Culper Research published on Tarsus Pharmaceuticals (NASDAQ: TARS — $2.82 billion), a biopharmaceutical company focused on eye care. Culper alleged that Tarsus donates millions of dollars “to a nominally independent blepharitis fund” that primarily subsidizes the copays of its expensive XDEMVY eyedrop medication, potentially in violation of anti-kickback laws. Culper wrote:
“The blepharitis fund claims to offer grants for over a dozen treatments, but mathematically, [Tarsus’s] XDEMVY is the only drug capable of meeting the fund’s disclosed $680 to $750 average grant size - the vast majority, if not entirety of the fund is going to XDEMVY patients.”
Culper concluded:
“We are short [Tarsus] and think shares are headed lower as the company draws AKS/DoJ scrutiny, XDEMVY revenues peak well below $2B, and 2026 results continue to disappoint.”