Tarsus Pharmaceuticals, Inc. TARS
Tarsus Pharmaceuticals, Inc. (Nasdaq: TARS) is an ophthalmology drug developer. Its lead program, XDEMVY (lotilaner ophthalmic solution) 0.25%, is in Phase 2 for Demodex blepharitis. Its next catalyst on record is Corporate (Alkeus acquisition): Expected close of Alkeus acquisition (adds Phase 3 gildeuretinol program for Stargardt disease) (2026).
Upcoming catalysts
No catalyst is dated to the next 30 days or to an FDA action date.
Next further out: Corporate (Alkeus acquisition) — Expected close of Alkeus acquisition (adds Phase 3 gildeuretinol program for Stargardt disease) (2026). 6 catalysts on record beyond the next 30 days; subscribers see each with its filing sentence.
Pipeline
| Program | Indication | Modality | Stage |
|---|---|---|---|
| XDEMVY (TP-03) | Demodex blepharitis (marketed in US; MGD data from Ersa/Rhea trials) | small molecule | Approved |
| TP-04 (lotilaner gel), KORE | Ocular rosacea | small molecule | Phase 2 |
| TP-05 (oral lotilaner), Calliope | Lyme disease prophylaxis (and community malaria reduction) | small molecule | Phase 2 |
| IRX-101 (acquired with iRenix, July 2026) | Ocular antiseptic for intravitreal injection (Phase 2b/3 RELIEF completed; Phase 3 COMFORT planned) | small molecule | Phase 2 |
Recent results and decisions
- Sep 4, 2026n/a Tarsus completed acquisition of Alkeus Pharmaceuticals for $270 million cash, 2.77 million shares, and up to $350 million in contingent regulatory and commercial milestones plus sales royalties for gildeuretinol.
Consideration paid in the Merger consisted of: $270.0 million of cash consideration, subject to specified adjustments under the Merger Agreement; 2,769,696 shares of Tarsus common stock; and Qualifying seller transaction costs included in the determination of the consideration transferred.
Filing - Aug 7, 2026n/a Tarsus raised approximately $125 million gross proceeds through a private placement of common stock and pre-funded warrants at $56 per share.
Tarsus issued 2,098,519 shares of its common stock at a purchase price of $56.00 per share and pre-funded warrants to purchase an aggregate 133,625 shares of common stock at a purchase price of $55.9999 per pre-funded warrant, which resulted in gross proceeds of approximately $125.0 million.
Filing - Aug 6, 2026completed enrollment Completed enrollment in the Calliope Phase 2 trial of TP-05.
Completed enrollment for Calliope, a Phase 2 trial evaluating TP-05, a novel investigational lotilaner-based oral prophylactic designed to kill ticks carrying Lyme disease before potential disease transmission.
Filing
3 more on record.
For subscribers
- Cash runway against each catalyst, with the company's own runway statement
- Track record: every Phase 3 readout, FDA decision and guidance slip since 2014
- Expected move for each dated catalyst, from comparable past events
- Phase 2 evidence behind each Phase 3 readout
- Companies on the same target or class
- Full catalyst list with filing sentences, deals, registered trials, Excel export
Other phase 2 ophthalmology companies
The free Monday brief
Last week's readouts and FDA decisions and the dated catalysts in the week ahead, each with its filing sentence.