Tarsus Pharmaceuticals, Inc.
TARS · Biological Products, (No Diagnostic Substances) · 43.0M shares · +48%/yr ↑ dilution · EDGAR filings ↗
Reference price $61.24 · est. market cap ~$2.6B — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C62Fast-scaling single-product specialty pharma (XDEMVY) approaching cash-flow breakeven on the back of de-risked Phase 3 data.
Strengths
- Explosive revenue growth: +147% (97th pct) to $451M, near cash-flow neutral (FCF margin -4.9%) with an enormous ~75-quarter runway (99th pct)
- Strongly positive Saturn-1/2 Phase 3 trials (collarette cure ~44-55% vs ~7-12%, p<0.0001) underpin a first-in-class, fast-growing product
Risks
- Still unprofitable (net margin -14.7%, ROE -19%) and entirely dependent on one product and a single licensed API (Elanco)
- Pipeline (TP-04, TP-05) early; market-size and durability of Demodex blepharitis demand unproven
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -14.7%)
- Cash burnNegative free cash flow (-22.3M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +48%/yr over 4y (dilution, book value/share -56%)
- Strong balance sheetStrong balance sheet — $421M cash & investments, ~76 quarters of runway
- New fund positionNotable fund(s) opened this quarter: CITADEL ADVISORS LLC
- Trial readout soonUpcoming trial readout ~2026-12-31 — PHASE2 · Ocular Rosacea
- Insider sellingInsider selling — 36 open-market sale(s) by 9 insider(s) (cluster of 9 insiders, ~$12M, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-15.7%
Net margin
-14.7%
Return on equity
-19.3%
Return on assets
-11.8%
ROIC
-13.5%
Revenue growth (QoQ)
6.8%
Debt / equity
0.2×
Current ratio
3.9×
Free cash flow
-$22M
Tangible book value
$336M
Cash & investments
$421M
Cash runway
76q
Stock comp / revenue
9.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | Azamian Bobak R. | Sell | 5.4K | $61.81 |
| 2026-06-17 | Azamian Bobak R. | Sell | 4.6K | $61.24 |
| 2026-06-16 | Farrow Jeffrey S | Sell | 14K | $60.95 |
| 2026-06-15 | LINK WILLIAM J PHD | Sell | 11K | $61.97 |
| 2026-06-15 | Goodrich Katherine | Sell | 3.0K | $62.08 |
| 2026-06-15 | Farrow Jeffrey S | Option exercise | 28K | — |
| 2026-06-15 | LINK WILLIAM J PHD | Sell | 1.9K | $62.94 |
| 2026-06-12 | LINK WILLIAM J PHD | Option exercise | 3.0K | — |
| 2026-06-12 | Goodrich Katherine | Option exercise | 3.0K | — |
| 2026-06-12 | Goldberg Andrew D. | Option exercise | 3.0K | — |
| 2026-06-12 | Morrison Scott W | Option exercise | 3.0K | — |
| 2026-06-12 | CHAUDHURI BHASKAR | Option exercise | 3.0K | — |
| 2026-06-12 | YARNO WENDY L | Option exercise | 3.0K | — |
| 2026-04-24 | PYOTT DAVID E I | Option exercise | 1.4K | — |
| 2026-03-20 | Neervannan Seshadri | Sell | 3.0K | $66.75 |
| 2026-03-19 | Neervannan Seshadri | Sell | 4.6K | $67.00 |
| 2026-03-19 | Lin Elizabeth Yeu | Sell | 390 | $67.00 |
| 2026-03-19 | Mottiwala Aziz | Sell | 4.4K | $67.00 |
| 2026-03-19 | Wahl Bryan | Sell | 4.2K | $67.00 |
| 2026-03-19 | Whitfield Dianne C. | Sell | 4.2K | $67.00 |
| 2026-03-19 | Farrow Jeffrey S | Sell | 2.2K | $67.00 |
| 2026-03-19 | Azamian Bobak R. | Sell | 12K | $67.00 |
| 2026-03-18 | Mottiwala Aziz | Sell | 4.3K | $68.71 |
| 2026-03-18 | Farrow Jeffrey S | Sell | 2.1K | $68.71 |
| 2026-03-18 | Lin Elizabeth Yeu | Sell | 379 | $68.71 |
| 2026-03-18 | Whitfield Dianne C. | Sell | 4.1K | $68.71 |
| 2026-03-18 | Azamian Bobak R. | Sell | 12K | $68.71 |
| 2026-03-18 | Wahl Bryan | Sell | 4.1K | $68.71 |
| 2026-03-18 | Neervannan Seshadri | Sell | 3.6K | $68.71 |
| 2026-03-17 | Mottiwala Aziz | Sell | 4.3K | $69.42 |
| 2026-03-17 | Lin Elizabeth Yeu | Sell | 375 | $69.42 |
| 2026-03-17 | Wahl Bryan | Sell | 4.1K | $69.42 |
| 2026-03-17 | Whitfield Dianne C. | Sell | 4.0K | $69.42 |
| 2026-03-17 | Azamian Bobak R. | Sell | 11K | $69.42 |
| 2026-03-17 | Neervannan Seshadri | Sell | 3.1K | $69.42 |
| 2026-03-17 | Farrow Jeffrey S | Sell | 2.1K | $69.42 |
| 2026-03-16 | LINK WILLIAM J PHD | Sell | 3.6K | $68.09 |
| 2026-03-16 | LINK WILLIAM J PHD | Sell | 8.4K | $69.03 |
| 2026-03-16 | LINK WILLIAM J PHD | Sell | 493 | $69.75 |
| 2026-03-15 | Lin Elizabeth Yeu | Option exercise | 2.5K | — |
| 2026-03-15 | Wahl Bryan | Option exercise | 24K | — |
| 2026-03-15 | Whitfield Dianne C. | Option exercise | 24K | — |
| 2026-03-15 | Azamian Bobak R. | Option exercise | 66K | — |
| 2026-03-15 | Neervannan Seshadri | Option exercise | 26K | — |
| 2026-03-15 | Mottiwala Aziz | Option exercise | 26K | — |
| 2026-03-15 | Farrow Jeffrey S | Option exercise | 13K | — |
| 2026-03-04 | Neervannan Seshadri | Sell | 8.4K | $76.67 |
| 2026-01-02 | Whitfield Dianne C. | Sell | 835 | $81.90 |
| 2026-01-02 | Whitfield Dianne C. | Sell | 5.7K | $80.09 |
| 2026-01-02 | Whitfield Dianne C. | Sell | 8.1K | $80.71 |
| 2026-01-02 | Whitfield Dianne C. | Sell | 893 | $82.93 |
| 2025-12-24 | Azamian Bobak R. | Sell | 557 | $83.54 |
| 2025-12-24 | Azamian Bobak R. | Sell | 5.4K | $82.41 |
| 2025-12-16 | Neervannan Seshadri | Gift | 475 | — |
| 2025-12-16 | Whitfield Dianne C. | Sell | 7.4K | $80.10 |
| 2025-12-16 | Lin Elizabeth Yeu | Sell | 2.1K | $79.50 |
| 2025-12-16 | Neervannan Seshadri | Gift | 950 | — |
| 2025-12-15 | LINK WILLIAM J PHD | Sell | 1.1K | $82.39 |
| 2025-12-15 | LINK WILLIAM J PHD | Sell | 5.7K | $80.71 |
| 2025-12-15 | LINK WILLIAM J PHD | Sell | 4.8K | $81.50 |
| 2025-12-15 | Goodrich Katherine | Option exercise | 2.2K | — |
| 2025-12-15 | Lin Elizabeth Yeu | Option exercise | 6.8K | — |
| 2025-12-15 | LINK WILLIAM J PHD | Sell | 5.0K | $80.80 |
| 2025-12-15 | LINK WILLIAM J PHD | Sell | 6.3K | $81.75 |
| 2025-12-04 | Azamian Bobak R. | Gift | 52K | — |
| 2025-09-24 | Azamian Bobak R. | Sell | 6.0K | $55.37 |
| 2025-09-16 | LINK WILLIAM J PHD | Gift | 2.0K | — |
| 2025-09-15 | Morrison Scott W | Option exercise | 1.3K | — |
| 2025-09-08 | LINK WILLIAM J PHD | Sell | 27K | $57.00 |
| 2025-08-11 | Azamian Bobak R. | Sell | 6.0K | $50.00 |
| 2025-06-17 | Farrow Jeffrey S | Sell | 14K | $40.42 |
| 2025-06-16 | Lin Elizabeth Yeu | Sell | 1.0K | $41.08 |
| 2025-06-16 | Farrow Jeffrey S | Option exercise | 28K | — |
| 2025-06-13 | Lin Elizabeth Yeu | Option exercise | 3.4K | — |
| 2025-06-13 | CHAUDHURI BHASKAR | Option exercise | 3.4K | — |
| 2025-06-13 | Goldberg Andrew D. | Option exercise | 3.4K | — |
| 2025-06-13 | YARNO WENDY L | Option exercise | 3.4K | — |
| 2025-06-13 | Morrison Scott W | Option exercise | 3.4K | — |
| 2025-06-13 | LINK WILLIAM J PHD | Option exercise | 3.4K | — |
| 2025-06-09 | Mottiwala Aziz | Sell | 18K | $43.76 |
| 2025-03-24 | Azamian Bobak R. | Sell | 6.0K | $50.00 |
| 2025-03-20 | Azamian Bobak R. | Sell | 8.5K | $50.11 |
| 2025-03-20 | Whitfield Dianne C. | Sell | 2.1K | $50.11 |
| 2025-03-20 | Farrow Jeffrey S | Sell | 1.2K | $50.11 |
| 2025-03-20 | Neervannan Seshadri | Sell | 2.4K | $50.11 |
| 2025-03-20 | Mottiwala Aziz | Sell | 3.4K | $50.11 |
| 2025-03-20 | Wahl Bryan | Sell | 3.1K | $50.11 |
| 2025-03-19 | Whitfield Dianne C. | Sell | 2.3K | $47.40 |
| 2025-03-19 | Wahl Bryan | Sell | 3.3K | $47.40 |
| 2025-03-19 | Neervannan Seshadri | Sell | 2.5K | $47.40 |
| 2025-03-19 | Farrow Jeffrey S | Sell | 1.3K | $47.40 |
| 2025-03-19 | Azamian Bobak R. | Sell | 8.6K | $47.40 |
| 2025-03-19 | Mottiwala Aziz | Sell | 3.6K | $47.40 |
| 2025-03-18 | Azamian Bobak R. | Sell | 7.1K | $46.29 |
| 2025-03-18 | Mottiwala Aziz | Sell | 3.6K | $46.29 |
| 2025-03-18 | Neervannan Seshadri | Sell | 2.6K | $46.29 |
| 2025-03-18 | Wahl Bryan | Sell | 3.3K | $46.29 |
| 2025-03-18 | Whitfield Dianne C. | Sell | 2.3K | $46.29 |
| 2025-03-18 | Farrow Jeffrey S | Sell | 1.3K | $46.29 |
| 2025-03-15 | Farrow Jeffrey S | Option exercise | 8.0K | — |
| 2025-03-15 | Azamian Bobak R. | Option exercise | 51K | — |
| 2025-03-15 | Whitfield Dianne C. | Option exercise | 19K | — |
| 2025-03-15 | Wahl Bryan | Option exercise | 19K | — |
| 2025-03-15 | Neervannan Seshadri | Option exercise | 21K | — |
| 2025-03-15 | Mottiwala Aziz | Option exercise | 21K | — |
| 2025-03-07 | Goldberg Andrew D. | Option exercise | 7.0K | $12.89 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07562087 ↗ | A Study to Evaluate Safety and Efficacy of TP-05 in Healthy Participants With Tick Exposure Lyme Disease | PHASE2 | Recruiting | 2027-10-01 |
| NCT07443202 ↗ | Study of Lotilaner Ophthalmic Gel in Patients With Ocular Rosacea (KORE) Ocular Rosacea | PHASE2 | Enrolling By Invitation | 2026-12-31 |
| NCT06182358 ↗ | Impact of XDEMVY® on Demodex Blepharitis in Soft Contact Lens Wearers Demodex Blepharitis | PHASE4 | Completed | 2025-01-27 |
| NCT05387083 ↗ | A Human Tick Kill Study to Investigate the Safety, Tolerability, and Whole Blood Concentration of TP-05 Healthy Volunteer | PHASE2 | Completed | 2024-06-26 |
| NCT06054217 ↗ | Effect of an Exploratory Vehicle on Meibomian Gland Dysfunction in Patients With Demodex Meibomian Gland Dysfunction, Demodex Infestation of Eyelid | PHASE2 | Unknown | 2024-06-15 |
| NCT05838170 ↗ | Study of TP-04 in Participants With Papulopustular Rosacea Papulopustular Rosacea | PHASE2 | Completed | 2023-11-13 |
| NCT05720364 ↗ | Study to Evaluate the Food Effect of TP-05 in Healthy Participants Healthy | PHASE1 | Completed | 2023-05-30 |
| NCT05454956 ↗ | Pilot Study Comparing the Safety and Efficacy of Two Dosing Regimens of TP-03 for the Treatment of MGD Meibomian Gland Dysfunction, Blepharitis | PHASE2 | Completed | 2023-05-18 |
| NCT04784091 ↗ | Trial to Evaluate the Safety and Efficacy of TP-03 for the Treatment of Demodex Blepharitis Blepharitis | PHASE3 | Completed | 2022-05-09 |
| NCT05138796 ↗ | A Pharmacokinetic Study of TP-05 in Healthy Subjects Healthy | PHASE1 | Completed | 2022-03-25 |
| NCT05138861 ↗ | A Six Week Pharmacokinetic Study of TP-03 in Healthy Subjects Healthy | PHASE1 | Completed | 2021-09-03 |
| NCT04475432 ↗ | Safety and Efficacy of TP-03 for the Treatment of Demodex Blepharitis Blepharitis | PHASE2/PHASE3 | Completed | 2021-05-04 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-06 | 2026-05-06 | 0001819790-26-000037 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001819790-26-000038 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0001819790-26-000017 ↗ |
| 10-K | 2026-02-23 | 2025-12-31 | 0001819790-26-000019 ↗ |
| 8-K | 2026-02-18 | 2026-02-18 | 0001819790-26-000005 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001819790-26-000002 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001819790-25-000121 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001819790-25-000120 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001819790-25-000107 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0001819790-25-000108 ↗ |
| 8-K | 2025-06-18 | 2025-06-12 | 0001819790-25-000100 ↗ |
| 10-Q | 2025-05-01 | 2025-03-31 | 0001819790-25-000078 ↗ |