Tarsus Pharmaceuticals, Inc. (TARS) has reported a narrower loss for the fourth-quarter and full year of 2025, helped by robust sales of its core marketed product, XDEMVY.
XDEMVY is the first and only FDA-approved therapy for Demodex blepharitis, caused by an infestation of Demodex mites, the most common ectoparasite found on humans.
For the fourth quarter of 2025, net loss narrowed to $8.37 million, or $0.20 per share, from $23.11 million, or $0.60 per share, in the prior year.
Net product sales increased to $151.67 million from $66.41 million in the prior year. This was driven by approximately 130,000 units of XDEMVY delivered to patients during the three months ended December 31, 2025, compared to approximately 58,500 bottles.
For the full year 2025, net loss narrowed to $66.42 million or $1.59 per share from $115.55 million or $3.07 per share in the prior year.
Net product sales jumped 150% to $451.36 million from $180.10 million in the last year.
The firm also noted that XDEMVY is on track for global expansion, with potential approval in Europe of a preservative-free formulation in 2027. In Greater China, its partner Grand Pharmaceutical Group Ltd. expects potential approval in 2026.
"XDEMVY has driven a fundamental shift in eye care. In just two years, we have built broad access, changed how physicians treat, and established a durable and growing franchise, giving us confidence in a clear potential path to peak sales exceeding $2 billion," said Bobak Azamian, M.D., PhD, Chief Executive Officer and Chairman of Tarsus.
Beyond its marketed product, XDEMVY, the company is exploring TP-04, an investigational sterile aqueous gel formulation of lotilaner for the potential treatment of ocular rosacea, and TP-05, an investigational oral tablet formulation of lotilaner, for potential Lyme disease prophylaxis and community malaria reduction.
-- TP-04 is under a phase 2 trial for the potential treatment of ocular rosacea, with topline data expected in 1H 2027.-- As for TP-05, the company expects to initiate a phase 2 study in the prevention of Lyme disease transmission in Q2 2026.
The company ended the year 2025, with cash, cash equivalents and marketable securities of $417.3 million.
TARS has traded between $38.51 and $85.25 in the prior year. The stock closed Monday's trade at $69.59, up 4.47%.
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