Key Highlights

  • Total revenues were USD 194.6 million, up from USD 118.7 million, all from net product sales of XDEMVY.
  • Acquired in-process Research and Development expense was USD 632.2 million, and the net loss was USD 668.3 million.
  • Net loss per share was USD 14.40, compared with USD 0.30 in the third quarter of 2025.
  • Cash, cash equivalents and marketable securities were USD 309.6 million, with USD 75.0 million of Debt principal outstanding.

Revenue and Operating Expenses

Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS), a commercial-stage biopharmaceutical company focused on eye care, filed its Quarterly Report for the period ended September 30, 2026. Net product sales were USD 194.6 million, compared with USD 118.7 million in the third quarter of 2025. The sales are of XDEMVY, which is lotilaner ophthalmic solution 0.25% for the treatment of Demodex blepharitis. The product was approved by the U.S. Food and Drug Administration in July 2023 and launched in August 2023. For the nine months, net product sales were USD 513.9 million versus USD 299.7 million, and total revenues were USD 530.5 million after USD 16.7 million of license fees and collaboration revenue.

Cost of sales was USD 13.9 million versus USD 8.3 million. Research and development expense was USD 44.2 million versus USD 16.3 million, an increase of USD 27.9 million, of which USD 13.7 million is attributed to the Alkeus acquisition. Selling, general and administrative expense was USD 168.0 million versus USD 108.6 million, an increase of USD 59.4 million, of which USD 29.8 million is attributed to the Alkeus acquisition, including USD 23.5 million of transaction-related and integration costs.

Analyst estimates were EPS of negative USD 1.46 against reported EPS of negative USD 14.40, and Revenue of USD 187.8 million against reported revenue of USD 194.6 million.

Acquisitions and Net Loss

The company expanded its pipeline into retina through two acquisitions. It acquired iRenix Medical in July 2026 for USD 35.2 million in cash and 607,093 shares of common stock with a Fair Value of USD 40.7 million, with up to USD 115.0 million of regulatory milestone payments and up to USD 375.0 million of commercial sales milestone payments. It acquired Alkeus Pharmaceuticals in September 2026. The quarter included acquired in-process research and development expense of USD 632.2 million, made up of USD 81.0 million for iRenix and USD 551.2 million for Alkeus.

Total operating expenses were USD 856.7 million, compared with USD 133.2 million, and the loss from operations was USD 662.1 million, compared with USD 14.5 million. The net loss was USD 668.3 million, compared with USD 12.6 million, after a USD 4.6 million provision for income taxes. Net loss per share was USD 14.40, compared with USD 0.30, on 46.4 million weighted-average shares. For the nine months, the net loss was USD 693.9 million, or USD 15.67 per share, against USD 58.0 million, or USD 1.40 per share.

Liquidity and Financing

As of September 30, 2026, cash, cash equivalents and marketable securities were USD 309.6 million, and debt principal outstanding was USD 75.0 million. In August 2026, the company completed a private Placement of 2,098,519 shares of common stock at USD 56.00 per share and pre-funded warrants for 133,625 shares at USD 55.9999 per warrant, which resulted in net proceeds of USD 120.1 million. Total stockholders Equity was USD 104.0 million, compared with USD 343.4 million at December 31, 2025, and shares outstanding were 49,303,413.

The filing states that Capital requirements are difficult to predict and may change, given the ongoing commercialization of XDEMVY and the development of the pipeline, and that the company may need to obtain additional funding.

Items to Follow

Items to follow are XDEMVY net product sales, the integration of Alkeus and iRenix, selling, general and administrative expenses and cash, cash equivalents and marketable securities.