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TARS

Tarsus Pharmaceuticals, Inc.

TARS

Tarsus Pharmaceuticals, Inc. • NASDAQ
$79.96 ▼ -0.67% (-0.54)
Market Cap $3.39 B
52w High $83.47
52w Low $38.51
Dividend Yield 0%
P/E -40.18
Volume 120.66K
Outstanding Shares 42.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $118.697M ▲ $108.633M ▼ $-12.585M ▲ -10.603% ▲ $-0.3 ▲ $-12.125M ▲
Q2-2025 $102.66M ▲ $118.607M ▲ $-20.34M ▲ -19.813% ▲ $-0.48 ▲ $-17.647M ▲
Q1-2025 $78.335M ▲ $99.404M ▲ $-25.12M ▼ -32.067% ▲ $-0.64 ▼ $-22.447M ▼
Q4-2024 $66.408M ▲ $85.903M ▲ $-23.113M ▲ -34.805% ▲ $-0.6 ▲ $-20.369M ▲
Q3-2024 $48.118M $70.038M $-23.42M -48.672% $-0.61 $-20.675M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $401.837M ▲ $534.561M ▲ $199.479M ▲ $335.082M ▲
Q2-2025 $381.143M ▼ $494.994M ▼ $162.382M ▲ $332.612M ▼
Q1-2025 $407.916M ▲ $500.75M ▲ $158.292M ▲ $342.458M ▲
Q4-2024 $291.376M ▼ $376.991M ▲ $152.457M ▲ $224.534M ▼
Q3-2024 $316.952M $376.3M $138.816M $237.484M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-12.585M ▲ $18.257M ▲ $-4.743M ▲ $2.562M ▲ $16.076M ▲ $16.347M ▲
Q2-2025 $-20.34M ▲ $-29.387M ▼ $-51.704M ▼ $1.952M ▼ $-79.139M ▼ $-30.388M ▼
Q1-2025 $-25.12M ▼ $-20.651M ▲ $-34.942M ▲ $136.562M ▲ $80.969M ▲ $-21.241M ▲
Q4-2024 $-23.113M ▲ $-22.182M ▼ $-59.574M ▼ $2.927M ▲ $-78.829M ▼ $-27.254M ▼
Q3-2024 $-23.42M $-8.652M $3.128M $639K $-4.885M $-8.934M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $110.00M ▲$80.00M ▼$100.00M ▲$120.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Tarsus still looks like an early commercial‑stage biotech story. Revenue has started to come in and has grown sharply from a very small base, reflecting the XDEMVY launch, but it is still modest compared with spending. Operating costs, mostly tied to commercialization and R&D, continue to exceed revenue by a wide margin, so the company is running meaningful operating and net losses each year. The loss per share has been sizable but is trending a bit better recently as sales ramp. Overall, the income statement shows a company transitioning from pure development to early commercialization, but still far from self‑funding its operations.

Balance Sheet

Balance Sheet The balance sheet looks typical for a young biotech: plenty of intangible value in the pipeline, a solid but finite cash position, and relatively low financial debt. Total assets have grown, with some shift from cash into other assets as the commercial infrastructure builds out. Debt has appeared and inched up, but remains small compared with shareholders’ equity, so leverage is not a dominant concern yet. Equity has been maintained or slightly increased, likely through capital raises, offsetting accumulated losses. The key question is not solvency today, but how long the current asset and cash base can support ongoing losses without further financing.

Cash Flow

Cash Flow Cash flow is clearly negative, driven by spending on R&D and the commercial rollout. Operating cash outflows have been persistent and have recently increased as the company invests more heavily in sales, marketing, and clinical development. Capital expenditures are minimal, so free cash flow essentially mirrors operating cash burn. This pattern is normal for a growth‑stage biotech, but it highlights financing risk: unless revenue grows enough to close the gap, Tarsus will eventually need to raise additional capital or take on more debt to fund its strategy.

Competitive Edge

Competitive Edge Tarsus has carved out a distinct niche with the first and only approved treatment for Demodex blepharitis, giving it a meaningful first‑mover advantage in an underdiagnosed condition. The company benefits from strong intellectual property around lotilaner and from being the one actively shaping and educating this market, which can create loyalty among eye‑care providers. At the same time, its commercial success depends on broad physician adoption, patient awareness, and payer coverage, and it is still a single‑product story in a specialized area. Larger eye‑care or pharma players could eventually target the same space, so sustaining the lead through brand strength, real‑world data, and lifecycle management will be important.

Innovation and R&D

Innovation and R&D Innovation is a clear strength. Tarsus is building a focused platform around lotilaner, repurposing a known anti‑parasitic into multiple human indications. XDEMVY is the proof‑of‑concept, and the pipeline extends that core technology into related eye conditions and even systemic prevention of tick‑borne disease. This creates multiple shots on goal from the same scientific backbone, which can be efficient and strategically coherent. However, each new indication still faces the usual clinical, regulatory, and commercial risks, and the company will need sustained R&D spending and successful trials to turn this scientific potential into durable revenue streams.

Summary

Overall, Tarsus looks like a classic early commercial biotech: strong scientific story and first‑in‑class product, growing but still relatively small revenue, and sizable ongoing losses funded by its balance sheet. The company’s niche leadership in Demodex blepharitis and its lotilaner‑based pipeline provide meaningful upside potential if adoption and clinical results continue to be favorable. On the other hand, the business remains dependent on a limited set of products and indications, and the cash burn means future funding needs are a central risk to monitor. The key variables to watch are XDEMVY’s commercial traction, progress and data across the pipeline, and management’s ability to balance investment with financial discipline.

NEWS

November 4, 2025 · 4:05 PM UTC

Tarsus Reports Third Quarter 2025 Financial Results and Recent Business Achievements

Read more

October 28, 2025 · 5:00 PM UTC

Tarsus to Report Third Quarter 2025 Financial Results on Tuesday, November 4, 2025

Read more