Tarsus Pharmaceuticals, Inc. TARS R2K

Healthcare · Biotechnology · United States

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.

Market & Price

Market Cap

$2.56B

Current Price

$59.40

High / Low (52W)

$82.51 / $38.82

Beta

0.53

Valuation

Stock P/E

Industry PE

23.65

Forward P/E

20.72

PEG Ratio

Book Value

$8.07

Price to Book

7.36

P/S

4.78

EV/EBITDA

-46.02

Dividend Yield

Profitability & Returns

ROCE

-13.14%

ROE

-13.96%

ROA

-5.87%

Profit Margin

-9.02%

Op Margin

-3.78%

EPS (Latest Qtr)

$-0.16

EPS (TTM)

$-1.11

Balance Sheet & Liquidity

Debt/Equity

0.25

Quick Ratio

3.53

Current Ratio

3.74

Debt

$88.68M

Total Assets

$562.16M

Current Assets

$522.78M

Working Capital

$387.09M

Ownership

Promoter Holding

3.07%

Chg in Prom Hold

FII / Inst Holding

109.11%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$2.26B

Total Revenue (TTM)

$535.08M

EBITDA

$-49.02M

Free Cash Flow

$-21.27M

Operating Cash Flow

$-16.45M

Shares Outstanding

43.02M

Gross Margin

79.98%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

159.54%

Profit 5Y

-2.32%

Revenue (YoY)

106.90%

Earnings (YoY)

PROS

Compounding revenue at 159.5% over 5 years.

CONS

Earnings shrank at -2.3% CAGR over 5 years.
Trading 28.0% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Healthcare).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	TARS Tarsus Pharmaceuticals, Inc. R2K	59.40	-	$2.56B	-	-13.14%	-13.96%	159.54%	-2.32%
2	LLY Eli Lilly and Company SPX	1,105.00	39.21	$985.37B	0.63%	38.44%	107.46%	31.69%	48.96%
3	JNJ Johnson & Johnson SPX	225.33	26.11	$542.42B	2.38%	23.13%	26.42%	5.60%	14.32%
4	UNH UnitedHealth Group Incorporated SPX	380.31	28.66	$345.38B	2.32%	9.60%	12.18%	11.35%	-15.69%
5	MRK Merck & Co., Inc. SPX	118.72	33.44	$293.22B	2.86%	20.66%	18.94%	3.12%	7.93%
6	TMO Thermo Fisher Scientific Inc. SPX	492.51	27.11	$183.03B	0.38%	9.17%	13.52%	-0.27%	-1.19%
7	AMGN Amgen Inc. NDXSPX	336.79	23.42	$181.77B	2.99%	18.02%	101.32%	11.77%	5.58%
8	GILD Gilead Sciences, Inc. NDXSPX	134.43	18.29	$166.90B	2.44%	22.92%	43.36%	2.57%	22.83%
9	ISRG Intuitive Surgical, Inc. NDXSPXAI	424.64	51.53	$150.39B	-	15.96%	17.23%	17.39%	29.26%

Quarterly Results

Figures in USD.

Metric	Mar 2019	Jun 2019	Sep 2019	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	0	0	0	33.43M	22.02M	1.24M	539.00K	15.28M	0	2.50M	0	1.87M	27.61M	40.81M	-	-	78.33M	102.66M	118.70M	151.67M	162.05M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5.21M	6.24M	8.31M	10.93M	9.40M
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	73.12M	96.42M	110.39M	140.74M	152.66M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	99.40M	118.61M	124.92M	148.72M	158.78M
Operating Income	-	-	-633.00K	-2.12M	-3.26M	-10.14M	10.71M	7.28M	-15.71M	-19.52M	-5.22M	-22.91M	-24.95M	-32.82M	-40.94M	-37.68M	-33.30M	-	-	-26.28M	-22.18M	-14.53M	-7.98M	-6.12M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-22.59M	-17.79M	-10.01M	-3.81M	-2.21M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.07M	2.09M	2.12M	2.06M	1.97M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-25.12M	-20.34M	-12.59M	-6.31M	-4.62M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	2.35M
Net Income	-1.75M	-831.00K	-681.00K	-1.96M	-3.25M	-10.14M	10.38M	6.34M	-15.70M	-20.24M	-5.74M	-22.51M	-23.42M	-31.42M	-39.15M	-35.73M	-33.29M	-	-	-25.12M	-20.34M	-12.59M	-8.37M	-6.97M
Diluted EPS	-	-	-	-0.74	-1.23	-3.71	0.47	0.29	-0.76	-0.98	-0.24	-0.84	-0.88	-1.17	-1.28	-1.01	-0.88	-	-	-0.64	-0.48	-0.30	-0.20	-0.16
R&D Expense	-	-	399.00K	1.51M	1.74M	7.99M	16.26M	7.20M	10.21M	12.08M	9.60M	10.91M	12.36M	12.55M	12.11M	12.07M	12.32M	12.13M	-	14.41M	15.59M	16.28M	-	22.35M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	0	-	25.82M	17.45M	182.95M	451.36M
Cost of Revenue	-	-	-	-	955.00K	1.59M	12.83M	30.68M
Gross Profit	-	-	-	-	24.86M	15.85M	170.13M	420.68M
Operating Expenses	-	-	-	-	87.57M	159.01M	290.70M	491.64M
Operating Income	-	-4.30M	-27.00M	-	-62.71M	-143.16M	-120.57M	-70.97M
EBITDA	-	-	-	-	-59.70M	-131.79M	-106.88M	-54.20M
Interest Expense	-	-	-	-	2.06M	3.23M	7.45M	8.34M
Pretax Income	-	-	-	-	-62.09M	-135.89M	-115.55M	-64.36M
Tax Provision	-	-	-	-	-4.00K	0	0	2.06M
Net Income	-1.32M	-4.67M	-26.81M	-	-62.09M	-135.89M	-115.55M	-66.42M
Diluted EPS	-	-	-4.32	-	-2.52	-4.62	-3.07	-1.59
R&D Expense	-	3.16M	18.83M	41.71M	42.62M	50.31M	53.39M	64.32M

Compounded Sales Growth

5 Years:	159.54%
1 Year:	106.90%

Compounded Profit Growth

5 Years:	-2.32%
1 Year:	-

Stock Price Performance

1 Year:	+38.30%
6 Months:	-24.70%
3 Months:	-21.35%
1 Month:	-2.09%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	58.32M	171.97M	-	227.86M	265.49M	376.99M	562.16M
Current Assets	-	-	-	-	-	225.38M	256.13M	356.70M	522.78M
Cash & Equivalents	-	-	57.95M	168.13M	-	71.66M	224.95M	94.82M	183.64M
Inventory	-	-	-	-	-	0	3.11M	2.62M	4.37M
Receivables	-	-	-	-	-	0	16.62M	46.76M	85.06M
Total Liabilities	-	-	919.00K	5.99M	-	34.96M	68.50M	152.46M	218.73M
Current Liabilities	-	-	819.00K	5.39M	-	15.43M	36.94M	80.61M	135.69M
Long Term Debt	-	-	-	-	-	19.43M	29.82M	71.84M	72.44M
Total Debt	-	-	-	-	-	20.16M	30.22M	72.45M	72.44M
Total Equity	-44.00K	-1.35M	-6.00M	165.98M	-	192.90M	196.99M	224.53M	343.43M
Shares Outstanding	-	-	-	-	-	26.73M	34.21M	38.35M	42.55M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-3.67M	-21.14M	-	-49.03M	-117.49M	-83.03M	-12.45M
Investing Cash Flow	-175.00K	-456.00K	-	-144.63M	140.60M	-199.19M	-42.12M
Financing Cash Flow	59.45M	131.77M	-	93.99M	130.18M	154.66M	143.39M
Capital Expenditure	-175.00K	-456.00K	-	-506.00K	-5.50M	-6.57M	-9.86M
Free Cash Flow	-3.85M	-21.59M	-	-49.54M	-123.00M	-89.59M	-22.31M
Net Change in Cash	-	-	-	-99.67M	153.29M	-127.57M	88.82M

Ratios (Annual)

Figures in %.

Metric	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	96.3%	90.9%	93.0%	93.2%
Operating Margin %	-	-	-	-	-242.9%	-820.5%	-65.9%	-15.7%
Net Margin %	-	-	-	-	-240.5%	-778.9%	-63.2%	-14.7%
ROE %	97.4%	77.8%	-16.2%	-	-32.2%	-69.0%	-51.5%	-19.3%
ROCE %	-	-7.5%	-16.2%	-	-29.5%	-62.6%	-40.7%	-16.6%

Shareholding Pattern

Insiders

3.07%

Institutions

109.11%

Public Float

112.57%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Deep Track Capital, Lp	8.37%	3.60M	$213.84M
2	Blackrock Inc.	8.26%	3.55M	$211.03M
3	RTW Investments LP	7.78%	3.35M	$198.75M
4	Paradigm Biocapital Advisors LP	5.96%	2.56M	$152.19M
5	Janus Henderson Group PLC	5.21%	2.24M	$133.11M
6	Morgan Stanley	4.52%	1.94M	$115.49M
7	Vanguard Capital Management LLC	4.09%	1.76M	$104.58M
8	Jennison Associates LLC	3.98%	1.71M	$101.70M
9	Assenagon Asset Management S.A.	2.98%	1.28M	$76.04M
10	Bank of America Corporation	2.78%	1.19M	$70.95M

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TARS · Healthcare