Fundies.
English

TARSUS PHARMACEUTICALS, INC.

EDGAR
TARS Quarterly report (10-Q) · filed 2026-08-06

Annual consolidated revenue for 2025: about USD 451.4M, using the latest reported figures. The previous period, 2024, was about USD 183M.

Inspect reported changes Compare with another company Historical disclosures Search filings Segments
Watchlist

Latest quarter

Revenue

174 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating margin

-11.45%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: -19908000 USD Source
  • Revenue: 173912000 USD Source

Operating cash flow

61.2 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 36571000 USD Source
  • Operating Cash Flow: -24652000 USD Source

Free cash flow

57.2 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 36571000 USD Source
  • Operating Cash Flow: -24652000 USD Source
  • Capital Expenditure: 9887000 USD Source
  • Capital Expenditure: 5818000 USD Source
Cash and cash equivalents
205 million USD Source
Exact value

204595000 USD

Long-term debt including current maturities
72.8 million USD Source
Exact value

72762000 USD

Shares outstanding
43.3 million shares Source
Exact value

43271347 shares

Reported share-count change

2.51% · 1.06 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 42210972 shares · 2025-06-30· Source
  • 43271347 shares · 2026-06-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

606 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 118697000 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 451360000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 299692000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 162054000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 173912000 USD · 2026-04-01 – 2026-06-30 Source

Net income

-46.5 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: -12585000 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: -66418000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: -58045000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: -6967000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: -18551000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

74.2 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: -31781000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -50038000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: -12451000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -31781000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -24652000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 36571000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -24652000 USD · 2026-01-01 – 2026-03-31 Source

Capital expenditure

18.2 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Capital expenditure: 3501000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 1591000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 9859000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 3501000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 5818000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 9887000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 5818000 USD · 2026-01-01 – 2026-03-31 Source

Free cash flow

56 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: -31781000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -50038000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: -12451000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -31781000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -24652000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 36571000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -24652000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 3501000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 1591000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 9859000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 3501000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 5818000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 9887000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 5818000 USD · 2026-01-01 – 2026-03-31 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-06.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 6 of 11 periods available· newest 2025-12-31
  • Operating income: 7 of 11 periods available· newest 2025-12-31
  • Net income: 8 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 7 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 7 of 11 periods available· newest 2025-12-31
  • Total assets: 6 of 11 periods available· newest 2025-12-31
  • Total liabilities: 6 of 11 periods available· newest 2025-12-31
  • Current assets: 6 of 11 periods available· newest 2025-12-31
  • Current liabilities: 6 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 6 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 4 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 6 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +146.7%

    Prior period

    USD 182.95 million

    –

    Current period

    USD 451.36 million

    –

    Exact inputs and evidence

    451360000 − 182953000 = 268407000 USD

    182953000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    451360000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
    Share or cite

    The citation records this snapshot. The page link may show a newer release later.

  • Net income

    +USD 49.14 million

    Prior period

    −USD 115.55 million

    –

    Current period

    −USD 66.42 million

    –

    Exact inputs and evidence

    -66418000 − -115554000 = 49136000 USD

    -115554000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -66418000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
    Share or cite

    The citation records this snapshot. The page link may show a newer release later.

  • Operating cash flow

    +USD 70.58 million

    Prior period

    −USD 83.03 million

    –

    Current period

    −USD 12.45 million

    –

    Exact inputs and evidence

    -12451000 − -83027000 = 70576000 USD

    -83027000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -12451000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
    Share or cite

    The citation records this snapshot. The page link may show a newer release later.

  • Capital expenditure

    +529.2%

    Prior period

    USD 1.57 million

    –

    Current period

    USD 9.86 million

    –

    Exact inputs and evidence

    9859000 − 1567000 = 8292000 USD

    1567000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    9859000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
    Share or cite

    The citation records this snapshot. The page link may show a newer release later.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 451.36 million 100% of revenue
  • Operating costs Derived USD 522.33 million 116% of revenue
  • Operating income −USD 70.97 million −16% of revenue
  • Tax, interest and other Derived −USD 4.55 million −1% of revenue
  • Net income −USD 66.42 million −15% of revenue

Cash

  • Operating cash flow −USD 12.45 million −2.8% of revenue
  • Capital expenditure USD 9.86 million 2.2% of revenue
  • Free cash flow Derived −USD 22.31 million −4.9% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2020 Not shown: operating income or net income is not reported.
  • 2021 Operating loss: operating costs were 121% of revenue.
  • 2022 Operating loss: operating costs were 343% of revenue.
  • 2023 Operating loss: operating costs were 921% of revenue.
  • 2024 Operating loss: operating costs were 166% of revenue.
  • 2025 Operating loss: operating costs were 116% of revenue.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2020 2020-01-01 – 2020-12-310 26998000 Derived -26998000 -187000 Derived -26811000 -21594000 Derived
Source
2021 2021-01-01 – 2021-12-3157027000 69184000 Derived -12157000 1670000 Derived -13827000 3162000 Derived
Source
2022 2022-01-01 – 2022-12-3125816000 88528000 Derived -62712000 -621000 Derived -62091000 -49536000 Derived
Source
2023 2023-01-01 – 2023-12-3117447000 160605000 Derived -143158000 -7265000 Derived -135893000 -118995000 Derived
Source
2024 2024-01-01 – 2024-12-31182953000 303522000 Derived -120569000 -5015000 Derived -115554000 -84594000 Derived
Source
2025 2025-01-01 – 2025-12-31451360000 522329000 Derived -70969000 -4551000 Derived -66418000 -22310000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 451.4M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.487.5M365.6M243.7M121.9M0.0202020232025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2020Revenue0
2021Revenue57027000
2022Revenue25816000
2023Revenue17447000
2024Revenue182953000
2025Revenue451360000

Revenue growth

Change in revenue from the same financial period one year earlier.

146.7% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1,029%738%447%156%-135%202020232025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2020Year over yearNo prior comparable period
2021Year over yearNo prior comparable period
2022Year over year-54.7%
2023Year over year-32.4%
2024Year over year948.6%
2025Year over year146.7%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin -15.7% 2025
Net margin -14.7% 2025
Free cash flow margin -4.9% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.72%-168%-407%-647%-887%202020232025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2020Operating marginNot reported
2021Operating margin-21.3%
2022Operating margin-242.9%
2023Operating margin-820.5%
2024Operating margin-65.9%
2025Operating margin-15.7%
2020Net marginNot reported
2021Net margin-24.2%
2022Net margin-240.5%
2023Net margin-778.9%
2024Net margin-63.2%
2025Net margin-14.7%
2020Free cash flow marginNot reported
2021Free cash flow margin5.5%
2022Free cash flow margin-191.9%
2023Free cash flow margin-682%
2024Free cash flow margin-46.2%
2025Free cash flow margin-4.9%

Operating cash flow

Cash generated by the company’s normal business operations.

USD -12.5M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.13.4M-21.7M-56.9M-92.0M-127.2M202020232025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2020Operating cash flow-21138000
2021Operating cash flow3748000
2022Operating cash flow-49030000
2023Operating cash flow-117493000
2024Operating cash flow-83027000
2025Operating cash flow-12451000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD -22.3M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.12.9M-22.5M-57.9M-93.3M-128.8M202020232025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2020Free cash flow-21594000
2021Free cash flow3162000
2022Free cash flow-49536000
2023Free cash flow-118995000
2024Free cash flow-84594000
2025Free cash flow-22310000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

38.9% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.44%33%22%11%0%202020232025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2020Liabilities / assets3.5%
2021Liabilities / assets6.8%
2022Liabilities / assets15.3%
2023Liabilities / assets25.8%
2024Liabilities / assets40.4%
2025Liabilities / assets38.9%

Current assets to current liabilities

Current assets divided by current liabilities.

3.85× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.34.21×25.66×17.11×8.55×0.00×202020232025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2020Current assets / current liabilities31.68×
2021Current assets / current liabilities15.33×
2022Current assets / current liabilities14.61×
2023Current assets / current liabilities6.93×
2024Current assets / current liabilities4.42×
2025Current assets / current liabilities3.85×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2018 2018-01-01 – 2018-12-31
−USD 1.32 million
Exact value

Exact value: -1319000 USD

2018-01-01 – 2018-12-31: -1319000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

Unavailable Not reported for this period.
Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Operating cash flow + Capital expenditure is unavailable for this period.

2019 2019-01-01 – 2019-12-31
−USD 4.67 million
Exact value

Exact value: -4670000 USD

2019-01-01 – 2019-12-31: -4670000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 3.67 million
Exact value

Exact value: -3673000 USD

2019-01-01 – 2019-12-31: -3673000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 175,000
Exact value

Exact value: 175000 USD

2019-01-01 – 2019-12-31: 175000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 3.85 million
Calculation and evidence

-3673000 − 175000 USD

Exact free cash flow: -3848000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2020 2020-01-01 – 2020-12-31
−USD 26.81 million
Exact value

Exact value: -26811000 USD

2020-01-01 – 2020-12-31: -26811000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 21.14 million
Exact value

Exact value: -21138000 USD

2020-01-01 – 2020-12-31: -21138000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 456,000
Exact value

Exact value: 456000 USD

2020-01-01 – 2020-12-31: 456000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 21.59 million
Calculation and evidence

-21138000 − 456000 USD

Exact free cash flow: -21594000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2021 2021-01-01 – 2021-12-31
−USD 13.83 million
Exact value

Exact value: -13827000 USD

2021-01-01 – 2021-12-31: -13827000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 3.75 million
Exact value

Exact value: 3748000 USD

2021-01-01 – 2021-12-31: 3748000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 586,000
Exact value

Exact value: 586000 USD

2021-01-01 – 2021-12-31: 586000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 3.16 million
Calculation and evidence

3748000 − 586000 USD

Exact free cash flow: 3162000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2022 2022-01-01 – 2022-12-31
−USD 62.09 million
Exact value

Exact value: -62091000 USD

2022-01-01 – 2022-12-31: -62091000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 49.03 million
Exact value

Exact value: -49030000 USD

2022-01-01 – 2022-12-31: -49030000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 506,000
Exact value

Exact value: 506000 USD

2022-01-01 – 2022-12-31: 506000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 49.54 million
Calculation and evidence

-49030000 − 506000 USD

Exact free cash flow: -49536000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2023 2023-01-01 – 2023-12-31
−USD 135.89 million
Exact value

Exact value: -135893000 USD

2023-01-01 – 2023-12-31: -135893000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 117.49 million
Exact value

Exact value: -117493000 USD

2023-01-01 – 2023-12-31: -117493000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 1.5 million
Exact value

Exact value: 1502000 USD

2023-01-01 – 2023-12-31: 1502000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 119 million
Calculation and evidence

-117493000 − 1502000 USD

Exact free cash flow: -118995000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2024 2024-01-01 – 2024-12-31
−USD 115.55 million
Exact value

Exact value: -115554000 USD

2024-01-01 – 2024-12-31: -115554000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 83.03 million
Exact value

Exact value: -83027000 USD

2024-01-01 – 2024-12-31: -83027000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 1.57 million
Exact value

Exact value: 1567000 USD

2024-01-01 – 2024-12-31: 1567000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 84.59 million
Calculation and evidence

-83027000 − 1567000 USD

Exact free cash flow: -84594000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2025 2025-01-01 – 2025-12-31
−USD 66.42 million
Exact value

Exact value: -66418000 USD

2025-01-01 – 2025-12-31: -66418000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 12.45 million
Exact value

Exact value: -12451000 USD

2025-01-01 – 2025-12-31: -12451000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 9.86 million
Exact value

Exact value: 9859000 USD

2025-01-01 – 2025-12-31: 9859000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 22.31 million
Calculation and evidence

-12451000 − 9859000 USD

Exact free cash flow: -22310000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

33 filings · 2,136 latest values · 2,136 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001819790, 1819790, TARS, edgar:1819790

Also known as TARSUS PHARMACEUTICALS, INC., Tarsus Pharmaceuticals, Inc.