Tarsus Pharmaceuticals, Inc. (TARS)
Tarsus Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical firm dedicated to advancing and commercializing innovative therapies, primarily focusing on ocular conditions. Its leading investigational drug, TP-03, a novel treatment currently in Phase III trials, is being developed to address blepharitis specifically caused by Demodex mite infestations, as well as meibomian gland disease. Beyond this, Tarsus is also progressing TP-04 for rosacea and TP-05, which targets Lyme disease prevention and aims to reduce community-level malaria. A core element of its development strategy involves lotilaner, a compound utilized to tackle a variety of human diseases across diverse therapeutic areas, encompassing eye care, dermatology, and other medical fields. Established in 2016, the company maintains its headquarters in Irvine, California.
Sector: Biological Products, (No Diagnostic Substances)
Industry: Biotechnology
Tarsus Pharmaceuticals, Inc.
NASDAQ:TARSHealthcare · Biotechnology
+0.88%$74.85
AH$74.85+0.00%vs close
Mkt Cap$3.5B
Float37.55M
O/S46.79M
Vol
$ Vol
RVOL
Inst Own100.6%
SI15.3%
Earnings
Dilution
Financials Summary
Revenue$451.36M
Net Income-$66.42M
Total Assets$562.16M
Free Cash Flow-$22.31M
Debt & Equity
Debt 21%
Equity 79%
Total Debt$93.64M
Total Equity$343.43M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in TARS's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$562.16M
Liabilities$218.73M
Accounts Receivable$87.11M
Accounts Payable$16.39M
Inventory$4.37M
PP&E (Net)$21.75M
Goodwill$0
Intangible Assets$7.37M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Revenue | $451.36M | $182.95M | $17.45M | $25.82M | $57.03M | $0 | $0 | $0 |
| YoY Growth | 146.7% | 948.6% | -32.4% | -54.7% | - | - | - | - |
| Cost of Revenue | $30.68M | $12.83M | $1.59M | $955K | $2.08M | $246K | $74K | $1K |
| Gross Profit | $420.68M | $170.13M | $15.85M | $24.86M | $54.95M | -$246K | -$74K | -$1K |
| Gross Margin | 93.2% | 93.0% | 90.9% | 96.3% | 96.4% | - | - | - |
| Research and Development | $64.32M | $53.39M | $50.31M | $42.62M | $41.71M | $18.83M | $3.16M | $901K |
| Selling, General, and Administrative | $427.32M | $237.31M | $108.7M | $44.95M | $25.4M | $7.93M | $1.06M | $448K |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $491.64M | $290.7M | $159.01M | $87.57M | $67.11M | $26.74M | $4.22M | $1.35M |
| Operating Income (EBIT) | -$70.97M | -$120.57M | -$143.16M | -$62.71M | -$12.16M | -$26.98M | -$4.3M | -$1.35M |
| Operating Margin | -15.7% | -65.9% | -820.5% | -242.9% | -21.3% | - | - | - |
| Interest Expense | $8.94M | $7.45M | $3.23M | $2.06M | $0 | $188K | $40K | $0 |
| Interest Income | $15.75M | $15.01M | $10.34M | $3.5M | $36K | $188K | $40K | $0 |
| Other Income (Expense) | $6.61M | $5.01M | $7.26M | $617K | -$1.61M | $173K | -$371K | $32K |
| Income Before Tax (EBT) | -$64.36M | -$115.55M | -$135.89M | -$62.09M | -$13.77M | -$26.81M | -$4.67M | -$1.32M |
| Income Tax Expense | $2.06M | $0 | $0 | -$4K | $55K | $1K | $1K | $1K |
| Net Income | -$66.42M | -$115.55M | -$135.89M | -$62.09M | -$13.83M | -$26.81M | -$4.67M | -$1.32M |
| Net Income Margin | -14.7% | -63.2% | -778.9% | -240.5% | -24.2% | - | - | - |
| Supplementary Data | ||||||||
| EPS | -1.59 | -3.07 | -4.62 | -2.52 | -0.67 | -1.32 | -0.24 | -0.31 |
| Diluted EPS | -1.59 | -3.07 | -4.62 | -2.52 | -0.67 | -1.32 | -0.24 | -0.31 |
| Weighted Average OS | 41.78M | 37.60M | 29.38M | 24.62M | 20.55M | 20.32M | 19.51M | 4.29M |
| EBITDA | -$53.61M | -$106.48M | -$131.67M | -$59.7M | -$13.46M | -$26.71M | -$4.55M | -$1.32M |
| EBITDA Margin | -11.9% | -58.2% | -754.7% | -231.3% | -23.6% | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $183.64M | $94.82M | $224.95M | $71.66M | $171.33M | $168.13M | $57.95M | $2.35M |
| Short-Term Investments | $233.63M | $196.56M | $2.5M | $145.37M | $483K | $0 | $0 | $0 |
| Cash and Short-Term Investments | $417.27M | $291.38M | $227.44M | $217.03M | $171.81M | $168.13M | $57.95M | $2.35M |
| Accounts Receivable | $87.11M | $48.06M | $17.71M | $3.58M | $92K | $20K | $36K | $4K |
| Inventory | $4.37M | $2.62M | $3.11M | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $560K | $0 | $0 | $0 | $0 | $20K | $20K | $20K |
| Total Current Assets | $522.78M | $356.7M | $256.13M | $225.38M | $175.95M | $170.66M | $58.03M | $2.38M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $21.75M | $2.87M | $3.35M | $1.53M | $1.83M | $1.24M | $280K | $6K |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $7.37M | $8.33M | $3.87M | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $3.87M | $3M | $631K | $371K | $663K | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $6.39M | $6.09M | $1.51M | $585K | $463K | $81K | $6K | $0 |
| Total Long-Term Assets | $39.38M | $20.29M | $9.36M | $2.49M | $2.96M | $1.32M | $286K | $6K |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $562.16M | $376.99M | $265.49M | $227.86M | $178.91M | $171.97M | $58.32M | $2.39M |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $16.39M | $27.74M | $17.77M | $5.5M | $2.86M | $2.24M | $456K | $175K |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $14K | $55K | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $117.5M | $0 | $0 | $0 | $56K | $304K | $0 | $1K |
| Total Current Liabilities | $135.69M | $80.61M | $36.94M | $15.43M | $11.48M | $5.39M | $819K | $179K |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $83.04M | $71.84M | $29.82M | $19.43M | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | -$10.6M | $0 | $1.75M | $48K | $114K | $56K | $63.4M | $3.56M |
| Total Long-Term Liabilities | $83.04M | $71.84M | $31.57M | $19.53M | $699K | $605K | $63.5M | $3.56M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $218.73M | $152.46M | $68.5M | $34.96M | $12.18M | $5.99M | $64.32M | $3.74M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.56M |
| Common Stock | $6K | $6K | $5K | $5K | $4K | $4K | $2K | $1K |
| Retained Earnings | -$426.63M | -$360.21M | -$244.66M | -$108.76M | -$46.67M | -$32.84M | -$6.03M | -$1.36M |
| Comprehensive Income & Other | $381K | $179K | -$2K | -$74K | $0 | $0 | $0 | -$1K |
| Other Stockholders' Equity | $770.05M | $584.74M | $441.64M | $301.66M | $213.4M | $198.82M | $27K | $9K |
| Total Equity | $343.43M | $224.53M | $196.99M | $192.9M | $166.73M | $165.98M | -$6M | -$1.35M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $562.16M | $376.99M | $265.49M | $227.86M | $178.91M | $171.97M | $58.32M | $2.39M |
| Supplementary Data | ||||||||
| Total Debt | $93.64M | $72.45M | $30.22M | $20.21M | $1.89M | $831K | $164K | $0 |
| Net Debt | -$90M | -$22.37M | -$194.73M | -$51.45M | -$169.44M | -$167.3M | -$57.79M | -$2.35M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Operating Activities | ||||||||
| Net Income | -$66.42M | -$115.55M | -$135.89M | -$62.09M | -$13.83M | -$26.81M | -$4.67M | -$1.32M |
| Depreciation & Amortization | $1.82M | $1.23M | $877K | $326K | $312K | $96K | $74K | $1K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $41.72M | $27.82M | $19.83M | $13.46M | $8.46M | $839K | $18K | $9K |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | -$39.05M | -$30.14M | -$14.13M | -$3.49M | -$73K | $16K | -$32K | -$4K |
| Inventory | -$1.75M | -$2.05M | -$3.11M | $3.49M | $0 | $0 | $0 | $0 |
| Accounts Payable | $6.91M | $40.34M | $13.24M | $821K | $3.88M | $3.24M | $245K | $131K |
| Other Working Capital | $48.53M | -$4.31M | $4.3M | -$1.77M | -$2.44M | -$1.8M | $272K | -$5K |
| Total Working Capital Change | $14.64M | $3.84M | $306K | -$951K | $1.37M | $1.46M | $485K | $126K |
| Other Non-Cash Items | -$4.21M | -$360K | -$2.61M | $226K | $7.44M | $3.28M | $420K | -$116K |
| Net Cash from Operating | -$12.45M | -$83.03M | -$117.49M | -$49.03M | $3.75M | -$21.14M | -$3.67M | -$1.18M |
| Investing Activities | ||||||||
| Capital Expenditures | -$9.86M | -$1.57M | -$1.5M | -$506K | -$586K | -$456K | -$175K | -$7K |
| Acquisitions | $0 | $0 | $0 | $144.12M | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$394.06M | -$265.63M | -$28.66M | -$149.44M | $0 | $0 | $0 | $0 |
| Sales of Investments | $361.8M | $73M | $174.77M | $5.32M | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | -$5M | -$4M | -$144.12M | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$42.12M | -$199.19M | $140.6M | -$144.63M | -$586K | -$456K | -$175K | -$7K |
| Financing Activities | ||||||||
| Debt Repaid | - | -$39.6M | -$10M | -$19.13M | - | - | -$1.99M | - |
| Common Stock Issuance | $143.39M | $115.06M | $120.18M | $74.86M | $21K | $91.67M | $0 | $3.56M |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | -$28K | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $0 | $0 | $0 | $0 | $370K | $0 | $0 |
| Net Cash from Financing | $143.39M | $154.66M | $130.18M | $93.99M | $21K | $131.77M | $59.45M | $3.56M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $88.82M | -$127.57M | $153.29M | -$99.67M | $3.18M | $110.18M | $55.6M | $2.37M |
| Supplementary Data | ||||||||
| Operating Cash Flow | -$12.45M | -$83.03M | -$117.49M | -$49.03M | $3.75M | -$21.14M | -$3.67M | -$1.18M |
| Capital Expenditure | -$9.86M | -$1.57M | -$5.5M | -$506K | -$586K | -$456K | -$175K | -$7K |
| Free Cash Flow | -$22.31M | -$84.59M | -$123M | -$49.54M | $3.16M | -$21.59M | -$3.85M | -$1.19M |
| Cash at Beginning | $97.38M | $224.95M | $71.66M | $171.33M | $168.15M | $57.97M | $2.38M | $1K |
| Cash at End | $186.2M | $97.38M | $224.95M | $71.66M | $171.33M | $168.15M | $57.97M | $2.38M |