Tarsus Pharmaceuticals : Corporate Presentation

Leading the Way in

Category Creation

M A R C H 2 0 2 4

Sulma, an XDEMVY® Patient

Forward-Looking Statements

This presentation contains forward-looking statements that involve risks and uncertainties. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current expectations about future events that we believe may affect our financial condition, results of operations, business strategy, and financial needs. All statements other than statements of historical facts contained in this presentation, including any statements regarding our ability to achieve distribution and patient access for our products including XDEMVY® and timing and breadth of payer coverage; our expectations of the potential market size, pricing, gross-to-net yields, fill rates, out-of-pocket costs, payer mix, eye care provider and patient acceptance and demand of XDEMVY, and opportunity and patient populations for our product candidates, including XDEMVY; our sales force size and hiring plans; the commercialization and market acceptance of XDEMVY; revenue expectations and cash runway and financing availability expectations; our ability to obtain marketing approvals of our product candidates and to meet existing or future regulatory standards or comply with post-approval requirements; our expectations regarding intellectual property exclusivity and term; our expectations regarding the potential advantages of our product candidates over existing therapies; our expectations regarding clinical development programs and operations; the market size for TP-03,TP-04, and TP-05, future events and Tarsus' plans for and the anticipated benefits of its product candidates including TP-03,TP-04 and TP-05 and the timing, objectives and results of the clinical trials including the complete clinical results of the Ersa trial, anticipated regulatory and development milestones, and our research and development programs; our expectations with regard to our ability to develop additional product candidates or product candidates for other indications; our ability to identify additional products, product candidates or technologies with significant commercial potential that are consistent with our commercial objectives; the ability of LianBio to commercialize TP-03 in the Greater China territory; and the implementation of our business model and strategic plans for our business and product candidates are forward-looking statements. The words "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports we file with the Securities and Exchange Commission, copies of which are posted on our website and are available from us 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.

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For Investor Purposes Only

Expert Leadership Team With Decades of Eye Care, Product Launch and Market Building Experience

Bobby Azamian, M.D., Ph.D.

CEO & Chairman

Former CEO/CMO Metavention with extensive investment/entrepreneurial

experience with Versant & Third Rock Ventures

20+ years of product launch experience and former VP Marketing, Allergan Eye Care (Restasis®, Lumigan®)

25+ years of finance and operational experience; former CFO at Global Blood Therapeutics

20+ years HR leadership including multiple roles at Allergan

Aziz Mottiwala

Chief Commercial Officer

Jeff Farrow

Chief Financial and

Strategy Officer

Dianne Whitfield

Chief Human Resources Officer

Elizabeth Yeu, M.D.	Board Member and President
Chief Medical Advisor	American Society of Cataract and
and Director	Refractive Surgeons (ASCRS)

Sesha Neervannan, Ph.D.	25+ years drug development
experience, deep expertise
Chief Operating Officer	in ophthalmic and
	dermatology products

Bryan Wahl. M.D., J.D.	~20 years broad legal experience
including IP and strategic transactions;
General Counsel	former partner at Knobbe

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For Investor Purposes Only

Demodex Blepharitis

A Pervasive and Damaging Eyelid Disease

• Caused by an infestation of Demodex mites
• Patients can suffer eyelid inflammation, redness, irritation and a negative impact on daily activities
• Quickly diagnosed during a routine eye exam through the identification of collarettes
• Potential for serious clinical implications if left untreated

Collarettes are the pathognomonic sign of DB: Waxy, cylindrical plaque composed of dead mites, mite eggs & waste

Singular eyelash with multiple mites

~25M Americans Impacted1,2

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1. Wilson J Ophthalmology 2015, 435606, 2014; 2. Titan collarette prevalence study

For Investor Purposes Only

Easily Diagnosed Through the Presence of Collarettes

100% of patients with collarettes

have Demodex blepharitis1

WATCHVIDEO

1. Gao YY, Di Pascuale MA, Li W, et al. Invest Ophthalmol Vis Sci. 2005;46(9):3089-3094.

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For Investor Purposes Only

Demodex Blepharitis is a Potential $1B+ Opportunity

							G O A L
						>7M
1.5M		1.2M		2.2M		2.3M
Patients with Demodex							Proactively
	Dry Eye Rx patients		Cataract patients		Contact lens	seeking treatment
blepharitis (DB)
Already diagnosed		with DB1,3,4,5		with DB1,3,6		patients with DB1,3,7	for complementary
						eye conditions /
& seeking treatment1,2
						diseases

~1.5M $1,850 ~50%

Patients

WAC/Rx

GTN Yield

$1B+ peak net sales potential

in initial addressable segment alone

1. Wilson J Ophthalmology 2015, 435606, 2014; 2. Symphony claims data; 3. Titan collarette prevalence study; 4.Market Scope 2020 Dry Eye Products Report: A Global Market Analysis for

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2019 to 2025; 5. White et al., Clin Ophthalmology 2019: 13 2285-2292 6. AAO/ASCRS Statement on Cataract Surgery, July 2021; 7. Refractive Surgery Council August 2021 For Investor Purposes Only

X D E M V Y: A n e y e c a r e p r o d u c t

UNLIKE ANY OTHER

The First and Only FDA-Approved

Medicine for Demodex Blepharitis

• An innovative, category-creating therapeutic
• A strong value proposition for patients, ECPs and payers
• A high-touch,market-building commercial plan
• Patent protection expected through 2038

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For Investor Purposes Only

XDEMVY: Delivering for Patients

B E F O R E

B E F O R E

A F T E R

A F T E RB E F O R EA F T E R

Patient outcomes and experiences may vary.

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For Investor Purposes Only