Tarsus Pharmaceuticals (TARS) Financials

$61.21 -2.75 (-4.30%)

Closing price 05/8/2026 04:00 PM Eastern

Extended Trading

$61.16 -0.05 (-0.07%)

As of 05/8/2026 07:24 PM Eastern

Annual Income Statements for Tarsus Pharmaceuticals

This table shows Tarsus Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-4.67	-27	-14	-62	-136	-116	-66
Consolidated Net Income / (Loss)	-4.67	-27	-14	-62	-136	-116	-66
Net Income / (Loss) Continuing Operations	-4.67	-27	-14	-62	-136	-116	-66
Total Pre-Tax Income	-4.67	-27	-14	-62	-136	-116	-64
Total Operating Income	-4.30	-27	-12	-63	-143	-121	-71
Total Gross Profit	0.00	0.00	55	25	16	170	421
Total Revenue	0.00	0.00	57	26	17	183	451
Operating Revenue	-	0.00	57	26	17	183	451
Total Cost of Revenue	0.00	0.00	2.08	0.96	1.59	13	31
Operating Cost of Revenue	-	0.00	2.08	0.96	1.59	13	31
Total Operating Expenses	4.30	27	67	88	159	291	492
Selling, General & Admin Expense	1.14	8.17	25	45	109	237	427
Research & Development Expense	3.16	19	42	43	50	53	64
Total Other Income / (Expense), net	-0.37	0.19	-1.62	0.62	7.27	5.02	6.61
Interest Expense	0.26	-	0.00	2.20	3.35	9.79	8.94
Interest & Investment Income	-0.04	0.19	0.04	3.50	10	15	16
Other Income / (Expense), net	-0.08	0.00	-1.65	-0.68	0.27	-0.21	-0.20
Income Tax Expense	0.00	0.00	0.06	-0.00	0.00	0.00	2.06
Basic Earnings per Share	($1.98)	($4.32)	($0.67)	($2.52)	($4.62)	($3.07)	($1.59)
Weighted Average Basic Shares Outstanding	2.36M	6.21M	20.55M	24.62M	29.38M	37.60M	41.78M
Diluted Earnings per Share	($1.98)	($4.32)	($0.67)	($2.52)	($4.62)	($3.07)	($1.59)
Weighted Average Diluted Shares Outstanding	2.36M	6.21M	20.55M	24.62M	29.38M	37.60M	41.78M
Weighted Average Basic & Diluted Shares Outstanding	2.36M	6.21M	20.71M	26.73M	34.22M	38.38M	42.56M
Cash Dividends to Common per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

This table shows Tarsus Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-39	-42	-36	-33	-23	-23	-25	-20	-13	-8.37	-6.97
Consolidated Net Income / (Loss)	-39	-42	-36	-33	-23	-23	-25	-20	-13	-8.37	-6.97
Net Income / (Loss) Continuing Operations	-39	-42	-36	-33	-23	-23	-25	-20	-13	-8.37	-6.97
Total Pre-Tax Income	-39	-42	-36	-33	-23	-23	-25	-20	-13	-6.31	-4.62
Total Operating Income	-41	-44	-38	-33	-25	-24	-26	-22	-15	-7.98	-6.12
Total Gross Profit	1.49	12	26	38	45	61	73	96	110	141	153
Total Revenue	1.87	13	28	41	48	66	78	103	119	152	162
Operating Revenue	1.87	13	28	41	48	66	78	103	119	152	162
Total Cost of Revenue	0.38	1.22	1.65	3.00	3.24	4.93	5.21	6.24	8.31	11	9.40
Operating Cost of Revenue	0.38	1.22	1.65	3.00	3.24	4.93	5.21	6.24	8.31	11	9.40
Total Operating Expenses	42	56	64	71	70	86	99	119	125	149	159
Selling, General & Admin Expense	30	43	52	59	58	69	85	103	109	131	136
Research & Development Expense	12	13	12	12	12	17	14	16	16	18	22
Total Other Income / (Expense), net	1.79	2.55	1.95	0.01	1.74	1.31	1.16	1.84	1.94	1.66	1.51
Interest Expense	0.86	0.99	0.98	4.05	2.45	2.31	2.21	2.24	2.27	2.21	2.13
Interest & Investment Income	2.84	2.98	3.12	4.13	4.12	3.65	3.45	4.23	4.11	3.95	3.72
Other Income / (Expense), net	-0.20	0.56	-0.18	-0.07	0.07	-0.03	-0.08	-0.15	0.10	-0.07	-0.09
Income Tax Expense	-	-	-	-	-	-	0.00	-	-	-	2.35
Basic Earnings per Share	($1.28)	($1.29)	($1.01)	($0.88)	($0.61)	($0.57)	($0.64)	($0.48)	($0.30)	($0.17)	($0.16)
Weighted Average Basic Shares Outstanding	30.62M	29.38M	35.30M	37.82M	38.38M	37.60M	39.35M	42.36M	42.61M	41.78M	42.96M
Diluted Earnings per Share	($1.28)	($1.29)	($1.01)	($0.88)	($0.61)	($0.57)	($0.64)	($0.48)	($0.30)	($0.17)	($0.16)
Weighted Average Diluted Shares Outstanding	30.62M	29.38M	35.30M	37.82M	38.38M	37.60M	39.35M	42.36M	42.61M	41.78M	42.96M
Weighted Average Basic & Diluted Shares Outstanding	33.10M	34.22M	37.78M	38.04M	38.23M	38.38M	42.01M	42.21M	42.45M	42.56M	43.02M

This table details how cash moves in and out of Tarsus Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	56	110	3.18	-100	153	-128	89
Net Cash From Operating Activities	-3.67	-21	3.75	-49	-117	-83	-12
Net Cash From Continuing Operating Activities	-3.67	-21	3.75	-49	-117	-83	-12
Net Income / (Loss) Continuing Operations	-4.67	-27	-14	-62	-136	-116	-66
Consolidated Net Income / (Loss)	-4.67	-27	-14	-62	-136	-116	-66
Depreciation Expense	0.04	0.10	0.31	0.33	0.74	0.69	0.86
Amortization Expense	0.04	-	0.00	-1.01	-2.65	-3.19	-3.93
Non-Cash Adjustments To Reconcile Net Income	0.44	4.12	16	15	20	31	42
Changes in Operating Assets and Liabilities, net	0.49	1.46	1.37	-0.95	0.31	3.84	15
Net Cash From Investing Activities	-0.18	-0.46	-0.59	-145	141	-199	-42
Net Cash From Continuing Investing Activities	-0.18	-0.46	-0.59	-145	141	-199	-42
Purchase of Property, Plant & Equipment	-0.18	-0.46	-0.59	-0.51	-1.50	-1.57	-9.86
Acquisitions	-	-	-	0.00	-4.00	-5.00	0.00
Purchase of Investments	-	-	0.00	-149	-29	-266	-394
Sale and/or Maturity of Investments	-	-	0.00	5.32	175	73	362
Net Cash From Financing Activities	59	132	0.02	94	130	155	143
Net Cash From Continuing Financing Activities	59	132	0.02	94	130	155	143
Repayment of Debt	-	-	0.00	-0.88	0.00	-35	0.00
Issuance of Debt	1.99	-	-	20	10	75	0.00
Issuance of Common Equity	0.17	92	0.22	75	120	109	137
Other Financing Activities, net	0.00	0.37	-0.20	0.05	0.59	5.61	6.28
Cash Interest Paid	-	-	0.00	1.68	2.88	7.66	8.34

This table details how cash moves in and out of Tarsus Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	120	-1.73	-31	-13	-4.89	-79	81	-79	16	71	-82
Net Cash From Operating Activities	-32	-39	-38	-14	-8.65	-22	-21	-29	18	19	-25
Net Cash From Continuing Operating Activities	-32	-40	-38	-14	-8.74	-22	-21	-29	18	19	-25
Net Income / (Loss) Continuing Operations	-39	-42	-36	-33	-23	-23	-25	-20	-13	-8.37	-6.97
Consolidated Net Income / (Loss)	-39	-42	-36	-33	-23	-23	-25	-20	-13	-8.37	-6.97
Depreciation Expense	0.21	0.25	0.17	0.14	0.18	0.19	0.22	0.21	0.22	0.20	0.20
Amortization Expense	-0.39	0.12	-0.08	-1.10	-0.92	-1.10	-0.94	-1.32	-1.14	-0.53	-0.45
Non-Cash Adjustments To Reconcile Net Income	5.52	4.76	6.44	9.81	7.50	7.57	7.09	8.42	12	14	12
Changes in Operating Assets and Liabilities, net	1.41	-2.81	-8.59	10	7.91	-5.73	-1.91	-16	19	14	-29
Net Cash From Investing Activities	47	18	-102	-41	3.13	-60	-35	-52	-4.74	49	-59
Net Cash From Continuing Investing Activities	47	18	-102	-41	3.13	-60	-35	-52	-4.74	49	-59
Purchase of Property, Plant & Equipment	-0.38	-	-0.17	-1.04	-0.28	-0.07	-0.59	-1.00	-1.91	-6.36	-5.82
Purchase of Investments	0.00	-	-105	-50	-21	-90	-126	-130	-102	-36	-127
Sale and/or Maturity of Investments	52	18	2.50	11	24	35	91	79	100	92	74
Net Cash From Financing Activities	105	20	109	42	0.64	2.93	137	1.95	2.56	2.31	1.20
Net Cash From Continuing Financing Activities	105	20	109	42	0.64	2.93	137	1.95	2.56	2.31	1.20
Issuance of Common Equity	100	19	108	2.68	0.68	-2.68	135	0.75	-	1.24	0.00
Other Financing Activities, net	-	-	0.80	-	-	-	1.44	1.21	2.56	1.08	1.20
Cash Interest Paid	0.73	0.85	0.87	0.47	4.15	2.17	2.07	2.09	2.12	2.06	1.97
Cash Income Taxes Paid	-	-	-	-	-	-	0.00	-	-	-	1.93

This table presents Tarsus Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	58	172	179	228	265	377	562
Total Current Assets	58	171	176	225	256	357	523
Cash & Equivalents	58	168	171	72	225	95	184
Restricted Cash	0.02	0.02	-	-	-	0.00	0.56
Short-Term Investments	-	-	0.48	145	2.50	197	234
Accounts Receivable	0.04	0.02	0.09	3.58	18	48	87
Inventories, net	-	-	-	0.00	3.11	2.62	4.37
Prepaid Expenses	0.02	2.49	4.05	4.77	7.87	15	13
Plant, Property, & Equipment, net	0.15	0.55	0.76	0.96	1.47	2.31	12
Total Noncurrent Assets	0.13	0.77	2.20	1.53	7.89	18	28
Long-Term Investments	-	-	0.00	0.37	0.63	3.00	3.87
Intangible Assets	-	-	-	0.00	3.87	8.33	7.37
Other Noncurrent Operating Assets	0.13	0.77	2.20	1.16	3.39	6.65	16
Total Liabilities & Shareholders' Equity	58	172	179	228	265	377	562
Total Liabilities	0.92	5.99	12	35	69	152	219
Total Current Liabilities	0.82	5.39	11	15	37	81	136
Accounts Payable	0.52	4.35	8.68	9.91	24	65	118
Current Employee Benefit Liabilities	0.30	1.04	2.80	5.52	13	16	18
Total Noncurrent Liabilities	0.10	0.61	0.70	20	32	72	83
Long-Term Debt	-	-	0.00	19	30	72	72
Other Noncurrent Operating Liabilities	0.10	0.61	0.70	0.10	1.75	0.00	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-6.01	166	167	193	197	225	343
Total Preferred & Common Equity	-6.01	166	167	193	197	225	343
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-6.01	166	167	193	197	225	343
Common Stock	0.03	199	213	302	442	585	770
Retained Earnings	-6.03	-33	-47	-109	-245	-360	-427
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-0.07	-0.00	0.18	0.38

This table presents Tarsus Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	236	211	189	268	349	377	376	501	495	535	581
Total Current Assets	234	209	183	259	341	363	357	481	474	502	537
Cash & Equivalents	169	66	107	227	194	181	176	176	97	113	102
Restricted Cash	-	-	-	-	-	-	-	-	-	-	0.00
Short-Term Investments	57	135	71	20	105	142	141	232	284	289	287
Accounts Receivable	4.01	2.92	0.25	6.37	31	31	30	64	60	74	117
Inventories, net	-	-	-	0.02	4.04	2.20	2.85	2.71	3.87	3.84	4.57
Prepaid Expenses	3.49	4.51	5.00	6.01	6.80	5.97	7.02	6.00	29	22	27
Plant, Property, & Equipment, net	0.95	1.19	1.54	1.61	1.34	2.24	2.39	2.79	3.18	5.75	18
Total Noncurrent Assets	1.44	1.38	3.91	7.44	7.22	9.48	17	17	17	27	26
Long-Term Investments	0.16	0.31	0.32	0.21	0.00	3.00	3.00	3.00	3.00	3.00	3.87
Intangible Assets	-	-	-	3.97	3.77	3.67	8.57	8.09	7.85	7.61	7.13
Other Noncurrent Operating Assets	1.28	1.07	3.59	3.26	3.45	2.82	5.22	6.10	6.54	17	15
Total Liabilities & Shareholders' Equity	236	211	189	268	349	377	376	501	495	535	581
Total Liabilities	34	38	41	55	74	125	139	158	162	199	232
Total Current Liabilities	14	13	15	23	43	52	66	86	90	117	144
Accounts Payable	10	9.05	9.46	15	37	44	55	76	79	103	135
Current Employee Benefit Liabilities	4.09	4.21	5.31	7.90	5.96	8.05	11	9.93	12	14	8.53
Total Noncurrent Liabilities	20	25	26	31	32	73	73	72	72	82	89
Long-Term Debt	19	25	25	30	30	72	72	72	72	72	73
Other Noncurrent Operating Liabilities	0.21	0.04	1.83	1.71	1.61	1.45	1.24	-	-	10	16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	203	173	148	214	275	252	237	342	333	335	349
Total Preferred & Common Equity	203	173	148	214	275	252	237	342	333	335	349
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	203	173	148	214	275	252	237	342	333	335	349
Common Stock	298	306	311	416	556	566	574	728	738	753	783
Retained Earnings	-95	-132	-164	-203	-280	-314	-337	-385	-406	-418	-434
Accumulated Other Comprehensive Income / (Loss)	-0.01	-0.07	-0.02	-0.01	-0.06	-0.18	0.35	0.09	0.04	0.29	-0.30

This table displays calculated financial ratios and metrics derived from Tarsus Pharmaceuticals' official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	-54.73%	-32.42%	948.62%	146.71%
EBITDA Growth	0.00%	-525.63%	49.83%	-374.78%	-125.96%	14.85%	39.78%
EBIT Growth	0.00%	-517.24%	48.86%	-359.12%	-125.39%	15.47%	41.07%
NOPAT Growth	0.00%	-528.15%	54.97%	-415.85%	-128.28%	15.78%	41.14%
Net Income Growth	0.00%	-474.11%	48.43%	-349.06%	-118.86%	14.97%	42.52%
EPS Growth	0.00%	-118.18%	84.49%	-276.12%	-83.33%	33.55%	48.21%
Operating Cash Flow Growth	0.00%	-475.50%	117.73%	-1,408.16%	-139.63%	29.33%	85.00%
Free Cash Flow Firm Growth	0.00%	0.00%	67.67%	-685.15%	-136.81%	15.71%	52.27%
Invested Capital Growth	0.00%	-277.22%	-134.44%	0.43%	75.00%	258.21%	-391.26%
Revenue Q/Q Growth	0.00%	0.00%	0.60%	59.81%	21.40%	41.14%	23.29%
EBITDA Q/Q Growth	0.00%	0.00%	-32.80%	-2.14%	-23.36%	12.84%	18.62%
EBIT Q/Q Growth	0.00%	0.00%	-31.82%	-0.36%	-25.31%	13.87%	18.73%
NOPAT Q/Q Growth	0.00%	0.00%	-32.36%	-0.99%	-25.83%	14.25%	18.81%
Net Income Q/Q Growth	0.00%	0.00%	-32.42%	1.98%	-26.31%	13.99%	18.16%
EPS Q/Q Growth	0.00%	0.00%	-149.26%	7.69%	-21.90%	19.00%	20.10%
Operating Cash Flow Q/Q Growth	0.00%	-77.17%	-36.00%	2.48%	-31.97%	17.12%	76.93%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-1.24%	-28.94%	4.06%	43.82%
Invested Capital Q/Q Growth	0.00%	0.00%	-9.14%	-6.68%	66.00%	118.62%	-330.96%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	96.36%	96.30%	90.87%	92.99%	93.20%
EBITDA Margin	0.00%	0.00%	-23.67%	-248.20%	-829.86%	-67.38%	-16.45%
Operating Margin	0.00%	0.00%	-21.32%	-242.92%	-820.53%	-65.90%	-15.72%
EBIT Margin	0.00%	0.00%	-24.21%	-245.56%	-818.96%	-66.01%	-15.77%
Profit (Net Income) Margin	0.00%	0.00%	-24.25%	-240.51%	-778.89%	-63.16%	-14.72%
Tax Burden Percent	100.02%	100.00%	100.40%	99.99%	100.00%	100.00%	103.20%
Interest Burden Percent	106.74%	99.30%	99.74%	97.95%	95.11%	95.68%	90.43%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-22,903.20%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-22,888.39%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	22,848.38%	0.00%
Return on Equity (ROE)	-8.14%	-24.01%	-8.31%	-34.53%	-69.71%	-54.83%	-23.39%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-4,376.80%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	-7.87%	-31.17%	-57.92%	-37.60%	-15.16%
Return on Assets (ROA)	0.00%	0.00%	-7.88%	-30.53%	-55.09%	-35.97%	-14.14%
Return on Common Equity (ROCE)	0.85%	-17.19%	-8.31%	-34.53%	-69.71%	-54.83%	-23.39%
Return on Equity Simple (ROE_SIMPLE)	77.77%	-16.15%	-8.29%	-32.19%	-68.99%	-51.46%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.01	-19	-8.51	-44	-100	-84	-50
NOPAT Margin	0.00%	0.00%	-14.92%	-170.04%	-574.37%	-46.13%	-11.01%
Net Nonoperating Expense Percent (NNEP)	-2.87%	-7.00%	-3.13%	-9.84%	-18.01%	-14.81%	-5.86%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-20.67%	-44.18%	-28.48%	-11.95%
Cost of Revenue to Revenue	0.00%	0.00%	3.64%	3.70%	9.13%	7.01%	6.80%
SG&A Expenses to Revenue	0.00%	0.00%	44.54%	174.11%	623.03%	129.71%	94.67%
R&D to Revenue	0.00%	0.00%	73.14%	165.11%	288.37%	29.18%	14.25%
Operating Expenses to Revenue	0.00%	0.00%	117.68%	339.22%	911.40%	158.89%	108.93%
Earnings before Interest and Taxes (EBIT)	-4.37	-27	-14	-63	-143	-121	-71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.30	-27	-13	-64	-145	-123	-74
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	5.06	2.79	2.03	3.40	9.43	10.12
Price to Tangible Book Value (P/TBV)	0.00	5.06	2.79	2.03	3.47	9.79	10.34
Price to Revenue (P/Rev)	0.00	0.00	8.16	15.15	38.42	11.57	7.70
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	945.63	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	5.15	7.48	27.06	10.35	6.93
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	78.29	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.10	0.15	0.32	0.21
Long-Term Debt to Equity	0.00	0.00	0.00	0.10	0.15	0.32	0.21
Financial Leverage	-1.01	-1.01	-1.02	-1.03	-1.02	-1.00	-1.01
Leverage Ratio	1.02	1.03	1.05	1.13	1.27	1.52	1.65
Compound Leverage Factor	1.08	1.02	1.05	1.11	1.20	1.46	1.50
Debt to Total Capital	0.00%	0.00%	0.00%	9.15%	13.15%	24.24%	17.42%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	9.15%	13.15%	24.24%	17.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	110.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-10.46%	100.00%	100.00%	90.85%	86.85%	75.76%	82.58%
Debt to EBITDA	0.00	0.00	0.00	-0.30	-0.21	-0.58	-0.98
Net Debt to EBITDA	0.00	0.00	0.00	3.09	1.37	1.81	4.70
Long-Term Debt to EBITDA	0.00	0.00	0.00	-0.30	-0.21	-0.58	-0.98
Debt to NOPAT	0.00	0.00	0.00	-0.44	-0.30	-0.85	-1.46
Net Debt to NOPAT	0.00	0.00	0.00	4.51	1.98	2.64	7.03
Long-Term Debt to NOPAT	0.00	0.00	0.00	-0.44	-0.30	-0.85	-1.46
Altman Z-Score	53.02	84.46	23.73	6.34	3.86	7.30	9.68
Noncontrolling Interest Sharing Ratio	110.46%	28.38%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	70.85	31.68	15.33	14.61	6.93	4.43	3.85
Quick Ratio	70.80	31.21	14.98	14.30	6.64	4.21	3.72
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-17	-5.59	-44	-104	-88	-42
Operating Cash Flow to CapEx	-2,098.86%	-4,635.53%	639.59%	-9,689.72%	-7,822.44%	-5,298.47%	-126.29%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-19.97	-31.08	-8.95	-4.68
Operating Cash Flow to Interest Expense	-14.40	0.00	0.00	-22.30	-35.11	-8.48	-1.39
Operating Cash Flow Less CapEx to Interest Expense	-15.09	0.00	0.00	-22.53	-35.56	-8.64	-2.50
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.33	0.13	0.07	0.57	0.96
Accounts Receivable Turnover	0.00	0.00	1,018.34	14.05	1.64	5.56	6.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	4.48	8.78
Fixed Asset Turnover	0.00	0.00	87.53	30.16	14.39	96.75	64.58
Accounts Payable Turnover	0.00	0.00	0.32	0.10	0.09	0.29	0.34
Days Sales Outstanding (DSO)	0.00	0.00	0.36	25.97	222.76	65.61	54.65
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	81.49	41.59
Days Payable Outstanding (DPO)	0.00	0.00	1,145.75	3,552.54	3,849.46	1,258.97	1,086.68
Cash Conversion Cycle (CCC)	0.00	0.00	-1,145.39	-3,526.57	-3,626.69	-1,111.87	-990.44
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	-0.58	-2.17	-5.09	-5.06	-1.27	2.00	-5.83
Invested Capital Turnover	0.00	0.00	-15.72	-5.09	-5.51	496.48	-235.64
Increase / (Decrease) in Invested Capital	0.00	-1.59	-2.92	0.02	3.80	3.27	-7.84
Enterprise Value (EV)	85	672	293	193	472	1,894	3,126
Market Capitalization	80	840	465	391	670	2,117	3,476
Book Value per Share	($2.54)	$8.17	$8.06	$7.23	$5.95	$5.87	$8.09
Tangible Book Value per Share	($2.54)	$8.17	$8.06	$7.23	$5.83	$5.66	$7.92
Total Capital	57	166	167	212	227	296	416
Total Debt	0.00	0.00	0.00	19	30	72	72
Total Long-Term Debt	0.00	0.00	0.00	19	30	72	72
Net Debt	-58	-168	-172	-198	-198	-223	-349
Capital Expenditures (CapEx)	0.18	0.46	0.59	0.51	1.50	1.57	9.86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.76	-2.88	-7.34	-7.08	-8.25	-15	-31
Debt-free Net Working Capital (DFNWC)	57	165	164	210	219	276	387
Net Working Capital (NWC)	57	165	164	210	219	276	387
Net Nonoperating Expense (NNE)	1.66	7.91	5.32	18	36	31	17
Net Nonoperating Obligations (NNO)	-58	-168	-172	-198	-198	-223	-349
Total Depreciation and Amortization (D&A)	0.07	0.10	0.31	-0.68	-1.90	-2.51	-3.07
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-12.87%	-27.42%	-47.27%	-8.35%	-6.81%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	288.41%	813.24%	1,256.35%	150.91%	85.76%
Net Working Capital to Revenue	0.00%	0.00%	288.41%	813.24%	1,256.35%	150.91%	85.76%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($4.32)	($0.67)	($2.52)	($4.62)	($3.07)	($1.59)
Adjusted Weighted Average Basic Shares Outstanding	0.00	20.50M	20.55M	24.62M	29.38M	37.60M	41.78M
Adjusted Diluted Earnings per Share	$0.00	($4.32)	($0.67)	($2.52)	($4.62)	($3.07)	($1.59)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	20.50M	20.55M	24.62M	29.38M	37.60M	41.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	($4.32)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	6.21M	20.71M	26.73M	34.22M	38.38M	42.56M
Normalized Net Operating Profit after Tax (NOPAT)	-3.01	-19	-8.51	-44	-100	-84	-50
Normalized NOPAT Margin	0.00%	0.00%	-14.92%	-170.04%	-574.37%	-46.13%	-11.01%
Pre Tax Income Margin	0.00%	0.00%	-24.15%	-240.53%	-778.89%	-63.16%	-14.26%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-17.15	0.00	0.00	-28.83	-42.70	-12.33	-7.97
NOPAT to Interest Expense	-11.80	0.00	0.00	-19.96	-29.95	-8.62	-5.56
EBIT Less CapEx to Interest Expense	-17.84	0.00	0.00	-29.06	-43.15	-12.49	-9.07
NOPAT Less CapEx to Interest Expense	-12.48	0.00	0.00	-20.19	-30.40	-8.78	-6.66
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Tarsus Pharmaceuticals' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	42,557,492.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	42,557,492.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	30.76%	1,004.56%	0.00%	2,471.78%	407.86%	183.68%	151.54%	146.68%	128.39%	106.87%
EBITDA Growth	-81.01%	-170.17%	-43.47%	-2.07%	37.47%	41.74%	28.32%	31.71%	40.55%	66.97%	76.13%
EBIT Growth	-79.26%	-191.94%	-51.29%	-1.62%	38.99%	44.30%	30.38%	33.08%	42.49%	67.07%	76.45%
NOPAT Growth	-78.71%	-195.13%	-51.03%	-1.47%	38.53%	45.06%	30.26%	33.39%	42.26%	67.34%	76.70%
Net Income Growth	-73.91%	-208.13%	-52.57%	-5.94%	40.18%	44.84%	29.70%	38.90%	46.26%	63.77%	72.27%
EPS Growth	-52.38%	-180.43%	-14.77%	24.79%	52.34%	55.81%	36.63%	45.45%	50.82%	70.18%	75.00%
Operating Cash Flow Growth	-73.89%	-261.73%	-72.00%	39.55%	73.26%	43.61%	45.35%	-104.02%	311.01%	187.14%	-19.37%
Free Cash Flow Firm Growth	-86.10%	-230.46%	-76.12%	-12.59%	64.36%	41.67%	58.20%	-70.88%	-121.78%	111.07%	-94.13%
Invested Capital Growth	21.56%	75.00%	283.58%	14.89%	-189.01%	258.21%	-46.74%	489.45%	123.48%	-391.26%	720.93%
Revenue Q/Q Growth	0.00%	598.88%	111.18%	47.80%	17.90%	38.01%	17.96%	31.05%	15.62%	27.78%	6.85%
EBITDA Q/Q Growth	-22.83%	-5.37%	13.29%	9.12%	24.76%	1.81%	-6.77%	13.43%	34.50%	45.44%	22.85%
EBIT Q/Q Growth	-25.26%	-6.71%	13.73%	11.88%	24.79%	2.58%	-7.82%	15.30%	35.37%	44.22%	22.87%
NOPAT Q/Q Growth	-24.72%	-8.59%	15.22%	11.63%	24.44%	2.94%	-7.61%	15.59%	34.51%	45.10%	23.24%
Net Income Q/Q Growth	-24.58%	-7.03%	14.73%	6.83%	29.65%	1.31%	-8.68%	19.03%	38.13%	33.47%	16.79%
EPS Q/Q Growth	-9.40%	-0.78%	21.71%	12.87%	30.68%	6.56%	-12.28%	25.00%	37.50%	43.33%	5.88%
Operating Cash Flow Q/Q Growth	-35.83%	-21.55%	3.93%	61.88%	39.93%	-156.38%	6.90%	-42.30%	162.13%	5.88%	-227.53%
Free Cash Flow Firm Q/Q Growth	-37.87%	-17.64%	-4.85%	33.79%	56.36%	-92.54%	24.86%	-170.66%	43.36%	109.61%	-1,418.01%
Invested Capital Q/Q Growth	40.09%	66.00%	622.91%	-179.89%	-103.44%	118.62%	76.04%	484.17%	-87.74%	-330.96%	596.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.85%	90.70%	94.01%	92.64%	93.26%	92.58%	93.35%	93.92%	93.00%	92.80%	94.20%
EBITDA Margin	-2,207.64%	-332.86%	-136.78%	-84.10%	-53.67%	-38.19%	-34.56%	-22.83%	-12.93%	-5.52%	-3.99%
Operating Margin	-2,187.87%	-339.94%	-136.47%	-81.60%	-52.29%	-36.77%	-33.55%	-21.61%	-12.24%	-5.26%	-3.78%
EBIT Margin	-2,198.29%	-335.66%	-137.12%	-81.76%	-52.15%	-36.81%	-33.65%	-21.75%	-12.16%	-5.31%	-3.83%
Profit (Net Income) Margin	-2,092.36%	-320.45%	-129.39%	-81.57%	-48.67%	-34.80%	-32.07%	-19.81%	-10.60%	-5.52%	-4.30%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	132.61%	150.96%
Interest Burden Percent	95.18%	95.47%	94.36%	99.77%	93.33%	94.54%	95.29%	91.09%	87.21%	78.43%	74.33%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-2,697.89%	0.00%	0.00%	-12,780.36%	-1,081.72%	-583.99%	0.00%	0.00%	-87.15%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-2,693.69%	0.00%	0.00%	-12,777.50%	-1,079.50%	-582.30%	0.00%	0.00%	-86.34%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	2,675.60%	0.00%	0.00%	12,755.16%	1,061.77%	567.06%	0.00%	0.00%	82.28%
Return on Equity (ROE)	-51.69%	-69.71%	-22.30%	-75.04%	-59.56%	-25.20%	-19.95%	-16.93%	-28.35%	-23.39%	-4.87%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-1,802.86%	0.00%	0.00%	-4,376.80%	-1,445.33%	-458.88%	-2,948.37%	0.00%	-375.63%
Operating Return on Assets (OROA)	-125.17%	-23.74%	-20.82%	-24.10%	-20.97%	-20.97%	-18.50%	-14.75%	-9.77%	-5.10%	-3.79%
Return on Assets (ROA)	-119.13%	-22.66%	-19.65%	-24.04%	-19.57%	-19.82%	-17.63%	-13.43%	-8.52%	-5.31%	-4.25%
Return on Common Equity (ROCE)	-51.69%	-69.71%	-22.30%	-75.04%	-59.56%	-25.20%	-19.95%	-16.93%	-28.35%	-23.39%	-4.87%
Return on Equity Simple (ROE_SIMPLE)	-50.35%	0.00%	-53.85%	-59.49%	-56.57%	0.00%	-30.64%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-29	-31	-26	-23	-18	-17	-18	-16	-10	-5.58	-4.29
NOPAT Margin	-1,531.51%	-237.96%	-95.53%	-57.12%	-36.60%	-25.74%	-23.48%	-15.13%	-8.57%	-3.68%	-2.64%
Net Nonoperating Expense Percent (NNEP)	-4.94%	-5.45%	-4.20%	-4.85%	-2.49%	-2.86%	-2.21%	-1.69%	-0.83%	-0.98%	-0.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-13.72%	-	-	-	-5.77%	-4.44%	-3.84%	-2.50%	-1.34%	-1.02%
Cost of Revenue to Revenue	20.15%	9.30%	5.99%	7.36%	6.74%	7.42%	6.65%	6.08%	7.00%	7.20%	5.80%
SG&A Expenses to Revenue	1,620.74%	328.89%	186.78%	144.05%	120.35%	103.95%	108.50%	100.34%	91.52%	86.16%	84.19%
R&D to Revenue	646.98%	101.75%	43.70%	30.18%	25.20%	25.41%	18.39%	15.19%	13.72%	11.89%	13.79%
Operating Expenses to Revenue	2,267.72%	430.64%	230.48%	174.24%	145.55%	129.36%	126.90%	115.53%	105.24%	98.05%	97.98%
Earnings before Interest and Taxes (EBIT)	-41	-44	-38	-33	-25	-24	-26	-22	-14	-8.05	-6.21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-41	-44	-38	-34	-26	-25	-27	-23	-15	-8.38	-6.46
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.71	3.40	4.37	4.07	5.27	9.43	5.76	5.12	7.49	10.12	8.56
Price to Tangible Book Value (P/TBV)	2.76	3.47	4.43	4.13	5.47	9.79	5.90	5.24	7.66	10.34	8.73
Price to Revenue (P/Rev)	40.33	38.42	28.27	12.32	9.65	11.57	8.44	5.76	6.85	7.70	5.58
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	141.20	0.00	0.00	945.63	462.99	67.48	861.53	0.00	92.08
Enterprise Value to Revenue (EV/Rev)	25.20	27.06	21.96	9.26	7.74	10.35	6.99	4.70	5.94	6.93	4.98
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.14	0.15	0.11	0.28	0.30	0.32	0.21	0.22	0.22	0.21	0.21
Long-Term Debt to Equity	0.14	0.15	0.11	0.28	0.30	0.32	0.21	0.22	0.22	0.21	0.21
Financial Leverage	-1.02	-1.02	-0.99	-1.03	-1.03	-1.00	-0.98	-0.97	-1.01	-1.01	-0.95
Leverage Ratio	1.21	1.27	1.25	1.41	1.43	1.52	1.38	1.49	1.59	1.65	1.56
Compound Leverage Factor	1.15	1.21	1.18	1.41	1.33	1.44	1.31	1.36	1.39	1.30	1.16
Debt to Total Capital	12.21%	13.15%	9.81%	22.10%	23.19%	24.24%	17.37%	17.82%	17.74%	17.42%	17.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	12.21%	13.15%	9.81%	22.10%	23.19%	24.24%	17.37%	17.82%	17.74%	17.42%	17.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	87.79%	86.85%	90.19%	77.90%	76.81%	75.76%	82.63%	82.18%	82.26%	82.58%	82.78%
Debt to EBITDA	-0.25	-0.21	-0.19	-0.46	-0.51	-0.58	-0.64	-0.71	-0.79	-0.98	-1.35
Net Debt to EBITDA	1.85	1.37	1.72	1.63	1.76	1.81	3.01	3.07	3.65	4.70	5.97
Long-Term Debt to EBITDA	-0.25	-0.21	-0.19	-0.46	-0.51	-0.58	-0.64	-0.71	-0.79	-0.98	-1.35
Debt to NOPAT	-0.37	-0.30	-0.27	-0.65	-0.73	-0.85	-0.94	-1.05	-1.18	-1.46	-2.04
Net Debt to NOPAT	2.73	1.98	2.46	2.33	2.52	2.64	4.44	4.55	5.43	7.03	9.00
Long-Term Debt to NOPAT	-0.37	-0.30	-0.27	-0.65	-0.73	-0.85	-0.94	-1.05	-1.18	-1.46	-2.04
Altman Z-Score	5.91	5.09	9.41	4.70	5.21	8.14	7.63	6.52	7.91	10.05	8.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	11.15	6.93	8.01	7.03	5.42	4.43	5.57	5.26	4.29	3.85	3.74
Quick Ratio	10.89	6.64	7.76	6.87	5.27	4.21	5.47	4.89	4.07	3.72	3.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-30	-35	-37	-24	-11	-20	-15	-41	-23	2.25	-30
Operating Cash Flow to CapEx	-8,629.87%	0.00%	-21,717.82%	-1,382.34%	-3,101.08%	-30,808.33%	-3,500.17%	-2,935.76%	955.86%	304.03%	-423.72%
Free Cash Flow to Firm to Interest Expense	-34.59	-35.30	-37.24	-5.98	-4.33	-8.81	-6.91	-18.49	-10.34	1.02	-13.96
Operating Cash Flow to Interest Expense	-37.72	-39.77	-38.44	-3.55	-3.54	-9.59	-9.33	-13.12	8.05	8.73	-11.58
Operating Cash Flow Less CapEx to Interest Expense	-38.16	-39.77	-38.62	-3.81	-3.65	-9.63	-9.60	-13.57	7.21	5.86	-14.32
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.07	0.15	0.29	0.40	0.57	0.55	0.68	0.80	0.96	0.99
Accounts Receivable Turnover	2.77	1.64	2.48	5.36	7.07	5.56	4.89	6.49	7.00	6.68	5.90
Inventory Turnover	0.00	0.00	0.00	0.00	6.37	4.48	4.86	6.47	7.39	8.78	9.58
Fixed Asset Turnover	11.21	14.39	33.63	44.09	64.70	96.75	113.30	108.99	89.96	64.58	52.31
Accounts Payable Turnover	0.06	0.09	0.14	0.24	0.26	0.29	0.29	0.32	0.31	0.34	0.33
Days Sales Outstanding (DSO)	131.84	222.76	146.99	68.05	51.64	65.61	74.60	56.25	52.16	54.65	61.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	57.28	81.49	75.09	56.45	49.41	41.59	38.09
Days Payable Outstanding (DPO)	5,996.90	3,849.46	2,564.05	1,546.91	1,399.26	1,258.97	1,258.16	1,136.60	1,168.52	1,086.68	1,106.20
Cash Conversion Cycle (CCC)	-5,865.06	-3,626.69	-2,417.06	-1,478.87	-1,290.35	-1,111.87	-1,108.47	-1,023.89	-1,066.95	-990.44	-1,006.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-3.72	-1.27	6.62	-5.29	-11	2.00	3.53	21	2.53	-5.83	29
Invested Capital Turnover	-3.39	-5.51	28.24	-14.50	-17.90	496.48	46.06	38.61	-88.92	-235.64	32.96
Increase / (Decrease) in Invested Capital	1.02	3.80	10	0.93	-7.04	3.27	-3.09	26	13	-7.84	25
Enterprise Value (EV)	362	472	935	772	1,003	1,894	1,633	1,390	2,176	3,126	2,665
Market Capitalization	580	670	1,203	1,027	1,251	2,117	1,971	1,702	2,509	3,476	2,985
Book Value per Share	$6.55	$5.95	$7.80	$6.68	$6.24	$5.87	$8.92	$7.92	$7.94	$8.09	$8.20
Tangible Book Value per Share	$6.43	$5.83	$7.69	$6.58	$6.02	$5.66	$8.71	$7.73	$7.76	$7.92	$8.03
Total Capital	243	227	305	324	309	296	414	405	407	416	422
Total Debt	30	30	30	72	72	72	72	72	72	72	73
Total Long-Term Debt	30	30	30	72	72	72	72	72	72	72	73
Net Debt	-217	-198	-269	-255	-248	-223	-339	-312	-333	-349	-320
Capital Expenditures (CapEx)	0.38	0.00	0.17	1.04	0.28	0.07	0.59	1.00	1.91	6.36	5.82
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11	-8.25	-0.33	-13	-26	-15	-13	3.03	-17	-31	4.99
Debt-free Net Working Capital (DFNWC)	236	219	298	311	291	276	394	384	385	387	394
Net Working Capital (NWC)	236	219	298	311	291	276	394	384	385	387	394
Net Nonoperating Expense (NNE)	10	11	9.35	9.98	5.81	6.02	6.72	4.81	2.41	2.79	2.68
Net Nonoperating Obligations (NNO)	-217	-198	-269	-258	-248	-223	-339	-312	-333	-349	-320
Total Depreciation and Amortization (D&A)	-0.18	0.37	0.09	-0.96	-0.73	-0.91	-0.72	-1.11	-0.92	-0.33	-0.25
Debt-free, Cash-free Net Working Capital to Revenue	-75.55%	-47.27%	-0.77%	-15.07%	-19.83%	-8.35%	-5.76%	1.03%	-4.69%	-6.81%	0.93%
Debt-free Net Working Capital to Revenue	1,642.39%	1,256.35%	700.63%	373.04%	224.69%	150.91%	168.81%	130.00%	105.07%	85.76%	73.58%
Net Working Capital to Revenue	1,642.39%	1,256.35%	700.63%	373.04%	224.69%	150.91%	168.81%	130.00%	105.07%	85.76%	73.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.28)	($1.29)	($1.01)	($0.88)	($0.61)	($0.57)	($0.64)	($0.48)	($0.30)	($0.17)	($0.16)
Adjusted Weighted Average Basic Shares Outstanding	30.62M	29.38M	35.30M	37.82M	38.38M	37.60M	39.35M	42.36M	42.61M	41.78M	42.96M
Adjusted Diluted Earnings per Share	($1.28)	($1.29)	($1.01)	($0.88)	($0.61)	($0.57)	($0.64)	($0.48)	($0.30)	($0.17)	($0.16)
Adjusted Weighted Average Diluted Shares Outstanding	30.62M	29.38M	35.30M	37.82M	38.38M	37.60M	39.35M	42.36M	42.61M	41.78M	42.96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	33.10M	34.22M	37.78M	38.04M	38.23M	38.38M	42.01M	42.21M	42.45M	42.56M	43.02M
Normalized Net Operating Profit after Tax (NOPAT)	-29	-31	-26	-23	-18	-17	-18	-16	-10	-5.58	-4.29
Normalized NOPAT Margin	-1,531.51%	-237.96%	-95.53%	-57.12%	-36.60%	-25.74%	-23.48%	-15.13%	-8.57%	-3.68%	-2.64%
Pre Tax Income Margin	-2,092.36%	-320.45%	-129.39%	-81.57%	-48.67%	-34.80%	-32.07%	-19.81%	-10.60%	-4.16%	-2.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-47.94	-44.38	-38.52	-8.23	-10.26	-10.57	-11.91	-9.97	-6.36	-3.64	-2.92
NOPAT to Interest Expense	-33.40	-31.46	-26.84	-5.75	-7.20	-7.39	-8.31	-6.93	-4.48	-2.52	-2.01
EBIT Less CapEx to Interest Expense	-48.37	-44.38	-38.70	-8.49	-10.38	-10.61	-12.18	-10.42	-7.21	-6.51	-5.65
NOPAT Less CapEx to Interest Expense	-33.83	-31.46	-27.01	-6.01	-7.32	-7.43	-8.58	-7.38	-5.33	-5.39	-4.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Below is a concise trend analysis of Tarsus Pharmaceuticals (NASDAQ:TARS) using the most recent four years of quarterly statements provided. The focus is on revenue, margins, cash flows, liquidity, and leverage.

2025 revenue momentum: trailing four-quarter revenue is around $452 million, with quarterly totals rising from $78.3M (Q1 2025) to $151.7M (Q4 2025).
Gross margin remains very high in the latest quarter: Q4 2025 gross profit $140.741M on revenue $151.668M, implying roughly 93% gross margin.
Strong liquidity position: as of 9/30/2025, cash & equivalents about $112.724M and short-term investments about $289.113M, for total liquidity near $401.8M.
Operating cash flow showing improvement in late 2025: Q3 2025 net cash from continuing operating activities ≈ $18.26M; Q4 2025 ≈ $19.33M.
Investing cash flows contribute meaningfully in Q4 2025: net cash from continuing investing activities ≈ $49.27M, driven by a large sale of investments (about $92.08M) offset by purchases (≈$36.45M).
Earnings per share showing improvement: basic/diluted EPS at Q4 2025 is −$0.17, a meaningful narrowing from Q4 2024 (−$0.57) and a step up from Q3 2025 (−$0.30).
Debt posture remains manageable: long-term debt around $72M by late 2025, with total liabilities near $199M and total equity near $335M, indicating a relatively modest leverage profile for the size of the balance sheet.
Revenue growth is accompanied by growing productively invested capital: steady expansion in revenue across 2025 quarters suggests a path toward improved operating scale as cost controls catch up.
Balanced capital deployment supports future flexibility: quarterly equity issuance in some periods provides financing runway to fund development and growth initiatives without immediate liquidity concerns.

High operating expenses persist: in Q4 2025, selling, general & admin plus R&D totaled about $148.7M, exceeding gross profit and producing an operating loss of about $7.98M for the quarter.
Net income remains negative across the period: Q4 2025 net income (continuing operations) ≈ −$8.37M, though this is an improvement versus several prior quarters.
Some quarters still show negative cash from operating activities (e.g., Q2 2025 net cash from continuing operating activities ≈ −$29.4M), highlighting ongoing cash-flow volatility before scale-up effects.

Ongoing profitability risk: multiple quarters show net losses and negative pre-tax income, indicating substantial profitability risk until operating leverage improves further.
Expense structure is weighted to near-term cost-heavy activities: SG&A and R&D elevations in 2025 outpaced revenue growth, contributing to operating losses despite strong gross margins.

05/09/26 06:51 AM ETAI Generated. May Contain Errors.

Tarsus Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tarsus Pharmaceuticals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Tarsus Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of -$66.42 million in 2025, rising from -$4.67 million in 2019. The previous period was -$115.55 million in 2024. See where experts think Tarsus Pharmaceuticals is headed by visiting Tarsus Pharmaceuticals' forecast page.

Tarsus Pharmaceuticals' total operating income in 2025 was -$70.97 million, based on the following breakdown:

Total Gross Profit: $420.68 million
Total Operating Expenses: $491.65 million

Over the last 6 years, Tarsus Pharmaceuticals' total revenue changed from $0.00 in 2019 to $451.36 million in 2025, a change of 45,136,000,000.0%.

Tarsus Pharmaceuticals' total liabilities were at $218.73 million at the end of 2025, a 43.5% increase from 2024, and a 23,701.1% increase since 2019.

In the past 6 years, Tarsus Pharmaceuticals' cash and equivalents has ranged from $57.95 million in 2019 to $224.95 million in 2023, and is currently $183.64 million as of their latest financial filing in 2025.

Over the last 6 years, Tarsus Pharmaceuticals' book value per share changed from -2.54 in 2019 to 8.09 in 2025, a change of -418.3%.

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Financial statements for NASDAQ:TARS last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Tarsus Pharmaceuticals (TARS) Financials

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Tarsus Pharmaceuticals (TARS) Financials

Annual Income Statements for Tarsus Pharmaceuticals

Quarterly Income Statements for Tarsus Pharmaceuticals

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Quarterly Cash Flow Statements for Tarsus Pharmaceuticals

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Quarterly Balance Sheets for Tarsus Pharmaceuticals

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Quarterly Metrics And Ratios for Tarsus Pharmaceuticals

Financials Breakdown Chart

Key Financial Trends

Tarsus Pharmaceuticals Financials - Frequently Asked Questions

When does Tarsus Pharmaceuticals' financial year end?

How has Tarsus Pharmaceuticals' net income changed over the last 6 years?

What is Tarsus Pharmaceuticals' operating income?

How has Tarsus Pharmaceuticals' revenue changed over the last 6 years?

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How has Tarsus Pharmaceuticals' book value per share changed over the last 6 years?

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