Tarsus Pharmaceuticals, Inc. (TARS) Financial Statements
Industry: Biological Products, (No Diagnostic Substances)
In fiscal 2025, Tarsus Pharmaceuticals reported revenue of $451.4M, up 146.7% from $183.0M the year before. Net income was -$66.4M (a -14.7% net margin), or -$1.59 per diluted share. Gross margin was -15.7% and operating margin was -15.7%. Operating activities generated -$12.5M of cash, leaving -$22.3M of free cash flow. At fiscal year end, Tarsus Pharmaceuticals held $562.2M in total assets against $218.7M in total liabilities, including $183.6M of cash and equivalents.
Open the full interactive Tarsus Pharmaceuticals financials → Quarterly statements, key ratios, valuation history and price charts.
Tarsus Pharmaceuticals Key Stats
| Share Price | $70.82 |
|---|---|
| Market Cap | $3.07B |
| Revenue YoY Growth | +146.7% |
| 52-Week Range | $56.11 – $90.78 |
| Shares Outstanding | 43.4 million (basic, 2026 Q2) |
Tarsus Pharmaceuticals Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $57.0M | $25.8M | $17.4M | $183.0M | $451.4M |
| Cost of Goods Sold | — | — | — | $1.6M | $303.5M | $522.3M |
| Gross Profit | — | — | — | $15.9M | -$120.6M | -$71.0M |
| Operating Income | -$27.0M | -$12.2M | -$62.7M | -$143.2M | -$120.6M | -$71.0M |
| Pre-Tax Income | -$26.8M | -$13.8M | -$62.1M | -$135.9M | -$115.6M | -$64.4M |
| Income Tax | $1,000 | $55,000 | -$4,000 | $0 | $0 | $2.1M |
| Net Income | -$26.8M | -$13.8M | -$62.1M | -$135.9M | -$115.6M | -$66.4M |
| Diluted EPS | -$4.32 | -$0.67 | -$2.52 | -$4.62 | -$3.07 | -$1.59 |
Tarsus Pharmaceuticals Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $118.7M | $151.7M | $162.1M | $173.9M |
| Net Income | -$12.6M | -$8.4M | -$7.0M | -$18.6M |
| Diluted EPS | -$0.30 | -$0.20 | -$0.16 | -$0.43 |
Tarsus Pharmaceuticals Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $168.1M | $171.3M | $71.7M | $224.9M | $94.8M | $183.6M |
| Current Assets | $170.7M | $176.0M | $225.4M | $256.1M | $356.7M | $522.8M |
| Total Assets | $172.0M | $178.9M | $227.9M | $265.5M | $377.0M | $562.2M |
| Current Liabilities | $5.4M | $11.5M | $15.4M | $36.9M | $80.6M | $135.7M |
| Total Long-Term Debt | — | — | $19.4M | $29.8M | $71.8M | $72.4M |
| Total Liabilities | $6.0M | $12.2M | $35.0M | $68.5M | $152.5M | $218.7M |
| Shareholders' Equity | $166.0M | $166.7M | $192.9M | $197.0M | $224.5M | $343.4M |
Tarsus Pharmaceuticals Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$21.1M | $3.7M | -$49.0M | -$117.5M | -$83.0M | -$12.5M |
| Cash From Investing | -$456,000 | -$586,000 | -$144.6M | $140.6M | -$199.2M | -$42.1M |
| Cash From Financing | $131.8M | $21,000 | $94.0M | $130.2M | $154.7M | $143.4M |
| Free Cash Flow | -$21.6M | $3.2M | -$49.5M | -$119.0M | -$84.6M | -$22.3M |
Figures from Tarsus Pharmaceuticals' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Tarsus Pharmaceuticals financials page for every line item.
Tarsus Pharmaceuticals Company Profile
| Ticker | TARS |
|---|---|
| Exchange | Nasdaq |
| Industry | Biological Products, (No Diagnostic Substances) |
| Headquarters | Irvine, California |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001819790 |
Frequently Asked Questions
What was Tarsus Pharmaceuticals' revenue in fiscal 2025?
Tarsus Pharmaceuticals (TARS) reported revenue of $451.4M for fiscal 2025.
What is Tarsus Pharmaceuticals' annual revenue history?
Tarsus Pharmaceuticals' annual revenue by fiscal year: 2020: $0; 2021: $57.0M; 2022: $25.8M; 2023: $17.4M; 2024: $183.0M; 2025: $451.4M.
What was Tarsus Pharmaceuticals' net income in fiscal 2025?
Tarsus Pharmaceuticals reported net income of -$66.4M for fiscal 2025.
What was Tarsus Pharmaceuticals' earnings per share (EPS) in fiscal 2025?
Tarsus Pharmaceuticals' diluted EPS was -$1.59 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Tarsus Pharmaceuticals generate in fiscal 2025?
Tarsus Pharmaceuticals generated -$22.3M of free cash flow in fiscal 2025.
What was Tarsus Pharmaceuticals' revenue last quarter?
In its most recent reported quarter (2026 Q2), Tarsus Pharmaceuticals reported revenue of $173.9M.
How much debt does Tarsus Pharmaceuticals have?
Tarsus Pharmaceuticals reported $72.4M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Tarsus Pharmaceuticals are outstanding?
Tarsus Pharmaceuticals reported a weighted average of 43.4 million basic shares outstanding in 2026 Q2.
What is Tarsus Pharmaceuticals' market cap?
Based on its latest closing price, Tarsus Pharmaceuticals (TARS) has a market capitalization of about $3.07B.
When does Tarsus Pharmaceuticals' fiscal year end?
Tarsus Pharmaceuticals' fiscal year end, as registered with the SEC, is December 31.
Where is Tarsus Pharmaceuticals headquartered?
Tarsus Pharmaceuticals lists its business address in Irvine, California in its SEC filings.
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