Tarsus Pharmaceuticals, Inc.

NASDAQ•TARS

CEO: Dr. Bobak R. Azamian M.D.

Sector: Healthcare

Industry: Biotechnology

Listing Date: 2020-10-16

Tarsus Pharmaceuticals, Inc., a commercial stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutic candidates for eye care in the United States. The company's lead product candidate is XDEMVY, a novel therapeutic for the treatment of blepharitis caused by the infestation of Demodex mites, as well as to treat meibomian gland disease. It is developing TP-04 for the treatment of rosacea; and TP-05 for Lyme prophylaxis and community malaria reduction. In addition, the company develops lotilaner to address diseases across therapeutic categories in human medicine, including eye care, dermatology, and other infectious disease prevention. Tarsus Pharmaceuticals, Inc. was incorporated in 2016 and is headquartered in Irvine, California.

Contact Information

15440 Laguna Canyon Road, Suite 160, Irvine, CA, 92618, United States

949-409-1801

www.tarsusrx.com

Market Cap

$2.67B

P/E (TTM)

-55.1

24.5

Dividend Yield

52W High

$85.25

52W Low

$38.51

52W Range

50%

Rank60Top 89.2%

2.1

F-Score

Modified Piotroski Analysis

Based on 7-year fundamentals

Weak • 2.1 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2019-2025

Financial Dashboard

Q1 2026 Data

Revenue

$162.05M+0.00%

4-Quarter Trend

EPS

-$0.16+0.00%

4-Quarter Trend

FCF

-$30.47M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

XDEMVY Net Sales Surge Net product sales reached $451.4M in 2025, driven by 400,000 bottles delivered, showing substantial commercial traction.

Operating Loss Significantly Narrows Loss from operations improved by $49.6M to ($71.0M) in 2025, despite increased SG&A spending for commercial expansion.

Strong Cash Position Maintained Cash, equivalents, and marketable securities totaled $417.3M as of December 31, 2025, providing runway for 12+ months.

Pipeline Advancement Progresses Initiated Phase 2 trial for TP-04 (ocular rosacea) in late 2025; TP-05 Lyme Phase 2 initiation set for Q2 2026.

Risk Factors

Dependence on Single Product Success heavily relies on continued commercialization of XDEMVY; future profitability remains uncertain due to incurred losses.

Capital Needs Remain High Capital requirements are difficult to predict due to pipeline development; failure to secure funding halts operations or delays programs.

Market Size Overestimation Risk Market opportunity for Demodex blepharitis, particularly XDEMVY, may be materially smaller than current estimates, impacting sales growth.

Regulatory/Commercial Execution Risk Limited experience in commercializing products; future launches or XDEMVY success becoming unsuccessful impacts profitability ability.

Outlook

Accelerate XDEMVY Launch Continue accelerating XDEMVY launch trajectory, leveraging DTC campaigns; awareness reached 25% versus 2% baseline.

Advance Ocular Rosacea Program Pursue transformative TP-04 opportunity; Phase 2 trial results for ocular rosacea expected in the first half of 2027.

Strategic Pipeline Expansion Advance TP-05 Lyme prophylaxis program; Phase 2 trial initiation planned for second quarter of 2026, seeking future partnership.

Evaluate Strategic Collaborations Strategically enter collaborations to maximize pipeline potential, including exploring development opportunities in Europe and Japan.

Peer Comparison

Revenue (TTM)

LEGN

$1.14B

+56.4%

APLS

$1.11B

+42.5%

RARE

$669.43M

+13.3%

Gross Margin (Latest Quarter)

TARS

94.2%

-14.0pp

ARQT

90.7%

+3.5pp

APLS

84.8%

+11.7pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
IMVT	$6.90B	-13.5	-68.2%	0.0%
LEGN	$6.63B	-26.5	-24.9%	24.4%
CNTA	$6.15B	-24.3	-60.4%	1.1%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

16.4%

Strong Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

50%

Cash Flow Needs Attention

Deep Research

Next earnings:Aug 5, 2026

EPS:-$0.15

Revenue:$170.02M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data