Biopharmaceutical company developing therapeutics for eye care, dermatology, and infectious disease conditions with unmet needs.
Profile & Fundamentals
Tarsus Pharmaceuticals: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Tarsus Pharmaceuticals Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Tarsus Pharmaceuticals, Inc., a commercial stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for eye care in the United States. The company offers XDEMVY, a lotilaner ophthalmic solution for the treatment of demodex blepharitis caused by the infestation of Demodex mites. It sells its products to specialty pharmacies and distributors, as well as clinics, hospitals, pharmacies, and federal healthcare programs. The company also develops TP-04, a sterile aqueous gel formulation of lotilaner in Phase 2 trial for the treatment of ocular rosacea; and TP-05, an oral tablet formulation of lotilaner in Phase 2 trial for the prevention of Lyme disease, as well as in pre-clinical studies for community malaria reduction. In addition, it is developing the lotilaner active pharmaceutical ingredient (API) to address diseases in human medicine, including eye care and infectious disease prevention. The company has a development and license agreement with Xi An Grand Chang An Pharmaceutical Co., Ltd. for the development and commercialization of TP-03 in China for the treatment of Demodex blepharitis and meibomian gland disease. Tarsus Pharmaceuticals, Inc. was incorporated in 2016 and is headquartered in Irvine, California.
Company profile record
Tarsus Pharmaceuticals Inc
Common Stock · Health Care · Pharmaceuticals
Company
- Company / asset
- Tarsus Pharmaceuticals Inc
- Security type
- Common Stock
- Sector
- Health Care
- Industry
- Pharmaceuticals
- HQ
- 🇺🇸 United States
- Head office
- 17700 Laguna Canyon Road, Irvine, CA, United States, 92618
Leadership & scale
- Chief executive
- Dr. Bobak R. Azamian M.D.
- Full-time employees
- 370
- Fiscal year end
- December
- IPO date
- 2020-10-16
Fundamentals snapshot
- Market Cap
- USD 3.2B
- P/E
- --
- Revenue (Q2 26)
- USD 173.9M
- Profit (Q2 26)
- USD -18.6M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 451.4M
- Shares in public float
- 32.7M
- Insider ownership
- 2.69%
Reporting & identifiers
- Symbol
- TARS.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US87650L1035
- Asset ID
- equity_9311a48d-21ca-5d46-80c4-b50cef1bb921
Ownership
Shares Outstanding
Latest: 43.4M | Max: 43.4M | Min: 4.3M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
75.45%
32.7M latest reported shares
Insider Ownership
2.69%
Latest reported insider stake
Short Float
0.14%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 4,285,300 |
| 2018-01-01 | 4,285,300 |
| 2019-01-01 | 10,900,800 |
| 2020-01-01 | 21,073,900 |
| 2021-01-01 | 20,632,200 |
| 2022-01-01 | 25,680,900 |
| 2023-01-01 | 31,944,200 |
| 2024-01-01 | 38,560,900 |
| 2025-01-01 | 42,784,700 |
| 2026-01-01 | 43,393,600 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| Deep Track Capital, LP | 3,666,768 | 8.62% | 2026-06-30 |
| BlackRock Inc | 3,552,612 | 8.35% | 2026-03-31 |
| RTW INVESTMENTS, LLC | 3,346,025 | 7.86% | 2026-03-31 |
| Paradigm Biocapital Advisors LP | 2,775,649 | 6.52% | 2026-06-30 |
| HHG PLC | 2,240,963 | 5.27% | 2026-03-31 |
| Morgan Stanley - Brokerage Accounts | 1,944,272 | 4.57% | 2026-03-31 |
| Vanguard Capital Management, LLC | 1,760,541 | 4.14% | 2026-03-31 |
| Jennison Associates LLC | 1,663,655 | 3.91% | 2026-06-30 |
| Millennium Management LLC | 1,427,124 | 3.35% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 1,299,485 | 3.05% | 2026-08-31 |
| Bank of America Corp | 1,194,377 | 2.81% | 2026-03-31 |
| TANG CAPITAL MANAGEMENT LLC | 1,188,624 | 2.79% | 2026-03-31 |
| Geode Capital Management, LLC | 1,121,091 | 2.63% | 2026-03-31 |
| iShares Russell 2000 ETF | 1,073,561 | 2.52% | 2026-08-31 |
| State Street Corp | 978,212 | 2.3% | 2026-03-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Tarsus has achieved an impressive commercial breakout with its lead eye drop, XDEMVY. Net sales expanded rapidly to $451 million in 2025 and continued surging through mid-2026, reaching $174 million in the second quarter alone. While aggressive spending on advertising and clinical trials produced headline accounting net losses of $18.55 million, the underlying cash story is far more encouraging. Trailing twelve-month free cash flow inflected to positive $61.5 million, proving that day-to-day product sales generate substantial real cash. However, headline sales figures conceal an important detail: first-half 2026 revenue included a one-time $16.7 million international licensing milestone rather than recurring bottle sales. While recurring commercial demand is undeniably accelerating, future earnings growth will depend heavily on management's ability to control research expenses as guidance projects full-year sales approaching $700 million.
Tarsus has achieved an impressive commercial breakout with its lead eye drop, XDEMVY. Net sales expanded rapidly to $451 million in 2025 and continued surging through mid-2026, reaching $174 million in the second quarter alone. While aggressive spending on advertising and clinical trials produced headline accounting net losses of $18.55 million, the underlying cash story is far more encouraging. Trailing twelve-month free cash flow inflected to positive $61.5 million, proving that day-to-day product sales generate substantial real cash. However, headline sales figures conceal an important detail: first-half 2026 revenue included a one-time $16.7 million international licensing milestone rather than recurring bottle sales. While recurring commercial demand is undeniably accelerating, future earnings growth will depend heavily on management's ability to control research expenses as guidance projects full-year sales approaching $700 million.
Revenue, Net Income, and Free Cash Flow
Latest: USD 451.4M | Max: USD 451.4M | Min: USD -135.9M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: --
No history available.
Profitability & Margins
Margins and Operating Efficiency
AI Review
The fundamental profit engine of Tarsus is defined by extraordinary gross margins of 93.2%. Because the chemical solution and eye dropper bottles cost pennies on the dollar to manufacture, almost every additional dollar of net sales represents pure gross profit. Operating margins improved dramatically from deep deficits worse than negative 65% in 2024 to negative 15.7% in 2025 as sales volume diluted overhead. Despite this elite unit profitability, GAAP operating margins remain negative because marketing and administrative expenses reached $150.7 million in the second quarter of 2026. Converting 93% gross margins into lasting bottom-line corporate profits requires prescription growth to naturally outrun commercial direct-to-consumer advertising and newly acquired research commitments.
The fundamental profit engine of Tarsus is defined by extraordinary gross margins of 93.2%. Because the chemical solution and eye dropper bottles cost pennies on the dollar to manufacture, almost every additional dollar of net sales represents pure gross profit. Operating margins improved dramatically from deep deficits worse than negative 65% in 2024 to negative 15.7% in 2025 as sales volume diluted overhead. Despite this elite unit profitability, GAAP operating margins remain negative because marketing and administrative expenses reached $150.7 million in the second quarter of 2026. Converting 93% gross margins into lasting bottom-line corporate profits requires prescription growth to naturally outrun commercial direct-to-consumer advertising and newly acquired research commitments.
Profitability Margins
Latest: 93.2% | Max: 96.4% | Min: <-100.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
93.2%
Gross profit / revenue
Operating Margin
-15.7%
Operating income / revenue
Net Margin
-14.7%
Net income / revenue
FCF Margin
-4.9%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2018-12-31 | 0 | -1,319,000 | -1,190,000 |
| 2019-12-31 | 0 | -4,670,000 | -3,848,000 |
| 2020-12-31 | 33,432,000 | -26,811,000 | -21,594,000 |
| 2021-12-31 | 57,027,000 | -13,827,000 | 3,162,000 |
| 2022-12-31 | 25,816,000 | -62,091,000 | -49,536,000 |
| 2023-12-31 | 17,447,000 | -135,893,000 | -122,995,000 |
| 2024-12-31 | 182,953,000 | -115,554,000 | -84,594,000 |
| 2025-12-31 | 451,360,000 | -66,418,000 | -22,310,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
No reported records are available in this preview.
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2018-12-31 | Not reported | Not reported | Not reported | Not reported |
| 2019-12-31 | Not reported | Not reported | Not reported | Not reported |
| 2020-12-31 | -0.74 | -80.71 | -80.2 | -64.59 |
| 2021-12-31 | 96.36 | -21.32 | -24.25 | 5.54 |
| 2022-12-31 | 96.3 | -242.92 | -240.51 | -191.88 |
| 2023-12-31 | 90.87 | -820.53 | -778.89 | -704.96 |
| 2024-12-31 | 92.99 | -65.9 | -63.16 | -46.24 |
| 2025-12-31 | 93.2 | -15.72 | -14.72 | -4.94 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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