Tarsus Pharmaceuticals, Inc. (TARS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$606.3M

Revenue growth

105.2%

Net income, last twelve months

-$46.5M

Earnings per share

-$1.09

Operating margin

-8.0%

Net margin

-7.7%

Free cash flow

$56.0M

Return on equity

-13.4%

Market value

$3.1B

Dividend yield

0.0%

Cash

$204.6M

Debt

$72.8M

Debt to equity

0.21

Shares outstanding

43.3M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 6 August 2026.

• XDEMVY sales grew over 69%. Second quarter XDEMVY net product sales rose more than 69% year over year. Management attributed the increase to higher volume and a better gross-to-net discount.
• Second quarter net loss narrowed. Net loss was $18.6 million, against $20.3 million a year earlier. Basic and diluted loss per share was $(0.43), compared with $(0.48).
• Year-to-date license revenue from China. Year-to-date product sales were $319.3 million. License revenue of $16.7 million reflects a $15.0 million China regulatory milestone, with $1.7 million of withholding tax recorded gross.
• Year-to-date net loss was $25.5 million. Year-to-date net loss was $25.5 million, against $45.5 million. Basic and diluted loss per share was $(0.59), compared with $(1.11).
• Prescribing depth doubled year over year. The number of eye care professionals prescribing XDEMVY five or more times a week doubled year over year, which management cites as depth of adoption.
• Direct-to-consumer campaigns lifted web activity. Website engagement rose after a celebrity campaign with John Cena and an unbranded television campaign featuring 'Barry the Cat' began.
• Unaided awareness near 30%. Unaided awareness of Demodex blepharitis is now about 30%, up from 2% of patients surveyed when the direct-to-consumer campaign began.
• Gross margin held at 93%. Gross margin was 93% in the second quarter, against 94% a year earlier. Cost of sales rose to $12.1 million on manufacturing, royalty and milestone amortization.
• R&D spending rose on TP-05 Calliope. Second quarter R&D expenses were $31.0 million against $15.6 million, including $8.0 million of TP-05 Calliope program costs and $3.2 million of payroll and personnel costs.
• Year-to-date R&D included in-license payment. Year-to-date R&D expenses were $53.4 million, including a $2.0 million upfront payment for an in-license agreement signed in February 2026.
• Second quarter SG&A rose on promotion. SG&A was $150.7 million against $103.0 million. Commercial and marketing costs, including DTC advertising, added $21.2 million, and patient support, IT, legal and professional costs added $19.5 million.
• Year-to-date SG&A reached $287.1 million. Year-to-date SG&A was $287.1 million against $188.0 million. Added payroll costs for commercial and corporate hires totaled $11.1 million.
• KORE trial of TP-04 progressing. The Phase 2 KORE trial of TP-04 for ocular rosacea continues to progress, with topline data expected in the first half of 2027.
• Calliope enrollment completed. Calliope, a Phase 2 trial of TP-05 for Lyme disease prevention, has completed enrollment. Management says it could support a Phase 3-ready package.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 70 held.

Every filing

The newest filings with the SEC of 152 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

289 funds held it at 30 Jun 2026: 136 added and 84 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Amgen Inc. (AMGN): revenue $38.1B, market value $244.4B
• Gilead Sciences, Inc. (GILD): revenue $30.5B, market value $197.6B
• Moderna, Inc. (MRNA): revenue $2.2B, market value $85.4B
• argenx SE (ARGX): revenue $4.2B, market value $55.2B
• Biogen Inc. (BIIB): revenue $10.3B, market value $36.1B
• BioNTech SE (BNTX): revenue $3.2B, market value $22.1B
• Exelixis, Inc. (EXEL): revenue $2.4B, market value $16.5B
• Halozyme Therapeutics, Inc. (HALO): revenue $1.7B, market value $14.8B
• Neurocrine Biosciences Inc. (NBIX): revenue $3.4B, market value $14.8B
• Bio-Techne Corp. (TECH): revenue $1.2B, market value $11.3B

What the company does

Tarsus Pharmaceuticals is a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. Its one marketed product is XDEMVY (lotilaner ophthalmic solution) 0.25%, formerly known as TP-03, which was launched in the United States in August 2023 after FDA approval in July 2023. As of 31 December 2025 it had 370 full-time employees.

What it sells

XDEMVY is an eye drop for Demodex blepharitis, a disease caused by infestation with Demodex mites. Its active ingredient, lotilaner, paralyzes and eradicates mites and other parasites by inhibiting parasite-specific GABA-Cl channels. The filing says it has no GABA-Cl inhibition in humans. XDEMVY is the only therapeutic approved by the FDA for Demodex blepharitis, and the company calls it the definitive standard of care. Before it, patients used over-the-counter remedies such as tea tree oil, lid wipes and artificial tears, or off-label prescription products.

In Saturn-2, 55% of patients on XDEMVY achieved collarette cure at day 43, compared with 12% on vehicle. The company has completed seven clinical trials of XDEMVY in Demodex blepharitis.

The condition it treats

Demodex blepharitis involves inflammation of the eyelid margin, redness, irritation and collarettes, a type of eyelash dandruff. If it progresses it can cause corneal damage and, in extreme cases, blindness. The company estimates there may be as many as approximately 25 million people with the disease in the United States. It bases this on its finding that 58% of patients at eye care clinics have collarettes and that at least 45 million people visit an eye care clinic each year.

Eye care professionals can diagnose it during a routine slit lamp examination. The company is initially targeting approximately 9 million people who are seeking treatment for the disease or for related eye conditions.

Who prescribes it and who pays

The company sells in the United States through a specialty sales force, social and digital media, and education campaigns for these professionals. It also runs direct-to-consumer campaigns on streaming platforms and network television. Unaided awareness of Demodex blepharitis among patients surveyed is approximately 25%, against 2% at the start of the campaign.

Approximately 400,000 bottles were delivered to patients in 2025. The company reports coverage of over 90% of commercial, Medicare and Medicaid covered lives. It takes part in the Medicaid Drug Rebate Program and the Medicare Part D coverage gap discount program, and it pays rebates and discounts to payers.

What is in development

- TP-03 for Meibomian Gland Disease: The Ersa and Rhea trials looked at Demodex blepharitis patients who also have this condition. The company says the FDA told it these patients are already covered by the XDEMVY label. - TP-04 for ocular rosacea: This is a gel formulation. Approximately 15 to 18 million Americans are affected and no FDA-approved therapy exists. A Phase 2 trial began in December 2025, with topline results expected in the first half of 2027, the company says. - TP-05 for Lyme disease prevention: This is an oral tablet meant to kill ticks before they transmit the bacteria.

Making and protecting the product

Tarsus owns no manufacturing, storage, distribution or testing facilities. It relies on contract manufacturing organizations. It has used a single supplier for lotilaner and a single contract manufacturer for XDEMVY, and is qualifying an additional manufacturer in the United States.

The company licenses lotilaner rights from Elanco Tiergesundheit AG under two agreements. One covers eye and skin diseases in humans and the other covers all other human uses. It owes Elanco tiered royalties on net sales. The licensed portfolio includes approximately 37 issued patents and approximately 15 pending applications, with natural expiration around 2029 or 2030. Tarsus also has approximately 48 issued material patents related to XDEMVY or TP-03, with natural expiration in 2038.

Partners, rivals and people

In the China Territory (the People's Republic of China, Macau, Hong Kong and Taiwan), GrandPharma holds exclusive rights to develop and commercialize TP-03 for Demodex blepharitis and MGD, and Tarsus is eligible for milestones and royalties. Outside that territory the company has kept its rights and is exploring Europe and Japan.

The filing names Azura Ophthalmics, Atticus Medical and Glaukos Corp. as the only companies it knows to be focused on Demodex blepharitis. It notes that many competitors have greater financial resources. None of its employees is represented by a labor union.

*From Tarsus Pharmaceuticals's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1819790/000181979026000019/tars-20251231.htm)*

From the company's 10-K.