Tarsus Pharmaceuticals, Inc. Financials
Tarsus Pharmaceuticals, Inc. (TARS) reported $451.4M in revenue for fiscal year 2025, up 146.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).
Explosive revenue growth is absorbing a very large commercial cost base, while liquidity still relies on outside capital.
By FY2025, revenue reached$451.4M while operating cash burn narrowed to-$12.5M , a much tighter operating profile than the prior year. Because that improvement held even as receivables grew and capex rose, the business looks less like a pure spend platform and more like a commercial model beginning to carry more of its own weight.
The company is still in a heavy commercialization phase: SG&A was
Near-term liquidity looks comfortable, with cash of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Tarsus Pharmaceuticals, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Tarsus Pharmaceuticals, Inc. has an operating margin of -15.7%, meaning the company loses $16 on every $100 of revenue. This results in a profitability score of 12/100. This is up from -65.9% the prior year.
Tarsus Pharmaceuticals, Inc.'s revenue surged 146.7% year-over-year to $451.4M, reflecting rapid business expansion. This strong growth earns a score of 99/100.
Tarsus Pharmaceuticals, Inc. carries a low D/E ratio of 0.21, meaning only $0.21 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 74/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.85, Tarsus Pharmaceuticals, Inc. holds $3.85 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.
Tarsus Pharmaceuticals, Inc.'s operations used $12.5M of cash, and capex of $9.9M added to the outflow, for a free cash flow shortfall of $22.3M. This results in a cash flow score of 6/100.
Tarsus Pharmaceuticals, Inc. posts a -19.2% return on equity (ROE), meaning it loses $19 for every $100 of shareholders' equity. This results in a returns score of 22/100. This is up from -51.7% the prior year.
Tarsus Pharmaceuticals, Inc. scores 8.75, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.1B) relative to total liabilities ($218.7M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Tarsus Pharmaceuticals, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Tarsus Pharmaceuticals, Inc. reported a net loss of $66.0M while operations used $12.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Tarsus Pharmaceuticals, Inc. reported an operating loss of $71.0M against $8.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Tarsus Pharmaceuticals, Inc. generated $451.4M in revenue in fiscal year 2025. This represents an increase of 146.7% from the prior year.
Tarsus Pharmaceuticals, Inc.'s EBITDA was -$69.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 42.1% from the prior year.
Tarsus Pharmaceuticals, Inc. reported -$66.0M in net income in fiscal year 2025. This represents an increase of 43.1% from the prior year.
Tarsus Pharmaceuticals, Inc. earned -$1.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 48.2% from the prior year.
Cash & Balance Sheet
Tarsus Pharmaceuticals, Inc. recorded an outflow of $22.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 73.6% from the prior year.
Tarsus Pharmaceuticals, Inc. held $183.6M in cash against $72.4M in long-term debt as of fiscal year 2025.
Tarsus Pharmaceuticals, Inc. paid $0.00 per share in dividends in fiscal year 2025.
Margins & Returns
Tarsus Pharmaceuticals, Inc.'s operating margin was -15.7% in fiscal year 2025, reflecting core business profitability. This is up 50.2 percentage points from the prior year.
Tarsus Pharmaceuticals, Inc.'s net profit margin was -14.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 48.8 percentage points from the prior year.
Tarsus Pharmaceuticals, Inc.'s ROE was -19.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 32.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Tarsus Pharmaceuticals, Inc. invested $64.3M in research and development in fiscal year 2025. This represents an increase of 20.5% from the prior year.
Tarsus Pharmaceuticals, Inc. invested $9.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 529.2% from the prior year.
Not reported for fiscal year 2025.
TARS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $606.3M | $451.4M+146.7% | $183.0M+948.6% | $17.4M-32.4% | $25.8M-54.7% | $57.0M | $0 | N/A | N/A |
| R&D Expenses | $87.7M | $64.3M+20.5% | $53.4M+6.1% | $50.3M+18.0% | $42.6M+2.2% | $41.7M+121.6% | $18.8M+495.4% | $3.2M | N/A |
| SG&A Expenses | $526.4M | $427.3M+80.1% | $237.3M+118.3% | $108.7M+141.8% | $44.9M+77.0% | $25.4M+210.8% | $8.2M+619.4% | $1.1M | N/A |
| Operating Income | -$48.5M | -$71.0M+41.1% | -$120.6M+15.8% | -$143.2M-128.3% | -$62.7M-415.9% | -$12.2M+55.0% | -$27.0M-528.2% | -$4.3M | N/A |
| Interest Expense | $8.8M | $8.9M+13.8% | $7.8M+134.6% | $3.3M+52.2% | $2.2M | $0 | N/A | N/A | N/A |
| Income Tax | N/A | $2.1M | $0 | $0+100.0% | -$4K-107.3% | $55K+5400.0% | $1K0.0% | $1K | N/A |
| Net Income | -$46.1M | -$66.0M+43.1% | -$116.0M+14.7% | -$136.0M-119.0% | -$62.1M-349.1% | -$13.8M+48.4% | -$26.8M-474.1% | -$4.7M-254.1% | -$1.3M |
| EPS (Diluted) | — | -$1.59+48.2% | -$3.07+33.5% | -$4.62-83.3% | -$2.52-276.1% | -$0.67 | -$4.32 | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TARS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $562.2M+49.1% | $377.0M+42.0% | $265.5M+16.5% | $227.9M+27.4% | $178.9M+4.0% | $172.0M+194.9% | $58.3M | N/A |
| Current Assets | $522.8M+46.6% | $356.7M+39.3% | $256.1M+13.6% | $225.4M+28.1% | $176.0M+3.1% | $170.7M+194.1% | $58.0M | N/A |
| Cash & Equivalents | $183.6M+93.7% | $94.8M-57.8% | $224.9M+213.9% | $71.7M-58.2% | $171.3M+1.9% | $168.1M+190.1% | $58.0M+2340.1% | $2.4M |
| Inventory | $4.4M+66.9% | $2.6M-15.7% | $3.1M | $0 | N/A | N/A | N/A | N/A |
| Accounts Receivable | $85.1M+81.9% | $46.8M+181.3% | $16.6M | $0 | $0 | $0 | N/A | N/A |
| Total Liabilities | $218.7M+43.5% | $152.5M+122.6% | $68.5M+95.9% | $35.0M+187.1% | $12.2M+103.2% | $6.0M-90.7% | $64.3M | N/A |
| Current Liabilities | $135.7M+68.3% | $80.6M+118.2% | $36.9M+139.4% | $15.4M+34.4% | $11.5M+113.1% | $5.4M+557.8% | $819K | N/A |
| Long-Term Debt | $72.4M+0.8% | $71.8M+140.9% | $29.8M+53.4% | $19.4M | $0 | N/A | N/A | N/A |
| Total Equity | $343.4M+53.0% | $224.5M+14.0% | $197.0M+2.1% | $192.9M+15.7% | $166.7M+0.5% | $166.0M+2864.0% | -$6.0M-343.5% | -$1.4M |
| Retained Earnings | -$426.6M-18.4% | -$360.2M-47.2% | -$244.7M-124.9% | -$108.8M-133.0% | -$46.7M-42.1% | -$32.8M-444.3% | -$6.0M | N/A |
Not reported in any period shown, so not listed: Goodwill.
TARS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $74.2M | -$12.5M+85.0% | -$83.0M+29.3% | -$117.5M-139.6% | -$49.0M-1408.2% | $3.7M+117.7% | -$21.1M-475.5% | -$3.7M | N/A |
| Capital Expenditures | $18.2M | $9.9M+529.2% | $1.6M+4.3% | $1.5M+196.8% | $506K-13.7% | $586K+28.5% | $456K+160.6% | $175K | N/A |
| Free Cash Flow | $56.0M | -$22.3M+73.6% | -$84.6M+28.9% | -$119.0M-140.2% | -$49.5M-1666.6% | $3.2M+114.6% | -$21.6M-461.2% | -$3.8M | N/A |
| Investing Cash Flow | $23.8M | -$42.1M+78.9% | -$199.2M-241.7% | $140.6M+197.2% | -$144.6M-24580.7% | -$586K-28.5% | -$456K-160.6% | -$175K | N/A |
| Financing Cash Flow | $9.4M | $143.4M-7.3% | $154.7M+18.8% | $130.2M+38.5% | $94.0M+447457.1% | $21K-100.0% | $131.8M+121.7% | $59.4M | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TARS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -15.7%+50.2pp | -65.9% | -820.5% | -242.9% | -21.3% | N/A | N/A | N/A |
| Net Margin | -14.6%+48.8pp | -63.4% | -779.5% | -240.5% | -24.3% | N/A | N/A | N/A |
| Return on Equity | -19.2%+32.4pp | -51.7%+17.4pp | -69.0%-36.9pp | -32.2%-23.9pp | -8.3%+7.9pp | -16.2% | N/A | N/A |
| Return on Assets | -11.7%+19.0pp | -30.8%+20.5pp | -51.2%-24.0pp | -27.3%-19.5pp | -7.7%+7.9pp | -15.6%-7.6pp | -8.0% | N/A |
| Current Ratio | 3.85-0.6x | 4.42-2.5x | 6.93-7.7x | 14.61-0.7x | 15.33-16.3x | 31.68-39.2x | 70.85 | N/A |
| Debt-to-Equity | 0.21-0.1x | 0.32+0.2x | 0.15+0.1x | 0.10+0.1x | 0.000.0x | 0.04 | N/A | N/A |
| FCF Margin | -4.9%+41.3pp | -46.2% | -682.0% | -191.9% | 5.5% | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Tarsus Pharmaceuticals, Inc. Ranks
Frequently Asked Questions
What is Tarsus Pharmaceuticals, Inc.'s annual revenue?
Tarsus Pharmaceuticals, Inc. (TARS) reported $451.4M in total revenue for fiscal year 2025. This represents a 146.7% 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 146.7% year-over-year, from $183.0M to $451.4M in fiscal year 2025.
Is Tarsus Pharmaceuticals, Inc. profitable?
No, Tarsus Pharmaceuticals, Inc. (TARS) reported a net income of -$66.0M in fiscal year 2025, with a net profit margin of -14.6%.
What is Tarsus Pharmaceuticals, Inc.'s EBITDA?
Tarsus Pharmaceuticals, Inc. (TARS) had EBITDA of -$69.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Tarsus Pharmaceuticals, Inc. have?
As of fiscal year 2025, Tarsus Pharmaceuticals, Inc. (TARS) had $183.6M in cash and equivalents against $72.4M in long-term debt.
What is Tarsus Pharmaceuticals, Inc.'s operating margin?
Tarsus Pharmaceuticals, Inc. (TARS) had an operating margin of -15.7% in fiscal year 2025, 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 -14.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tarsus Pharmaceuticals, Inc.'s return on equity (ROE)?
Tarsus Pharmaceuticals, Inc. (TARS) has a return on equity of -19.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tarsus Pharmaceuticals, Inc.'s free cash flow?
Tarsus Pharmaceuticals, Inc. (TARS) recorded an outflow of $22.3M in free cash flow during fiscal year 2025. This represents a 73.6% 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) recorded an outflow of $12.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Tarsus Pharmaceuticals, Inc.'s total assets?
Tarsus Pharmaceuticals, Inc. (TARS) had $562.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tarsus Pharmaceuticals, Inc.'s capital expenditures?
Tarsus Pharmaceuticals, Inc. (TARS) invested $9.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Tarsus Pharmaceuticals, Inc. spend on research and development?
Tarsus Pharmaceuticals, Inc. (TARS) invested $64.3M in research and development during fiscal year 2025.
What is Tarsus Pharmaceuticals, Inc.'s current ratio?
Tarsus Pharmaceuticals, Inc. (TARS) had a current ratio of 3.85 as of fiscal year 2025, 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 0.21 as of fiscal year 2025, 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 -11.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tarsus Pharmaceuticals, Inc.'s Altman Z-Score?
Tarsus Pharmaceuticals, Inc. (TARS) has an Altman Z-Score of 8.75, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Tarsus Pharmaceuticals, Inc.'s Piotroski F-Score?
Tarsus Pharmaceuticals, Inc. (TARS) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $66.0M while operations used $12.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $71.0M against $8.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 50 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.