TARS Stock — Tarsus Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

We are a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. We launched XDEMVY ® (lotilaner ophthalmic solution) 0.25%, formerly known as TP-03, for the treatment of Demodex blepharitis, in August 2023 after receiving U.S.

Source: 10-K FY2025 via SEC EDGAR

Share price

$68.60

Market cap

$3,382.4M

Cash

$309.6M

Enterprise value

$3,145.7M

Balance sheet

Cash	$309.6M
Debt	$72.9M
Net cash	$236.7M
Enterprise value	$3,145.7M
Basic shares	49.3M shares
Fully diluted shares	60.2M shares
Fully diluted market cap	$4,131.8M
Cash per share	$6.28
Quarterly burn	+$61.2M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

49.3M

Pre-funded warrants

0.4M

Options

5.2M

RSUs

2.1M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

3.2M

FDSO

60.2M

Cap table as of 2026-09-30.

Price history

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Next catalyst

lotilaner · Feb 11 - Mar 25 in 14 wks · Phase 2 · Ocular Rosacea

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Feb 11 - Mar 25 in 14 wks	lotilaner	Phase 2	Ocular Rosacea	—
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	TP-04 Phase 2 KORE in ocular rosacea	Phase 2	ocular rosacea	1H 2027
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	TP-05 Phase 2 Calliope in Lyme disease prophylaxis	Phase 2	Lyme disease prophylaxis	1H 2027
Nov 12 - Dec 24 in 12 mo	TP-05 (lotilaner) Low Dose	Phase 2	Lyme Disease	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

XDEMVY

Approved · Active Modality: small molecule

Aliases TP-03, lotilaner ophthalmic solution 0.25%

Target GABA-Cl

Partnerships LianBio Ophthalmology Limited: exclusive commercial rights for TP-03 in Demodex blepharitis and MGD in the China Territory. Elanco: licensor of lotilaner-related IP in therapeutic fields of use

Indications

Demodex blepharitis (Approved)

Status note Approved product (lotilaner) for Demodex blepharitis; commercial revenues and China out-license revenue (collaboration revenue) reported in the filing.

TP-04

Phase 2 · Active Modality: small molecule

Target GABA-Cl

Partnerships Elanco: licensor of lotilaner-related IP in therapeutic fields of use

Indications

Ocular rosacea (Phase 2)
Papulopustular rosacea (Phase 2)

Catalysts

— None

Status note Investigational sterile aqueous gel formulation of lotilaner. Phase 2 trial for ocular rosacea (topline expected H1 2027); Phase 2a Galatea trial for papulopustular rosacea.

TP-05

Phase 2 · Active Modality: small molecule

Target GABA-Cl

Partnerships Elanco: licensor of lotilaner-related IP in therapeutic fields of use

Indications

Lyme disease prophylaxis (Phase 2)
Community malaria reduction (Phase 2)

Status note Investigational oral tablet formulation of lotilaner. Phase 2a Carpo trial initiated for prevention of Lyme disease in humans; Phase 2 trials initiated for community malaria reduction.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	lotilaner
Lead indication	Ocular Rosacea
Lead phase	Phase 2
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07443202	Phase 2	Enrolling by invitation	Sponsor	TARS	—	Ocular Rosacea	—
NCT07562087	Phase 2	Active, not recruiting	Sponsor	TARS	—	Lyme Disease	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Tarsus Pharmaceuticals, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	3,357,059	+11,034	1.80%	2026-08-14
Tang Capital Partners	1,568,266	+379,642	4.48%	2026-08-14
Frazier Life Sciences	728,644	no change	1.00%	2026-08-14
Cormorant Asset Management	100,000	-125,000	0.32%	2026-08-14
OrbiMed Advisors	35,581	+35,581	0.04%	2026-08-14
Ikarian Capital	31,166	no change	0.32%	2026-08-14
Braidwell LP	0	-265,715	0.00%	2026-08-14
Ally Bridge Group	0	-80,859	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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TARS — Tarsus Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

TARS — Tarsus Pharmaceuticals Inc.