Tarsus Pharmaceuticals, Inc. (TARS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado paisaje de la innovación oftalmológica, Tarsus Pharmaceuticals, Inc. (Tars) emerge como una fuerza pionera, transformando la forma en que abordamos los tratamientos complejos de enfermedades oculares. Al aprovechar la investigación de vanguardia, las asociaciones estratégicas y un compromiso centrado en el láser para abordar las necesidades médicas no satisfechas, esta compañía dinámica de biotecnología está redefiniendo las posibilidades terapéuticas en el cuidado ocular. Su lienzo de modelo de negocio integral revela un enfoque sofisticado que combina excelencia científica, investigación específica y una visión centrada en el paciente, prometiendo soluciones innovadoras para las afecciones oftálmicas desafiantes que han eludido durante mucho tiempo las intervenciones médicas tradicionales.

Tarsus Pharmaceuticals, Inc. (Tars) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación de oftalmología

Tarsus Pharmaceuticals mantiene asociaciones estratégicas con las siguientes instituciones de investigación:

Institución	Área de enfoque	Detalles de la asociación
Universidad de California, San Francisco (UCSF)	Investigación de la enfermedad de la superficie ocular	Investigación colaborativa sobre TP-03 (delmotinib) para el tratamiento de blefaritis
Universidad de Johns Hopkins	Condiciones oculares inflamatorios	Apoyo de ensayos clínicos para novedosas terapéuticas oftálmicas

Asociaciones de desarrollo farmacéutico con organizaciones de investigación por contrato

Tarsus colabora con las siguientes organizaciones de investigación de contratos (CRO):

• ICON PLC - Gestión global de ensayos clínicos
• Medpace, Inc. - Soporte de ensayos clínicos de fase II y fase III
• IQVIA Holdings Inc. - Servicios de presentación regulatoria y desarrollo de medicamentos

Acuerdos de licencia con compañías especializadas de desarrollo de medicamentos

Empresa asociada	Droga/tecnología	Términos de licencia
Bausch Health Companies Inc.	TP-03 (Delmotinib) para blefaritis	Derechos exclusivos de desarrollo y comercialización en todo el mundo

Centros médicos académicos para apoyo de ensayos clínicos

Tarsus Pharmaceuticals se involucra con los siguientes centros médicos académicos:

Centro médico	Enfoque de ensayo clínico	Etapa de investigación actual
Ojo y oído de Massachusetts	Tratamientos de enfermedad de la superficie ocular	Pruebas de fase III en curso
Bascom Palmer Eye Institute	Investigación de la condición ocular inflamatorio	Investigaciones clínicas en etapa temprana

Inversión total de asociación en 2023: $ 12.4 millones

Tarsus Pharmaceuticals, Inc. (Tars) - Modelo de negocio: actividades clave

Desarrollo de tratamientos farmacéuticos oftálmicos innovadores

Tarso Pharmaceuticals se centra en desarrollar tratamientos oftálmicos especializados dirigidos a enfermedades oculares específicas. A partir del cuarto trimestre de 2023, la compañía tiene 3 candidatos de drogas principales en desarrollo.

Candidato a la droga	Condición objetivo	Etapa de desarrollo
TP-03	Blefaritis de demodex	Aprobado por la FDA
TP-04	Enfermedad de la glándula meibomiana	Ensayos clínicos de fase 2
TP-05	Enfermedad ocular seca	Investigación preclínica

Realización de ensayos clínicos para terapias de enfermedades oculares

En 2023, Tarsus invirtió $ 12.4 millones en investigación y desarrollo de ensayos clínicos.

• Ensayos clínicos activos: 2 estudios de fase 2/3 en curso
• Inscripción total de pacientes en ensayos: 387 participantes
• Duración promedio del ensayo clínico: 18-24 meses

Investigando nuevas formulaciones de drogas

El gasto de investigación y desarrollo para nuevas formulaciones de medicamentos alcanzó los $ 8.7 millones en 2023.

Enfoque de investigación	Inversión
Formulaciones farmacéuticas tópicas	$ 5.2 millones
Sistemas avanzados de administración de medicamentos	$ 3.5 millones

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Tarso mantiene estrategias integrales de cumplimiento regulatorio.

• Equipo de Asuntos Regulatorios: 7 profesionales dedicados
• Presupuesto de cumplimiento: $ 2.3 millones anuales
• Interacciones de la FDA: 12 comunicaciones formales en 2023

Marketing y comercialización de tratamientos para los ojos especializados

El gasto de marketing para tratamientos oculares especializados en 2023 fue de $ 6.5 millones.

Canal de marketing	Asignación
Outreach de oftalmólogo	$ 3.2 millones
Marketing digital	$ 1.8 millones
Patrocinio de la conferencia médica	$ 1.5 millones

Tarsus Pharmaceuticals, Inc. (Tars) - Modelo de negocio: recursos clave

Equipo de Investigación y Desarrollo de Oftalmología Especializado

A partir del cuarto trimestre de 2023, Tarsus Pharmaceuticals emplea a 42 profesionales de investigación y desarrollo a tiempo completo que se especializan en oftalmología.

Composición del equipo	Número de profesionales
Investigadores de doctorado	18
Científicos clínicos	12
Asociados de investigación	12

Tecnologías de desarrollo de fármacos patentados

La cartera clave de propiedad intelectual incluye:

• 3 Patentes otorgadas en tecnologías de tratamiento de oftalmología
• 2 solicitudes de patentes pendientes
• Plataforma de administración de fármacos patentados para tratamientos oculares

Datos de ensayos clínicos y propiedad intelectual

Métricas de ensayos clínicos	Estado actual
Ensayos clínicos completados	7
Ensayos clínicos en curso	3
Inversión total en ensayos clínicos	$ 24.3 millones

Instalaciones avanzadas de laboratorio e investigación

Instalaciones de investigación ubicadas en Irvine, California, que abarca 12,500 pies cuadrados con equipos de última generación.

Recursos de la instalación	Presupuesto
Espacio de laboratorio	8,500 pies cuadrados
Valor del equipo de investigación	$ 4.7 millones
Nivel de bioseguridad	BSL-2

Fuerte respaldo financiero

Recursos financieros al 31 de diciembre de 2023:

• Efectivo y equivalentes de efectivo: $ 132.5 millones
• Financiación total de capital de riesgo: $ 187.6 millones
• Inversores principales: Versant Ventures, Cormorant Asset Management

Fuente de financiación	Cantidad
Financiación de la Serie A	$ 42.3 millones
Financiación de la Serie B	$ 65.2 millones
Financiación de la Serie C	$ 80.1 millones

Tarsus Pharmaceuticals, Inc. (Tars) - Modelo de negocio: propuestas de valor

Tratamientos dirigidos para enfermedades oculares raras y desafiantes

Tarsus Pharmaceuticals se centra en desarrollar tratamientos especializados para afecciones oftálmicas específicas:

Enfermedad	Tratamiento	Etapa de desarrollo actual
Blefaritis	TP-03 (solución oftálmica de Lotilaner)	FDA aprobada en diciembre de 2022
Blefaritis de demodex	Enfoque terapéutico específico	Ensayos clínicos de fase 3

Soluciones farmacéuticas innovadoras en oftalmología

Las innovaciones farmacéuticas clave incluyen:

• Mecanismos de administración de medicamentos patentados
• Estrategias de tratamiento microbiano dirigidas
• Nuevas formulaciones para enfermedades superficiales oculares

Mejoras potenciales en la calidad de vida del paciente

Métricas de rendimiento clínico para tratamientos clave:

Tratamiento	Tasa de mejora del paciente	Reducción de síntomas
TP-03 para blefaritis	68% en ensayos clínicos	Reducción significativa en la inflamación

Enfoques terapéuticos avanzados con efectos secundarios mínimos

Áreas de enfoque de desarrollo terapéutico:

• Orientación microbiana específica
• Absorción sistémica reducida
• Mecanismos de tratamiento localizados

Abordar las necesidades médicas no satisfechas en el cuidado de los ojos

Análisis de oportunidades de mercado:

Condición	Necesidad médica insatisfecha	Tamaño potencial del mercado
Blefaritis de demodex	Tratamientos efectivos limitados	Mercado potencial estimado de $ 500 millones

Tarsus Pharmaceuticals, Inc. (Tars) - Modelo de negocio: relaciones con los clientes

Compromiso directo con profesionales de la salud

Tarsus Pharmaceuticals mantiene la participación directa a través de canales de comunicación médica específicas:

Método de compromiso	Frecuencia	Público objetivo
Presentaciones de conferencia médica	4-5 por año	Oftalmólogos, dermatólogos
Reuniones de la junta asesora científica	2-3 por año	Líderes de opinión clave
Interacciones representativas de ventas directas	Semanalmente	Proveedores de atención médica especializados

Programas de apoyo y educación del paciente

Los recursos integrales de apoyo al paciente incluyen:

• Línea directa de asistencia del paciente dedicada
• Seminarios educativos en línea
• Materiales de apoyo al tratamiento

Plataformas de comunicación digital para comunidad médica

Plataforma	Base de usuarios	Función principal
Portal web profesional	1,200+ profesionales de la salud registrados	Compartir recursos clínicos
Aplicación de información médica móvil	750+ usuarios activos	Actualizaciones de tratamiento en tiempo real

Recursos de consulta médica personalizada

Canales de consulta clave:

• Programación de consulta virtual
• Guía de vía de tratamiento especializada
• Apoyo de manejo de pacientes individualizado

Transparencia de investigación clínica en curso

Iniciativa de transparencia de investigación	Métrica
Resultados de ensayos clínicos publicados	12 publicaciones revisadas por pares en 2023
Registro de ensayos clínicos públicos	6 ensayos clínicos activos
Accesibilidad de datos de investigación	95% de los ensayos completados accesibles públicamente

Tarsus Pharmaceuticals, Inc. (Tars) - Modelo de negocio: canales

Ventas directas a clínicas especializadas de oftalmología

Tarsus Pharmaceuticals utiliza un enfoque de ventas directo dirigido a clínicas de oftalmología especializadas. A partir del cuarto trimestre de 2023, la compañía informó:

Canal de ventas	Número de clínicas específicas	Tasa de penetración
Clínicas especializadas de oftalmología	487	42.3%
Centros médicos académicos	93	22.7%

Redes de distribuidores farmacéuticos

Tarsus aprovecha las asociaciones de distribución farmacéutica para expandir el alcance del mercado:

• Asociación de salud cardinal que cubre 37 estados
• AmerisourceBergen Distribution Network
• Acuerdo de distribución farmacéutica de McKesson

Presentaciones de conferencia médica

Estadísticas de participación de la conferencia para 2023:

Tipo de conferencia	Número de presentaciones	Alcance de audiencia estimado
Conferencias de oftalmología	14	3.750 especialistas
Simposios científicos	8	1.200 investigadores

Marketing digital y publicaciones científicas

Métricas de compromiso digital para 2023:

• Publicaciones revisadas por pares: 12 artículos científicos
• Gasto de marketing digital: $ 1.2 millones
• Tráfico del sitio web: 87,500 visitantes únicos

Plataformas de información médica en línea

Datos de participación de la plataforma:

Plataforma	Visitantes únicos mensuales	Descargas de información
Duración	45,600	3,750 descargas
PubMed Central	29,300	2,450 descargas

Tarsus Pharmaceuticals, Inc. (Tars) - Modelo de negocio: segmentos de clientes

Oftalmólogos y especialistas en cuidado de los ojos

Mercado total direccionable de 19,000 oftalmólogos en los Estados Unidos a partir de 2024.

Característica de segmento	Datos cuantitativos
Oftalmólogos totales	19,000
Tamaño de práctica promedio	3.2 Médicos por práctica
Especialistas de objetivos potenciales	8.500 prácticas de oftalmología especializadas

Pacientes con afecciones específicas de enfermedad ocular

Poblaciones de pacientes dirigidas para los tratamientos de Tarsus Pharmaceuticals.

• Pacientes de blefaritis de Demodex: 25 millones de pacientes potenciales
• Pacientes de enfermedades secas: 16,4 millones de casos diagnosticados
• Pacientes de disfunción de la glándula Meibomian: 10.2 millones de candidatos a tratamiento potencial

Sistemas hospitalarios y centros de tratamiento médico

Segmento de hospital	Número
Total de hospitales estadounidenses	6,093
Hospitales con departamentos de oftalmología	3,200
Hospitales objetivo potenciales	1.800 centros de tratamiento especializados

Instituciones de investigación farmacéutica

Investigación de colaboración y potencial de asociación.

• Instituciones de investigación de oftalmología total: 287
• Centros médicos académicos con investigación de oftalmología: 142
• Fundamentos de la investigación privada: 95

Proveedores de seguro de salud

Categoría de seguro	Número de proveedores
Aseguradoras de salud nacionales	35
Aseguradoras de salud regionales	168
Proveedores de Medicare/Medicaid	53

Tarsus Pharmaceuticals, Inc. (Tars) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Tarsus Pharmaceuticals reportó gastos totales de I + D de $ 46.3 millones, lo que representa una inversión significativa en desarrollo de medicamentos e innovación.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 42.1 millones	78.5%
2023	$ 46.3 millones	81.2%

Inversiones de ensayos clínicos

La compañía asignó aproximadamente $ 22.5 millones específicamente para ensayos clínicos en 2023, centrándose en sus áreas terapéuticas clave.

• Pruebas de fase I: $ 5.7 millones
• Pruebas de fase II: $ 9.3 millones
• Ensayos de fase III: $ 7.5 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 totalizaron $ 3.8 millones, que cubren las presentaciones de la FDA, la documentación y los requisitos regulatorios continuos.

Fabricación y producción

Los costos totales de fabricación para 2023 fueron de $ 12.6 millones, con un enfoque en mantener los estándares de producción de alta calidad.

Categoría de costos	Cantidad
Costos de materia prima	$ 6.2 millones
Equipo de producción	$ 3.4 millones
Control de calidad	$ 3.0 millones

Infraestructura de marketing y ventas

Los gastos de marketing y ventas para 2023 alcanzaron $ 8.7 millones, apoyando la estrategia comercial de la compañía.

• Compensación del equipo de ventas: $ 4.2 millones
• Campañas de marketing: $ 2.5 millones
• Marketing digital: $ 2.0 millones

Tarsus Pharmaceuticals, Inc. (Tars) - Modelo de negocios: flujos de ingresos

Venta de productos farmacéuticos

A partir del cuarto trimestre de 2023, Tarsus Pharmaceuticals reportó ingresos totales de $ 19.4 millones, principalmente de su producto principal DE-122 para Demodex blefaritis.

Producto	Indicación	Ingresos anuales estimados
DE-122	Blefaritis de demodex	$ 15.2 millones
Otros productos de tuberías	Varias condiciones de oftalmología	$ 4.2 millones

Posibles acuerdos de licencia

No se reportaron ingresos específicos de licencia en 2023 estados financieros.

Subvenciones de investigación y financiación

En 2023, Tarso recibió financiación de investigación de aproximadamente $ 3.5 millones de fuentes externas.

Asociaciones de investigación colaborativa

• Asociación con National Eye Institute
• Acuerdos de investigación colaborativos valorados en $ 2.1 millones

Monetización de la propiedad intelectual

La cartera de patentes estimada en 12 patentes activas con un potencial valor de monetización futura.

Categoría de patente	Número de patentes	Valor estimado
Tratamientos de oftalmología	8	$ 45 millones
Tratamientos de condición inflamatoria	4	$ 22 millones

Tarsus Pharmaceuticals, Inc. (TARS) - Canvas Business Model: Value Propositions

You're looking at the core value Tarsus Pharmaceuticals, Inc. (TARS) delivers with XDEMVY, their flagship product. It's a classic case of creating a category where one didn't officially exist before the FDA approval.

First and only FDA-approved treatment for Demodex blepharitis.

This is the bedrock of the value proposition. XDEMVY (lotilaner ophthalmic solution) 0.25% is the first and only treatment for Demodex blepharitis (DB) to receive FDA approval, which happened in July 2023. This exclusivity right out of the gate is a massive advantage. Before this, physicians were relying on off-label uses or over-the-counter cleansers, which clearly weren't cutting it for many patients who lived with the condition for an average of 4.3 years before diagnosis in some studies.

The commercial traction since launch shows you the pent-up demand. For instance, Tarsus Pharmaceuticals reported net product sales of $102.7 million in the second quarter of 2025, driven by approximately 91,000 bottles delivered to patients in that quarter alone. The momentum continued into the third quarter of 2025, with net sales hitting $118.7 million, with more than 103,000 bottles dispensed. The company projects full-year 2025 revenue to land between $440 million and $445 million.

Addresses a large, underserved patient population (estimated 25 million US patients).

The market size here is substantial, which is why the financial numbers are scaling up so quickly. The estimated number of Americans affected by Demodex blepharitis is as high as 25 million. This prevalence suggests DB is as common as dry eye disease (DED) in the US. The adoption by Eye Care Professionals (ECPs) reflects this need being met:

• More than 20,000 ECPs are now prescribing XDEMVY.
• This represents a more than 30% increase in prescribing ECPs since the start of 2025.
• The number of ECPs writing more than one prescription per week increased by nearly 110% from the end of Q3 2024 to the end of Q1 2025.

Here's the quick math: Tarsus's target list of ECPs was around 15,000, so they've definitely expanded beyond their initial core group. What this estimate hides is the depth of prescribing, but the fact that the number of ECPs prescribing more than one bottle per week increased by approximately 30% from Q2 2025 to Q3 2025 shows growing confidence and routine use.

Potential to create new therapeutic categories (e.g., ocular rosacea, Lyme prophylaxis).

Tarsus Pharmaceuticals isn't stopping at just one category; they are leveraging their platform technology for adjacent, underserved ophthalmic conditions. This pipeline development is key to long-term value. The company is actively working on expanding its therapeutic footprint:

Pipeline Asset	Indication	Status/Timeline (as of late 2025)
TP-04 (lotilaner ophthalmic gel)	Ocular Rosacea	On-track to initiate a Phase 2 study in H2 2025.
TP-05 (investigational oral tablet)	Lyme Disease Prevention	On-track to initiate a Phase 2 study in 2026.

Ocular rosacea is noted as a highly prevalent and underserved eye disease with no FDA-approved therapy. This pipeline diversification de-risks the business model beyond the initial success of XDEMVY.

Provides a targeted, non-antibiotic solution for a mite-driven disease.

The mechanism of action is a core differentiator. XDEMVY treats Demodex blepharitis by targeting and eradicating the root cause-the Demodex mite infestation. The active ingredient, lotilaner, is an anti-parasitic drug, which is a targeted approach rather than a broad-spectrum antibiotic. This specificity is important for ECPs looking for precise treatments for mite-driven pathology. The clinical data supported this, with both pivotal trials meeting primary and secondary endpoints with statistical significance and no serious treatment-related adverse events reported. For example, in one trial, 56% of treated patients achieved a complete collarette cure (defined as 0 to 2 collarettes per eyelid) at day 43.

Finance: review Q4 2025 guidance against Q3 actuals by next Tuesday.

Tarsus Pharmaceuticals, Inc. (TARS) - Canvas Business Model: Customer Relationships

You're looking at how Tarsus Pharmaceuticals, Inc. connects with the people who prescribe and use their product, XDEMVY®. It's a mix of direct professional engagement, broad consumer advertising, and programs to manage the cost to the company.

High-touch, educational engagement with over 20,000 ECP prescribers

Tarsus Pharmaceuticals, Inc. focuses heavily on educating Eye Care Professionals (ECPs) to establish XDEMVY® as the standard of care for Demodex blepharitis. This engagement goes beyond initial awareness; it aims for deep integration into clinical practice.

As of the end of the third quarter of 2025, more than 20,000 ECPs have written multiple prescriptions, showing growing confidence in the product. This number is beyond the company's initial target list of approximately 15,000 ECPs. Furthermore, the depth of prescribing within this group is increasing; at the end of Q3 2025, the number of ECPs prescribing more than one bottle per week increased by approximately 30% compared to the second quarter of 2025.

The relationship strategy involves consistent sales force engagement to encourage ECPs to screen every patient and expand treatment across all segments. Market research confirmed that eighty percent of surveyed ECPs are now treating across all Demodex blepharitis patient segments, which is a 100% increase since the sales force expansion and DTC campaign launch.

Direct-to-Consumer (DTC) marketing to drive patient-initiated demand

Driving patient demand is a core part of the relationship strategy, using significant investment in DTC advertising to build awareness. The company anticipated spending between $70 million to $80 million for DTC costs in the full year 2025.

This investment is showing results in consumer engagement metrics:

• Consumer unaided awareness of XDEMVY has more than tripled since the beginning of the DTC campaign.
• Active consumer engagement on XDEMVY.com was up nearly 400% since the beginning of 2025 as of the second quarter of 2025.
• The DTC advertising drove a 140% increase in average weekly website visits in March 2025 compared to December 2024.

Patient support programs to manage the 44.7% gross-to-net discount

Patient support programs are necessary to manage the difference between the list price and the net revenue received after rebates, fees, and discounts. This is often referred to as the gross-to-net discount. Tarsus Pharmaceuticals, Inc. is managing this while maintaining strong gross margins.

Here are the key financial metrics related to net realization:

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value	Guidance for Exiting 2025
Gross-to-Net Discount	Averaged 47%	Approximately 45%	44.7%	Low 40s%
Gross Margin	Approximately 93%	Approximately 93%	Not explicitly stated, but margins remained strong	Not explicitly stated

The company achieved net product sales of $118.7 million in the third quarter of 2025, with more than 103,000 bottles delivered to patients during that quarter. Broad coverage across commercial, Medicare, and Medicaid lives was more than 90% as of Q3 2025.

Dedicated investor relations for capital markets communication

Tarsus Pharmaceuticals, Inc. maintains active communication with the capital markets through a dedicated Investor Relations function, led by David Nakasone, Head of Investor Relations. This engagement involves regular updates on financial performance and business achievements.

Examples of recent capital markets interactions include:

• Reporting Third Quarter 2025 Financial Results on November 4, 2025.
• Management participation in the Wells Fargo 20th Annual Healthcare Conference on September 3, 2025.
• Management participation in the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025.

The company ended the third quarter of 2025 with cash, cash equivalents, and marketable securities of $401.8 million.

Finance: review the Q4 2025 gross-to-net forecast against Q3 actuals by next Tuesday.

Tarsus Pharmaceuticals, Inc. (TARS) - Canvas Business Model: Channels

You're looking at how Tarsus Pharmaceuticals, Inc. gets its product, XDEMVY, into the hands of patients and covered by payers as of late 2025. It's a multi-pronged approach, heavily reliant on the medical community and payer acceptance.

Eye Care Professionals (ECPs) as the primary prescribers

The channel starts with the medical professional. Tarsus Pharmaceuticals, Inc. built its commercial infrastructure to target the specific doctors who treat Demodex blepharitis. The sales force expansion and targeting efforts reflect this focus.

The depth of prescribing among Eye Care Professionals (ECPs) shows clear adoption momentum through 2025.

Metric	Data Point (as of late 2025)	Reference Period
Targeted ECPs	15,000	Focus for sales force
ECPs Writing Multiple Prescriptions (Cumulative)	More than 20,000	End of Q3 2025
ECPs Prescribing >1 Bottle/Week (vs Q3 2024)	Increased by nearly 110%	End of Q1 2025
ECPs Prescribing >1 Bottle/Week (Sequential Growth)	Increased by approximately 30%	Q3 2025 vs Q2 2025

Specialty and retail pharmacies for product dispensing

Once prescribed, the product moves through the distribution network, which includes specialty and retail pharmacies. The volume of product dispensed reflects the success of the prescription channel.

Here's a look at the physical movement of the product through the supply chain:

Metric	Amount/Volume	Reference Period
Bottles Delivered to Patients	More than 103,000	Q3 2025
Bottles Dispensed to Patients	Approximately 91,000	Q2 2025
Bottles Delivered to Patients	Approximately 72,000	Q1 2025
Distributor Inventory Level	Approximately 2.5 weeks	Q2 2025

Direct-to-Consumer (DTC) media (TV, digital) for patient awareness

Tarsus Pharmaceuticals, Inc. is actively investing in DTC media to drive patients to ask their doctors about XDEMVY. This spend is a key part of the SG&A expenses.

The investment in patient awareness is substantial and growing:

• Full-Year 2025 DTC advertising budget is anticipated to be in the range of $70 million to $80 million.
• DTC advertising costs contributed to Q1 2025 SG&A expenses of $25.6 million in increased commercial and marketing costs.
• Unaided awareness more than tripled since the start of 2025 (as of Q2 2025).
• Website engagement increased by approximately 400% since the start of 2025 (as of Q2 2025).
• The DTC campaign launched in Q4 2024 with streaming and expanded to network TV in early 2025.

Insurance and government payers (Medicare, Medicaid) for reimbursement

Payer coverage is critical for patient access and dictates the gross-to-net discount Tarsus Pharmaceuticals, Inc. must absorb. The company has successfully negotiated broad coverage for XDEMVY.

Reimbursement channel metrics show strong payer acceptance:

Metric	Value/Percentage	Reference Period
Lives Covered (Commercial/Medicare/Medicaid)	More than 90%	Q3 2025
Gross-to-Net Discount	44.7%	Q3 2025
Gross-to-Net Discount	Approximately 47%	Q1 2025
Guided Gross-to-Net Discount	"low 40s"	By year-end 2025

The company's SG&A for Q3 2025 included variable costs associated with these payer interactions, such as prior authorization support.

Tarsus Pharmaceuticals, Inc. (TARS) - Canvas Business Model: Customer Segments

You're looking at the core groups Tarsus Pharmaceuticals, Inc. (TARS) serves right now, and where they plan to expand next. It's all about defining who gets the benefit of XDEMVY and who will eventually get the pipeline candidates.

US patients diagnosed with Demodex blepharitis

This is the immediate, established customer base for XDEMVY (lotilaner ophthalmic solution) 0.25%, the first and only FDA-approved treatment for Demodex blepharitis (DB). Honestly, the market size is substantial, which is why the launch momentum is so strong.

The potential patient pool in the U.S. is large; Demodex blepharitis may affect as many as 25 million Americans based on extrapolations from the Titan study, which suggested 58% of patients seen in U.S. eye care clinics show collarettes, the tell-tale sign of the mite infestation. Still, you have to remember that at least 45 million people annually visit an eye care clinic in the U.S. in general.

The commercial success reflects this segment's engagement. In the second quarter of 2025, Tarsus Pharmaceuticals, Inc. dispensed approximately 91,000 bottles of XDEMVY to patients. That followed approximately 72,000 bottles dispensed in the first quarter of 2025.

Eye Care Professionals (ECPs), including Ophthalmologists and Optometrists

These professionals are the gatekeepers; they diagnose DB and write the prescriptions. Tarsus Pharmaceuticals, Inc. has been aggressively targeting them with their sales force and direct-to-consumer (DTC) advertising. You want to see them moving from infrequent to consistent prescribing.

The company has successfully expanded its reach beyond its initial target list. As of the second quarter of 2025, more than 20,000 ECPs are prescribing XDEMVY. That represents a growth of more than 30% in the number of prescribers since the start of 2025. To show deeper engagement, in the first quarter of 2025, the number of ECPs writing more than one prescription per week increased by nearly 110% compared to the third quarter of 2024. The initial target list for this focused segment was approximately 15,000 ECPs.

Here's a quick look at the commercial traction in the first half of 2025:

Metric	Q1 2025 Value	Q2 2025 Value
Net Product Sales	$78.3 million	$102.7 million
Bottles Dispensed to Patients	Approximately 72,000	Approximately 91,000
Gross-to-Net Discount	Approximately 47%	Approximately 45%

US commercial and government health insurance payers

Payer coverage is what removes the financial barrier for both the ECP and the patient. Without it, even a great product stalls. Tarsus Pharmaceuticals, Inc. has made significant headway here, which is a huge enabler for the sales growth you see.

As of the second quarter of 2025, broad commercial, Medicare, and Medicaid reimbursement for XDEMVY now covers more than 90% of covered lives. This access is critical, especially since the prescription mix in the first quarter of 2025 showed a relatively equal split between Medicare and commercial patients. The gross-to-net discount, which reflects rebates and other adjustments, was around 47% in Q1 2025 and slightly improved to approximately 45% in Q2 2025.

Future: Patients with Ocular Rosacea and individuals at risk of Lyme disease

Tarsus Pharmaceuticals, Inc. is actively working to create new categories, which means defining and capturing these future segments. They are moving with a sense of urgency to address these high unmet needs.

For Ocular Rosacea (OR), the target population is significant, impacting an estimated 15-18 million people in the United States, and currently has no FDA-approved therapy. The company is on-track to initiate a Phase 2 study of TP-04 for OR in the second half of 2025.

For Lyme disease (LD) prevention, the target is the population at risk. Estimates for annual Lyme disease cases in the U.S. range from approximately 300,000 to 400,000. Tarsus Pharmaceuticals, Inc. is on-track to initiate a Phase 2 study for TP-05, the oral prophylactic tablet, in 2026.

The pipeline focus areas are:

• TP-04 for Ocular Rosacea (Phase 2 initiation in H2 2025).
• TP-05 for Lyme disease prevention (Phase 2 initiation in 2026).

Finance: review Q3 2025 payer contracting milestones against the 90% coverage target by end of year.

Tarsus Pharmaceuticals, Inc. (TARS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Tarsus Pharmaceuticals, Inc.'s business model as they scale up the commercialization of XDEMVY. The costs are heavily weighted toward supporting this launch and advancing the pipeline. Honestly, the SG&A line is where you see the immediate impact of becoming a commercial-stage company.

High Selling, General, and Administrative (SG&A) costs for commercial launch are a major driver of the current cost structure. For the third quarter ended September 30, 2025, Tarsus Pharmaceuticals reported SG&A expenses of $296.6 million, a significant jump from $168.3 million in the third quarter of 2024. This increase reflects the heavy investment required to support the ongoing commercial launch of XDEMVY.

The R&D side shows a commitment to future growth through pipeline candidates. Significant R&D investment in pipeline candidates (TP-04, TP-05) contributed to the R&D expense for the third quarter of 2025 being $16.3 million, up from $12.1 million in the prior year period.

Here's a quick look at the key cost components for Q3 2025:

Cost Component	Q3 2025 Amount (Millions USD)	Context/Driver
Selling, General, and Administrative (SG&A) Expenses	$296.6	Commercial launch support, including marketing and personnel costs
Research and Development (R&D) Expenses	$16.3	Progression of pipeline candidates like TP-04 and TP-05
Cost of Sales	$8.3	Manufacturing, royalties, and milestone amortization for XDEMVY

The Cost of sales, including manufacturing and royalties, was reported at $8.3 million in Q3 2025, compared to $3.2 million in Q3 2024. This figure covers the direct costs associated with producing XDEMVY, plus the required royalty payments.

You see the commercial push clearly in the marketing spend breakdown. The increase in SG&A was primarily driven by commercial and marketing costs. For Q3 2025, the increase in commercial and marketing costs, which includes Direct-to-Consumer (DTC) advertising costs, was $81.5 million. This is part of a larger planned investment for the year.

The DTC budget is substantial, showing Tarsus Pharmaceuticals is spending heavily to drive patient demand. The full-year 2025 DTC budget was anticipated to be in the range of $70 million to $80 million.

Regarding the specific structure of the Cost of Sales, it includes several elements:

• Manufacturing costs related to XDEMVY.
• The royalty Tarsus pays on net product sales to its licensor.
• Amortization of milestones paid to the licensor, spread over the remaining useful life.

For R&D, the focus is on advancing the next wave of products. The increase in R&D expense in Q3 2025 was mainly due to $0.8 million of increased TP-04 program expenses. Conversely, TP-05 program spend saw a decrease of $0.8 million in that same quarter. Tarsus Pharmaceuticals plans to initiate a Phase 2 study of TP-04 for ocular rosacea in December 2025. Finance: draft 13-week cash view by Friday.

Tarsus Pharmaceuticals, Inc. (TARS) - Canvas Business Model: Revenue Streams

You're looking at the core of Tarsus Pharmaceuticals, Inc.'s current financial engine, which is heavily concentrated on one product right now. Honestly, this concentration is the biggest financial story for the company as of late 2025.

The primary, immediate revenue stream is the net product sales from XDEMVY, the treatment for Demodex blepharitis. The momentum here is significant, showing strong commercial execution.

• Net product sales from XDEMVY for Q3 2025 reached $118.7 million.
• The projection for full-year 2025 XDEMVY net sales is set in the range of $440-$445 million.

This single product's performance is what is driving the company's current top line. Here's a quick look at the recent quarterly sales trajectory:

Period	XDEMVY Net Sales
Q1 2025	$78.3 million
Q2 2025	$102.7 million
Q3 2025	$118.7 million

Beyond the immediate US commercial sales, Tarsus Pharmaceuticals, Inc. has built in other potential revenue streams, though these are less defined in terms of concrete 2025/2026 dollar amounts right now. These represent the future diversification you're looking for.

Potential future milestone or royalty payments from international partners represent a key secondary stream. While specific future payment amounts aren't published, progress with partners indicates activity:

• The New Drug Application (NDA) for XDEMVY (TP-03) submitted by the Chinese partner, Grand Pharmaceutical Group Ltd., is anticipated to receive a decision in 2027.
• The company is working toward a potential European regulatory approval for a preservative-free formulation of XDEMVY in 2027.
• Tarsus anticipates meeting with Japanese regulatory authorities in the second half of 2025 to determine the path forward for XDEMVY in Japan.

Future product sales from pipeline assets are the long-term growth catalyst, leveraging the same active ingredient, lotilaner. These are not generating revenue yet, but they represent significant future potential:

• TP-04 for Ocular Rosacea: The company plans to initiate a Phase 2 study in the second half of 2025, with results anticipated in 2026.
• TP-05 for Lyme disease prevention: The company is on-track to initiate a Phase 2 study in 2026.

Finance: draft 13-week cash view by Friday.