Tarsus Pharmaceuticals IncTarsus Pharmaceuticals Inc
Tarsus Pharmaceuticals Inc

Tarsus Pharmaceuticals Inc

TARS
Health Care·Biotechnology

Tarsus Pharmaceuticals, Inc. is a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. Its product candidate, TP-03, is a novel therapeutic in Phase 2b/3 that is being developed for the treatment of blepharitis caused by the infestation of Demodex mites, which is referred to as Demodex blepharitis. It is also developing TP-04 for the potential treatment of Ocular Rosacea and TP-05 as an oral tablet for the potential prevention of Lyme disease. The company was founded by Bobak Azamian and D. Michael Ackermann in 2017 and is headquartered in Irvine, CA.

California; U.S.A
Market cap
No dataNo data
Revenue
$451.4M+146.7% YoY
Net income
$-66.4M+42.5% YoY
Free cash flow
$-22.3M+73.6% YoY

Market

Listed stock
TARSPriceNasdaq
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Financial performance

Revenue
$451.4M+146.7% YoY
Operating income
$-71M+41.1% YoY
Net income
$-66.4M+42.5% YoY
Free cash flow
$-22.3M+73.6% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $57M, 2022 $25.8M, 2023 $17.4M, 2024 $183M, 2025 $451.4M. Operating income: 2021 $-12.2M, 2022 $-62.7M, 2023 $-143.2M, 2024 $-120.6M, 2025 $-71M. Net income: 2021 $-13.8M, 2022 $-62.1M, 2023 $-135.9M, 2024 $-115.6M, 2025 $-66.4M. Free cash flow: 2021 $3.2M, 2022 $-49.5M, 2023 $-119M, 2024 $-84.6M, 2025 $-22.3M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
146.7%−80191 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-12.2M, 2022-12-31 $-62.7M, 2023-12-31 $-143.2M, 2024-12-31 $-120.6M, 2025-12-31 $-71M. Net income: 2021-12-31 $-13.8M, 2022-12-31 $-62.1M, 2023-12-31 $-135.9M, 2024-12-31 $-115.6M, 2025-12-31 $-66.4M. Free cash flow: 2021-12-31 $3.2M, 2022-12-31 $-49.5M, 2023-12-31 $-119M, 2024-12-31 $-84.6M, 2025-12-31 $-22.3M

Growth heatmap

2022202320242025CAGR
Revenue
-54.7%
-32.4%
+948.6%
+146.7%
+67.7%
Gross profit
-54.7%
-32.4%
+948.6%
+146.7%
+67.7%
Operating income
-415.9%
-128.3%
+15.8%
+41.1%
No data
Free cash flow
-1666.6%
-140.2%
+28.9%
+73.6%
No data

Earnings quality

Operating cash flow
$-12.5M+85.0% YoY
Net income
$-66.4M+42.5% YoY
Free cash flow
$-22.3M+73.6% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 19%, 2024-12-31 72%, 2023-12-31 86%, 2022-12-31 79%, 2021-12-31 -27%. Free cash flow: 2025-12-31 34%, 2024-12-31 73%, 2023-12-31 88%, 2022-12-31 80%, 2021-12-31 -23%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
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Free cash flow yield
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