Tarsus Pharmaceuticals(NASDAQ) TARS

Tarsus makes medicine for common eye and skin issues. Its main product kills tiny mites that cause red eyelids. The company also develops tablets to prevent Lyme disease.

What Tarsus Makes

• XDEMVY: Eye drop treatment for eyelid inflammation caused by tiny mites; this is the first and only medicine approved for this condition.
• TP-04: Investigational gel for ocular rosacea, a chronic disease that causes redness and visible blood vessels around the eyes.
• TP-05: Oral tablet designed to kill ticks quickly to prevent the transmission of Lyme disease to humans.
• Lotilaner: Active chemical ingredient used across all products to paralyze and kill parasites without affecting human nerve cells.

Moving Fast and Growing

• Launched XDEMVY in the U.S. market in August 2023 with a specialized sales force.
• Partnered with GrandPharma to handle the development and sale of its main eye treatment in China.
• Started a Phase 2 clinical trial for its eye redness treatment in December 2025.
• Introduced television advertising in 2025 to increase public awareness of eyelid mite infestations.

Targeting the Root Cause

Tarsus focuses on killing the parasites that cause disease rather than just treating the symptoms. Its main technology uses a specific chemical that targets the nervous systems of mites and ticks while remaining safe for people.

Measuring Recent Success

• Revenue reached $151.7 million in Q4 2025, up 128.4% year-over-year.
• Gross profit hit $140.7 million in Q4 2025, up 128.9% from Q4 2024.
• Operating cash flow rose to $19.3 million in Q4 2025, up 187.1% from the previous year.
• Free cash flow reached $13 million in Q4 2025, up 147.6% year-over-year.
• Net product sales for the full year 2025 totaled $451.4 million.

The Big Picture

Tarsus has transitioned from a clinical research firm into a commercial company with a growing revenue stream from its first approved eye treatment. Its long-term strategy involves applying its parasite-killing technology to unmet needs in skin care and infectious disease prevention.