Tarsus Pharmaceuticals, Inc. (TARS) FY2025 10-K Annual Report
Tarsus Pharmaceuticals, Inc. (TARS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Tarsus Pharmaceuticals, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Development and commercialization of therapeutics addressing root causes of eye diseases, beginning with FDA-approved XDEMVY for Demodex blepharitis launched August 2023
- • New product emphasis: Advancement of TP-04 for ocular rosacea with Phase 2 trial initiated December 2025; TP-05 oral tablet for Lyme disease prophylaxis with Phase 2 planned for Q2 2026
Management Discussion & Analysis
- • Revenue $451.4M full year 2025 from XDEMVY sales, up from zero in 2024, delivering 400,000 bottles in 2025
- • Net loss $66.4M in 2025 versus $115.6M in 2024 and $135.9M in 2023, operating expenses to increase with commercial expansion
Risk Factors
- • Risk from OBBB Act tax reform, enacted July 2025, with $2.1M state income tax due to nonconforming states' capitalization requirements
- • China geopolitical risk from reliance on China Out-License with $86.1M proceeds and up to $100M sales milestones and royalties exposure
Tarsus Pharmaceuticals, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$451M
▲ +146.7% YoY
Net Income
-$66M
▲ +42.5% YoY
Operating Margin
-15.7%
▲ +5018bp YoY
Net Margin
-14.7%
▲ +4845bp YoY
ROE
-19.3%
▲ +3212bp YoY
Total Assets
$562M
▲ +49.1% YoY
EPS (Diluted)
$-1.59
▲ +48.2% YoY
Operating Cash Flow
-$12M
▲ +85.0% YoY
Source: XBRL data from Tarsus Pharmaceuticals, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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