TARS

MKT CAP:$3B

Tarsus Pharmaceuticals, Inc.

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$60.97-$19.80 (-24.51%)

Apr 23, 2026

Company Details

Tarsus Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutic candidates for ophthalmic conditions. Its lead product candidate is TP-03, a novel therapeutic t...

CEO

Bobak R. Azamian

IPO Date

Oct 16, 2020

Website

www.tarsusrx.com

Key Metrics TTM

Revenue

$451M

+146.7% YoY

Net Income

-$66M

EPS (Diluted)

-$1.62

Free Cash Flow

-$22M

Revenue / Share

$10.55

Gross Margin

89.6%

Operating Margin

-15.7%

Net Margin

-14.7%

FCF Margin

-4.9%

P/S

5.8x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 23, 2026

$451M+146.7%EPS -$1.59

Q4 2025

Feb 23, 2026

$152M+128.4%EPS -$0.20

Q3 2025

Nov 4, 2025

$119M+146.7%EPS -$0.30

Q2 2025

Aug 6, 2025

$103M+151.5%EPS -$0.48

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$539.0K	$506.0K	-$20M
Q2 22	$15M	$15M	-$5M
Q3 22	$0	-$211.0K	-$23M
Q4 22	$10M	$10M	-$15M
Q1 23	$3M	$2M	-$25M
Q2 23	$0	-$316.0K	-$33M
Q3 23	$2M	$1M	-$41M
Q4 23	$13M	$12M	-$44M
Q1 24	$28M	$26M	-$38M
Q2 24	$41M	$38M	-$33M
Q3 24	$48M	$45M	-$25M
Q4 24	$66M	$61M	-$24M
Q1 25	$78M	$73M	-$26M
Q2 25	$103M	$96M	-$22M
Q3 25	$119M	$94M	-$15M
Q4 25	$152M	$141M	-$8M

Valuation

Quarter	P/S	P/E
Q1 22	1240.5x	—
Q2 22	151.0x	—
Q3 22	162.6x	—
Q4 22	101.7x	—
Q1 23	94.5x	—
Q2 23	210.1x	—
Q3 23	182.7x	—
Q4 23	150.5x	—
Q1 24	61.7x	—
Q2 24	31.5x	—
Q3 24	20.3x	—
Q4 24	14.4x	—
Q1 25	11.2x	—
Q2 25	8.9x	—
Q3 25	7.2x	—
Q4 25	5.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$15M	-$15M
Q2 22	-$4M	-$4M
Q3 22	-$19M	-$19M
Q4 22	-$11M	-$11M
Q1 23	-$22M	-$22M
Q2 23	-$24M	-$25M
Q3 23	-$32M	-$37M
Q4 23	-$39M	-$39M
Q1 24	-$38M	-$38M
Q2 24	-$14M	-$15M
Q3 24	-$9M	-$9M
Q4 24	-$22M	-$27M
Q1 25	-$21M	-$21M
Q2 25	-$29M	-$30M
Q3 25	$18M	$16M
Q4 25	$19M	$13M

Capital Expenditures

Quarter	CapEx
Q1 22	$161.0K
Q2 22	$122.0K
Q3 22	$96.0K
Q4 22	$127.0K
Q1 23	$340.0K
Q2 23	$787.0K
Q3 23	$4M
Q4 23	$0
Q1 24	$174.0K
Q2 24	$1M
Q3 24	$282.0K
Q4 24	$5M
Q1 25	$590.0K
Q2 25	$1M
Q3 25	$2M
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+97.8%
Q2 22	—	+78.6%
Q3 22	-100.0%	+35.2%
Q4 22	+2858.6%	+69.5%
Q1 23	+363.8%	+36.8%
Q2 23	-100.0%	+60.1%
Q3 23	—	+86.9%
Q4 23	+30.8%	+129.5%
Q1 24	+1004.6%	+137.9%
Q2 24	—	+125.8%
Q3 24	+2471.8%	+71.2%
Q4 24	+407.9%	+57.9%
Q1 25	+183.7%	+60.2%
Q2 25	+151.5%	+68.4%
Q3 25	+146.7%	+81.8%
Q4 25	+128.4%	+75.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	496.1%
Q2 22	$4M	23.1%
Q3 22	$4M	—
Q4 22	$4M	36.7%
Q1 23	$4M	156.2%
Q2 23	$5M	—
Q3 23	$5M	280.6%
Q4 23	$5M	41.9%
Q1 24	$6M	20.0%
Q2 24	$7M	18.3%
Q3 24	$7M	15.4%
Q4 24	$7M	11.1%
Q1 25	$7M	8.8%
Q2 25	$8M	8.0%
Q3 25	$12M	10.3%
Q4 25	$14M	9.4%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$12M	$8M	—
Q2 22	$10M	$10M	—
Q3 22	$11M	—	$12M
Q4 22	$10M	$15M	—
Q1 23	$12M	—	$15M
Q2 23	$13M	—	$20M
Q3 23	$12M	$30M	—
Q4 23	$13M	—	$43M
Q1 24	$12M	—	$52M
Q2 24	$12M	—	$59M
Q3 24	$12M	—	$58M
Q4 24	$17M	—	$69M
Q1 25	$14M	—	$85M
Q2 25	$16M	—	$103M
Q3 25	$16M	—	$109M
Q4 25	$18M	—	$131M

Revenue Segments

Quarter	Collaboration	License And Collaboration	License and Service	Product
Q2 22	$1M	$522.0K	$14M	—
Q4 22	—	—	$10M	—
Q1 23	—	$3M	—	—
Q3 23	—	$218.0K	—	$2M
Q4 23	—	—	—	$13M
Q1 24	—	$3M	—	$25M
Q2 24	—	—	—	$41M
Q3 24	—	—	—	$48M
Q1 25	—	—	—	$78M
Q2 25	—	—	—	$103M
Q3 25	—	—	—	$119M
Q4 25	—	—	—	$152M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$175M	$291.0K	$175M
Q2 22	$245M	$0	$245M
Q3 22	$169M	$57M	$227M
Q4 22	$72M	$145M	$217M
Q1 23	$66M	$135M	$201M
Q2 23	$107M	$71M	$178M
Q3 23	$227M	$20M	$247M
Q4 23	$225M	$2M	$227M
Q1 24	$194M	$105M	$299M
Q2 24	$181M	$142M	$324M
Q3 24	$176M	$141M	$317M
Q4 24	$95M	$197M	$291M
Q1 25	$176M	$232M	$408M
Q2 25	$97M	$284M	$381M
Q3 25	$113M	$289M	$402M
Q4 25	$184M	$234M	$417M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	21M	+0.4%	+10.4%
Q2 22	24M	+17.5%	+15.5%
Q3 22	27M	+9.6%	+29.2%
Q4 22	26M	-3.7%	+24.5%
Q1 23	27M	+4.1%	+29.1%
Q2 23	27M	+0.3%	+10.2%
Q3 23	31M	+14.2%	+14.9%
Q4 23	32M	+4.3%	+24.4%
Q1 24	35M	+10.5%	+32.0%
Q2 24	38M	+7.1%	+41.0%
Q3 24	38M	+1.5%	+25.3%
Q4 24	39M	+0.5%	+20.7%
Q1 25	39M	+2.0%	+11.5%
Q2 25	42M	+7.7%	+12.0%
Q3 25	43M	+0.6%	+11.0%
Q4 25	43M	+0.4%	+11.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$11.7K	46
Q2 22	$332.1K	46
Q3 22	$0	46
Q4 22	$114.9K	87
Q1 23	$28.7K	87
Q2 23	$0	87
Q3 23	$21.5K	87
Q4 23	$53.6K	244
Q1 24	$113.2K	244
Q2 24	$167.3K	244
Q3 24	$197.2K	244
Q4 24	$205.6K	323
Q1 25	$242.5K	323
Q2 25	$317.8K	323
Q3 25	$367.5K	323
Q4 25	$409.9K	370

Revenue / Employee