||||||
conversion of convertible notes to series b preferred stock | |||||||||||||||||||||
convertible notes issuance costs included in accounts payable and accrued liabilities |