TARS Q2 revenue +69% to $173.9M; net loss narrows 9%; $125M PIPE & two retina M&A deals

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 6, 2025 · ~2 min read

Key Changes

• high

  Q2 2026 revenue rose 69.4% YoY to $173.9M on XDEMVY commercial traction; net loss narrowed 8.8% to $18.6M (-$0.43 diluted EPS). Company now generates positive operating cash flow ($36.6M H1 2026 vs. -$50.0M H1 2025).

  MD&A: Financial Results & Notes: Revenue verify on EDGAR →
• high

  Acquired iRenix ($37.5M cash + 607k shares) for IRX-101 retina antiseptic; signed definitive agreement to acquire Alkeus ($270M cash + $180M stock) for gildeuretinol Stargardt therapy. Total upfront consideration $487.5M plus up to $870M in milestones.

  MD&A: Acquisitions & Notes: M&A verify on EDGAR →
• high

  Executed $125M private placement at $56/share (2.1M shares + 134k pre-funded warrants), expected to close Aug 7, 2026. After iRenix payment and assuming Alkeus close + PIPE proceeds, remaining cash funds operations for at least 12 months.

  MD&A: PIPE Transaction & Notes: Financing verify on EDGAR →