Tarsus Pharmaceuticals (TARS) financial statements
Tarsus Pharmaceuticals reported revenue of $451M in fiscal 2025, up 67.7% a year over 4 years.
Net income was -$66M.
Free cash flow was -$22M.
The diluted share count rose 1668% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tarsus Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $0 | $57M | $26M | $17M | $183M | $451M |
| Research and development | — | $3M | $19M | $42M | $43M | $50M | $53M | $64M |
| Selling, general and admin | — | $1M | $8M | $25M | $45M | $109M | $237M | $427M |
| Operating income | — | -$4M | -$27M | -$12M | -$63M | -$143M | -$121M | -$71M |
| Interest expense | — | — | — | $0 | $2M | $3M | $8M | $9M |
| Pre-tax income | — | — | -$27M | -$14M | -$62M | -$136M | -$116M | -$64M |
| Income tax | — | $1,000 | $1,000 | $55,000 | -$4,000 | $0 | $0 | $2M |
| Net income | -$1M | -$5M | -$27M | -$14M | -$62M | -$136M | -$116M | -$66M |
| EPS (diluted) | — | -$1.98 | -$4.32 | -$0.67 | -$2.52 | -$4.62 | -$3.07 | -$1.59 |
| Diluted shares | — | 2M | 6M | 21M | 25M | 29M | 38M | 42M |
| Operating margin | — | — | — | -21.3% | -242.9% | -820.5% | -65.9% | -15.7% |
| Net margin | — | — | — | -24.2% | -240.5% | -778.9% | -63.2% | -14.7% |
Balance sheet
Fiscal years, from Tarsus Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2M | $58M | $168M | $172M | $217M | $227M | $291M | $417M |
| Receivables | — | — | $0 | $0 | $0 | $17M | $47M | $85M |
| Inventory | — | — | — | — | $0 | $3M | $3M | $4M |
| Total current assets | — | $58M | $171M | $176M | $225M | $256M | $357M | $523M |
| Property, plant and equipment | — | $154,000 | $548,000 | $755,000 | $957,000 | $1M | $2M | $12M |
| Total assets | — | $58M | $172M | $179M | $228M | $265M | $377M | $562M |
| Total current liabilities | — | $819,000 | $5M | $11M | $15M | $37M | $81M | $136M |
| Long-term debt | — | — | — | $0 | $19M | $30M | $72M | $72M |
| Total liabilities | — | $919,000 | $6M | $12M | $35M | $69M | $152M | $219M |
| Shareholders' equity | -$1M | -$6M | $166M | $167M | $193M | $197M | $225M | $343M |
| Net debt | -$2M | -$58M | -$168M | -$171M | -$52M | -$195M | -$23M | -$111M |
Cash flow
Fiscal years, from Tarsus Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | -$4M | -$21M | $4M | -$49M | -$117M | -$83M | -$12M |
| Capital spending | — | $175,000 | $456,000 | $586,000 | $506,000 | $2M | $2M | $10M |
| Free cash flow | — | -$4M | -$22M | $3M | -$50M | -$119M | -$85M | -$22M |
| Stock-based compensation | — | $18,000 | $839,000 | $8M | $13M | $20M | $28M | $42M |
| Net borrowing | — | — | — | — | $20M | $10M | $75M | $0 |
| Free cash flow margin | — | — | — | 5.5% | -191.9% | -682.0% | -46.2% | -4.9% |
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Open TARS in InvestinglyQuestions
What was Tarsus Pharmaceuticals's revenue in 2025?
$451M in fiscal 2025, from its 10-K filing.
How much free cash flow does Tarsus Pharmaceuticals generate?
-$22M in fiscal 2025 (operating cash flow minus capital spending).
From Tarsus Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.