Tarsus Pharmaceuticals, Inc.

Listed Company

TARSCIK 0001819790NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$451.36M

Net Income

$-66.42M

Total Assets

$562.16M

Equity

$343.43M

Shares Out

42.56M

Op. Cash Flow

$-12.45M

Business

Tarsus Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing therapeutics in eye care, beginning with XDEMVY (lotilaner ophthalmic solution) for Demodex blepharitis. Its main offerings include the marketed XDEMVY eye drop and pipeline candidates TP-04 (topical gel for Ocular Rosacea) and TP-05 (oral prophylactic for Lyme disease), supported by clinical development programs and third-party manufacturing. The company organizes commercial ophthalmology operations, clinical R&D, and licensing/collaboration activities. It distributes through a U.S. specialty sales force, direct-to-consumer and eye care provider education, and pursues additional markets via partners in China, Europe and Japan.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	451	183	17	26	57
Research and development	64	53	50	43	42
Selling, general and administrative	427	237	109	45	—
Total operating expenses	522	304	161	89	—
Loss from operations before other income (expense)	−71	−121	−143	−63	−12
Interest income	16	15	10	3	—
Interest expense	−9	−8	−3	−2	—
Loss on debt extinguishment	0	−2	0	0	—
Other income (expense), net	−202,000	−206,000	274,000	86,000	−73,000
Total other income, net	7	5	7	617,000	−2
Loss before income taxes	−64	−116	−136	−62	−14
Provision for income taxes	−2	0	0	4,000	−55,000
Net loss	−66	−116	−136	−62	−14
Unrealized gain (loss) on marketable securities and cash equivalents	202,000	181,000	72,000	−74,000	0
Comprehensive loss	−66	−115	−136	−62	−14
Net loss per share, basic (usd per share)	−1.59	−3.07	−4.62	−2.52	−0.67
Net loss per share, diluted (usd per share)	−1.59	−3.07	−4.62	−2.52	−0.67
Weighted-average shares outstanding, basic (in shares)	42	38	29	25	21
Weighted-average shares outstanding, diluted (in shares)	42	38	29	25	21

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	184	95	225	—	—
Restricted cash	560,000	0	—	—	0
Marketable securities	234	197	2	145	483,000
Accounts receivable, net	85	47	17	0	—
Inventory	4	3	3	0	—
Other receivables	2	1	1	4	92,000
Prepaid expenses	13	15	8	5	4
Total current assets	523	357	256	225	176
Restricted cash, non-current	2	3	0	—	—
Inventory, non-current	3	3	0	—	—
Property and equipment, net	12	2	1	957,000	755,000
Intangible assets, net	7	8	4	0	—
Operating lease right-of-use assets	10	552,000	2	575,000	1
Long-term investments	4	3	631,000	371,000	0
Other assets	2	999,000	2	585,000	1
Total assets	562	377	265	228	179
Accounts payable	16	9	—	—	—
Accrued payroll and benefits	18	16	13	6	3
Other accrued liabilities	102	55	24	10	9
Total current liabilities	136	81	37	15	11
Long-term debt, net	72	72	30	19	0
Other long-term liabilities	11	0	2	100,000	699,000
Total liabilities	219	152	69	35	12
Commitments and contingencies (Note 9)	—	—	—	—	—
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0	0	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized; 42,553,931 shares issued and outstanding at December 31, 2025; 38,349,826 shares issued and outstanding at December 31, 2024	6,000	6,000	5,000	5,000	4,000
Additional paid-in capital	770	585	442	302	213
Accumulated other comprehensive income (loss)	381,000	179,000	−2,000	−74,000	0
Accumulated deficit	−427	−360	−245	−109	−47
Total stockholders equity	343	225	197	193	167
Total liabilities and stockholders equity	562	377	265	228	179

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	900,000	700,000	700,000	300,000	—
Amortization of intangible assets	1	500,000	100,000	0	—
Amortization/accretion of debt-related costs	593,000	482,000	385,000	309,000	0
Stock-based compensation	42	28	20	13	8
Non-cash lease expense	682,000	635,000	541,000	464,000	—
Net amortization/accretion on marketable securities	−5	−4	−3	−1	0
Realized/unrealized loss (gain) on equity investments	0	591,000	−259,000	—	—
Change in fair value of equity warrants issued by licensee	0	201,000	−117,000	—	—
Accounts receivable, net	−38	−30	−17	0	—
Inventory	−2	−2	−3	0	—
Other receivables	−754,000	−206,000	2	−3	−73,000
Prepaid expenses	2	−7	−3	−721,000	—
Other non-current assets	−527,000	572,000	−718,000	−215,000	−2
Accounts payable	7	3	5	821,000	4
Accrued payroll and benefits	2	3	8	3	2
Other accrued liabilities	45	38	9	—	—
Other long-term liabilities	0	−233,000	185,000	−67,000	115,000
Net cash used in operating activities	−12	−83	−117	−49	4
Proceeds from sales and maturities of marketable securities	362	73	175	5	—
Purchases of marketable securities	−393	−263	−29	−149	0
Purchases of long-term investments	−870,000	−3	0	0	—
Intangible asset additions	0	−5	−4	0	—
Purchases of property and equipment	−10	−2	−2	−506,000	−586,000
Net cash (used in) provided by investing activities	−42	−199	141	−145	−586,000
Proceeds from issuance of pre-funded warrants, net of paid issuance costs	0	9	0	0	—
Proceeds from exercise of stock options	6	6	592,000	123,000	103,000
Proceeds from sale of common stock under employee stock purchase plan	2	2	985,000	462,000	—
Proceeds from long-term debt	0	75	10	20	—
Payment of debt issuance costs	0	−4	0	−875,000	0
Payments for debt extinguishment	0	−32	0	0	—
Net cash provided by financing activities	143	155	130	94	21,000
Net increase (decrease) in cash, cash equivalents and restricted cash	89	−128	153	−100	3
Operating lease right-of-use asset obtained in exchange for operating lease liability	10	384,000	2	0	741,000
Operating lease modification	0	1	0	0	—
Interest expense paid in cash	8	8	3	2	0
Additions of property and equipment included within accounts payable and other accrued liabilities	2	99,000	134,000	21,000	2,000
Offering costs included within accounts payable	0	21,000	0	0	—

Filings

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