Tarsus Pharmaceuticals, Inc. Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Tarsus Pharmaceuticals, Inc. has an operating margin of -65.9%, meaning the company retains $-66 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -820.5% the prior year.
Tarsus Pharmaceuticals, Inc.'s revenue surged 948.6% year-over-year to $183.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Tarsus Pharmaceuticals, Inc. carries a low D/E ratio of 0.32, meaning only $0.32 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.42, Tarsus Pharmaceuticals, Inc. holds $4.42 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Tarsus Pharmaceuticals, Inc. generated -$83.0M in operating cash flow, capex of $1.6M consumed most of it, leaving -$84.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Tarsus Pharmaceuticals, Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Tarsus Pharmaceuticals, Inc. generates $0.72 in operating cash flow (-$83.0M OCF vs -$115.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Tarsus Pharmaceuticals, Inc. earns $-15.4 in operating income for every $1 of interest expense (-$120.6M vs $7.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Tarsus Pharmaceuticals, Inc. (TARS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Tarsus Pharmaceuticals, Inc. generated $183.0M in revenue in fiscal year 2024. This represents an increase of 948.6% from the prior year.
Tarsus Pharmaceuticals, Inc.'s EBITDA was -$119.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.1% from the prior year.
Tarsus Pharmaceuticals, Inc. generated -$84.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 28.9% from the prior year.
Tarsus Pharmaceuticals, Inc. reported -$115.6M in net income in fiscal year 2024. This represents an increase of 15.0% from the prior year.
Tarsus Pharmaceuticals, Inc. earned $-3.07 per diluted share (EPS) in fiscal year 2024. This represents an increase of 33.5% from the prior year.
Tarsus Pharmaceuticals, Inc. held $94.8M in cash against $71.8M in long-term debt as of fiscal year 2024.
Tarsus Pharmaceuticals, Inc. paid $0.00 per share in dividends in fiscal year 2024.
Tarsus Pharmaceuticals, Inc. had 38M shares outstanding in fiscal year 2024. This represents an increase of 12.1% from the prior year.
Tarsus Pharmaceuticals, Inc.'s operating margin was -65.9% in fiscal year 2024, reflecting core business profitability. This is up 754.6 percentage points from the prior year.
Tarsus Pharmaceuticals, Inc.'s net profit margin was -63.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 715.7 percentage points from the prior year.
Tarsus Pharmaceuticals, Inc. invested $53.4M in research and development in fiscal year 2024. This represents an increase of 6.1% from the prior year.
Tarsus Pharmaceuticals, Inc. invested $1.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 4.3% from the prior year.
TARS Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $118.7M+15.6% | $102.7M+31.1% | $78.3M+18.0% | $66.4M+62.7% | $40.8M+47.8% | $27.6M+111.2% | $13.1M+598.9% | $1.9M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $16.3M+4.4% | $15.6M+8.2% | $14.4M-14.6% | $16.9M+37.0% | $12.3M+2.1% | $12.1M-9.3% | $13.3M+9.9% | $12.1M |
| SG&A Expenses | $108.6M+5.5% | $103.0M+21.2% | $85.0M+23.1% | $69.0M+17.4% | $58.8M+14.0% | $51.6M+19.9% | $43.0M+41.8% | $30.3M |
| Operating Income | -$14.5M+34.5% | -$22.2M+15.6% | -$26.3M-7.6% | -$24.4M+26.7% | -$33.3M+11.6% | -$37.7M+15.2% | -$44.5M-8.6% | -$40.9M |
| Interest Expense | $2.3M+1.3% | $2.2M+1.2% | $2.2M-4.3% | $2.3M+9.6% | $2.1M+114.5% | $983K-0.6% | $989K+15.3% | $858K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Net Income | -$12.6M+38.1% | -$20.3M+19.0% | -$25.1M-8.7% | -$23.1M+30.6% | -$33.3M+6.8% | -$35.7M+14.7% | -$41.9M-7.0% | -$39.1M |
| EPS (Diluted) | $-0.30+37.5% | $-0.48+25.0% | $-0.64-12.3% | $-0.57+35.2% | $-0.88+12.9% | $-1.01+21.7% | $-1.29-0.8% | $-1.28 |
TARS Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $534.6M+8.0% | $495.0M-1.1% | $500.8M+32.8% | $377.0M0.0% | $376.8M+7.9% | $349.3M+31.6% | $265.5M-1.1% | $268.3M |
| Current Assets | $501.7M+5.7% | $474.4M-1.3% | $480.8M+34.8% | $356.7M-1.6% | $362.6M+6.4% | $340.7M+33.0% | $256.1M-1.2% | $259.3M |
| Cash & Equivalents | $112.7M+16.6% | $96.6M-45.0% | $175.8M+85.4% | $94.8M-47.6% | $181.1M-6.5% | $193.7M-13.9% | $224.9M-0.8% | $226.7M |
| Inventory | $3.8M-1.0% | $3.9M+43.2% | $2.7M+3.2% | $2.6M+19.4% | $2.2M-45.6% | $4.0M+29.9% | $3.1M+20613.3% | $15K |
| Accounts Receivable | $72.6M+24.5% | $58.3M-6.6% | $62.4M+33.5% | $46.8M+58.4% | $29.5M-1.2% | $29.9M+79.8% | $16.6M+210.0% | $5.4M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $199.5M+22.8% | $162.4M+2.6% | $158.3M+3.8% | $152.5M+22.4% | $124.6M+68.2% | $74.1M+8.1% | $68.5M+25.3% | $54.7M |
| Current Liabilities | $117.0M+29.7% | $90.3M+4.6% | $86.3M+7.1% | $80.6M+56.3% | $51.6M+21.3% | $42.5M+15.1% | $36.9M+58.9% | $23.2M |
| Long-Term Debt | $72.3M+0.2% | $72.1M+0.2% | $72.0M+0.2% | $71.8M+0.4% | $71.6M+139.1% | $29.9M+0.4% | $29.8M+0.4% | $29.7M |
| Total Equity | $335.1M+0.7% | $332.6M-2.9% | $342.5M+52.5% | $224.5M-11.0% | $252.2M-8.3% | $275.2M+39.7% | $197.0M-7.8% | $213.7M |
| Retained Earnings | -$418.3M-3.1% | -$405.7M-5.3% | -$385.3M-7.0% | -$360.2M-14.8% | -$313.7M-11.9% | -$280.4M-14.6% | -$244.7M-20.7% | -$202.8M |
TARS Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $18.3M+162.1% | -$29.4M-42.3% | -$20.7M+6.9% | -$22.2M-54.0% | -$14.4M+61.9% | -$37.8M+3.9% | -$39.3M-21.5% | -$32.4M |
| Capital Expenditures | $1.9M+90.8% | $1.0M+69.7% | $590K+719.4% | $72K-93.1% | $1.0M+497.1% | $174K | $0-100.0% | $375K |
| Free Cash Flow | $16.3M+153.8% | -$30.4M-43.1% | -$21.2M+4.6% | -$22.3M-44.1% | -$15.4M+59.3% | -$38.0M+3.5% | -$39.3M-20.2% | -$32.7M |
| Investing Cash Flow | -$4.7M+90.8% | -$51.7M-48.0% | -$34.9M+41.3% | -$59.6M-47.0% | -$40.5M+60.4% | -$102.2M-672.7% | $17.9M-62.3% | $47.4M |
| Financing Cash Flow | $2.6M+31.3% | $2.0M-98.6% | $136.6M+4565.6% | $2.9M-93.1% | $42.3M-61.1% | $108.8M+450.5% | $19.8M-81.2% | $104.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TARS Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -12.2%+9.4pp | -21.6%+11.9pp | -33.6%+3.2pp | -36.8%+44.8pp | -81.6%+54.9pp | -136.5%+203.5pp | -339.9%+1847.9pp | -2187.9% |
| Net Margin | -10.6%+9.2pp | -19.8%+12.3pp | -32.1%+2.7pp | -34.8%+46.8pp | -81.6%+47.8pp | -129.4%+191.1pp | -320.4%+1771.9pp | -2092.4% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -2.4%+1.8pp | -4.1%+0.9pp | -5.0%+1.1pp | -6.1%+2.7pp | -8.8%+1.4pp | -10.2%+5.5pp | -15.8%-1.2pp | -14.6% |
| Current Ratio | 4.29-1.0 | 5.26-0.3 | 5.57+1.1 | 4.42-2.6 | 7.03-1.0 | 8.01+1.1 | 6.93-4.2 | 11.15 |
| Debt-to-Equity | 0.220.0 | 0.220.0 | 0.21-0.1 | 0.32+0.0 | 0.28+0.2 | 0.11-0.0 | 0.15+0.0 | 0.14 |
| FCF Margin | 13.8%+43.4pp | -29.6%-2.5pp | -27.1%+6.4pp | -33.5%+4.3pp | -37.8%+99.6pp | -137.5%+163.3pp | -300.8%+1448.9pp | -1749.7% |
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Frequently Asked Questions
What is Tarsus Pharmaceuticals, Inc.'s annual revenue?
Tarsus Pharmaceuticals, Inc. (TARS) reported $183.0M in total revenue for fiscal year 2024. This represents a 948.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tarsus Pharmaceuticals, Inc.'s revenue growing?
Tarsus Pharmaceuticals, Inc. (TARS) revenue grew by 948.6% year-over-year, from $17.4M to $183.0M in fiscal year 2024.
Is Tarsus Pharmaceuticals, Inc. profitable?
No, Tarsus Pharmaceuticals, Inc. (TARS) reported a net income of -$115.6M in fiscal year 2024, with a net profit margin of -63.2%.
What is Tarsus Pharmaceuticals, Inc.'s earnings per share (EPS)?
Tarsus Pharmaceuticals, Inc. (TARS) reported diluted earnings per share of $-3.07 for fiscal year 2024. This represents a 33.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Tarsus Pharmaceuticals, Inc.'s EBITDA?
Tarsus Pharmaceuticals, Inc. (TARS) had EBITDA of -$119.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Tarsus Pharmaceuticals, Inc. have?
As of fiscal year 2024, Tarsus Pharmaceuticals, Inc. (TARS) had $94.8M in cash and equivalents against $71.8M in long-term debt.
What is Tarsus Pharmaceuticals, Inc.'s operating margin?
Tarsus Pharmaceuticals, Inc. (TARS) had an operating margin of -65.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Tarsus Pharmaceuticals, Inc.'s net profit margin?
Tarsus Pharmaceuticals, Inc. (TARS) had a net profit margin of -63.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Tarsus Pharmaceuticals, Inc.'s free cash flow?
Tarsus Pharmaceuticals, Inc. (TARS) generated -$84.6M in free cash flow during fiscal year 2024. This represents a 28.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tarsus Pharmaceuticals, Inc.'s operating cash flow?
Tarsus Pharmaceuticals, Inc. (TARS) generated -$83.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Tarsus Pharmaceuticals, Inc.'s total assets?
Tarsus Pharmaceuticals, Inc. (TARS) had $377.0M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Tarsus Pharmaceuticals, Inc.'s capital expenditures?
Tarsus Pharmaceuticals, Inc. (TARS) invested $1.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Tarsus Pharmaceuticals, Inc. spend on research and development?
Tarsus Pharmaceuticals, Inc. (TARS) invested $53.4M in research and development during fiscal year 2024.
How many shares does Tarsus Pharmaceuticals, Inc. have outstanding?
Tarsus Pharmaceuticals, Inc. (TARS) had 38M shares outstanding as of fiscal year 2024.
What is Tarsus Pharmaceuticals, Inc.'s current ratio?
Tarsus Pharmaceuticals, Inc. (TARS) had a current ratio of 4.42 as of fiscal year 2024, which is generally considered healthy.
What is Tarsus Pharmaceuticals, Inc.'s debt-to-equity ratio?
Tarsus Pharmaceuticals, Inc. (TARS) had a debt-to-equity ratio of 0.32 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tarsus Pharmaceuticals, Inc.'s return on assets (ROA)?
Tarsus Pharmaceuticals, Inc. (TARS) had a return on assets of -30.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Tarsus Pharmaceuticals, Inc.'s cash runway?
Based on fiscal year 2024 data, Tarsus Pharmaceuticals, Inc. (TARS) had $94.8M in cash against an annual operating cash burn of $83.0M. This gives an estimated cash runway of approximately 14 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Tarsus Pharmaceuticals, Inc.'s Piotroski F-Score?
Tarsus Pharmaceuticals, Inc. (TARS) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tarsus Pharmaceuticals, Inc.'s earnings high quality?
Tarsus Pharmaceuticals, Inc. (TARS) has an earnings quality ratio of 0.72x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Tarsus Pharmaceuticals, Inc. cover its interest payments?
Tarsus Pharmaceuticals, Inc. (TARS) has an interest coverage ratio of -15.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Tarsus Pharmaceuticals, Inc.?
Tarsus Pharmaceuticals, Inc. (TARS) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.