TARS Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2018βFY2025
Tarsus Pharmaceuticals, Inc. had $451M of revenue in fiscal 2025, up 146.7% on the year before.
Last close Β· Oct 23, 2026
$68.20
5.4%Hi! I read Tarsus Pharmaceuticals, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+146.7%
Yes. Sales grew 146.7% last year.
Does it make a profit?
β14.7%
No. It lost money last year.
Does profit turn into cash?
β4.9%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Tarsus Pharmaceuticals, Inc. had $451M of revenue in fiscal 2025, up 146.7% on the year before. Its operating margin was β15.7%, up 50.2Β pts: of every 100 in sales, about β16 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Tarsus Pharmaceuticals, Inc. lost $66.4M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$22.3M in fiscal 2025, β4.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $20.0M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$20.0M
9 insiders
Of sales under plans
64%
$12.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | William J Link PHDDirector | Sold plan | 12,500 | $78.38 | $1.0M | Form 4 |
| Sep 4, 2026 | Seshadri NeervannanChief Operating Officer | Sold plan | 4,564 | $85.00 | $0.4M | Form 4 |
| Sep 4, 2026 | Bobak R. AzamianPresident/CEO and Board Chair, Director | Sold plan | 10,000 | $90.56 | $0.9M | Form 4 |
| Sep 4, 2026 | Elizabeth Yeu LinChief Medical Officer | Sold plan | 13,953 | $87.50 | $1.2M | Form 4 |
| Sep 2, 2026 | Elizabeth Yeu LinChief Medical Officer | Sold plan | 6,977 | $80.00 | $0.6M | Form 4 |
| Sep 2, 2026 | Bobak R. AzamianPresident/CEO and Board Chair, Director | Sold plan | 10,000 | $80.06 | $0.8M | Form 4 |
| Sep 1, 2026 | Elizabeth Yeu LinChief Medical Officer | Sold plan | 4,601 | $73.86 | $0.3M | Form 4 |
| Jun 17, 2026 | Bobak R. AzamianPresident/CEO and Board Chair, Director | Sold plan | 10,000 | $61.55 | $0.6M | Form 4 |
| Jun 16, 2026 | Jeffrey S FarrowSee Remarks | Sold | 14,396 | $60.95 | $0.9M | Form 4 |
| Jun 15, 2026 | William J Link PHDDirector | Sold plan | 12,500 | $62.12 | $0.8M | Form 4 |
| Jun 15, 2026 | Katherine GoodrichDirector | Sold plan | 2,954 | $62.08 | $0.2M | Form 4 |
| Mar 20, 2026 | Seshadri NeervannanChief Operating Officer | Sold plan | 2,989 | $66.75 | $0.2M | Form 4 |
| Mar 19, 2026 | Elizabeth Yeu LinChief Medical Officer | Sold | 390 | $67.00 | $0.0M | Form 4 |
| Mar 19, 2026 | Dianne C. WhitfieldChief Human Resources Officer | Sold | 4,174 | $67.00 | $0.3M | Form 4 |
| Mar 19, 2026 | Jeffrey S FarrowSee Remarks | Sold | 2,186 | $67.00 | $0.1M | Form 4 |
| Mar 19, 2026 | Bryan WahlGeneral Counsel | Sold | 4,231 | $67.00 | $0.3M | Form 4 |
| Mar 19, 2026 | Seshadri NeervannanChief Operating Officer | Sold | 4,589 | $67.00 | $0.3M | Form 4 |
| Mar 19, 2026 | Bobak R. AzamianPresident/CEO and Board Chair, Director | Sold | 11,964 | $67.00 | $0.8M | Form 4 |
| Mar 19, 2026 | Aziz MottiwalaChief Commercial Officer | Sold | 4,440 | $67.00 | $0.3M | Form 4 |
| Mar 18, 2026 | Jeffrey S FarrowSee Remarks | Sold | 2,133 | $68.71 | $0.1M | Form 4 |
| Mar 18, 2026 | Seshadri NeervannanChief Operating Officer | Sold | 3,610 | $68.71 | $0.2M | Form 4 |
| Mar 18, 2026 | Elizabeth Yeu LinChief Medical Officer | Sold | 379 | $68.71 | $0.0M | Form 4 |
| Mar 18, 2026 | Aziz MottiwalaChief Commercial Officer | Sold | 4,330 | $68.71 | $0.3M | Form 4 |
| Mar 18, 2026 | Bobak R. AzamianPresident/CEO and Board Chair, Director | Sold | 11,667 | $68.71 | $0.8M | Form 4 |
| Mar 18, 2026 | Dianne C. WhitfieldChief Human Resources Officer | Sold | 4,071 | $68.71 | $0.3M | Form 4 |
| Mar 18, 2026 | Bryan WahlGeneral Counsel | Sold | 4,125 | $68.71 | $0.3M | Form 4 |
| Mar 17, 2026 | Seshadri NeervannanChief Operating Officer | Sold | 3,125 | $69.42 | $0.2M | Form 4 |
| Mar 17, 2026 | Bobak R. AzamianPresident/CEO and Board Chair, Director | Sold | 10,972 | $69.42 | $0.8M | Form 4 |
| Mar 17, 2026 | Bryan WahlGeneral Counsel | Sold | 4,084 | $69.42 | $0.3M | Form 4 |
| Mar 17, 2026 | Aziz MottiwalaChief Commercial Officer | Sold | 4,286 | $69.42 | $0.3M | Form 4 |
| Mar 17, 2026 | Dianne C. WhitfieldChief Human Resources Officer | Sold | 4,029 | $69.42 | $0.3M | Form 4 |
| Mar 17, 2026 | Jeffrey S FarrowSee Remarks | Sold | 2,111 | $69.42 | $0.1M | Form 4 |
| Mar 17, 2026 | Elizabeth Yeu LinChief Medical Officer | Sold | 375 | $69.42 | $0.0M | Form 4 |
| Mar 16, 2026 | William J Link PHDDirector | Sold plan | 12,500 | $68.79 | $0.9M | Form 4 |
| Mar 4, 2026 | Seshadri NeervannanChief Operating Officer | Sold plan | 8,366 | $76.67 | $0.6M | Form 4 |
| Jan 2, 2026 | Dianne C. WhitfieldChief Human Resources Officer | Sold plan | 15,565 | $80.67 | $1.3M | Form 4 |
| Dec 24, 2025 | Bobak R. AzamianPresident/CEO and Board Chair, Director | Sold plan | 6,000 | $82.51 | $0.5M | Form 4 |
| Dec 16, 2025 | Dianne C. WhitfieldChief Human Resources Officer | Sold plan | 7,397 | $80.10 | $0.6M | Form 4 |
| Dec 16, 2025 | Elizabeth Yeu LinChief Medical Officer | Sold | 2,078 | $79.50 | $0.2M | Form 4 |
| Dec 15, 2025 | William J Link PHDDirector | Sold plan | 22,946 | $81.26 | $1.9M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Tarsus Pharmaceuticals, Inc. has $345M more cash than debt.
Cash, debt and the ratios that show how comfortably Tarsus Pharmaceuticals, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $172M | $217M | $227M | $291M | $417M |
| Debt incl. finance leases | $0.0M | $19.4M | $29.8M | $71.8M | $72.4M |
| Debt / equity | 0.0x | 0.1x | 0.2x | 0.3x | 0.2x |
| Interest coverage | β | β28.5x | β42.8x | β15.4x | β7.9x |
| Current ratio | 15.3x | 14.6x | 6.9x | 4.4x | 3.9x |
| Quick ratio | 15.3x | 14.6x | 6.9x | 4.4x | 3.8x |
| Total assets | $179M | $228M | $265M | $377M | $562M |
| Total liabilities | $12.2M | $35.0M | $68.5M | $152M | $219M |
| Shareholders' equity | $167M | $193M | $197M | $225M | $343M |
| Net debt (β = net cash) | β$172M | β$198M | β$198M | β$220M | β$345M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Tarsus Pharmaceuticals, Inc. passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 1 | β / 3 | β / 6 | 4 / 7 | 1 / 8 | 1 / 8 | 3 / 8 | 4 / 8 |
| Accruals ratio | β | β1.7% | β4.9% | β10.0% | β6.4% | β7.5% | β10.1% | β11.5% |
| Altman Z'' | β | β1.26 | 33.71 | 19.10 | 8.43 | 1.81 | 1.09 | 2.84 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | β | β | $0.0M | $57.0M | $25.8M | $17.4M | $183M | $451M |
| Research and development | β | $3.2M | $18.8M | $41.7M | $42.6M | $50.3M | $53.4M | $64.3M |
| Operating income | β | β$4.3M | β$27.0M | β$12.2M | β$62.7M | β$143M | β$121M | β$71.0M |
| Interest expense | β | β | β | $0.0M | $2.2M | $3.3M | $7.8M | $8.9M |
| Pretax income | β | β | β$26.8M | β$13.8M | β$62.1M | β$136M | β$116M | β$64.4M |
| Income tax | β | $0.0M | $0.0M | $0.1M | β$0.0M | $0.0M | $0.0M | $2.1M |
| Net income | β$1.3M | β$4.7M | β$26.8M | β$13.8M | β$62.1M | β$136M | β$116M | β$66.4M |
| Diluted EPS | β | β$1.98 | β$4.32 | β$0.67 | β$2.52 | β$4.62 | β$3.07 | β$1.59 |
| Diluted shares | β | 0.00B | 0.01B | 0.02B | 0.02B | 0.03B | 0.04B | 0.04B |
| Cash flow | ||||||||
| Cash from operations | β | β$3.7M | β$21.1M | $3.7M | β$49.0M | β$117M | β$83.0M | β$12.5M |
| Capital expenditure | β | $0.2M | $0.5M | $0.6M | $0.5M | $1.5M | $1.6M | $9.9M |
| Free cash flow | β | β$3.8M | β$21.6M | $3.2M | β$49.5M | β$119M | β$84.6M | β$22.3M |
| Depreciation and amortization | β | $0.0M | $0.1M | $0.3M | $0.3M | $0.7M | $0.7M | $0.9M |
| Stock-based compensation | β | $0.0M | $0.8M | $8.5M | $13.5M | $19.8M | $27.8M | $41.7M |
| Balance sheet | ||||||||
| Cash and short-term investments | $2.4M | $58.0M | $168M | $172M | $217M | $227M | $291M | $417M |
| Total debt | β | β | β | $0.0M | $19.4M | $29.8M | $71.8M | $72.4M |
| Current assets | β | $58.0M | $171M | $176M | $225M | $256M | $357M | $523M |
| Current liabilities | β | $0.8M | $5.4M | $11.5M | $15.4M | $36.9M | $80.6M | $136M |
| Inventory | β | β | β | β | $0.0M | $3.1M | $2.6M | $4.4M |
| Property and equipment, net | β | $0.2M | $0.5M | $0.8M | $1.0M | $1.5M | $2.3M | $11.7M |
| Intangible assets | β | β | β | β | $0.0M | $3.9M | $8.3M | $7.4M |
| Total assets | β | $58.3M | $172M | $179M | $228M | $265M | $377M | $562M |
| Total liabilities | β | $0.9M | $6.0M | $12.2M | $35.0M | $68.5M | $152M | $219M |
| Preferred stock | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$1.4M | β$6.0M | $166M | $167M | $193M | $197M | $225M | $343M |
| Margins | ||||||||
| Operating margin | β | β | β | β21.3% | β242.9% | β820.5% | β65.9% | β15.7% |
| EBITDA margin | β | β | β | β20.8% | β241.7% | β816.3% | β65.5% | β15.5% |
| Net margin | β | β | β | β24.2% | β240.5% | β778.9% | β63.2% | β14.7% |
| FCF margin | β | β | β | 5.5% | β191.9% | β682.0% | β46.2% | β4.9% |
| Returns | ||||||||
| Return on capital | β | β | β | β | β | β | β1,903.5% | β |
| Return on capital employed | β | β7.5% | β16.2% | β7.3% | β29.5% | β62.6% | β40.7% | β16.6% |
| Return on equity | β | β | β33.5% | β8.3% | β34.5% | β69.7% | β54.8% | β23.4% |
| Return on assets | β | β8.0% | β23.3% | β7.9% | β30.5% | β55.1% | β36.0% | β14.1% |
| Return on tangible equity | β | β | β16.2% | β8.3% | β32.2% | β70.4% | β53.4% | β19.8% |
| Growth | ||||||||
| Revenue growth | β | β | β | β | β54.7% | β32.4% | 948.6% | 146.7% |
| FCF growth | β | β | β | β | β1,666.6% | β | β | β |
| Share count change | β | β | 162.7% | 231.1% | 19.8% | 19.3% | 28.0% | 11.1% |
| Financial health | ||||||||
| Debt / equity | β | β | β | 0.0x | 0.1x | 0.2x | 0.3x | 0.2x |
| Interest coverage | β | β | β | β | β28.5x | β42.8x | β15.4x | β7.9x |
| Current ratio | β | 70.9x | 31.7x | 15.3x | 14.6x | 6.9x | 4.4x | 3.9x |
| Quick ratio | β | 70.9x | 31.7x | 15.3x | 14.6x | 6.9x | 4.4x | 3.8x |
| Capital allocation | ||||||||
| Capex / revenue | β | β | β | 1.0% | 2.0% | 8.6% | 0.9% | 2.2% |
| Stock comp / revenue | β | β | β | 14.8% | 52.1% | 113.7% | 15.2% | 9.2% |
| Quality scores | ||||||||
| Piotroski F-score | β | β | β | 4.0 | 1.0 | 1.0 | 3.0 | 4.0 |
| Altman Z'' | β | β1.3 | 33.7 | 19.1 | 8.4 | 1.8 | 1.1 | 2.8 |
| Accruals ratio | β | β1.7% | β4.9% | β10.0% | β6.4% | β7.5% | β10.1% | β11.5% |
Source: SEC EDGAR XBRL filings (CIK 0001819790). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
