Tarsus Pharmaceuticals, Inc.
- Open
- 58.42
- Day high
- 59.26
- Day low
- 55.53
- Prev close
- 59.31
- Volume
- 2.0M
- Mkt cap
- $2.4B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 6.9
- P/S
- 4.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.5M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
Tarsus Pharmaceuticals, Inc. (TARS) is a Healthcare company listed on NASDAQ. The stock is up 43% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
Tarsus Pharmaceuticals, Inc. (TARS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TARS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.40 | $-0.16 | +60.2% | $162M | +8.3% |
| Feb 23, 2026 | $-0.19 | $-0.20 | -3.0% | $152M | +4.9% |
| Nov 4, 2025 | $-0.35 | $-0.30 | +14.3% | $119M | -17.9% |
| Aug 6, 2025 | $-0.33 | $-0.48 | -45.5% | $103M | -9.2% |
| May 1, 2025 | $-0.69 | $-0.64 | +7.2% | $78M | -21.0% |
| Aug 8, 2024 | $-0.98 | $-0.88 | +10.2% | $41M | +28.9% |
| Feb 27, 2024 | $-1.37 | $-1.31 | +4.4% | $13M | +131.0% |
| Nov 9, 2023 | $-1.40 | $-1.28 | +8.6% | $2M | -68.5% |
| Aug 10, 2023 | $-1.08 | $-1.17 | -8.3% | $15M | +768.0% |
| Mar 13, 2023 | $-0.97 | $-0.49 | +49.5% | $10M | +0.0% |
| Nov 9, 2022 | $-0.98 | $-0.84 | +14.3% | — | — |
| Aug 11, 2022 | $-0.65 | $-0.24 | +63.1% | $15M | +35.8% |
TARS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | YARNO WENDY Ldirector | Grant | 2,417 | — |
| Jun 29, 2026 | CHAUDHURI BHASKARdirector | Grant | 2,417 | — |
| Jun 29, 2026 | PYOTT DAVID E Idirector | Grant | 2,417 | — |
| Jun 29, 2026 | PYOTT DAVID E Idirector | Grant | 806 | — |
| Jun 29, 2026 | Goodrich Katherinedirector | Grant | 2,417 | — |
| Jun 29, 2026 | Morrison Scott Wdirector | Grant | 3,837 | $64.34 |
| Jun 29, 2026 | PYOTT DAVID E Idirector | Grant | 3,837 | $64.34 |
| Jun 29, 2026 | Morrison Scott Wdirector | Grant | 2,417 | — |
| Jun 29, 2026 | Goldberg Andrew D.director | Grant | 3,837 | $64.34 |
| Jun 29, 2026 | CHAUDHURI BHASKARdirector | Grant | 3,837 | $64.34 |
| Jun 29, 2026 | Goodrich Katherinedirector | Grant | 3,837 | $64.34 |
| Jun 29, 2026 | YARNO WENDY Ldirector | Grant | 1,209 | — |
| Jun 29, 2026 | LINK WILLIAM J PHDdirector | Grant | 2,417 | — |
| Jun 29, 2026 | LINK WILLIAM J PHDdirector | Grant | 3,837 | $64.34 |
| Jun 29, 2026 | Goldberg Andrew D.director | Grant | 2,417 | — |
Source: TARS SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full TARS insider & 13F page →Tarsus Pharmaceuticals, Inc. company profile
Overview
Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS) is a clinical-stage biopharmaceutical company founded in 2016 and headquartered in Irvine, California. The company went public in October 2020 and has since established itself as a pioneer in developing treatments for parasitic infestations affecting the eye. Tarsus achieved a significant milestone in 2023 with the FDA approval and commercial launch of XDEMVY, the first and only approved treatment for Demodex blepharitis, a common eye condition caused by microscopic mites. The company has transitioned from a pure research and development stage to a commercial-stage pharmaceutical company, generating substantial revenue from its flagship product while continuing to advance its pipeline of lotilaner-based therapeutics.
Business
Tarsus Pharmaceuticals operates in the specialized field of parasitology-based ophthalmology, focusing on developing treatments for eye conditions caused by parasitic mites. The company's expertise centers around lotilaner, an active pharmaceutical ingredient originally developed for veterinary use that has been repurposed for human medicine. The company's core product is XDEMVY (lotilaner ophthalmic solution), which treats Demodex blepharitis. This condition occurs when microscopic Demodex mites infest the eyelashes and eyelids, causing inflammation, irritation, and various uncomfortable symptoms. Blepharitis affects millions of Americans, but until XDEMVY's approval, patients had no FDA-approved treatment options and relied on off-label therapies or home remedies like warm compresses and eyelid scrubs. Beyond XDEMVY, Tarsus is developing additional applications for lotilaner across multiple therapeutic areas: 1. TP-04 for Ocular Rosacea - Targeting approximately 15-18 million Americans who suffer from rosacea affecting the eye area, also caused by Demodex mites. This represents a similar market opportunity to the company's current focus area. 2. TP-05 for Lyme Disease Prevention - A novel approach to preventing Lyme disease transmission, representing a significant expansion beyond eye care into infectious disease prevention. 3. Meibomian Gland Disease (MGD) applications - Extending XDEMVY's use to treat dysfunction of the oil glands in the eyelids, which affects tear film quality and eye comfort. The company's revenue is currently derived almost entirely from XDEMVY sales, which generated approximately $183 million in 2024, representing the company's transition from a pre-revenue biotech to a commercial pharmaceutical company.
Revenue model
Tarsus Pharmaceuticals generates revenue primarily through direct product sales of XDEMVY to pharmaceutical distributors and specialty pharmacies, who then dispense the medication to patients. The company employs a traditional pharmaceutical business model where patients obtain prescriptions from eye care professionals, and the medication is covered by insurance plans or paid for out-of-pocket. The company's customers are eye care professionals (ophthalmologists and optometrists) who prescribe XDEMVY, while the end users are patients suffering from Demodex blepharitis. Tarsus has built a specialized sales force of approximately 150 representatives who call on over 15,000 eye care providers across the United States. The company has also launched direct-to-consumer advertising campaigns to drive patient awareness and encourage them to seek treatment from their eye doctors. Revenue dynamics are influenced by several key factors. Positive factors include the expanding sales force, improved insurance coverage (now covering over 90% of patient lives), growing physician adoption, and increased patient awareness through direct-to-consumer marketing. The company benefits from having the only FDA-approved treatment for Demodex blepharitis, providing significant competitive advantages. Additionally, the potential for retreatments creates recurring revenue opportunities, as approximately 40% of patients may experience symptom recurrence within 12 months. Challenging factors include the high gross-to-net discount of approximately 45%, meaning the company receives roughly half of the list price after rebates and discounts to payers. The specialized nature of the condition requires significant physician education, and patient diagnosis rates remain low relative to the estimated disease prevalence. The company also faces the typical pharmaceutical industry pressures of payer negotiations and the need for continuous investment in sales and marketing to drive adoption. The business model's profitability depends heavily on achieving scale, as the company maintains gross margins of approximately 93% but currently operates at a net loss due to substantial sales, marketing, and research and development expenses. The path to profitability requires continued volume growth and potential expansion into additional indications using the same lotilaner platform.
Competitive moat
Tarsus Pharmaceuticals possesses a moderate but meaningful competitive moat built primarily around regulatory exclusivity and specialized expertise. The company's strongest defensive position comes from being the first and only FDA-approved treatment for Demodex blepharitis, providing significant regulatory barriers to competition. This first-mover advantage is reinforced by the specialized nature of the condition and the company's deep expertise in parasitology applications for human medicine. The company's regulatory moat includes patent protection and potential market exclusivity periods that could extend several years. Additionally, Tarsus has developed specialized knowledge in repurposing veterinary antiparasitic compounds for human ophthalmic use, creating intellectual property around formulation and delivery methods. The company's relationships with eye care professionals and established distribution channels provide some switching costs and network effects. However, the moat faces several potential vulnerabilities. Competitive threats could emerge from large pharmaceutical companies developing alternative treatments for Demodex-related conditions, either through different mechanisms of action or improved formulations. Generic competition will eventually emerge once patent protection expires, though the specialized nature of ophthalmic formulations may provide some protection. The relatively small market size might also attract competition from companies seeking to develop more convenient or effective treatments. The company's expansion into adjacent areas like ocular rosacea and Meibomian gland disease could strengthen its moat by creating a broader platform of related treatments, making it more difficult for competitors to replicate the entire franchise. However, success in these adjacent markets is not guaranteed, and larger pharmaceutical companies with greater resources could potentially develop competing treatments across multiple indications simultaneously. Overall, Tarsus enjoys a solid but not impregnable competitive position that should provide meaningful protection for several years, particularly if the company can successfully expand its platform and maintain its innovation leadership in parasitology-based treatments.
Risks & safety
Tarsus Pharmaceuticals demonstrates a strong financial safety profile with substantial cash reserves and minimal debt, though the company remains pre-profitability and burns cash for operations. • Liquidity and Solvency: The company ended Q1 2025 with $175.8 million in cash and short-term investments, providing substantial runway. With current quarterly cash burn of approximately $20-25 million, the company has roughly 2-3 years of operating runway at current burn rates. • Debt Position: Minimal debt with debt-to-equity ratio of 0.0 as of Q1 2025, indicating very low financial leverage and solvency risk. • Working Capital: Strong current ratio of 5.57 and quick ratio of 5.54, indicating excellent short-term liquidity position. • Valuation Metrics: Trading at approximately 10x trailing revenue with negative P/E due to current losses. EV/EBITDA not meaningful due to negative EBITDA. • Operational Cash Flow: Negative operating cash flow of $20.7 million in Q1 2025, though improving from prior periods as revenue scales. • Other Considerations: The company recently raised $135 million in additional equity financing, further strengthening its balance sheet and extending its financial runway well beyond the typical biotech risk profile.
Recent development
Over the past two years, Tarsus has executed a significant transformation from a clinical-stage biotech to a commercial pharmaceutical company. The most critical development was the FDA approval and commercial launch of XDEMVY in 2023, which marked the company's transition to revenue generation. The launch has exceeded expectations, with net product sales growing from $17.4 million in 2023 to $183 million in 2024, representing more than 10x growth. The company has made substantial commercial infrastructure investments, expanding its sales force from 100 to 150 representatives and securing insurance coverage for over 90% of patient lives through commercial and Medicare contracts. A significant strategic shift occurred with the launch of direct-to-consumer advertising campaigns in late 2024, representing the company's first major investment in consumer marketing to drive patient awareness and demand. Pipeline advancement has been equally impressive, with positive Phase 2 results across three programs: TP-04 for ocular rosacea, TP-05 for Lyme disease prevention, and expanded applications for XDEMVY in treating Meibomian gland disease. The company demonstrated that XDEMVY provides statistically significant improvements in MGD patients, potentially expanding the addressable market significantly beyond the initial Demodex blepharitis indication. Leadership strengthening included the addition of Dr. Elizabeth Yeu as Chief Medical Officer and Dr. Kate Goodrich to the Board of Directors, bringing additional expertise in ophthalmology and healthcare policy. The company also secured substantial additional funding through equity raises, providing financial flexibility to support both commercial expansion and continued pipeline development. Looking ahead, Tarsus is preparing to initiate Phase 2 trials for TP-04 in ocular rosacea and TP-05 in Lyme disease prevention, while also exploring European regulatory pathways for XDEMVY approval, potentially opening international markets by 2027.
TARS company profile · for informational purposes only — not investment advice.
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