Recent Updates — TARS
Tarsus Pharmaceuticals reported a third-quarter net loss of $668.3 million, or $14.40 per share, driven by a $632.2 million non-cash charge for acquired in-process research and development related to the acquisitions of iRenix Medical and Alkeus Pharmaceuticals. Excluding this item, product sales grew 64% year-over-year to $194.6 million as XDEMVY surpassed one million bottles dispensed and $1 billion in cumulative net sales. The company appointed Neera Clase as Chief Commercial Officer and provided updates on its pipeline, including Phase 2 trials for TP-04 and TP-05 with top-line data expected in early 2027. Tarsus Pharmaceuticals operates in the pharmaceutical industry, developing treatments for eye care diseases such as Demodex blepharitis.
Tarsus Pharmaceuticals has completed its acquisition of Alkeus Pharmaceuticals pursuant to a merger agreement dated July 31, 2026. This filing serves as an amendment to the initial current report and includes the historical audited financial statements of Alkeus for fiscal years ended September 30, 2025 and 2024, unaudited interim financials for periods ending June 30, 2026, and pro forma consolidated financial information. Tarsus Pharmaceuticals operates in the pharmaceutical industry.
On September 4, 2026, Tarsus Pharmaceuticals completed its acquisition of Alkeus Pharmaceuticals. The Company paid $270 million in upfront cash and issued approximately 2.91 million shares to Alkeus equityholders. Future consideration includes up to $350 million in milestone payments ($250 million for US regulatory approval; $100 million upon first US sale) and tiered revenue sharing based on gildeuretinol net sales. The acquisition adds worldwide rights to ALK-001 (gildeuretinol), an investigational oral treatment for Stargardt disease currently in Phase 3 trials with topline data expected in 2029. Tarsus Pharmaceuticals operates as a biopharmaceutical company focused on eye care, dermatology, and infectious disease prevention.
Tarsus Pharmaceuticals reported second-quarter 2026 net product sales of $173.9 million, a 69% year-over-year increase, and raised its full-year 2026 XDEMVY net product sales guidance to $685-705 million. The company announced the pending acquisition of Alkeus Pharmaceuticals to expand its retina pipeline with a Phase 3 program for Stargardt disease, supported by a priced $125 million private placement financing. Tarsus also completed the acquisition of iRenix Medical and appointed Neera Clase as Interim Chief Commercial Officer. Second-quarter net loss was $18.6 million compared to $20.3 million in the prior year period. The company operates in the pharmaceutical industry, developing treatments for eye care conditions such as Demodex blepharitis.
Tarsus Pharmaceuticals, Inc. entered into a Securities Purchase Agreement on August 5, 2026, for an oversubscribed private placement of equity securities expected to generate approximately $125.0 million in gross proceeds. The transaction includes the sale of 2,098,519 shares of common stock at $56.00 per share and pre-funded warrants to purchase up to 133,625 additional shares at $55.9999 per warrant. The offering is led by Barclays Capital Inc., with BofA Securities and William Blair as co-placement agents, and involves participation from existing Alkeus Pharmaceuticals investors such as TCGX and Bain Capital Life Sciences alongside new Tarsus investors. Proceeds are intended to fund clinical development and commercial activities related to the pending acquisition of Alkeus Pharmaceuticals. The private placement is scheduled to close on August 7, 2026, subject to customary conditions.
On July 31, 2026, Tarsus Pharmaceuticals entered into a definitive merger agreement to acquire Alkeus Pharmaceuticals for approximately $450 million in upfront consideration, consisting of $270 million in cash and $180 million in common stock valued at $61.38 per share. The transaction includes up to $350 million in potential milestone payments upon regulatory approval and first commercial sale of Alkeus's lead asset, gildeuretinol (ALK-001), along with low-to-mid single-digit tiered royalties on net sales. Tarsus will issue shares subject to registration rights and lock-up agreements for Alkeus stockholders. The acquisition is expected to close in 2026, pending Hart-Scott-Rodino antitrust clearance and other customary conditions. Tarsus Pharmaceuticals operates in the biopharmaceutical industry, developing treatments for eye care, dermatology, and infectious disease prevention.