Tarsus Pharmaceuticals
Tarsus Pharmaceuticals is a commercial-stage biopharmaceutical company that develops lotilaner-based therapeutics, anchored by XDEMVY, the first FDA-approved treatment for Demodex blepharitis. It serves approximately 25 million affected Americans through ophthalmologist and optometrist prescriptions, with pipeline expansion into ocular rosacea and Lyme disease prevention.
- Company typePublic
- Founded2016
- HeadquartersIrvine, United States
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What Tarsus Pharmaceuticals does
Tarsus Pharmaceuticals, Inc. (NASDAQ: TARS) is a commercial-stage biopharmaceutical company founded in 2016 and headquartered in Irvine, California. The company develops and commercializes therapeutics for diseases with high unmet need, anchored by XDEMVY (lotilaner ophthalmic solution) 0.25%, the first and only FDA-approved treatment for Demodex blepharitis. XDEMVY is an antiparasitic ophthalmic solution that selectively inhibits parasite-specific GABA-chloride channels to paralyze and kill Demodex mites, addressing the root cause of a disease affecting approximately 25 million Americans with only 5.6% current market penetration. The company operates a hub-and-spoke R&D model leveraging lotilaner as a platform active ingredient across multiple formulations and indications, including TP-04 (a topical ophthalmic gel for ocular rosacea, Phase 2) and TP-05 (an oral formulation for Lyme disease prevention, Phase 2). Patent protection on XDEMVY extends through 2038.
Tarsus generates revenue primarily through prescription pharmaceutical sales of XDEMVY dispensed via ophthalmologists and optometrists and filled through retail and specialty pharmacies. FY2025 product revenue reached $451.4 million (up 150% year-over-year from $180.1 million in 2024), with Q1 2026 revenue of $162 million and 2026 guidance of $670–700 million. The company operates a direct-to-eye-care-professional sales model, supported by a dedicated HCP portal, active participation in medical conferences (ASCRS, AAO, AAOpt), peer-reviewed publications, and a May 2026 celebrity awareness partnership with John Cena. Gross margin guidance is approximately 93%.
Additional revenue streams include licensing and milestone payments under a March 2026 partnership with Grand Pharmaceutical Group Limited for commercialization of TP-03 in Greater China (China, Hong Kong, Macau, Taiwan), where China NMPA approval triggered a $15 million milestone payment. The company is publicly traded with a market capitalization of approximately $2.68 billion (June 2026), employs 251–500 people, and has raised approximately $400 million across four public stock offerings in 2022–2025 to fund commercial scale-up and pipeline advancement. Analyst consensus from nine brokerages is a Moderate Buy rating with an average price target of $91.83.
Tarsus Pharmaceuticals firmographics
Firmographics- Name
- Tarsus Pharmaceuticals
- Legal name
- Tarsus Pharmaceuticals, Inc.
- Website
- https://tarsusrx.com
- Company type
- Public
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Tarsus Pharmaceuticals is a commercial-stage biopharmaceutical company that develops lotilaner-based therapeutics, anchored by XDEMVY, the first FDA-approved treatment for Demodex blepharitis. It serves approximately 25 million affected Americans through ophthalmologist and optometrist prescriptions, with pipeline expansion into ocular rosacea and Lyme disease prevention.
- Ownership category
- akta.pro rank
Tarsus Pharmaceuticals industry classification
Industry- Product category
- Ophthalmic Pharmaceuticals
- NAICS
- Pharmaceutical Preparation Manufacturing (325412)
- SIC
- Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Dermatology Specialty Pharmaceuticals (HLAIACAL)
- akta.pro secondary industry
- Primary Care & General Medicine Pharmaceuticals (HLAIAAAA)
Keywords
Where Tarsus Pharmaceuticals is headquartered
LocationHeadquarters
- HQ city
- Irvine
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Tarsus Pharmaceuticals business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Marketing or Sales, Technology or R&D, Personnel, Operations, Supply Chain
Revenue model
- XDEMVY Product Sales: Prescription pharmaceutical product sales for Demodex blepharitis treatment. Revenue grew 150% year-over-year to $451.4 million in 2025. Q1 2026 revenue of $162 million exceeded analyst expectations. Peak sales target of $2 billion projected for XDEMVY.
- Licensing and Milestone Payments: Partnered with Grand Pharmaceutical Group Limited for Greater China region (China, Hong Kong, Macau, Taiwan) for TP-03 commercialization. Tarsus receives milestone payments ($15 million triggered by China NMPA approval) and anticipates royalties on sales.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Tarsus Pharmaceuticals product offering
Product offeringCore offering
Tarsus Pharmaceuticals develops and commercializes prescription biopharmaceutical products, with XDEMVY (lotilaner ophthalmic solution) 0.25% as its lead marketed product — the first and only FDA-approved treatment for Demodex blepharitis, approved August 2023. The company applies its lotilaner platform across multiple indications, with pipeline candidates TP-04 (ocular rosacea) and TP-05 (Lyme disease prevention) in clinical development.
Product overview
Tarsus Pharmaceuticals is a biopharmaceutical company focused on eye care and infectious disease prevention. The company's marketed product is XDEMVY® (lotilaner ophthalmic solution) 0.25%, the first and only FDA-approved treatment for Demodex blepharitis, approved in August 2023. The pipeline includes TP-04 (Phase 2, ocular rosacea) and TP-05 (Phase 2 planned, Lyme disease prevention), both leveraging lotilaner as the active ingredient. The company operates with a hub-and-spoke model using lotilaner as the core platform technology across multiple therapeutic indications.
Differentiator
Problem solved
Functional benefit
Brands
- XDEMVY: XDEMVY (lotilaner ophthalmic solution) 0.25% - the first and only FDA-approved treatment for Demodex blepharitis
- TP-04
- TP-05
Products and services
- XDEMVY (lotilaner ophthalmic solution) 0.25% XDEMVY is the first and only FDA-approved treatment for Demodex blepharitis, an ophthalmic solution applied topically to the eye that targets Demodex mites (the root cause of the disease). It is prescribed by ophthalmologists and optometrists for adult patients in the United States following diagnosis.
Quantifiable outcome
- Demodex blepharitis market: approximately 25 million addressable patients in US with only 5.6% current market penetration
- +3 more outcomes
Companies that use Tarsus Pharmaceuticals
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles2 records
Tarsus Pharmaceuticals technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Tarsus Pharmaceuticals partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered strategic and core.
- John CenastrategicCelebrity partnership with John Cena to launch awareness campaign for Demodex blepharitis. Cena shares his personal experience with the condition and his treatment with XDEMVY through media interviews and social content over the coming months, aiming to encourage people to recognize symptoms and prioritize eye health.
- Grand Pharmaceutical Group LimitedcoreTarsus partnered with Grand Pharmaceutical Group Limited for commercialization of TP-03 (lotilaner ophthalmic solution) 0.25% in the Greater China region including China, Hong Kong, Macau, and Taiwan. China's NMPA approved TP-03 for Demodex blepharitis in March 2026, triggering a $15 million milestone payment to Tarsus with potential for additional payments based on sales.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
Tarsus Pharmaceuticals competitors and assessment
Company assessmentDirect peers
- Aerie Pharmaceuticals: Specialty ophthalmic pharma focused on glaucoma and eye care treatments, acquired by Alcon in 2022. Directly comparable as a small-to-mid-cap branded eye care biotech commercializing novel ophthalmic therapies to a prescriber base of ophthalmologists and optometrists.
- Aldeyra Therapeutics: Clinical-stage ophthalmic biotech developing treatments for rare eye conditions including dry eye and inflammatory ocular diseases. Comparable as a small-cap innovator pursuing FDA-approved therapies in underserved eye care indications with similar prescriber economics.
- Oyster Point Pharma: Specialty ophthalmic company commercializing Tyrvaya for dry eye disease before being acquired by Viatris. Closely comparable as a focused, single-product eye care biotech targeting eye care professionals with a novel mechanism prescription therapy.
- Kala Bio: Specialty ophthalmic pharma with products for post-surgical ocular inflammation and rare ocular surface diseases. Comparable as a small-cap, branded ophthalmic company commercializing prescription eye care products with similar revenue scale and prescriber dynamics.
- Nicox: European ophthalmic specialty company developing novel therapies for glaucoma and ocular surface diseases. Comparable as a focused ophthalmic innovator targeting the same eye care professional channel with branded prescription products.
- Ocuphire Pharma: Late clinical-stage ophthalmic biotech developing therapies for refractive and eye care indications. Comparable as a small-cap ophthalmic innovator pursuing FDA approvals in niche eye indications and commercializing through eye care professionals.
Broad incumbents
- Bausch + Lomb: Large established eye care company with broad ophthalmic pharmaceutical, surgical, and consumer vision portfolios. Comparable as a major incumbent in the eye care prescriber channel that Tarsus also targets, though at vastly greater scale and breadth.
Emerging players
- Apellis Pharmaceuticals: Commercial-stage ophthalmic biotech with Syfovre and Izervay for geographic atrophy and other retinal diseases. Comparable as a recent ophthalmic commercial-stage biotech that scaled novel prescription eye care products through retinal specialists and ophthalmologists.
- Arcutis Biotherapeutics: Dermatology specialty pharma commercializing topical treatments for inflammatory skin conditions. Comparable because Tarsus' leadership (co-founder Bobak Azamian and director Bhaskar Chaudhuri co-founded Arcutis) and the blepharitis/ocular rosacea pipeline intersect dermatology and ophthalmology.
- Harrow Health: Specialty ophthalmic pharma commercializing a portfolio of branded prescription eye care products through ophthalmologists and optometrists. Comparable as a small-cap branded ophthalmic company with a multi-product franchise distributed through the same prescriber channel as XDEMVY.
Market position
Strengths1 record
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Tarsus Pharmaceuticals social profiles
Digital presenceTarsus Pharmaceuticals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Tarsus Pharmaceuticals leadership team
Management profileNumber of profiles
Profiles15 records
Tarsus Pharmaceuticals subsidiaries and ownership
Company hierarchySubsidiaries1 record
Tarsus Pharmaceuticals funding detail
Funding detailFunding overview
Funding rounds9 records
Investors17 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Tarsus Pharmaceuticals M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Tarsus Pharmaceuticals
What does Tarsus Pharmaceuticals do?
Tarsus Pharmaceuticals develops and commercializes prescription biopharmaceutical products, with XDEMVY (lotilaner ophthalmic solution) 0.25% as its lead marketed product — the first and only FDA-approved treatment for Demodex blepharitis, approved August 2023. The company applies its lotilaner platform across multiple indications, with pipeline candidates TP-04 (ocular rosacea) and TP-05 (Lyme disease prevention) in clinical development.
Is Tarsus Pharmaceuticals a public or private company?
Tarsus Pharmaceuticals is a public company. It is classified as public and is currently operating.
When was Tarsus Pharmaceuticals founded?
Tarsus Pharmaceuticals was founded in 2016. It employs 251 to 500 people.
Where is Tarsus Pharmaceuticals based?
Tarsus Pharmaceuticals is headquartered in Irvine, United States, in the North America region.
How does Tarsus Pharmaceuticals make money?
Two revenue lines are on record. XDEMVY Product Sales are the primary driver. The others are licensing and Milestone Payments.
Who are Tarsus Pharmaceuticals's main competitors?
Direct peers on record are Aerie Pharmaceuticals, Aldeyra Therapeutics, Oyster Point Pharma, Kala Bio, Nicox and Ocuphire Pharma. Bausch + Lomb is listed as a broad incumbent. Emerging players are Apellis Pharmaceuticals, Arcutis Biotherapeutics and Harrow Health.
Does Tarsus Pharmaceuticals have an API?
No public API is recorded for Tarsus Pharmaceuticals.
What industry is Tarsus Pharmaceuticals in?
Tarsus Pharmaceuticals's product category is Ophthalmic Pharmaceuticals. Its primary akta.pro industry code is HLAIACAL, Dermatology Specialty Pharmaceuticals, with a secondary code of HLAIAAAA, Primary Care & General Medicine Pharmaceuticals. Its NAICS code is 325412 and its SIC code is 2834.