TARS Tarsus Pharmaceuticals, Inc.
FY2025 10-K
Tarsus Pharmaceuticals, Inc. (TARS) filed its fiscal year 2025 10-K annual report with the SEC on Feb 23, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
Financial SummaryXBRL
Revenue
$451M
Net Income
-$66M
Operating Margin
-15.7%
Net Margin
-14.7%
ROE
-19.3%
Total Assets
$562M
EPS (Diluted)
$-1.59
Operating Cash Flow
-$12M
Source: XBRL data from Tarsus Pharmaceuticals, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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