TARS · Tarsus Pharmaceuticals, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $162.05M | - | $118.70M | $102.66M | $78.33M | - | $48.12M | $0 | $27.61M | - |
| Cost of Revenue | $9.40M | - | - | - | - | - | - | - | - | - |
| Gross Profit | $152.66M | - | - | - | - | - | - | - | - | - |
| R&D | $22.35M | - | $16.28M | $15.59M | $14.41M | - | $12.13M | $12.32M | $12.07M | - |
| SG&A | $136.43M | - | $108.63M | $103.01M | $51.58M | - | $57.91M | $58.79M | $51.58M | - |
| Total Operating Expenses | $168.18M | - | $133.23M | $124.84M | $104.61M | - | $73.28M | $74.11M | $65.30M | - |
| D&A | $197.0K | - | $200.0K | $200.0K | $220.0K | - | $200.0K | $100.0K | $170.0K | - |
| Operating Income | ($6.12M) | - | ($14.53M) | ($22.18M) | ($26.28M) | - | ($25.16M) | ($33.30M) | ($37.68M) | - |
| Interest Expense | $2.13M | - | $2.27M | $2.24M | $2.21M | - | $2.44M | $2.11M | $983.0K | - |
| Income Tax | $2.35M | - | - | - | - | - | - | - | - | - |
| Net Income | ($6.97M) | - | ($12.59M) | ($20.34M) | ($25.12M) | - | ($23.42M) | ($33.29M) | ($35.73M) | - |
| EPS - Basic | ($0.16) | - | ($0.30) | ($0.48) | ($0.64) | - | ($0.61) | ($0.88) | ($1.01) | - |
| EPS - Diluted | ($0.16) | - | ($0.30) | ($0.48) | ($0.64) | - | ($0.61) | ($0.88) | ($1.01) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $102.19M | $183.64M | $112.72M | $96.65M | $175.79M | $94.82M | $176.21M | $181.09M | $193.71M | $224.95M |
| Accounts Receivable | $100.34M | $85.06M | $72.62M | $58.33M | $62.43M | $46.76M | $29.16M | $29.53M | $29.89M | $16.62M |
| Inventory | $4.57M | $4.37M | $3.84M | $3.87M | $2.71M | $2.62M | $2.85M | $2.19M | $4.04M | $3.11M |
| Accounts Payable | $24.13M | $16.39M | $40.64M | $28.07M | $28.38M | $9.42M | $26.82M | $26.65M | $18.15M | - |
| Current Assets | $537.23M | $522.78M | $501.70M | $474.43M | $480.77M | $356.70M | $357.12M | $362.59M | $340.72M | $256.13M |
| Total Assets | $581.13M | $562.16M | $534.56M | $494.99M | $500.75M | $376.99M | $376.30M | $376.84M | $349.28M | $265.49M |
| Current Liabilities | $143.51M | $135.69M | $117.05M | $90.25M | $86.31M | $80.61M | $65.87M | $51.57M | $42.53M | $36.94M |
| Long-term Debt | $72.60M | $72.44M | $72.28M | $72.13M | $71.98M | $71.84M | $71.71M | $71.58M | $29.93M | $29.82M |
| Total Liabilities | $232.18M | $218.73M | $199.48M | $162.38M | $158.29M | $152.46M | $138.82M | $124.60M | $74.07M | $68.50M |
| Stockholders' Equity | $348.95M | $343.43M | $335.08M | $332.61M | $342.46M | $224.53M | $237.48M | $252.25M | $275.21M | $196.99M |
| Retained Earnings | ($433.60M) | ($426.63M) | ($418.25M) | ($405.67M) | ($385.33M) | ($360.21M) | ($337.10M) | ($313.68M) | ($280.39M) | ($244.66M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($24.65M) | - | - | - | ($20.65M) | - | - | - | ($37.79M) | - |
| Investing Cash Flow | ($58.56M) | - | - | - | ($34.94M) | - | - | - | ($102.22M) | - |
| Financing Cash Flow | $1.20M | - | - | - | $136.56M | - | - | - | $108.77M | - |
| CapEx | $5.82M | - | - | - | $590.0K | - | - | - | $174.0K | - |
| Free Cash Flow | ($30.47M) | - | - | - | ($21.24M) | - | - | - | ($37.96M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 94.2% | - | - | - | - | - | - | - | - | - |
| Operating margin | -3.8% | - | -12.2% | -21.6% | -33.5% | - | -52.3% | - | -136.5% | - |
| EBITDA margin | -3.7% | - | -12.1% | -21.4% | -33.3% | - | -51.9% | - | -135.9% | - |
| Net margin | -4.3% | - | -10.6% | -19.8% | -32.1% | - | -48.7% | - | -129.4% | - |
| Free cash flow margin | -18.8% | - | - | - | -27.1% | - | - | - | -137.5% | - |
| FCF / Net income | 4.37 | - | - | - | 0.85 | - | - | - | 1.06 | - |
| R&D / Revenue | 13.8% | - | 13.7% | 15.2% | 18.4% | - | 25.2% | - | 43.7% | - |
| SG&A / Revenue | 84.2% | - | 91.5% | 100.3% | 65.8% | - | 120.3% | - | 186.8% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -1.2% | - | -2.4% | -4.1% | -5.0% | - | -6.2% | -8.8% | -10.2% | - |
| Return on equity | -2.0% | - | -3.8% | -6.1% | -7.3% | - | -9.9% | -13.2% | -13.0% | - |
| Return on invested capital | -1.1% | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 3.74 | 3.85 | 4.29 | 5.26 | 5.57 | 4.42 | 5.42 | 7.03 | 8.01 | 6.93 |
| Quick ratio | 3.71 | 3.82 | 4.25 | 5.21 | 5.54 | 4.39 | 5.38 | 6.99 | 7.92 | 6.85 |
| Cash ratio | 0.71 | 1.35 | 0.96 | 1.07 | 2.04 | 1.18 | 2.68 | 3.51 | 4.55 | 6.09 |
| Leverage | ||||||||||
| Debt / Equity | 0.21 | 0.21 | 0.22 | 0.22 | 0.21 | 0.32 | 0.30 | 0.28 | 0.11 | 0.15 |
| Debt / Assets | 0.12 | 0.13 | 0.14 | 0.15 | 0.14 | 0.19 | 0.19 | 0.19 | 0.09 | 0.11 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -2.9x | - | -6.4x | -9.9x | -11.9x | - | -10.3x | -15.8x | -38.3x | - |
| Equity multiplier | 1.67 | 1.64 | 1.60 | 1.49 | 1.46 | 1.68 | 1.58 | 1.49 | 1.27 | 1.35 |
| Liabilities / Assets | 0.40 | 0.39 | 0.37 | 0.33 | 0.32 | 0.40 | 0.37 | 0.33 | 0.21 | 0.26 |
| Efficiency | ||||||||||
| Asset turnover | 0.28 | - | 0.22 | 0.21 | 0.16 | - | 0.13 | 0.00 | 0.08 | - |
| Inventory turnover | 2.06 | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 226d | - | 223d | 207d | 291d | - | 221d | - | 395d | - |
| Days inventory outstanding | 178d | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 937d | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | -534d | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 8.6x | - | 7.6x | 5.2x | 5.9x | - | 5.3x | 4.1x | 4.7x | - |
| P / S | 18.6x | - | 21.3x | 16.7x | 25.8x | - | 26.2x | - | 46.5x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 106.9% | - | 146.7% | - | 183.7% | - | 2471.8% | - | - | - |
| Revenue CAGR (3y) | - | - | - | 88.7% | 425.8% | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 76.7% | - | 42.3% | 33.4% | 30.3% | - | 38.5% | -1.5% | -51.0% | - |
| Net income growth (YoY) | 72.3% | - | 46.3% | 38.9% | 29.7% | - | 40.2% | -5.9% | -52.6% | - |
| EPS growth (YoY) | 75.0% | - | 50.8% | 45.5% | 36.6% | - | 52.3% | 24.8% | -14.8% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -43.4% | - | - | - | 44.0% | - | - | - | -70.2% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 1.9% | 53.0% | 41.1% | 31.9% | 24.4% | 14.0% | 11.1% | 70.7% | 58.7% | 2.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$451.36M totalReportable Segment$451.36M · 100.0%
Product / service
$451.36M totalProduct$451.36M · 100.0%
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing Tarsus Pharmaceuticals against the 5 most active filers in the same SIC group.