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  4. [Form 4] Tarsus Pharmaceuticals, Inc. Insider Trading Activity

Tarsus CEO sells 10,000 shares at $80.06 each

Tarsus Pharmaceuticals’ CEO, via a personal trust, sold 10,000 TARS shares under a pre-arranged Rule 10b5-1 trading plan and remains a large shareholder.

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Tarsus Pharmaceuticals, Inc. (TARS) reported that President, CEO and Board Chair Bobak R. Azamian, through the Bobak Azamian Living Trust, sold 10,000 shares of common stock on September 2, 2026 in open-market transactions at a weighted average price of $80.06 per share, with individual sale prices ranging from $80.00 to $80.20.

These sales were made under an automatic Rule 10b5-1 trading plan adopted on December 9, 2025. Following the sale, the trust held 837,991 shares of Tarsus common stock, and Azamian also held 33,421 shares directly, over which he retains voting and dispositive power in the case of the trust-held shares.

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Insider Azamian Bobak R.
Role President/CEO and Board Chair
Sold 10,000 shs ($801K)
Type Security Shares Price Value
Sale Common Stock F1, F2, F3 10,000 $80.06 $801K
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 837,991 shares (Indirect, By the Bobak Azamian Living Trust established April 16, 2018); Common Stock — 33,421 shares (Direct)
Footnotes (3)
  1. F1. The sales reported in this Form 4 were effected by an automatic sale pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 9, 2025.
  2. F2. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $80.00 to $80.20. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  3. F3. The Reporting Person is the trustee of the Bobak Azamian Living Trust, established April 16, 2018 and has voting and dispositive power with respect to these shares.
Shares sold 10,000 shares Common stock sold on September 2, 2026 by the Azamian trust
Weighted average sale price $80.06 per share Average price for the 10,000 TARS shares sold on September 2, 2026
Sale price range $80.00–$80.20 per share Price range of multiple transactions comprising the September 2, 2026 sale
Indirect holdings after sale 837,991 shares Tarsus common stock held by the Bobak Azamian Living Trust after the reported sale
Direct holdings after transactions 33,421 shares Tarsus common stock held directly by Bobak R. Azamian after the reported date
Rule 10b5-1 plan adoption date December 9, 2025 Date the trading plan governing the September 2, 2026 sales was adopted
Rule 10b5-1 trading plan regulatory
"The sales reported in this Form 4 were effected by an automatic sale pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 9, 2025."
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
weighted average price financial
"The price reported in column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
voting and dispositive power financial
"The Reporting Person is the trustee of the Bobak Azamian Living Trust, established April 16, 2018 and has voting and dispositive power with respect to these shares."

FAQ

What insider transaction did Tarsus Pharmaceuticals (TARS) report for Bobak R. Azamian?
Tarsus Pharmaceuticals reported that Bobak R. Azamian, its President, CEO and Board Chair, sold 10,000 shares of common stock on September 2, 2026 through the Bobak Azamian Living Trust in open-market transactions.

At what price were the 10,000 TARS shares sold by the Azamian trust?
The 10,000 Tarsus Pharmaceuticals shares were sold at a weighted average price of $80.06 per share, with the shares pooled and sold in multiple transactions at prices ranging from $80.00 to $80.20 per share.

Was the September 2, 2026 sale of TARS shares made under a Rule 10b5-1 plan?
Yes. The filing states the sales were effected by an automatic sale pursuant to a Rule 10b5-1 trading plan that Bobak R. Azamian adopted on December 9, 2025.

How many TARS shares does the Azamian trust hold after the reported sale?
After the September 2, 2026 sale, the Bobak Azamian Living Trust held 837,991 shares of Tarsus Pharmaceuticals common stock, with Bobak R. Azamian having voting and dispositive power over these shares as trustee.

How many TARS shares does Bobak R. Azamian own directly after the transaction?
The Form 4 reports that Bobak R. Azamian held 33,421 shares of Tarsus Pharmaceuticals common stock directly after the transactions reported for September 2, 2026.

What is the nature of Bobak R. Azamian’s ownership of the sold TARS shares?
The sold shares were held indirectly through the Bobak Azamian Living Trust, established April 16, 2018. The filing notes that he is the trustee and has voting and dispositive power over the shares held by the trust.

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SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Azamian Bobak R.
(Last)(First)(Middle)
C/O TARSUS PHARMACEUTICALS, INC.
17700 LAGUNA CANYON ROAD, FLOOR 4
(Street)
IRVINE CALIFORNIA 92618
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Tarsus Pharmaceuticals, Inc. [ TARS ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
President/CEO and Board Chair
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
09/02/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock09/02/2026S(1)10,000D$80.06(2)837,991IBy the Bobak Azamian Living Trust established April 16, 2018(3)
Common Stock33,421D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. The sales reported in this Form 4 were effected by an automatic sale pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 9, 2025.
2. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $80.00 to $80.20. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
3. The Reporting Person is the trustee of the Bobak Azamian Living Trust, established April 16, 2018 and has voting and dispositive power with respect to these shares.
Remarks:
/s/ Jeffrey Farrow, Attorney-in-Fact09/03/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR