TARS on Nasdaq

Tarsus Pharmaceuticals, Inc.

We are a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerTARS on Nasdaq1
  • IndustryBiological Products, (No Diagnostic Substances)1
  • HeadquartersIrvine, California1
  • Incorporated inDE2
  • Business address15440 Laguna Canyon Road, Irvine, Ca 926182
  • Filer categoryLarge accelerated filer2

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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. Food and Drug Administration (“FDA”) approval in July 2023. Demodex blepharitis is caused by the infestation of Demodex mites. Demodex blepharitis (“blephar” is a reference to eyelid and “itis” is a reference to inflammation) is a disease characterized by inflammation of the eyelid margin, redness and ocular irritation, including a specific type of eyelash dandruff called collarettes, which are pathognomonic for Demodex blepharitis. Poorly controlled and progressive Demodex blepharitis can lead to corneal damage over time and, in extreme cases, blindness. There may be as many as approxima…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-15.7%Operating margin4
-14.7%Net margin4
146.7%Revenue growth, 20254
-19.3%Return on equity4
0.21×Debt to equity4
-$22.3MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development13¢$64.3M
  • Selling, general and admin87¢$427.3M
  • Income tax0¢$2.1M

Out of $451.4M in revenue.4 The company lost money this year.

Financial statements

Revenue5674$451.4M in 2025
0$200.0M$400.0M$600.0M2020: $0$020202021: $57.0M$57.0M20212022: $25.8M$25.8M2022−55%2023: $17.4M$17.4M2023−32%2024: $183.0M$183.0M2024+949%2025: $451.4M$451.4M2025+147%
Operating income85674-$71.0M in 2025+1551% since 2019
-$150.0M-$100.0M-$50.0M02019: -$4.3M-$4.3M20192020: -$27.0M-$27.0M2020+528%2021: -$12.2M-$12.2M2021−55%2022: -$62.7M-$62.7M2022+416%2023: -$143.2M-$143.2M2023+128%2024: -$120.6M-$120.6M2024−16%2025: -$71.0M-$71.0M2025−41%
Net income85674-$66.4M in 2025+1322% since 2019
-$150.0M-$100.0M-$50.0M02019: -$4.7M-$4.7M20192020: -$26.8M-$26.8M2020+474%2021: -$13.8M-$13.8M2021−48%2022: -$62.1M-$62.1M2022+349%2023: -$135.9M-$135.9M2023+119%2024: -$115.6M-$115.6M2024−15%2025: -$66.4M-$66.4M2025−43%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Total revenues$451.4M$183.0M$17.4M
Research and development$64.3M$53.4M$50.3M
Selling, general and administrative$427.3M$237.3M$108.7M
Total operating expenses$522.3M$303.5M$160.6M
Loss from operations before other income (expense)-$71.0M-$120.6M-$143.2M
Interest income$15.7M$15.0M$10.3M
Interest expense-$8.9M-$7.8M-$3.3M
Loss on debt extinguishment$0-$1.9M$0
Other income (expense), net-$202.0K-$206.0K$274.0K
Total other income, net$6.6M$5.0M$7.3M
Loss before income taxes-$64.4M-$115.6M-$135.9M
Provision for income taxes-$2.1M$0$0
Net loss-$66.4M-$115.6M-$135.9M
Unrealized gain (loss) on marketable securities and cash equivalents$202.0K$181.0K$72.0K
Comprehensive loss-$66.2M-$115.4M-$135.8M
Net loss per share, basic (usd per share)-$1.59-$3.07-$4.62
Net loss per share, diluted (usd per share)-$1.59-$3.07-$4.62
Weighted-average shares outstanding, basic (in shares)41.8M shares37.6M shares29.4M shares
Weighted-average shares outstanding, diluted (in shares)41.8M shares37.6M shares29.4M shares

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Leadership

Who has led Tarsus Pharmaceuticals, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Bobak R. Azamian2020–now

Chair

  1. Bobak R. Azamian2022–now

President

  1. Bobak R. Azamian2020–now

Chief financial officer

  1. Leonard M. Greenstein2020–2023

Chief operating officer

  1. Seshadri Neervannan2020–now
2025
Board members and other officers (19)

Timeline

  1. Oct 15, 2020New chief executive Bobak R. Azamian becomes CEO12

Filings

566 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 60 major events, 275 insider forms, 50 large holders, 161 other. The latest 20:

  1. Oct 13, 20268-K/A EDGAR
  2. Oct 13, 2026S-3ASR EDGAR
  3. Oct 13, 2026S-3ASR EDGAR
  4. Sep 17, 20264 EDGAR
  5. Sep 17, 20264 EDGAR
  6. Sep 17, 20264 EDGAR
  7. Sep 15, 2026144 EDGAR
  8. Sep 10, 20268-K EDGAR
  9. Sep 9, 20264 EDGAR
  10. Sep 9, 20264 EDGAR
  11. Sep 9, 20264 EDGAR
  12. Sep 4, 2026144 EDGAR
  13. Sep 4, 2026144 EDGAR
  14. Sep 4, 2026144 EDGAR
  15. Sep 4, 2026144 EDGAR
  16. Sep 3, 20264 EDGAR
  17. Sep 3, 20264 EDGAR
  18. Sep 2, 2026144 EDGAR
  19. Sep 2, 2026144 EDGAR
  20. Sep 2, 2026144 EDGAR

The 566 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

199 open-market trades by officers, directors and large owners since October 2021: 4 buys and 195 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 15, 2026LINK WILLIAM J PHDDirectorSale12,500$78.38$979.7KForm 4
Sep 4, 2026Lin Elizabeth YeuChief Medical OfficerSale13,953$87.50$1.2MForm 4
Sep 4, 2026Azamian Bobak R.President/CEO and Board ChairSale10,000$90.56$905.6KForm 4
Sep 4, 2026Neervannan SeshadriChief Operating OfficerSale4,564$85.00$387.9KForm 4
Sep 2, 2026Lin Elizabeth YeuChief Medical OfficerSale6,977$80.00$558.2KForm 4
Sep 2, 2026Azamian Bobak R.President/CEO and Board ChairSale10,000$80.06$800.6KForm 4
Sep 1, 2026Lin Elizabeth YeuChief Medical OfficerSale4,601$73.86$339.8KForm 4
Jun 17, 2026Azamian Bobak R.President/CEO and Board ChairSale10,000$61.55$615.5KForm 4
Jun 16, 2026Farrow Jeffrey SSee RemarksSale14,396$60.95$877.4KForm 4
Jun 15, 2026Goodrich KatherineDirectorSale2,954$62.08$183.4KForm 4
Jun 15, 2026LINK WILLIAM J PHDDirectorSale12,500$62.12$776.5KForm 4
Mar 20, 2026Neervannan SeshadriChief Operating OfficerSale2,989$66.75$199.5KForm 4
Mar 19, 2026Lin Elizabeth YeuChief Medical OfficerSale390$67.00$26.1KForm 4
Mar 19, 2026Wahl BryanGeneral CounselSale4,231$67.00$283.5KForm 4
Mar 19, 2026Whitfield Dianne C.Chief Human Resources OfficerSale4,174$67.00$279.7KForm 4
Mar 19, 2026Azamian Bobak R.President/CEO and Board ChairSale11,964$67.00$801.6KForm 4
Mar 19, 2026Neervannan SeshadriChief Operating OfficerSale4,589$67.00$307.5KForm 4
Mar 19, 2026Mottiwala AzizChief Commercial OfficerSale4,440$67.00$297.5KForm 4
Mar 19, 2026Farrow Jeffrey SSee RemarksSale2,186$67.00$146.5KForm 4
Mar 18, 2026Lin Elizabeth YeuChief Medical OfficerSale379$68.71$26.0KForm 4

All 199 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,856,137$242.7M0.0%+303,525
Deep Track Capital, LP3,666,768$230.8M3.4%+66,768
Rtw Investments, LP3,357,059$211.3M1.8%+11,034
Jupiter Topco LLC2,808,796$176.8M0.1%New
Paradigm Biocapital Advisors LP2,775,649$174.7M3.3%+213,495
Assenagon Asset Management S.A.1,894,990$119.3M0.1%+614,796
Morgan Stanley1,827,082$115.0M0.0%−117,190
Vanguard Capital Management LLC1,793,064$112.9M0.0%+32,523
Jennison Associates LLC1,663,655$104.7M0.1%−48,469
Tang Capital Management LLC1,568,266$98.7M4.5%+379,642
Millennium Management LLC1,427,124$89.8M0.1%+862,545
Bank Of America Corp /de/1,193,182$75.1M0.0%−1,195
Geode Capital Management, LLC1,105,689$69.6M0.0%−15,402
State Street Corp1,072,951$67.5M0.0%+94,739
Vestal Point Capital, LP1,050,000$66.1M1.5%+850,000
Invesco Ltd.785,808$49.5M0.0%+43,311
Goldman Sachs Group Inc742,693$46.7M0.0%+303,067
Frazier Life Sciences Management, L.P.728,644$45.9M1.0%No change
D. E. Shaw & Co., Inc.710,559$44.7M0.0%−80,587
Fmr LLC672,949$42.4M0.0%−60,385
Nomura Asset Management International Inc.607,272$38.2M0.1%+107,419
Clearbridge Investments, LLC549,387$34.6M0.0%+4,036
Toronto Dominion Bank510,253$32.1M0.1%No change
Massachusetts Financial Services Co /ma/427,008$26.9M0.0%New
Northern Trust Corp386,611$24.3M0.0%+33,654

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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