Tarsus Pharmaceuticals, Inc. TARS

Healthcare SIC 2836 - Biological Products, (No Diagnostic Substances) NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Biological Product (except Diagnostic) Manufacturing derived Nasdaq

We are a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. We launched XDEMVY® (lotilaner ophthalmic solution) 0.25%, formerly known as TP-03, for the treatment of Demodex blepharitis, in August 2023 after receiving U.S. Food and Drug Administration ("FDA") approval in July 2023. Demodex blepharitis is caused by the infestation of Demodex mites. Demodex blepharitis ("blephar" is a reference to eyelid and "itis" is a reference to inflammation) is a disease characterized by inflammation of the eyelid margin, redness and ocular irritation, including a specific type of eyelash dandruff called collarettes, which are pathognomonic for Demodex blepharitis. Poorly controlled and progressive Demodex blepharitis can lead to corneal damage over time and, in extreme cases, blindness. There may be as many as approximately 25 million people in the U.S. who suffer from Demodex blepharitis. XDEMVY is the first and only therapeutic approved by the FDA and we believe is the definitive standard of care for the treatment of Demodex blepharitis.

Last close 68.20 2026-10-23
Market cap $2.99B 2026-06-30 share count
52-week range 53.89 - 91.53

Valuation FY2025 figures against the last close

P/S6.6x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-1.59

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Revenue $451.4M$183.0M$17.4M$25.8M$57.0M$0———
R&D $64.3M$53.4M$50.3M$42.6M$41.7M$18.8M$3.2M——
SG&A $427.3M$237.3M$108.7M$44.9M$25.4M$8.2M$1.1M——
Total operating expenses $522.3M$303.5M$160.6M$88.5M$69.2M$27.0M$4.3M——
Operating income -$71.0M-$120.6M-$143.2M-$62.7M-$12.2M-$27.0M-$4.3M——
Interest expense $8.9M$7.8M$3.3M$2.2M$0————
Pre-tax income -$64.4M-$115.6M-$135.9M-$62.1M-$13.8M-$26.8M-$4.7M——
Income tax $2.1M$0$0$4.0K$55.0K$1.0K$1.0K——
Net income -$66.0M-$116.0M-$136.0M-$62.1M-$13.8M-$26.8M-$4.7M-$1.3M—
EPS, basic -1.59-3.07-4.62-2.52-0.67-4.32———
EPS, diluted -1.59-3.07-4.62-2.52-0.67-4.32-1.98——
Shares, diluted (wtd. avg.) 41.8M37.6M29.4M24.6M20.6M6.2M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Cash and equivalents $183.6M$94.8M$224.9M$71.7M$171.3M$168.1M$58.0M$2.4M—
Short-term investments $233.6M$196.6M$2.5M$145.4M$483.0K$0———
Receivables $85.1M$46.8M$16.6M$0—————
Inventory $4.4M$2.6M$3.1M$0—————
Total current assets $522.8M$356.7M$256.1M$225.4M$176.0M$170.7M$58.0M——
Property, plant and equipment $11.7M$2.3M$1.5M$957.0K$755.0K$548.0K$154.0K——
Other intangibles $7.4M$8.3M$3.9M$0—————
Total assets $562.2M$377.0M$265.5M$227.9M$178.9M$172.0M$58.3M——
Accounts payable $16.4M$9.4M———————
Total current liabilities $135.7M$80.6M$36.9M$15.4M$11.5M$5.4M$819.0K——
Long-term debt $72.4M$71.8M$29.8M$19.4M$0————
Total liabilities $218.7M$152.5M$68.5M$35.0M$12.2M$6.0M$919.0K——
Retained earnings -$426.6M-$360.2M-$244.7M-$108.8M-$46.7M-$32.8M-$6.0M——
Total equity $343.4M$224.5M$197.0M$192.9M$166.7M$166.0M-$6.0M-$1.4M-$44.0K

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating cash flow -$12.5M-$83.0M-$117.5M-$49.0M$3.7M-$21.1M-$3.7M——
Depreciation and amortisation $855.0K$685.0K$744.0K$326.0K$300.0K$100.0K$37.0K——
Stock-based compensation $41.7M$27.8M$19.8M$13.5M$8.5M$839.0K$18.0K——
Capital expenditure $9.9M$1.6M$1.5M$506.0K$586.0K$456.0K$175.0K——
Investing cash flow -$42.1M-$199.2M$140.6M-$144.6M-$586.0K-$456.0K-$175.0K——
Financing cash flow $143.4M$154.7M$130.2M$94.0M$21.0K$131.8M$59.4M——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001819790-26-000028.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Net income, FY2018: -1.3M Net income, FY2019: -4.7M Revenue, FY2020: 0 Net income, FY2020: -26.8M Revenue, FY2021: 57M Net income, FY2021: -13.8M Revenue, FY2022: 25.8M Net income, FY2022: -62.1M Revenue, FY2023: 17.4M Net income, FY2023: -136M Revenue, FY2024: 183M Net income, FY2024: -116M Revenue, FY2025: 451.4M Net income, FY2025: -66M FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — $0 $57.0M $25.8M $17.4M $183.0M $451.4M
Gross profit — — — — — — — — —
Net income — -$1.3M -$4.7M -$26.8M -$13.8M -$62.1M -$136.0M -$116.0M -$66.0M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement signed Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Unregistered share sale Item 3.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed Item 1.01
  • Unregistered share sale Item 3.02
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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