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MARKETS / NASDAQ / TARS
NASDAQ · BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES) · LARGE CAP

Tarsus Pharmaceuticals, Inc. TARS

8 fiscal years on record · USD · FY2025 reported · SEC filings only
$451.4M
▲ 146.7% YoY
$-66.4M
$-22.3M
In brief

What this company does

Tarsus Pharmaceuticals, Inc. is a commercial stage biopharmaceutical company that develops and commercializes therapeutics, starting with eye care. It launched XDEMVY® (lotilaner ophthalmic solution) 0.25% for the treatment of Demodex blepharitis in August 2023, after receiving U.S. Food and Drug Administration approval in July 2023. The company is also investigating product candidates that currently include TP-04, an investigational sterile aqueous gel formulation of lotilaner for the potential treatment of ocular rosacea, and TP-05, an investigational oral tablet formulation of lotilaner for potential Lyme disease prophylaxis and community malaria reduction. XDEMVY has generated more than $646 million in net product sales launch-to-date. As of December 31, 2025, the company had 370 full-time employees. Its principal executive offices are located at 15440 Laguna Canyon Road, Suite 160, Irvine, California. The company was incorporated under the laws of the State of Delaware in November 2016.

Written from the business description in Tarsus Pharmaceuticals, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 23 February 2026. Every sentence was checked against that document before publication.

Growth
USD 451.4M
Revenue, FY2025 · full 8-year series below
Revenue $M Net income $M
FY2025 · Revenue 451.4 · Net income -66.4
200M400M-50M-100M20182019202020212022202320242025
Compound annual growth
+159.5%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−15 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -15.7% · Net -14.7%
-500%20182019202020212022202320242025
ROE
FY2025 · ROE -23.4%
-20%-40%-60%20182019202020212022202320242025

Each USD of equity lost 23 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -22.3
-40M-80M20182019202020212022202320242025

Total assetsUSD 562.2M
EquityUSD 343.4M
CashUSD 183.6M
Gross debtUSD 72.4M
Net debtUSD -111.2M
Current ratio3.85×

The company holds more cash than debt.

The 8-year record
8 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018
Revenue $B0.50.20.00.00.10.0··
Operating income $B−0.1−0.1−0.1−0.1−0.0−0.0−0.0·
EBITDA $B−0.1−0.1−0.1−0.1−0.0−0.0−0.0·
Income tax $B0.00.00.0−0.00.00.00.0·
Net income $B−0.1−0.1−0.1−0.1−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.1−0.1−0.00.0−0.0−0.0·
EPS, diluted $−1.59−3.07−4.62−2.52−0.67−4.32−1.98·
Dividend / sh $0.000.000.000.000.000.000.00·
Payout %········
ROE %−23.4−54.8−69.7−34.5−8.3−33.5··
Shares out B0.040.040.030.030.020.020.00·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 29 reconciliationsAUDITED

Reconciled in 8 of 19 fiscal years. 47 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityBiological Products, (No Diagnostic Substances)
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2018

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