What is Tarsus Pharmaceuticals' operating income?

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

Tarsus Pharmaceuticals (TARS) Financials

$76.89 +0.13 (+0.17%)

Closing price 11/12/2026 04:00 PM Eastern

Extended Trading

$76.91 +0.02 (+0.03%)

As of 11/12/2026 07:43 PM Eastern

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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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-36	-33	-23	-23	-25	-20	-13	-8.37	-6.97	-19	-668
Consolidated Net Income / (Loss)	-36	-33	-23	-23	-25	-20	-13	-8.37	-6.97	-19	-668
Net Income / (Loss) Continuing Operations	-36	-33	-23	-23	-25	-20	-13	-8.37	-6.97	-19	-670
Total Pre-Tax Income	-36	-33	-23	-23	-25	-20	-13	-6.31	-4.62	-16	-664
Total Operating Income	-38	-33	-25	-24	-26	-22	-15	-7.98	-6.12	-20	-662
Total Gross Profit	26	38	45	61	73	96	110	141	153	162	181
Total Revenue	28	41	48	66	78	103	119	152	162	174	195
Operating Revenue	28	41	48	66	78	103	119	152	162	174	195
Total Cost of Revenue	1.65	3.00	3.24	4.93	5.21	6.24	8.31	11	9.40	12	14
Operating Cost of Revenue	1.65	3.00	3.24	4.93	5.21	6.24	8.31	11	9.40	12	14
Total Operating Expenses	64	71	70	86	99	119	125	149	159	182	843
Selling, General & Admin Expense	52	59	58	69	85	103	109	131	136	151	168
Research & Development Expense	12	12	12	17	14	16	16	18	22	31	676
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	-	-	-	-1.62
Total Other Income / (Expense), net	1.95	0.01	1.74	1.31	1.16	1.84	1.94	1.66	1.51	4.07	-1.60
Interest Expense	0.98	4.05	2.45	2.31	2.21	2.24	2.27	2.21	2.13	2.16	2.19
Interest & Investment Income	3.12	4.13	4.12	3.65	3.45	4.23	4.11	3.95	3.72	6.51	0.50
Other Income / (Expense), net	-0.18	-0.07	0.07	-0.03	-0.08	-0.15	0.10	-0.07	-0.09	-0.28	0.09
Income Tax Expense	-	-	-	-	0.00	0.00	0.00	-	2.35	2.72	4.64
Other Gains / (Losses), net	-	0.01	-	-	-	-	-	-	-	-	-1.60
Basic Earnings per Share	($1.01)	($0.88)	($0.61)	($0.57)	($0.64)	($0.48)	($0.30)	($0.17)	($0.16)	($0.43)	($14.40)
Weighted Average Basic Shares Outstanding	35.30M	37.82M	38.38M	37.60M	39.35M	42.36M	42.61M	41.78M	42.96M	43.39M	46.42M
Diluted Earnings per Share	($1.01)	($0.88)	($0.61)	($0.57)	($0.64)	($0.48)	($0.30)	($0.17)	($0.16)	($0.43)	($14.40)
Weighted Average Diluted Shares Outstanding	35.30M	37.82M	38.38M	37.60M	39.35M	42.36M	42.61M	41.78M	42.96M	43.39M	46.42M
Weighted Average Basic & Diluted Shares Outstanding	37.78M	38.04M	38.23M	38.38M	42.01M	42.21M	42.45M	42.56M	43.02M	43.88M	49.31M

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	-31	-13	-4.89	-79	81	-79	16	71	-82	102	-68
Net Cash From Operating Activities	-38	-14	-8.65	-22	-21	-29	18	19	-25	61	-6.00
Net Cash From Continuing Operating Activities	-38	-14	-8.74	-22	-21	-29	18	19	-25	61	-6.00
Net Income / (Loss) Continuing Operations	-36	-33	-23	-23	-25	-20	-13	-8.37	-6.97	-19	-668
Consolidated Net Income / (Loss)	-36	-33	-23	-23	-25	-20	-13	-8.37	-6.97	-19	-668
Depreciation Expense	0.17	0.14	0.18	0.19	0.22	0.21	0.22	0.20	0.20	0.76	0.79
Amortization Expense	-0.08	-1.10	-0.92	-1.10	-0.94	-1.32	-1.14	-0.53	-0.45	-0.36	-0.03
Non-Cash Adjustments To Reconcile Net Income	6.44	9.81	7.50	7.57	7.09	8.42	12	14	12	11	666
Changes in Operating Assets and Liabilities, net	-8.59	10	7.91	-5.73	-1.91	-16	19	14	-29	69	-4.28
Net Cash From Investing Activities	-102	-41	3.13	-60	-35	-52	-4.74	49	-59	38	-189
Net Cash From Continuing Investing Activities	-102	-41	3.13	-60	-35	-52	-4.74	49	-59	38	-189
Purchase of Property, Plant & Equipment	-0.17	-1.04	-0.28	-0.07	-0.59	-1.00	-1.91	-6.36	-5.82	-4.07	-1.21
Sale and/or Maturity of Investments	2.50	11	24	35	91	79	100	92	74	44	72
Net Cash From Financing Activities	109	42	0.64	2.93	137	1.95	2.56	2.31	1.20	3.30	128
Net Cash From Continuing Financing Activities	109	42	0.64	2.93	137	1.95	2.56	2.31	1.20	3.30	128
Issuance of Common Equity	108	2.68	0.68	-2.68	135	0.75	-	1.24	0.00	1.44	120
Other Financing Activities, net	0.80	-	-	-	1.44	1.21	2.56	1.08	1.20	1.86	7.48
Cash Interest Paid	0.87	0.47	4.15	2.17	2.07	2.09	2.12	2.06	1.97	1.99	2.01
Cash Income Taxes Paid	-	-	-	-	0.00	-	-	-	1.93	2.84	1.08

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	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	6/30/2026	9/30/2026
Total Assets	189	268	349	377	376	501	495	535	581	611	505
Total Current Assets	183	259	341	363	357	481	474	502	537	562	445
Cash & Equivalents	107	227	194	181	176	176	97	113	102	205	137
Restricted Cash	-	-	-	-	-	-	-	-	0.00	0.00	0.00
Short-Term Investments	71	20	105	142	141	232	284	289	287	245	173
Accounts Receivable	0.25	6.37	31	31	30	64	60	74	117	98	102
Inventories, net	-	0.02	4.04	2.20	2.85	2.71	3.87	3.84	4.57	4.38	5.16
Prepaid Expenses	5.00	6.01	6.80	5.97	7.02	6.00	29	22	27	9.61	29
Plant, Property, & Equipment, net	1.54	1.61	1.34	2.24	2.39	2.79	3.18	5.75	18	20	21
Total Noncurrent Assets	3.91	7.44	7.22	9.48	17	17	17	27	26	29	39
Long-Term Investments	0.32	0.21	0.00	3.00	3.00	3.00	3.00	3.00	3.87	6.68	6.68
Intangible Assets	-	3.97	3.77	3.67	8.57	8.09	7.85	7.61	7.13	6.89	17
Other Noncurrent Operating Assets	3.59	3.26	3.45	2.82	5.22	6.10	6.54	17	15	15	16
Total Liabilities & Shareholders' Equity	189	268	349	377	376	501	495	535	581	611	505
Total Liabilities	41	55	74	125	139	158	162	199	232	264	401
Total Current Liabilities	15	23	43	52	66	86	90	117	144	176	227
Accounts Payable	9.46	15	37	44	55	76	79	103	135	164	193
Current Employee Benefit Liabilities	5.31	7.90	5.96	8.05	11	9.93	12	14	8.53	12	34
Total Noncurrent Liabilities	26	31	32	73	73	72	72	82	89	89	174
Long-Term Debt	25	30	30	72	72	72	72	72	73	73	73
Other Noncurrent Operating Liabilities	1.83	1.71	1.61	1.45	1.24	-	-	10	16	16	101
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	148	214	275	252	237	342	333	335	349	347	104
Total Preferred & Common Equity	148	214	275	252	237	342	333	335	349	347	104
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	148	214	275	252	237	342	333	335	349	347	104
Common Stock	311	416	556	566	574	728	738	753	783	799	1,225
Retained Earnings	-164	-203	-280	-314	-337	-385	-406	-418	-434	-452	-1,120
Accumulated Other Comprehensive Income / (Loss)	-0.02	-0.01	-0.06	-0.18	0.35	0.09	0.04	0.29	-0.30	-0.56	-0.91

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	6/30/2026	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	42,557,492.00	43,023,959.00	43,882,996.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	42,557,492.00	43,023,959.00	43,882,996.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-0.16	-0.43	-15.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1,004.56%	0.00%	2,471.78%	407.86%	183.68%	151.54%	146.68%	128.39%	106.87%	69.41%	63.92%
EBITDA Growth	-43.47%	-2.07%	37.47%	41.74%	28.32%	31.71%	40.55%	66.97%	76.13%	15.59%	-4,206.96%
EBIT Growth	-51.29%	-1.62%	38.99%	44.30%	30.38%	33.08%	42.49%	67.07%	76.45%	9.58%	-4,487.37%
NOPAT Growth	-51.03%	-1.47%	38.53%	45.06%	30.26%	33.39%	42.26%	67.34%	76.70%	10.26%	-4,457.05%
Net Income Growth	-52.57%	-5.94%	40.18%	44.84%	29.70%	38.90%	46.26%	63.77%	72.27%	8.80%	-5,210.56%
EPS Growth	-14.77%	24.79%	52.34%	55.81%	36.63%	45.45%	50.82%	70.18%	75.00%	10.42%	-4,700.00%
Operating Cash Flow Growth	-72.00%	39.55%	73.26%	43.61%	45.35%	-104.02%	311.01%	187.14%	-19.37%	308.33%	-132.88%
Free Cash Flow Firm Growth	-76.12%	-12.59%	64.36%	41.67%	58.20%	-70.88%	-121.78%	111.07%	-94.13%	205.13%	-1,271.10%
Invested Capital Growth	283.58%	14.89%	-189.01%	258.21%	-46.74%	489.45%	123.48%	-391.26%	720.93%	-279.04%	-5,615.84%
Revenue Q/Q Growth	111.18%	47.80%	17.90%	38.01%	17.96%	31.05%	15.62%	27.78%	6.85%	7.32%	11.88%
EBITDA Q/Q Growth	13.29%	9.12%	24.76%	1.81%	-6.77%	13.43%	34.50%	45.44%	22.85%	-206.17%	-3,242.17%
EBIT Q/Q Growth	13.73%	11.88%	24.79%	2.58%	-7.82%	15.30%	35.37%	44.22%	22.87%	-225.16%	-3,179.03%
NOPAT Q/Q Growth	15.22%	11.63%	24.44%	2.94%	-7.61%	15.59%	34.51%	45.10%	23.24%	-225.19%	-3,225.77%
Net Income Q/Q Growth	14.73%	6.83%	29.65%	1.31%	-8.68%	19.03%	38.13%	33.47%	16.79%	-166.27%	-3,502.68%
EPS Q/Q Growth	21.71%	12.87%	30.68%	6.56%	-12.28%	25.00%	37.50%	43.33%	5.88%	-168.75%	-3,248.84%
Operating Cash Flow Q/Q Growth	3.93%	61.88%	39.93%	-156.38%	6.90%	-42.30%	162.13%	5.88%	-227.53%	348.35%	-109.80%
Free Cash Flow Firm Q/Q Growth	-4.85%	33.79%	56.36%	-92.54%	24.86%	-170.66%	43.36%	109.61%	-1,418.01%	246.57%	-838.65%
Invested Capital Q/Q Growth	622.91%	-179.89%	-103.44%	118.62%	76.04%	484.17%	-87.74%	-330.96%	596.16%	-227.40%	-277.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	94.01%	92.64%	93.26%	92.58%	93.35%	93.92%	93.00%	92.80%	94.20%	93.04%	92.86%
EBITDA Margin	-136.78%	-84.10%	-53.67%	-38.19%	-34.56%	-22.83%	-12.93%	-5.52%	-3.99%	-11.38%	-339.85%
Operating Margin	-136.47%	-81.60%	-52.29%	-36.77%	-33.55%	-21.61%	-12.24%	-5.26%	-3.78%	-11.45%	-340.29%
EBIT Margin	-137.12%	-81.76%	-52.15%	-36.81%	-33.65%	-21.75%	-12.16%	-5.31%	-3.83%	-11.61%	-340.24%
Profit (Net Income) Margin	-129.39%	-81.57%	-48.67%	-34.80%	-32.07%	-19.81%	-10.60%	-5.52%	-4.30%	-10.67%	-343.49%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	132.61%	150.96%	117.15%	100.70%
Interest Burden Percent	94.36%	99.77%	93.33%	94.54%	95.29%	91.09%	87.21%	78.43%	74.33%	78.43%	100.26%
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)	-2,697.89%	0.00%	0.00%	-12,780.36%	-1,081.72%	-583.99%	0.00%	0.00%	-87.15%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-2,693.69%	0.00%	0.00%	-12,777.50%	-1,079.50%	-582.30%	0.00%	0.00%	-86.34%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	2,675.60%	0.00%	0.00%	12,755.16%	1,061.77%	567.06%	0.00%	0.00%	82.28%	0.00%	0.00%
Return on Equity (ROE)	-22.30%	-75.04%	-59.56%	-25.20%	-19.95%	-16.93%	-28.35%	-23.39%	-4.87%	-13.68%	-319.84%
Cash Return on Invested Capital (CROIC)	-1,802.86%	0.00%	0.00%	-4,376.80%	-1,445.33%	-458.88%	-2,948.37%	0.00%	-375.63%	0.00%	0.00%
Operating Return on Assets (OROA)	-20.82%	-24.10%	-20.97%	-20.97%	-18.50%	-14.75%	-9.77%	-5.10%	-3.79%	-12.73%	-446.35%
Return on Assets (ROA)	-19.65%	-24.04%	-19.57%	-19.82%	-17.63%	-13.43%	-8.52%	-5.31%	-4.25%	-11.69%	-450.61%
Return on Common Equity (ROCE)	-22.30%	-75.04%	-59.56%	-25.20%	-19.95%	-16.93%	-28.35%	-23.39%	-4.87%	-13.68%	-319.84%
Return on Equity Simple (ROE_SIMPLE)	-53.85%	-59.49%	-56.57%	0.00%	-30.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-26	-23	-18	-17	-18	-16	-10	-5.58	-4.29	-14	-463
NOPAT Margin	-95.53%	-57.12%	-36.60%	-25.74%	-23.48%	-15.13%	-8.57%	-3.68%	-2.64%	-8.01%	-238.20%
Net Nonoperating Expense Percent (NNEP)	-4.20%	-4.85%	-2.49%	-2.86%	-2.21%	-1.69%	-0.83%	-0.98%	-0.81%	-1.33%	-71.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-5.77%	-4.44%	-3.84%	-2.50%	-1.34%	-1.02%	-3.32%	-261.90%
Cost of Revenue to Revenue	5.99%	7.36%	6.74%	7.42%	6.65%	6.08%	7.00%	7.20%	5.80%	6.97%	7.14%
SG&A Expenses to Revenue	186.78%	144.05%	120.35%	103.95%	108.50%	100.34%	91.52%	86.16%	84.19%	86.65%	86.36%
R&D to Revenue	43.70%	30.18%	25.20%	25.41%	18.39%	15.19%	13.72%	11.89%	13.79%	17.83%	347.62%
Operating Expenses to Revenue	230.48%	174.24%	145.55%	129.36%	126.90%	115.53%	105.24%	98.05%	97.98%	104.48%	433.15%
Earnings before Interest and Taxes (EBIT)	-38	-33	-25	-24	-26	-22	-14	-8.05	-6.21	-20	-662
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-38	-34	-26	-25	-27	-23	-15	-8.38	-6.46	-20	-661
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.37	4.07	5.27	9.43	5.76	5.12	7.49	10.12	8.56	7.81	33.16
Price to Tangible Book Value (P/TBV)	4.43	4.13	5.47	9.79	5.90	5.24	7.66	10.34	8.73	7.97	39.48
Price to Revenue (P/Rev)	28.27	12.32	9.65	11.57	8.44	5.76	6.85	7.70	5.58	4.47	5.06
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)	141.20	0.00	0.00	945.63	462.99	67.48	861.53	0.00	92.08	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	21.96	9.26	7.74	10.35	6.99	4.70	5.94	6.93	4.98	3.83	4.70
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	31.34	64.26
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	98.90	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.11	0.28	0.30	0.32	0.21	0.22	0.22	0.21	0.21	0.21	0.70
Long-Term Debt to Equity	0.11	0.28	0.30	0.32	0.21	0.22	0.22	0.21	0.21	0.21	0.70
Financial Leverage	-0.99	-1.03	-1.03	-1.00	-0.98	-0.97	-1.01	-1.01	-0.95	-1.02	-1.31
Leverage Ratio	1.25	1.41	1.43	1.52	1.38	1.49	1.59	1.65	1.56	1.63	2.37
Compound Leverage Factor	1.18	1.41	1.33	1.44	1.31	1.36	1.39	1.30	1.16	1.28	2.37
Debt to Total Capital	9.81%	22.10%	23.19%	24.24%	17.37%	17.82%	17.74%	17.42%	17.22%	17.35%	41.21%
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	9.81%	22.10%	23.19%	24.24%	17.37%	17.82%	17.74%	17.42%	17.22%	17.35%	41.21%
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	90.19%	77.90%	76.81%	75.76%	82.63%	82.18%	82.26%	82.58%	82.78%	82.65%	58.79%
Debt to EBITDA	-0.19	-0.46	-0.51	-0.58	-0.64	-0.71	-0.79	-0.98	-1.35	-1.46	-0.10
Net Debt to EBITDA	1.72	1.63	1.76	1.81	3.01	3.07	3.65	4.70	5.97	7.68	0.35
Long-Term Debt to EBITDA	-0.19	-0.46	-0.51	-0.58	-0.64	-0.71	-0.79	-0.98	-1.35	-1.46	-0.10
Debt to NOPAT	-0.27	-0.65	-0.73	-0.85	-0.94	-1.05	-1.18	-1.46	-2.04	-2.14	-0.15
Net Debt to NOPAT	2.46	2.33	2.52	2.64	4.44	4.55	5.43	7.03	9.00	11.29	0.50
Long-Term Debt to NOPAT	-0.27	-0.65	-0.73	-0.85	-0.94	-1.05	-1.18	-1.46	-2.04	-2.14	-0.15
Altman Z-Score	9.41	4.70	5.21	8.14	7.63	6.52	7.91	10.05	8.37	6.75	-0.40
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	8.01	7.03	5.42	4.43	5.57	5.26	4.29	3.85	3.74	3.20	1.96
Quick Ratio	7.76	6.87	5.27	4.21	5.47	4.89	4.07	3.72	3.53	3.12	1.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-37	-24	-11	-20	-15	-41	-23	2.25	-30	44	-322
Operating Cash Flow to CapEx	-21,717.82%	-1,382.34%	-3,101.08%	-30,808.33%	-3,500.17%	-2,935.76%	955.86%	304.03%	-423.72%	1,504.62%	-494.81%
Free Cash Flow to Firm to Interest Expense	-37.24	-5.98	-4.33	-8.81	-6.91	-18.49	-10.34	1.02	-13.96	20.20	-147.19
Operating Cash Flow to Interest Expense	-38.44	-3.55	-3.54	-9.59	-9.33	-13.12	8.05	8.73	-11.58	28.40	-2.75
Operating Cash Flow Less CapEx to Interest Expense	-38.62	-3.81	-3.65	-9.63	-9.60	-13.57	7.21	5.86	-14.32	26.51	-3.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.29	0.40	0.57	0.55	0.68	0.80	0.96	0.99	1.10	1.31
Accounts Receivable Turnover	2.48	5.36	7.07	5.56	4.89	6.49	7.00	6.68	5.90	7.65	7.73
Inventory Turnover	0.00	0.00	6.37	4.48	4.86	6.47	7.39	8.78	9.58	9.88	10.30
Fixed Asset Turnover	33.63	44.09	64.70	96.75	113.30	108.99	89.96	64.58	52.31	51.23	51.56
Accounts Payable Turnover	0.14	0.24	0.26	0.29	0.29	0.32	0.31	0.34	0.33	0.34	0.31
Days Sales Outstanding (DSO)	146.99	68.05	51.64	65.61	74.60	56.25	52.16	54.65	61.86	47.72	47.20
Days Inventory Outstanding (DIO)	0.00	0.00	57.28	81.49	75.09	56.45	49.41	41.59	38.09	36.95	35.43
Days Payable Outstanding (DPO)	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	1,086.21	1,167.07
Cash Conversion Cycle (CCC)	-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	-1,001.53	-1,084.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6.62	-5.29	-11	2.00	3.53	21	2.53	-5.83	29	-37	-139
Invested Capital Turnover	28.24	-14.50	-17.90	496.48	46.06	38.61	-88.92	-235.64	32.96	-74.49	-9.97
Increase / (Decrease) in Invested Capital	10	0.93	-7.04	3.27	-3.09	26	13	-7.84	25	-57	-142
Enterprise Value (EV)	935	772	1,003	1,894	1,633	1,390	2,176	3,126	2,665	2,324	3,206
Market Capitalization	1,203	1,027	1,251	2,117	1,971	1,702	2,509	3,476	2,985	2,708	3,450
Book Value per Share	$7.80	$6.68	$6.24	$5.87	$8.92	$7.92	$7.94	$8.09	$8.20	$8.06	$2.37
Tangible Book Value per Share	$7.69	$6.58	$6.02	$5.66	$8.71	$7.73	$7.76	$7.92	$8.03	$7.90	$1.99
Total Capital	305	324	309	296	414	405	407	416	422	419	177
Total Debt	30	72	72	72	72	72	72	72	73	73	73
Total Long-Term Debt	30	72	72	72	72	72	72	72	73	73	73
Net Debt	-269	-255	-248	-223	-339	-312	-333	-349	-320	-384	-243
Capital Expenditures (CapEx)	0.17	1.04	0.28	0.07	0.59	1.00	1.91	6.36	5.82	4.07	1.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.33	-13	-26	-15	-13	3.03	-17	-31	4.99	-63	-91
Debt-free Net Working Capital (DFNWC)	298	311	291	276	394	384	385	387	394	386	218
Net Working Capital (NWC)	298	311	291	276	394	384	385	387	394	386	218
Net Nonoperating Expense (NNE)	9.35	9.98	5.81	6.02	6.72	4.81	2.41	2.79	2.68	4.62	205
Net Nonoperating Obligations (NNO)	-269	-258	-248	-223	-339	-312	-333	-349	-320	-384	-243
Total Depreciation and Amortization (D&A)	0.09	-0.96	-0.73	-0.91	-0.72	-1.11	-0.92	-0.33	-0.25	0.40	0.76
Debt-free, Cash-free Net Working Capital to Revenue	-0.77%	-15.07%	-19.83%	-8.35%	-5.76%	1.03%	-4.69%	-6.81%	0.93%	-10.47%	-13.38%
Debt-free Net Working Capital to Revenue	700.63%	373.04%	224.69%	150.91%	168.81%	130.00%	105.07%	85.76%	73.58%	63.70%	32.00%
Net Working Capital to Revenue	700.63%	373.04%	224.69%	150.91%	168.81%	130.00%	105.07%	85.76%	73.58%	63.70%	32.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.01)	($0.88)	($0.61)	($0.57)	($0.64)	($0.48)	($0.30)	($0.17)	($0.16)	($0.43)	($14.40)
Adjusted Weighted Average Basic Shares Outstanding	35.30M	37.82M	38.38M	37.60M	39.35M	42.36M	42.61M	41.78M	42.96M	43.39M	46.42M
Adjusted Diluted Earnings per Share	($1.01)	($0.88)	($0.61)	($0.57)	($0.64)	($0.48)	($0.30)	($0.17)	($0.16)	($0.43)	($14.40)
Adjusted Weighted Average Diluted Shares Outstanding	35.30M	37.82M	38.38M	37.60M	39.35M	42.36M	42.61M	41.78M	42.96M	43.39M	46.42M
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	37.78M	38.04M	38.23M	38.38M	42.01M	42.21M	42.45M	42.56M	43.02M	43.88M	49.31M
Normalized Net Operating Profit after Tax (NOPAT)	-26	-23	-18	-17	-18	-16	-10	-5.58	-4.29	-14	-465
Normalized NOPAT Margin	-95.53%	-57.12%	-36.60%	-25.74%	-23.48%	-15.13%	-8.57%	-3.68%	-2.64%	-8.01%	-238.78%
Pre Tax Income Margin	-129.39%	-81.57%	-48.67%	-34.80%	-32.07%	-19.81%	-10.60%	-4.16%	-2.85%	-9.11%	-341.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-38.52	-8.23	-10.26	-10.57	-11.91	-9.97	-6.36	-3.64	-2.92	-9.36	-302.98
NOPAT to Interest Expense	-26.84	-5.75	-7.20	-7.39	-8.31	-6.93	-4.48	-2.52	-2.01	-6.46	-212.11
EBIT Less CapEx to Interest Expense	-38.70	-8.49	-10.38	-10.61	-12.18	-10.42	-7.21	-6.51	-5.65	-11.25	-303.53
NOPAT Less CapEx to Interest Expense	-27.01	-6.01	-7.32	-7.43	-8.58	-7.38	-5.33	-5.39	-4.75	-8.35	-212.67
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

Tarsus Pharmaceuticals’ financial profile continues to improve as revenue scales, but the company remains unprofitable and dependent on its cash reserves and capital markets. Revenue increased from $2.5 million in Q1 2023 to $173.9 million in Q2 2026. On a year-over-year basis, Q2 2026 revenue rose approximately 69% from $102.7 million in Q2 2025. Revenue also grew sequentially from $162.1 million in Q1 2026.

Gross margins have remained strong near 93%, indicating that the company’s product economics are favorable as sales expand. However, operating expenses continue to exceed gross profit. Q2 2026 selling, general and administrative expense rose to $150.7 million, while research and development expense increased to $31.0 million. As a result, the operating loss was $19.9 million, compared with a $6.1 million loss in Q1 2026.

Tarsus reported a Q2 2026 net loss of $18.6 million, or $0.43 per diluted share. This was an improvement from the $20.3 million loss in Q2 2025, but a significant deterioration from the $7.0 million loss in Q1 2026. The company has reported losses in every period provided, and retained earnings declined to negative $452.1 million.

Liquidity is currently a major strength. At June 30, 2026, Tarsus held $204.6 million in cash and $245.1 million in short-term investments, or approximately $449.7 million in readily available funds. This compares with $381.1 million at June 30, 2025. Total liabilities were $264.4 million, including $72.8 million of long-term debt, while total equity stood at $346.7 million.

Operating cash flow was positive at $61.2 million in Q2 2026, a sharp improvement from negative operating cash flow of $24.7 million in Q1 2026 and negative $29.4 million in Q2 2025. Investors should note that the quarterly cash inflow was heavily supported by a $68.6 million favorable change in operating assets and liabilities, including changes in accounts receivable and accounts payable. This may not represent the company’s sustainable cash-generation rate.

Rapid revenue growth: Quarterly revenue increased from $2.5 million in Q1 2023 to $173.9 million in Q2 2026, with Q2 2026 revenue up approximately 69% year over year.
Strong gross profitability: Gross profit reached $161.8 million in Q2 2026, representing a gross margin of approximately 93%, broadly consistent with recent quarters.
Improved year-over-year losses: The Q2 2026 net loss of $18.6 million was narrower than the $20.3 million loss reported in Q2 2025.
Substantial liquidity: Cash and short-term investments totaled approximately $449.7 million at the end of Q2 2026, providing a significant funding cushion.
Positive quarterly operating cash flow: Tarsus generated $61.2 million of operating cash flow in Q2 2026, helped by strong collections and working-capital movements.
Operating leverage remains unproven: Revenue growth has been strong, but operating expenses still exceeded gross profit by approximately $19.9 million in Q2 2026.
Cash generation may be volatile: The Q2 operating cash-flow improvement was driven substantially by a $68.6 million working-capital benefit rather than by positive net income.
Continuing net losses: Tarsus has not yet reached profitability, and its Q2 2026 loss widened sequentially from $7.0 million in Q1 2026.
Accumulated deficit: Retained earnings were negative $452.1 million at June 30, 2026, reflecting the company’s long history of operating losses.
Shareholder dilution: Weighted-average basic shares increased from approximately 26.8 million in Q2 2023 to 43.4 million in Q2 2026, while the company has continued to receive cash from equity issuance.

11/13/26 06:47 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' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Tarsus Pharmaceuticals' net income appears to be on a downward trend, with a most recent value of -$66.42 million in 2025, falling from -$4.67 million in 2019. The previous period was -$115.55 million in 2024. Check out Tarsus Pharmaceuticals' forecast to explore projected trends and price targets.

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%.

In the past 13 quarters, Tarsus Pharmaceuticals' cash and equivalents has ranged from $96.65 million in Q2 2025 to $226.67 million in Q3 2023, and is currently $136.53 million as of their latest financial filing in Q3 2026.

Tarsus Pharmaceuticals had total debt of $72.44 million at the end of 2025, a 0.8% increase from 2024, and none in 2019.

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

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Financial statements for NASDAQ:TARS last updated on 11/3/2026 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

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Tarsus Pharmaceuticals Financials - Frequently Asked Questions

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

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