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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $451.36M | $182.95M | $17.45M | $25.82M | $0 | - |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $64.32M | $53.39M | $50.31M | $42.62M | $41.71M | $18.83M |
| SG&A | $427.32M | $237.31M | $44.95M | $44.95M | $25.40M | $8.17M |
| Total Operating Expenses | $522.33M | $303.52M | $160.60M | $88.53M | $69.18M | $27.00M |
| D&A | $855.0K | $685.0K | $744.0K | $300.0K | $300.0K | $100.0K |
| Operating Income | ($70.97M) | ($120.57M) | ($143.16M) | ($62.71M) | ($12.16M) | ($27.00M) |
| Interest Expense | $8.94M | $7.85M | $3.35M | $2.20M | - | - |
| Income Tax | $2.06M | $0 | $0 | ($4.0K) | $55.0K | $1.0K |
| Net Income | ($66.42M) | ($115.55M) | ($135.89M) | ($62.09M) | ($13.83M) | ($26.81M) |
| EPS - Basic | ($1.59) | ($3.07) | ($4.62) | ($2.52) | ($4.32) | - |
| EPS - Diluted | ($1.59) | ($3.07) | ($4.62) | ($2.52) | ($4.32) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $183.64M | $94.82M | $224.95M | $71.66M | $171.33M | $168.13M |
| Accounts Receivable | $85.06M | $46.76M | $16.62M | - | - | - |
| Inventory | $4.37M | $2.62M | $3.11M | - | - | - |
| Accounts Payable | $9.42M | $27.74M | - | - | - | - |
| Current Assets | $522.78M | $356.70M | $256.13M | $225.38M | $175.95M | $170.66M |
| Total Assets | $562.16M | $376.99M | $265.49M | $227.86M | $178.91M | $171.97M |
| Current Liabilities | $135.69M | $80.61M | $36.94M | $15.43M | $11.48M | $5.39M |
| Long-term Debt | $72.44M | $71.84M | $29.82M | $19.43M | - | - |
| Total Liabilities | $218.73M | $152.46M | $68.50M | $34.96M | $12.18M | $5.99M |
| Stockholders' Equity | $343.43M | $224.53M | $196.99M | $192.90M | $166.73M | ($44.0K) |
| Retained Earnings | ($426.63M) | ($360.21M) | ($244.66M) | ($108.76M) | ($46.67M) | ($32.84M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($12.45M) | ($83.03M) | ($117.49M) | ($49.03M) | $3.75M | ($21.14M) |
| Investing Cash Flow | ($42.12M) | ($199.19M) | $140.60M | ($144.63M) | ($586.0K) | ($456.0K) |
| Financing Cash Flow | $143.39M | $154.66M | $130.18M | $93.99M | $21.0K | $131.77M |
| CapEx | $9.86M | $1.57M | $1.50M | $506.0K | $586.0K | $456.0K |
| Free Cash Flow | ($22.31M) | ($84.59M) | ($119.00M) | ($49.54M) | $3.16M | ($21.59M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -15.7% | -65.9% | -820.5% | -242.9% | - | - |
| EBITDA margin | -15.5% | -65.5% | -816.3% | -241.8% | - | - |
| Net margin | -14.7% | -63.2% | -778.9% | -240.5% | - | - |
| Free cash flow margin | -4.9% | -46.2% | -682.0% | -191.9% | - | - |
| FCF / Net income | 0.34 | 0.73 | 0.88 | 0.80 | -0.23 | 0.81 |
| R&D / Revenue | 14.3% | 29.2% | 288.4% | 165.1% | - | - |
| SG&A / Revenue | 94.7% | 129.7% | 257.6% | 174.1% | - | - |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -11.8% | -30.7% | -51.2% | -27.2% | -7.7% | -15.6% |
| Return on equity | -19.3% | -51.5% | -69.0% | -32.2% | -8.3% | 60934.1% |
| Return on invested capital | -13.5% | -32.1% | -49.9% | -23.3% | - | - |
| Liquidity | ||||||
| Current ratio | 3.85 | 4.42 | 6.93 | 14.61 | 15.33 | 31.68 |
| Quick ratio | 3.82 | 4.39 | 6.85 | 14.61 | 15.33 | 31.68 |
| Cash ratio | 1.35 | 1.18 | 6.09 | 4.64 | 14.93 | 31.21 |
| Leverage | ||||||
| Debt / Equity | 0.21 | 0.32 | 0.15 | 0.10 | - | - |
| Debt / Assets | 0.13 | 0.19 | 0.11 | 0.09 | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -7.9x | -15.4x | -42.8x | -28.5x | - | - |
| Equity multiplier | 1.64 | 1.68 | 1.35 | 1.18 | 1.07 | -3908.45 |
| Liabilities / Assets | 0.39 | 0.40 | 0.26 | 0.15 | 0.07 | 0.03 |
| Efficiency | ||||||
| Asset turnover | 0.80 | 0.49 | 0.07 | 0.11 | 0.00 | - |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 69d | 93d | 348d | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 10.0x | 9.3x | 3.0x | 1.9x | 0.8x | - |
| P / S | 7.6x | 11.4x | 34.1x | 14.0x | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 146.7% | 948.6% | -32.4% | - | - | - |
| Revenue CAGR (3y) | 159.5% | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 41.1% | 15.8% | -128.3% | -415.9% | 55.0% | - |
| Net income growth (YoY) | 42.5% | 15.0% | -118.9% | -349.1% | 48.4% | - |
| EPS growth (YoY) | 48.2% | 33.5% | -83.3% | 41.7% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 73.6% | 28.9% | -140.2% | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 53.0% | 14.0% | 2.1% | 15.7% | - | - |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.92
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing Tarsus Pharmaceuticals against the 5 most active filers in the same SIC group.