Tarsus Pharmaceuticals, Inc. TARS
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| 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.) | $41.8M | $37.6M | $29.4M | $24.6M | $20.6M | $6.2M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| 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.
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