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Profile & Fundamentals

Tarsus Pharmaceuticals Profile & Fundamentals

Name: Tarsus Pharmaceuticals financial chart data preview
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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

Official website

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

Updated 2026-09-16

Market Cap: USD 3.3B
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

Shares outstanding

Annual reported shares outstanding. Values in shares.

Top holders

Deep Track Capital, LP3,666,768 shares · 8.62% · Reported 2026-06-30
BlackRock Inc3,552,612 shares · 8.35% · Reported 2026-03-31
RTW INVESTMENTS, LLC3,346,025 shares · 7.86% · Reported 2026-03-31
Paradigm Biocapital Advisors LP2,775,649 shares · 6.52% · Reported 2026-06-30
HHG PLC2,240,963 shares · 5.27% · Reported 2026-03-31
Morgan Stanley - Brokerage Accounts1,944,272 shares · 4.57% · Reported 2026-03-31
Vanguard Capital Management, LLC1,760,541 shares · 4.14% · Reported 2026-03-31

View more holders (8)

Jennison Associates LLC1,663,655 shares · 3.91% · Reported 2026-06-30
Millennium Management LLC1,427,124 shares · 3.35% · Reported 2026-06-30
Vanguard MStar Total Stk Mkt Idx Invest1,301,803 shares · 3.06% · Reported 2026-07-31
Bank of America Corp1,194,377 shares · 2.81% · Reported 2026-03-31
TANG CAPITAL MANAGEMENT LLC1,188,624 shares · 2.79% · Reported 2026-03-31
Geode Capital Management, LLC1,121,091 shares · 2.63% · Reported 2026-03-31
iShares Russell 2000 ETF1,073,561 shares · 2.52% · Reported 2026-08-31
State Street Corp978,212 shares · 2.30% · Reported 2026-03-31

Earnings, Profitability & Valuation

Earnings & Revenue

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.

Revenue, Net Income, and Free Cash Flow

Revenue
Free cash flow
Net income

Annual reported financial results, converted using the statement's recorded USD conversion. Missing values are omitted. Values in USD.

Valuation

Historical P/E Ratio

The published data is insufficient to draw this chart.

Profitability & Margins

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 remain negative because marketing and administrative expenses reached $150.7 million in the second quarter of 2026. Converting 93% into lasting bottom-line corporate profits requires prescription growth to naturally outrun commercial direct-to-consumer advertising and newly acquired research commitments.

Profitability Margins

Gross margin
Operating margin
Net margin
Free cash flow margin

Annual gross, operating, net income and free cash flow divided by revenue for matching reporting dates. Values in percent.

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Reported Data Tables — chart preview

The following tables contain the same values as the financial charts above. Monetary values are USD; margins are percentages. Missing inputs are not estimated. Use is subject to the iPulse AI Terms of Service and applicable source rights.

Source: eodhd. Statement snapshots with chart transformations and ratios calculated by iPulse AI. Snapshot retrieved 2026-09-17.

Annual earnings and profitability
Period end	Revenue	Free cash flow	Net income	Gross margin	Operating margin	Net margin	Free cash flow margin
2018-12-31	0	-1,190,000	-1,319,000	Not reported	Not reported	Not reported	Not reported
2019-12-31	0	-3,848,000	-4,670,000	Not reported	Not reported	Not reported	Not reported
2020-12-31	33,432,000	-21,594,000	-26,811,000	-0.74	-80.71	-80.2	-64.59
2021-12-31	57,027,000	3,162,000	-13,827,000	96.36	-21.32	-24.25	5.54
2022-12-31	25,816,000	-49,536,000	-62,091,000	96.3	-242.92	-240.51	-191.88
2023-12-31	17,447,000	-122,995,000	-135,893,000	90.87	-820.53	-778.89	-704.96
2024-12-31	182,953,000	-84,594,000	-115,554,000	92.99	-65.9	-63.16	-46.24
2025-12-31	451,360,000	-22,310,000	-66,418,000	93.2	-15.72	-14.72	-4.94

Shares outstanding — chart values
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

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