Tarso Pharmaceuticals, Inc. (TARS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na intrincada paisagem da inovação oftalmológica, a Tarso Pharmaceuticals, Inc. (TARS) surge como uma força pioneira, transformando a maneira como abordamos tratamentos complexos de doenças oculares. Ao alavancar pesquisas de ponta, parcerias estratégicas e um compromisso focado em laser em atender às necessidades médicas não atendidas, esta empresa dinâmica de biotecnologia está redefinindo as possibilidades terapêuticas nos cuidados oculares. Seu modelo abrangente de negócios de negócios revela uma abordagem sofisticada que combina excelência científica, pesquisa direcionada e uma visão centrada no paciente, prometendo soluções inovadoras para desafiar condições oftalmológicas que há muito tempo esclareceram intervenções médicas tradicionais.

Tarso Pharmaceuticals, Inc. (Tars) - Modelo de Negócios: Principais Parcerias

Colaborações estratégicas com instituições de pesquisa oftalmológicas

A Tarso Pharmaceuticals mantém parcerias estratégicas com as seguintes instituições de pesquisa:

Instituição	Área de foco	Detalhes da parceria
Universidade da Califórnia, São Francisco (UCSF)	Pesquisa de doenças da superfície ocular	Pesquisa colaborativa em TP-03 (Delmotinib) para tratamento de blefarite
Universidade Johns Hopkins	Condições oculares inflamatórias	Apoio aos ensaios clínicos para a nova terapêutica oftalmológica

Parcerias de desenvolvimento farmacêutico com organizações de pesquisa contratada

Tarso colabora com as seguintes organizações de pesquisa de contrato (CROs):

• ICON PLC - Gerenciamento global de ensaios clínicos
• Medpace, Inc. - Fase II e Fase III Suporte de ensaios clínicos
• Iqvia Holdings Inc. - Serviços de submissão e desenvolvimento de medicamentos regulatórios

Acordos de licenciamento com empresas especializadas de desenvolvimento de medicamentos

Empresa parceira	Drogas/tecnologia	Termos de licenciamento
Bausch Health Companies Inc.	TP-03 (delmotinibe) para blefarite	Direitos exclusivos de desenvolvimento e comercialização em todo o mundo

Centros Médicos Acadêmicos para Suporte de Ensaios Clínicos

Tarso Pharmaceuticals se envolve com os seguintes centros médicos acadêmicos:

Centro Médico	Foco no ensaio clínico	Estágio de pesquisa atual
Ear e orelha de Massachusetts	Tratamentos de doenças da superfície ocular	Ensaios de Fase III em andamento
Instituto de Olhos Palmer Bascom	Pesquisa inflamatória de condição ocular	Investigações clínicas em estágio inicial

Investimento total de parceria em 2023: US $ 12,4 milhões

Tarso Pharmaceuticals, Inc. (TARS) - Modelo de negócios: Atividades -chave

Desenvolvimento de tratamentos farmacêuticos oftálmicos inovadores

A Tarso Pharmaceuticals se concentra no desenvolvimento de tratamentos oftálmicos especializados direcionados a doenças oculares específicas. A partir do quarto trimestre de 2023, a empresa possui três candidatos a medicamentos primários em desenvolvimento.

Candidato a drogas	Condição alvo	Estágio de desenvolvimento
TP-03	Demodex Blefarite	FDA aprovado
TP-04	Doença da glândula meibomiana	Ensaios clínicos de fase 2
TP-05	Doença do olho seco	Pesquisa pré -clínica

Realização de ensaios clínicos para terapias de doenças oculares

Em 2023, Tarso investiu US $ 12,4 milhões em pesquisa e desenvolvimento de ensaios clínicos.

• Ensaios clínicos ativos: 2 Estudos em andamento da Fase 2/3
• Total de matrícula de pacientes em ensaios: 387 participantes
• Duração média do ensaio clínico: 18-24 meses

Pesquisando novas formulações de drogas

As despesas de pesquisa e desenvolvimento para novas formulações de medicamentos atingiram US $ 8,7 milhões em 2023.

Foco na pesquisa	Investimento
Formulações farmacêuticas tópicas	US $ 5,2 milhões
Sistemas avançados de administração de medicamentos	US $ 3,5 milhões

Processos de conformidade regulatória e aprovação de medicamentos

Tarso mantém estratégias abrangentes de conformidade regulatória.

• Equipe de assuntos regulatórios: 7 profissionais dedicados
• Orçamento de conformidade: US $ 2,3 milhões anualmente
• Interações da FDA: 12 comunicações formais em 2023

Marketing e comercialização de tratamentos oculares especializados

As despesas de marketing para tratamentos oculares especializados em 2023 foram de US $ 6,5 milhões.

Canal de marketing	Alocação
Oftalmologista de divulgação	US $ 3,2 milhões
Marketing digital	US $ 1,8 milhão
Patrocínio da Conferência Médica	US $ 1,5 milhão

Tarso Pharmaceuticals, Inc. (Tars) - Modelo de negócios: Recursos -chave

Equipe especializada de pesquisa e desenvolvimento de oftalmologia

A partir do quarto trimestre 2023, a Tarso Pharmaceuticals emprega 42 profissionais de pesquisa e desenvolvimento em período integral especializados em oftalmologia.

Composição da equipe	Número de profissionais
Pesquisadores de doutorado	18
Cientistas clínicos	12
Associados de pesquisa	12

Tecnologias proprietárias de desenvolvimento de medicamentos

O portfólio de propriedade intelectual -chave inclui:

• 3 Patentes concedidas em tecnologias de tratamento de oftalmologia
• 2 pedidos de patente pendente
• Plataforma de administração de medicamentos proprietária para tratamentos oculares

Dados de ensaios clínicos e propriedade intelectual

Métricas de ensaio clínico	Status atual
Ensaios clínicos concluídos	7
Ensaios clínicos em andamento	3
Investimento total de ensaios clínicos	US $ 24,3 milhões

Instalações avançadas de laboratório e pesquisa

Instalação de pesquisa localizada em Irvine, Califórnia, abrangendo 12.500 pés quadrados com equipamentos de última geração.

Recursos da instalação	Especificações
Espaço de laboratório	8.500 pés quadrados
Valor do equipamento de pesquisa	US $ 4,7 milhões
Nível de biossegurança	Bsl-2

Forte apoio financeiro

Recursos financeiros em 31 de dezembro de 2023:

• Caixa e equivalentes em dinheiro: US $ 132,5 milhões
• Financiamento total de capital de risco: US $ 187,6 milhões
• Principais investidores: Versant Ventures, Cormorant Asset Management

Fonte de financiamento	Quantia
Financiamento da série A.	US $ 42,3 milhões
Financiamento da série B.	US $ 65,2 milhões
Financiamento da série C.	US $ 80,1 milhões

Tarso Pharmaceuticals, Inc. (Tars) - Modelo de Negócios: Proposições de Valor

Tratamentos direcionados para doenças oculares raras e desafiadoras

Tarso Pharmaceuticals se concentra no desenvolvimento de tratamentos especializados para condições oftalmológicas específicas:

Doença	Tratamento	Estágio de desenvolvimento atual
Blefarite	TP-03 (Solução Oftálmica do Lotilaner)	FDA aprovado em dezembro de 2022
Demodex Blefarite	Abordagem terapêutica específica	Ensaios clínicos de fase 3

Soluções farmacêuticas inovadoras em oftalmologia

As principais inovações farmacêuticas incluem:

• Mecanismos de administração de medicamentos proprietários
• Estratégias de tratamento microbiano direcionado
• Novas formulações para doenças da superfície ocular

Melhorias potenciais na qualidade de vida do paciente

Métricas de desempenho clínico para tratamentos -chave:

Tratamento	Taxa de melhoria do paciente	Redução dos sintomas
TP-03 para blefarite	68% em ensaios clínicos	Redução significativa na inflamação

Abordagens terapêuticas avançadas com efeitos colaterais mínimos

Áreas de foco em desenvolvimento terapêutico:

• Segmentação específica microbiana
• Absorção sistêmica reduzida
• Mecanismos de tratamento localizados

Atendendo às necessidades médicas não atendidas em atendimento oftalmológico

Análise de Oportunidades de Mercado:

Doença	Necessidade médica não atendida	Tamanho potencial de mercado
Demodex Blefarite	Tratamentos eficazes limitados	Estimação de US $ 500 milhões em potencial mercado

Tarso Pharmaceuticals, Inc. (Tars) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde

Tarso Pharmaceuticals mantém o envolvimento direto por meio de canais de comunicação médica direcionados:

Método de engajamento	Freqüência	Público -alvo
Apresentações da conferência médica	4-5 por ano	Oftalmologistas, dermatologistas
Reuniões do Conselho Consultivo Científico	2-3 por ano	Líderes de opinião -chave
Interações representativas de vendas diretas	Semanalmente	Provedores de assistência médica especializados

Programas de apoio ao paciente e educação

Recursos abrangentes de apoio ao paciente incluem:

• Linha direta de assistência ao paciente dedicada
• Lrocinares educacionais on -line
• Materiais de apoio ao tratamento

Plataformas de comunicação digital para comunidade médica

Plataforma	Base de usuários	Função primária
Portal profissional da web	1.200 mais de profissionais de saúde registrados	Compartilhamento de Recursos Clínicos
Aplicativo de informações médicas móveis	750+ usuários ativos	Atualizações de tratamento em tempo real

Recursos personalizados de consulta médica

Canais importantes de consulta:

• Programação de consulta virtual
• Orientação especializada na via de tratamento
• Suporte individualizado de gerenciamento de pacientes

Transparência de pesquisa clínica em andamento

Pesquisa Iniciativa de Transparência	Métricas
Resultados de ensaios clínicos publicados	12 publicações revisadas por pares em 2023
Registro de ensaios clínicos públicos	6 ensaios clínicos ativos
Pesquisa Acessibilidade aos dados	95% dos ensaios concluídos acessíveis publicamente

Tarso Pharmaceuticals, Inc. (Tars) - Modelo de Negócios: Canais

Vendas diretas para clínicas de oftalmologia especializada

A Tarso Pharmaceuticals utiliza uma abordagem de vendas diretas direcionadas para clínicas de oftalmologia especializada. A partir do quarto trimestre 2023, a empresa informou:

Canal de vendas	Número de clínicas direcionadas	Taxa de penetração
Clínicas de Especialidade de Oftalmologia	487	42.3%
Centros Médicos Acadêmicos	93	22.7%

Redes de distribuidores farmacêuticos

Tarso aproveita as parcerias de distribuição farmacêutica para expandir o alcance do mercado:

• Parceria de Saúde Cardinal, cobrindo 37 estados
• Rede de distribuição Amerisourcebergen
• Contrato de distribuição farmacêutica de McKesson

Apresentações da conferência médica

Estatísticas de envolvimento da conferência para 2023:

Tipo de conferência	Número de apresentações	Alcance estimado do público
Conferências de Oftalmologia	14	3.750 especialistas
Simpósios científicos	8	1.200 pesquisadores

Marketing Digital e Publicações Científicas

Métricas de engajamento digital para 2023:

• Publicações revisadas por pares: 12 artigos científicos
• Gastes de marketing digital: US $ 1,2 milhão
• Tráfego do site: 87.500 visitantes únicos

Plataformas de informações médicas online

Dados de engajamento da plataforma:

Plataforma	Visitantes únicos mensais	Downloads de informações
Porção	45,600	3.750 Downloads
PubMed Central	29,300	2.450 Downloads

Tarso Pharmaceuticals, Inc. (Tars) - Modelo de Negócios: Segmentos de Clientes

Oftalmologistas e especialistas em cuidados com os olhos

Mercado endereçável total de 19.000 oftalmologistas nos Estados Unidos a partir de 2024.

Característica do segmento	Dados quantitativos
Oftalmologistas totais	19,000
Tamanho médio da prática	3.2 Médicos por prática
Especialistas em potencial alvo	8.500 práticas de oftalmologia especializada

Pacientes com condições específicas de doença ocular

Populações de pacientes direcionados para os tratamentos de Tarso Pharmaceuticals.

• Pacientes de blefarite Demodex: 25 milhões de pacientes em potencial
• Pacientes com doenças do olho seco: 16,4 milhões de casos diagnosticados
• Pacientes com disfunção da glândula meibomiana: 10,2 milhões de candidatos a tratamento em potencial

Sistemas hospitalares e centros de tratamento médico

Segmento hospitalar	Número
Hospitais totais dos EUA	6,093
Hospitais com departamentos de oftalmologia	3,200
Hospitais -alvo em potencial	1.800 centros de tratamento especializados

Instituições de pesquisa farmacêutica

Potencial de colaboração e parceria de pesquisa.

• Total Oftalmologia Instituições de Pesquisa: 287
• Centros Médicos Acadêmicos com Oftalmologia Pesquisa: 142
• Fundamentos de pesquisa privada: 95

Provedores de seguros de saúde

Categoria de seguro	Número de provedores
Seguradoras nacionais de saúde	35
Seguradoras de saúde regionais	168
Provedores do Medicare/Medicaid	53

Tarso Pharmaceuticals, Inc. (Tars) - Modelo de Negócios: Estrutura de Custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Tarso Pharmaceuticals registrou despesas totais de P&D de US $ 46,3 milhões, representando um investimento significativo no desenvolvimento e inovação de medicamentos.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 42,1 milhões	78.5%
2023	US $ 46,3 milhões	81.2%

Investimentos de ensaios clínicos

A empresa alocou aproximadamente US $ 22,5 milhões especificamente para ensaios clínicos em 2023, concentrando -se em suas principais áreas terapêuticas.

• Ensaios de Fase I: US $ 5,7 milhões
• Ensaios de Fase II: US $ 9,3 milhões
• Ensaios de Fase III: US $ 7,5 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória de 2023 totalizaram US $ 3,8 milhões, cobrindo envios, documentação e requisitos regulatórios em andamento.

Fabricação e produção

Os custos totais de fabricação para 2023 foram de US $ 12,6 milhões, com foco na manutenção dos padrões de produção de alta qualidade.

Categoria de custo	Quantia
Custos de matéria -prima	US $ 6,2 milhões
Equipamento de produção	US $ 3,4 milhões
Controle de qualidade	US $ 3,0 milhões

Infraestrutura de marketing e vendas

As despesas de marketing e vendas em 2023 atingiram US $ 8,7 milhões, apoiando a estratégia comercial da empresa.

• Compensação da equipe de vendas: US $ 4,2 milhões
• Campanhas de marketing: US $ 2,5 milhões
• Marketing Digital: US $ 2,0 milhões

Tarso Pharmaceuticals, Inc. (TARS) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

A partir do quarto trimestre de 2023, a Tarso Pharmaceuticals registrou receita total de US $ 19,4 milhões, principalmente de seu produto principal de-122 para a Blefarite Demodex.

Produto	Indicação	Receita anual estimada
De-122	Demodex Blefarite	US $ 15,2 milhões
Outros produtos de pipeline	Várias condições de oftalmologia	US $ 4,2 milhões

Acordos de licenciamento em potencial

Nenhuma receita específica de licenciamento relatada em 2023 demonstrações financeiras.

Bolsas de pesquisa e financiamento

Em 2023, Tarso recebeu financiamento de pesquisa de aproximadamente US $ 3,5 milhões de fontes externas.

Parcerias de pesquisa colaborativa

• Parceria com o National Eye Institute
• Acordos de pesquisa colaborativa avaliados em US $ 2,1 milhões

Monetização da propriedade intelectual

O portfólio de patentes estimou em 12 patentes ativas com potencial valor de monetização futura.

Categoria de patentes	Número de patentes	Valor estimado
Tratamentos oftalmológicos	8	US $ 45 milhões
Tratamentos de condição inflamatória	4	US $ 22 milhões

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.