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# Tarsus Books $632.2 Million Charge For Two Acquired Drugs, Swamping Record Xdemvy Sales
- URL: https://www.bullished.co/tarsus-books-632-2-million-charge-for-two-acquired-drugs-swamping-record-xdemvy-sales-2170e9f8/
- Published: 2026-11-03T21:28:52.000Z
- Updated: 2026-11-03T21:28:52.000Z
- Description: Xdemvy sales hit $194.6 million, but the third-quarter net loss reached $668.3 million after two pipeline deals.
- Author: Matteo Parrino
- Tags: Deals, TARS, Industry: Healthcare

Tarsus Pharmaceuticals, which sells the Demodex blepharitis eye drop Xdemvy, [reported a $668.3 million third-quarter net loss](https://www.sec.gov/Archives/edgar/data/0001819790/000181979026000074/exhibit991tarsus1132026.htm?ref=bullished.co) on Tuesday, driven by a $632.2 million charge for two experimental drugs it bought. The same quarter produced record Xdemvy net product sales of $194.6 million, up approximately 64% from $118.7 million a year earlier.

## Where the loss came from

The charge is acquired in-process research and development: $81.0 million for iRenix Medical and $551.2 million for Alkeus Pharmaceuticals. Tarsus expensed both because the assets have no alternative future use, according to the [company's 8-K](https://www.sec.gov/Archives/edgar/data/0001819790/000181979026000074/tars-20261103.htm?ref=bullished.co). There was no such charge a year earlier.

Loss per share was $14.40, against $0.30 a year ago. Total operating expenses were $856.7 million, up from $133.2 million. For the first nine months, the net loss was $693.9 million, against $58.0 million.

Selling, general and administrative costs rose to $168.0 million from $108.6 million, including $23.5 million of Alkeus transaction and integration costs. Research spending climbed to $44.2 million from $16.3 million. Gross margin held at approximately 93%.

## A one-product company widens its bets

Tarsus is a commercial-stage drugmaker based in Irvine, California. Xdemvy, approved by the FDA in 2023, treats an eyelid inflammation caused by Demodex mites.

The company said more than one million bottles have been dispensed and cumulative net sales have passed $1 billion. Refills made up approximately 20% of third-quarter prescriptions, and the average number of eye care professionals prescribing it at least daily rose approximately 20% over the quarter. For nine months, net product sales were $513.9 million, against $299.7 million.

The deals add IRX-101, an investigational ocular antiseptic for patients getting eye injections, and gildeuretinol, an oral candidate for Stargardt disease, an inherited retinal disease. CEO Bobby Azamian said the pipeline has the potential to bring "five medicines to patients in the next five years." Tarsus also named Neera Clase chief commercial officer.

## Cash and the trial calendar

Cash, cash equivalents and marketable securities stood at $309.6 million on September 30, 2026, down from $417.3 million...

Topline data from the Kore ocular rosacea trial and the Calliope Lyme disease prevention trial are both expected in the first half of 2027.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Tarsus Pharmaceuticals, Inc. (TARS)](https://www.sec.gov/Archives/edgar/data/0001819790/000181979026000074/tars-20261103.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit exhibit991tarsus1132026.htm — Tarsus Pharmaceuticals, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001819790/000181979026000074/exhibit991tarsus1132026.htm?ref=bullished.co) — SEC EDGAR