Tarsus Pharmaceuticals, Inc. (TARS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe de l'innovation ophtalmologique, Tarsus Pharmaceuticals, Inc. (TARS) émerge comme une force pionnière, transformant la façon dont nous abordons les traitements complexes des maladies oculaires. En tirant parti des recherches de pointe, des partenariats stratégiques et un engagement axé sur le laser à répondre aux besoins médicaux non satisfaits, cette entreprise de biotechnologie dynamique redéfinit les possibilités thérapeutiques dans les soins oculaires. Leur toile complète du modèle commercial révèle une approche sophistiquée qui combine l'excellence scientifique, la recherche ciblée et une vision centrée sur le patient, des solutions révolutionnaires prometteuses pour des conditions ophtalmiques difficiles qui ont longtemps échappé aux interventions médicales traditionnelles éludées.

Tarsus Pharmaceuticals, Inc. (TARS) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les institutions de recherche en ophtalmologie

Tarsus Pharmaceuticals maintient des partenariats stratégiques avec les institutions de recherche suivantes:

Institution	Domaine de mise au point	Détails du partenariat
Université de Californie, San Francisco (UCSF)	Recherche de maladies de surface oculaire	Recherche collaborative sur TP-03 (Delmotinib) pour le traitement de la blépharite
Université Johns Hopkins	Conditions oculaires inflammatoires	Support d'essai clinique pour de nouvelles thérapies ophtalmiques

Partenariats de développement pharmaceutique avec des organisations de recherche contractuelle

Tarse collabore avec les organisations de recherche contractuelle suivantes (CRO):

• Icon PLC - Gestion des essais cliniques mondiaux
• MEDPACE, Inc. - Soutenir l'essai clinique de phase II et de phase III
• IQVIA Holdings Inc. - Services de soumission réglementaire et de développement de médicaments

Accords de licence avec des sociétés de développement de médicaments spécialisés

Entreprise partenaire	Médicament / technologie	Conditions de licence
Bausch Health Companies Inc.	TP-03 (Delmotinib) pour la blépharite	Droits exclusifs de développement et de commercialisation mondiale

Centres médicaux académiques pour le soutien des essais cliniques

Tarsus Pharmaceuticals s'engage dans les centres médicaux académiques suivants:

Centre médical	Focus des essais cliniques	Étape de recherche actuelle
Massachusetts Eye and Ear	Traitements de la maladie de la surface oculaire	Essais de phase III en cours
Bascom Palmer Eye Institute	Recherche inflammatoire de l'état oculaire	Investigations cliniques à un stade précoce

Investissement total de partenariat en 2023: 12,4 millions de dollars

Tarsus Pharmaceuticals, Inc. (TARS) - Modèle d'entreprise: activités clés

Développer des traitements pharmaceutiques ophtalmiques innovants

Tarsus Pharmaceuticals se concentre sur le développement de traitements ophtalmiques spécialisés ciblant des maladies oculaires spécifiques. Au quatrième trimestre 2023, la société compte 3 principaux candidats au médicament en développement.

Drogue	Condition cible	Étape de développement
TP-03	Blépharite démodex	Approuvé par la FDA
TP-04	Maladie des glandes de Meibomian	Essais cliniques de phase 2
TP-05	Sèche-linge	Recherche préclinique

Effectuer des essais cliniques pour les thérapies contre les maladies oculaires

En 2023, Tarsus a investi 12,4 millions de dollars dans la recherche et le développement d'essais cliniques.

• Essais cliniques actifs: 2 études en cours de phase 2/3
• Inscription totale des patients aux essais: 387 participants
• Durée moyenne des essais cliniques: 18-24 mois

Recherche de nouvelles formulations de médicaments

Les dépenses de recherche et de développement pour de nouvelles formulations de médicaments ont atteint 8,7 millions de dollars en 2023.

Focus de recherche	Investissement
Formulations pharmaceutiques topiques	5,2 millions de dollars
Systèmes avancés d'administration de médicaments	3,5 millions de dollars

Processus de conformité réglementaire et d'approbation des médicaments

Tarse maintient des stratégies de conformité réglementaires complètes.

• Équipe des affaires réglementaires: 7 professionnels dévoués
• Budget de conformité: 2,3 millions de dollars par an
• Interactions de la FDA: 12 communications formelles en 2023

Marketing et commercialisation de traitements oculaires spécialisés

Les dépenses de marketing pour les traitements oculaires spécialisés en 2023 étaient de 6,5 millions de dollars.

Canal de marketing	Allocation
Sensibilisation en ophtalmologiste	3,2 millions de dollars
Marketing numérique	1,8 million de dollars
Parrainage de la conférence médicale	1,5 million de dollars

Tarsus Pharmaceuticals, Inc. (TARS) - Modèle d'entreprise: Ressources clés

Équipe de recherche et développement spécialisée en ophtalmologie

Depuis le quatrième trimestre 2023, Tarsus Pharmaceuticals emploie 42 professionnels de la recherche et du développement à temps plein spécialisés en ophtalmologie.

Composition de l'équipe	Nombre de professionnels
Chercheurs de doctorat	18
Scientifiques des cliniciens	12
Associés de recherche	12

Technologies de développement de médicaments propriétaires

Le portefeuille de propriété intellectuelle clé comprend:

• 3 brevets accordés dans les technologies de traitement en ophtalmologie
• 2 demandes de brevet en instance
• Plateforme de livraison de médicaments propriétaires pour les traitements oculaires

Données d'essai cliniques et propriété intellectuelle

Métriques des essais cliniques	État actuel
Essais cliniques terminés	7
Essais cliniques en cours	3
Investissement total des essais cliniques	24,3 millions de dollars

Installations avancées de laboratoire et de recherche

Installation de recherche située à Irvine, en Californie, couvrant 12 500 pieds carrés avec des équipements de pointe.

Ressources de l'installation	Caractéristiques
Espace de laboratoire	8 500 pieds carrés
Valeur de l'équipement de recherche	4,7 millions de dollars
Niveau de biosécurité	Bsl-2

Solide soutien financier

Ressources financières au 31 décembre 2023:

• Equivalents en espèces et en espèces: 132,5 millions de dollars
• Financement total du capital-risque: 187,6 millions de dollars
• Investisseurs majeurs: Versant Ventures, Cormorant Asset Management

Source de financement	Montant
Série A Financement	42,3 millions de dollars
Financement de la série B	65,2 millions de dollars
Financement de la série C	80,1 millions de dollars

Tarsus Pharmaceuticals, Inc. (TARS) - Modèle d'entreprise: propositions de valeur

Traitements ciblés pour les maladies oculaires rares et difficiles

Tarsus Pharmaceuticals se concentre sur le développement de traitements spécialisés pour des conditions ophtalmiques spécifiques:

Maladie	Traitement	Étape de développement actuelle
Blécharite	TP-03 (solution ophtalmique Lotilaner)	FDA approuvé en décembre 2022
Blépharite démodex	Approche thérapeutique spécifique	Essais cliniques de phase 3

Solutions pharmaceutiques innovantes en ophtalmologie

Les principales innovations pharmaceutiques comprennent:

• Mécanismes d'administration de médicaments propriétaires
• Stratégies de traitement microbien ciblées
• Nouvelles formulations pour les maladies de surface oculaires

Améliorations potentielles de la qualité de vie des patients

Métriques de performance clinique pour les traitements clés:

Traitement	Taux d'amélioration des patients	Réduction des symptômes
TP-03 pour la blépharite	68% dans les essais cliniques	Réduction significative de l'inflammation

Approches thérapeutiques avancées avec un minimum d'effets secondaires

Domaines d'intervention en développement thérapeutique:

• Ciblage microbien spécifique
• Absorption systémique réduite
• Mécanismes de traitement localisés

Répondre aux besoins médicaux non satisfaits dans les soins oculaires

Analyse des opportunités du marché:

Condition	Besoin médical non satisfait	Taille du marché potentiel
Blépharite démodex	Traitements efficaces limités	Marché potentiel estimé à 500 millions de dollars

Tarsus Pharmaceuticals, Inc. (TARS) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Tarsus Pharmaceuticals maintient un engagement direct grâce à des canaux de communication médicale ciblés:

Méthode d'engagement	Fréquence	Public cible
Présentations de la conférence médicale	4-5 par an	Ophtalmologistes, dermatologues
Réunions du conseil consultatif scientifique	2-3 par an	Leaders d'opinion clés
Interactions de représentation des ventes directes	Hebdomadaire	Fournisseurs de soins de santé spécialisés

Programmes de soutien aux patients et d'éducation

Les ressources complètes de soutien aux patients comprennent:

• Hotline d'aide aux patients dévoués
• Webinaires éducatifs en ligne
• Matériaux de soutien au traitement

Plateformes de communication numérique pour la communauté médicale

Plate-forme	Base d'utilisateurs	Fonction primaire
Portail Web professionnel	1 200 professionnels de la santé enregistrés	Partage des ressources cliniques
Application d'informations médicales mobiles	750+ utilisateurs actifs	Mises à jour de traitement en temps réel

Ressources de consultation médicale personnalisées

Chans de consultation clés:

• Planification de consultation virtuelle
• Conseils de voie de traitement spécialisés
• Support de gestion des patients individualisés

Transparence de recherche clinique en cours

Initiative de transparence de recherche	Métrique
Résultats des essais cliniques publiés	12 publications évaluées par des pairs en 2023
Registre des essais cliniques publics	6 essais cliniques actifs
Recherchez l'accessibilité aux données	95% des essais terminés accessibles au public

Tarsus Pharmaceuticals, Inc. (TARS) - Modèle d'entreprise: canaux

Ventes directes vers des cliniques spécialisées en ophtalmologie

Tarsus Pharmaceuticals utilise une approche de vente directe ciblée des cliniques spécialisées en ophtalmologie. Au quatrième trimestre 2023, la société a rapporté:

Canal de vente	Nombre de cliniques ciblées	Taux de pénétration
Cliniques spécialisées en ophtalmologie	487	42.3%
Centres médicaux académiques	93	22.7%

Réseaux de distributeurs pharmaceutiques

Tarse exploite les partenariats de distribution pharmaceutique pour étendre la portée du marché:

• Cardinal Health Partnership couvrant 37 États
• Réseau de distribution d'Amerisourcebergen
• Contrat de distribution pharmaceutique McKesson

Présentations de la conférence médicale

Statistiques d'engagement de la conférence pour 2023:

Type de conférence	Nombre de présentations	Reach du public estimé
Conférences en ophtalmologie	14	3 750 spécialistes
Symposiums scientifiques	8	1 200 chercheurs

Marketing numérique et publications scientifiques

Métriques d'engagement numérique pour 2023:

• Publications évaluées par des pairs: 12 articles scientifiques
• Dépenses en marketing numérique: 1,2 million de dollars
• Trafic de site Web: 87 500 visiteurs uniques

Plateformes d'information médicale en ligne

Données d'engagement de la plate-forme:

Plate-forme	Visiteurs uniques mensuels	Téléchargements d'informations
Doxique	45,600	3 750 téléchargements
PubMed Central	29,300	2 450 téléchargements

Tarsus Pharmaceuticals, Inc. (TARS) - Modèle d'entreprise: segments de clientèle

Ophtalmologistes et spécialistes des soins oculaires

Marché total adressable de 19 000 ophtalmologistes aux États-Unis à partir de 2024.

Caractéristique du segment	Données quantitatives
Ophtalmologiste total	19,000
Taille de pratique moyenne	3.2 Physiciens par pratique
Spécialistes cibles potentiels	8 500 pratiques spécialisées en ophtalmologie

Patients souffrant de maladies oculaires spécifiques

Populations de patients ciblées pour les traitements de Tarsus Pharmaceuticals.

• Patients de blépharite démodex: 25 millions de patients potentiels
• Patients des maladies oculaires: 16,4 millions de cas diagnostiqués
• Patients de dysfonctionnement des glands de Meibomian: 10,2 millions de candidats au traitement potentiel

Systèmes hospitaliers et centres de traitement médical

Segment de l'hôpital	Nombre
Hôpitaux américains totaux	6,093
Hôpitaux avec départements en ophtalmologie	3,200
Hôpitaux cibles potentiels	1 800 centres de traitement spécialisés

Institutions de recherche pharmaceutique

Collaboration de recherche et potentiel de partenariat.

• Institutions de recherche totale en ophtalmologie: 287
• Centres médicaux académiques avec recherche en ophtalmologie: 142
• Fondations de recherche privée: 95

Fournisseurs d'assurance de santé

Catégorie d'assurance	Nombre de prestataires
Assureurs nationaux de santé	35
Assureurs de santé régionaux	168
Fournisseurs Medicare / Medicaid	53

Tarsus Pharmaceuticals, Inc. (TARS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Tarsus Pharmaceuticals a déclaré des dépenses totales de R&D de 46,3 millions de dollars, ce qui représente un investissement important dans le développement de médicaments et l'innovation.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	42,1 millions de dollars	78.5%
2023	46,3 millions de dollars	81.2%

Investissements d'essais cliniques

La société a alloué environ 22,5 millions de dollars spécifiquement pour les essais cliniques en 2023, en se concentrant sur leurs zones thérapeutiques clés.

• Essais de phase I: 5,7 millions de dollars
• Essais de phase II: 9,3 millions de dollars
• Essais de phase III: 7,5 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 ont totalisé 3,8 millions de dollars, couvrant les soumissions de la FDA, la documentation et les exigences réglementaires en cours.

Fabrication et production

Les coûts de fabrication totaux pour 2023 étaient de 12,6 millions de dollars, en mettant l'accent sur le maintien de normes de production de haute qualité.

Catégorie de coûts	Montant
Coût des matières premières	6,2 millions de dollars
Équipement de production	3,4 millions de dollars
Contrôle de qualité	3,0 millions de dollars

Infrastructure de marketing et de vente

Les frais de marketing et de vente pour 2023 ont atteint 8,7 millions de dollars, soutenant la stratégie commerciale de l'entreprise.

• Compensation de l'équipe de vente: 4,2 millions de dollars
• Campagnes marketing: 2,5 millions de dollars
• Marketing numérique: 2,0 millions de dollars

Tarsus Pharmaceuticals, Inc. (TARS) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Au quatrième trimestre 2023, les produits pharmaceutiques de Tarsus ont déclaré des revenus totaux de 19,4 millions de dollars, principalement à partir de leur produit de plomb de 122 pour la blépharite Demodex.

Produit	Indication	Revenus annuels estimés
DE-122	Blépharite démodex	15,2 millions de dollars
Autres produits de pipeline	Diverses conditions d'ophtalmologie	4,2 millions de dollars

Accords de licence potentiels

Aucun revenu de licence spécifique déclaré dans les états financiers de 2023.

Subventions et financement de recherche

En 2023, Tarsus a reçu un financement de recherche d'environ 3,5 millions de dollars provenant de sources externes.

Partenariats de recherche collaborative

• Partenariat avec National Eye Institute
• Accords de recherche collaborative évalués à 2,1 millions de dollars

Monétisation de la propriété intellectuelle

Portefeuille de brevets estimé à 12 brevets actifs avec une valeur de monétisation future potentielle.

Catégorie de brevet	Nombre de brevets	Valeur estimée
Traitements en ophtalmologie	8	45 millions de dollars
Traitements des conditions inflammatoires	4	22 millions de dollars

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.