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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $451M | $-54M | $-66M | $-22M | -19.3% | 146.7% | -42.5% |
| 2024 | $183M | $-107M | $-116M | $-90M | -51.5% | 948.6% | -15.0% |
| 2023 | $17M | $-132M | $-136M | $-123M | -69.0% | -32.4% | 118.9% |
| 2022 | $26M | $-60M | $-62M | $-50M | -32.2% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 25.82 | 17.45 | 182.95 | 451.36 |
| Operating Revenue | - | 25.82 | 17.45 | 182.95 | 451.36 |
| Cost Of Revenue | - | 0.96 | 1.59 | 12.83 | 30.68 |
| Gross Profit | - | 24.86 | 15.85 | 170.13 | 420.68 |
| Operating Expense | - | 87.57 | 159.01 | 290.70 | 491.64 |
| Research And Development | - | 42.62 | 50.31 | 53.39 | 64.32 |
| Selling General And Administration | - | 44.95 | 108.70 | 237.31 | 427.32 |
| Total Expenses | - | 88.53 | 160.60 | 303.52 | 522.33 |
| Operating Income | - | -62.71 | -143.16 | -120.57 | -70.97 |
| Total Operating Income As Reported | - | -62.71 | -143.16 | -120.57 | -70.97 |
| EBITDA | - | -59.70 | -131.79 | -106.88 | -54.20 |
| Normalized EBITDA | - | -58.94 | -131.79 | -104.94 | -54.20 |
| EBIT | - | -60.03 | -132.67 | -108.11 | -56.02 |
| Interest Income | - | 3.50 | 10.34 | 15.01 | 15.75 |
| Interest Expense | - | 2.06 | 3.22 | 7.45 | 8.34 |
| Net Interest Income | - | 1.30 | 6.99 | 7.16 | 6.81 |
| Other Non Operating Income Expenses | - | 0.09 | 0.27 | -0.21 | -0.20 |
| Other Income Expense | - | -0.68 | 0.27 | -2.15 | -0.20 |
| Interest Income Non Operating | - | 3.50 | 10.34 | 15.01 | 15.75 |
| Interest Expense Non Operating | - | 2.06 | 3.22 | 7.45 | 8.34 |
| Net Non Operating Interest Income Expense | - | 1.30 | 6.99 | 7.16 | 6.81 |
| Pretax Income | - | -62.10 | -135.89 | -115.55 | -64.36 |
| Tax Provision | - | 0 | 0 | 0 | 2.06 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -62.09 | -135.89 | -115.55 | -66.42 |
| Net Income From Continuing And Discontinued Operation | - | -62.09 | -135.89 | -115.55 | -66.42 |
| Net Income From Continuing Operation Net Minority Interest | - | -62.09 | -135.89 | -115.55 | -66.42 |
| Net Income | - | -62.09 | -135.89 | -115.55 | -66.42 |
| Net Income Common Stockholders | - | -62.09 | -135.89 | -115.55 | -66.42 |
| Net Income Including Noncontrolling Interests | - | -62.09 | -135.89 | -115.55 | -66.42 |
| Normalized Income | - | -61.32 | -135.89 | -113.61 | -66.42 |
| Diluted NI Availto Com Stockholders | - | -62.09 | -135.89 | -115.55 | -66.42 |
| Basic Average Shares | - | 24.62 | 29.38 | 37.60 | 41.78 |
| Diluted Average Shares | - | 24.62 | 29.38 | 37.60 | 41.78 |
| Reconciled Depreciation | - | 0.33 | 0.88 | 1.23 | 1.82 |
| Reconciled Cost Of Revenue | - | 0.96 | 1.59 | 12.83 | 30.68 |
| Total Unusual Items | - | -0.77 | 0 | -1.94 | 0 |
| Total Unusual Items Excluding Goodwill | - | -0.77 | 0 | -1.94 | 0 |
| Special Income Charges | - | 0 | 0 | -1.94 | 0 |
| Other Special Charges | - | - | - | 1.94 | - |
| Gain On Sale Of Security | -1.58 | -0.77 | 0.38 | -0.79 | - |
| General And Administrative Expense | 25.40 | 44.95 | - | - | - |
| Other Gand A | 25.40 | 44.95 | - | - | - |
| Total Other Finance Cost | - | 0.14 | 0.12 | 0.40 | 0.59 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Tarsus Pharmaceuticals, Inc.this co. | TARS | $2.6B | -39.09 | 7.56 | -19.3% | -45.85 |
| Soleno Therapeutics, Inc. | SLNO | $2.8B | 132.26 | 6.14 | 4.6% | 96.72 |
| Arcutis Biotherapeutics, Inc. | ARQT | $2.7B | -170.10 | 14.49 | -8.5% | 1582.53 |
| Disc Medicine, Inc. | IRON | $2.7B | -12.80 | 3.67 | -28.7% | -12.77 |
| Definium Therapeutics, Inc. | DFTX |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $2.7B |
| -14.59 |
| 8.07 |
| -55.3% |
| -13.82 |
| Alumis Inc. | ALMS | $2.6B | -10.68 | 8.63 | -80.8% | -5.66 |
| Guardian Pharmacy Services, Inc. | GRDN | $2.6B | 52.49 | 12.56 | 23.9% | 26.50 |
| IDEAYA Biosciences, Inc. | IDYA | $2.6B | -22.58 | 2.51 | -11.1% | -16.04 |
| Heartflow, Inc. | HTFL | $2.5B | -21.27 | 8.26 | -38.8% | -26.44 |
| Peer Median | - | -13.70 | 8.17 | -19.9% | -9.21 | |