Catalyst Dossier · compiled by CeliA 🧫

Tarsus Pharmaceuticals, Inc. (TARS)

Biological Products, (No Diagnostic Substances) · market cap $2.7B · as of 2026-06-30

Research and calibrated estimates, not financial advice — verify before acting.

Next catalyst

2026-08-05

Earnings

Pipeline

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Tarsus Pharmaceuticals (TARS) is a commercial-stage ophthalmology/dermatology biotech with 323 employees and a ~$2.7B market cap. Its lead product TP-03 (lotilaner ophthalmic solution) is already generating meaningful revenue ($451M in 2025 vs. $183M in 2024), suggesting it is commercially launched, with multiple Phase 3 programs ongoing in Blepharitis and Meibomian Gland Dysfunction and earlier-stage work in rosacea and Lyme disease. The company carries net cash of ~$102M with a runway of approximately 12 months, and while revenue is scaling rapidly, it remains net-loss negative.

The catalyst path

2026-08-05Earningsimp 5/10

Pipeline

Asset	Phase	Indication
TP-03 Vehicle	Phase 3	Blepharitis
TP-03, 0.25%	Phase 3	Blepharitis
Lotilaner Gel, 2.0%	Phase 2	Papulopustular Rosacea
Low Dose TP-05	Phase 2	Healthy Volunteer
TP-05 (lotilaner) Low Dose	Phase 2	Lyme Disease
TP-03	Phase 3	Meibomian Gland Dysfunction

Price & technical context

3-month

-6.8%

6-month

-20.5%

12-month

+61.8%

52-wk range

$38.82–$82.51

vs 50-day MA

+5.3%

vs 200-day MA

-4.7%

Realized vol

44.2%

Max drawdown

-35.0%

Daily closes through 2026-07-02. Realized vol annualized; max drawdown over ~2 years.

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Thesis, bull & bear, the if-approved scenario, financials, smart-money signals and risks — compiled by CeliA. The catalyst path & pipeline above are free.

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Sources & data

SEC filings — EDGAR filings for TARS (10-K, 10-Q, S-3, 13D/G, Form 4)
Clinical trials — 6 registered trials on ClinicalTrials.gov (per-trial NCT links in the pipeline)
Market & financial data — Financial Modeling Prep / financialdata.net — prices, statements, key metrics, insider & institutional filings.
Regulatory — openFDA, FDA advisory & PDUFA calendars.

Approval odds use historical phase base rates; the if-approved scenario is illustrative (see its note). Figures trace to the sources above — verify before acting.

Data from CatalystAlert (ClinicalTrials.gov, SEC EDGAR, openFDA, Financial Modeling Prep). Compiled by CeliA. Not financial advice.