Tarsus Pharmaceuticals, Inc. (TARS) Stock

Tarsus Pharmaceuticals, Inc. (TARS) is a Healthcare stock trading at $71.50 (as of 2026-08-20), with a market capitalization of $3.08B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Tarsus Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing and commercializing therapeutic candidates, with a focus on ophthalmic conditions. Its pipeline includes TP-03 for blepharitis due to Demodex infestation and meibomian gland disease (Phase III), TP-04 for rosacea, and TP-05 for Lyme prophylaxis and community malaria reduction, along with lotilaner for diseases across areas such as eye care and dermatology.

Understand Tarsus Pharmaceuticals, Inc.: how it makes money

Tarsus Pharmaceuticals develops and commercializes ophthalmic therapeutics, including a Phase III program (TP-03) for blepharitis caused by Demodex mites, and it generates revenue through net product sales captured in Net Revenue.

The companys near-term profit depends on selling and dispensing its ophthalmic therapies, while its long-term growth depends on clinical progress of its therapeutic pipeline (including TP-03 in Phase III, plus TP-04 and TP-05).

Business quality (Weak): Clear commercialization activity shows up in dispensing and prescriber metrics, but the business still carries clinical execution risk because key candidates remain in development, and operating profitability is currently negative.

Bull case

Commercial traction is visible in dispensing and prescriber reach: The operational snapshot shows Xtemvi bottles dispensed to patients (103,000) and eye care physicians prescribing Xtemvi (20,000), indicating adoption through clinical practice.
Pipeline targets multiple ophthalmic and related indications: TP-03 is in Phase III for blepharitis caused by Demodex mites and meibomian gland disease, with additional development programs including TP-04 for rosacea and TP-05 for Lyme prophylaxis and community malaria reduction.

Bear case

Operating losses persist: For the latest reported period (ended 2026-03-31), operating margin is -3.8%, indicating expenses are exceeding operating profit.
Clinical-stage progress is still required for major value creation: At least one major candidate (TP-03) is still in Phase III, so outcomes, timing, and regulatory approval remain key uncertainties.
Low diversification in other revenue streams based on the provided breakdown: License Fees and Collaboration Revenue is shown as 0.0, meaning the provided revenue picture is heavily reliant on the Net Revenue line item.

Valuation — source: SEC EDGAR (first-party)
Price	$71.50
Market Cap	$3.08B
Price / Book	8.82
Price / Sales	6.66
FCF Yield	-4.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$451.36M
Net Margin	-14.7%
Revenue Growth (YoY)	146.7%
EPS Growth (YoY)	-48.2%
FCF Growth (YoY)	-73.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	8.50 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Deep Track Capital, LP ($252.54M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Bobak R. Azamian
Employees	323
Country	US
IPO Date	2020-10-16

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.