TARS

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Tarsus Pharmaceuticals, Inc.

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Key Metrics

Previous Close: $73.44
52-Week Range: $48.20 – $85.25
Market Cap: $3.14B
P/E (TTM): —
EPS (TTM): -1.07
Dividend Yield: —

Advanced Metrics

Price/Book: 8.92
PEG Ratio: —
Return on Equity: -13.68%
Return on Assets: -5.49%
Gross Margin: 82.67%
Operating Margin: -11.45%
Profit Margin: -7.66%
Current Ratio: 3.20
Debt/Equity: 0.26
Total Debt: $88.81M
Free Cash Flow: $67.47M
Revenue Growth: 69.40%
Earnings Growth: —
Enterprise Value: $2.86B

TARS Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$25.82M	$17.45M	$182.95M	$451.36M
Cost of Revenue	$955.00K	$1.59M	$12.83M	$30.68M
Gross Profit	$24.86M	$15.85M	$170.13M	$420.68M
Research & Development	$42.62M	$50.31M	$53.39M	$64.32M
Selling, General & Admin	$44.95M	$108.70M	$237.31M	$427.32M
Operating Expenses	$87.57M	$159.01M	$290.70M	$491.64M
Operating Income	-$62.71M	-$143.16M	-$120.57M	-$70.97M
EBITDA	-$59.70M	-$131.79M	-$106.88M	-$54.20M
Pretax Income	-$62.09M	-$135.89M	-$115.55M	-$64.36M
Income Tax	-$4.00K	$0.00	$0.00	$2.06M
Net Income	-$62.09M	-$135.89M	-$115.55M	-$66.42M
Diluted EPS	-2.52	-4.62	-3.07	-1.59
Diluted Shares	24.62M	29.38M	37.60M	41.78M

TARS Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$71.66M	$224.95M	$94.82M	$183.64M
Receivables	$3.58M	$17.71M	$48.06M	$87.11M
Inventory	$0.00	$3.11M	$2.62M	$4.37M
Current Assets	$225.38M	$256.13M	$356.70M	$522.78M
Total Assets	$227.86M	$265.49M	$376.99M	$562.16M
Current Liabilities	$15.43M	$36.94M	$80.61M	$135.69M
Long-Term Debt	$19.43M	$29.82M	$71.84M	$72.44M
Total Debt	$20.16M	$30.22M	$72.45M	$72.44M
Total Liabilities	$34.96M	$68.50M	$152.46M	$218.73M
Retained Earnings	-$108.76M	-$244.66M	-$360.21M	-$426.63M
Shareholders' Equity	$192.90M	$196.99M	$224.53M	$343.43M
Working Capital	$209.95M	$219.19M	$276.09M	$387.09M

TARS Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$49.03M	-$117.49M	-$83.03M	-$12.45M
Capital Expenditure	-$506.00K	-$5.50M	-$6.57M	-$9.86M
Free Cash Flow	-$49.54M	-$123.00M	-$89.59M	-$22.31M
Depreciation & Amortisation	$326.00K	$877.00K	$1.23M	$1.82M
Stock-Based Compensation	$13.46M	$19.83M	$27.82M	$41.72M
Investing Cash Flow	-$144.63M	$140.60M	-$199.19M	-$42.12M
Financing Cash Flow	$93.99M	$130.18M	$154.66M	$143.39M
Net Change in Cash	-$99.67M	$153.29M	-$127.57M	$88.82M

TARS Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$78.33M	$102.66M	$118.70M	$151.67M	$162.05M
Cost of Revenue	$5.21M	$6.24M	$8.31M	$10.93M	$9.40M
Gross Profit	$73.12M	$96.42M	$110.39M	$140.74M	$152.66M
Research & Development	$14.41M	$15.59M	$16.28M	$18.04M	$22.35M
Selling, General & Admin	$85.00M	$103.01M	$108.63M	$130.68M	$136.43M
Operating Expenses	$99.40M	$118.61M	$124.92M	$148.72M	$158.78M
Operating Income	-$26.28M	-$22.18M	-$14.53M	-$7.98M	-$6.12M
EBITDA	-$22.59M	-$17.79M	-$10.01M	-$3.81M	-$2.21M
Pretax Income	-$25.12M	-$20.34M	-$12.59M	-$6.31M	-$4.62M
Income Tax	$0.00	—	—	—	$2.35M
Net Income	-$25.12M	-$20.34M	-$12.59M	-$8.37M	-$6.97M
Diluted EPS	-0.64	-0.48	-0.30	-0.20	-0.16
Diluted Shares	39.35M	42.36M	42.61M	42.78M	42.96M

TARS Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$175.79M	$96.65M	$112.72M	$183.64M	$102.19M
Receivables	$64.15M	$60.24M	$74.34M	$87.11M	$117.21M
Inventory	$2.71M	$3.87M	$3.84M	$4.37M	$4.57M
Current Assets	$480.77M	$474.43M	$501.70M	$522.78M	$537.23M
Total Assets	$500.75M	$494.99M	$534.56M	$562.16M	$581.13M
Current Liabilities	$86.31M	$90.25M	$117.05M	$135.69M	$143.51M
Long-Term Debt	$71.98M	$72.13M	$72.28M	$72.44M	$72.60M
Total Debt	$72.37M	$72.45M	$72.36M	$72.44M	$72.60M
Total Liabilities	$158.29M	$162.38M	$199.48M	$218.73M	$232.18M
Retained Earnings	-$385.33M	-$405.67M	-$418.25M	-$426.63M	-$433.60M
Shareholders' Equity	$342.46M	$332.61M	$335.08M	$343.43M	$348.95M
Working Capital	$394.46M	$384.18M	$384.65M	$387.09M	$393.72M

TARS Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$20.65M	-$29.39M	$18.26M	$19.33M	-$24.65M
Capital Expenditure	-$590.00K	-$1.00M	-$1.91M	-$6.36M	-$5.82M
Free Cash Flow	-$21.24M	-$30.39M	$16.35M	$12.97M	-$30.47M
Depreciation & Amortisation	$460.00K	$453.00K	$460.00K	$443.00K	$437.00K
Stock-Based Compensation	$6.93M	$8.23M	$12.24M	$14.31M	$11.97M
Investing Cash Flow	-$34.94M	-$51.70M	-$4.74M	$49.27M	-$58.56M
Financing Cash Flow	$136.56M	$1.95M	$2.56M	$2.31M	$1.20M
Net Change in Cash	$80.97M	-$79.14M	$16.08M	$70.92M	-$82.01M

Market Snapshot

About

Tarsus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on applying proven chemistry to address unmet needs in ophthalmic disease. The company's lead product candidate treats Demodex blepharitis, a disease caused by mite infestation of eyelids. Tarsus is developing novel therapeutic approaches for eye and skin conditions.