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

Rhea-AI Filing Summary

Scott W. Morrison, a director of Tarsus Pharmaceuticals, received 1,334 shares on 09/15/2025 upon settlement of vested restricted stock units (RSUs). Each RSU converts into one share at vesting. After the transaction he directly beneficially owns 4,684 shares. He is also trustee of the Morrison-Minton Family 2004 Trust and, through that trust, indirectly beneficially owns an additional 6,016 shares. The RSUs vested in three equal annual installments on September 15 of 2023, 2024 and 2025, subject to continuous service.

Positive

• 1,334 RSUs vested and settled into common stock, increasing the director's direct ownership.
• Combined direct and indirect ownership shows continued insider alignment with shareholders (10,700 total shares when summing disclosed amounts).
• Vesting followed disclosed schedule (annual installments on September 15 of 2023, 2024, 2025), indicating routine compensation practice.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received vested RSUs, increasing direct holdings and reflecting routine equity compensation vesting.

The Form 4 discloses a routine settlement of 1,334 RSUs into common stock on 09/15/2025. This is standard compensation practice for directors and does not indicate any sale or transfer of shares. The reporting person retains both direct ownership (4,684 shares) and indirect trust holdings (6,016 shares), which aligns the director's financial interests with shareholders. No derivative transactions or dispositions are reported.

Securities Analyst

TL;DR: Vested equity increased insider stake modestly; transaction is non-cash settlement of prior awards.

The filing records the conversion of vested RSUs into 1,334 shares at a $0 exercise price, indicating settlement rather than a market purchase. Post-transaction direct beneficial ownership is 4,684 shares, with an indirect block of 6,016 shares held via a family trust. The pattern—three equal annual vesting events—matches the disclosed vesting schedule and represents predictable, non-market-impacting insider activity.

SEC Form 4

FORM 4

UNITED 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).

1. Name and Address of Reporting Person^*

Morrison Scott W

(Last) (First) (Middle)

15440 LAGUNA CANYON ROAD, SUITE 160

(Street)

IRVINE CA 92673

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Tarsus Pharmaceuticals, Inc. [ TARS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		M(1)		1,334	A	(1)	4,684	D
Common Stock								6,016	I	By Morrison-Minton Family 2004 Trust(2)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	09/15/2025		M			1,334	(3)	(3)	Common Stock	1,334	$0	0	D

Explanation of Responses:

1. The shares were issued pursuant to settlement of vested Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Company's common stock.

2. The Reporting Person is trustee of the Morrison-Minton Family 2004 Trust, and the Reporting Person and his spouse are the sole beneficiaries of the trust.

3. The RSUs vested in three equal annual installments on September 15th of 2023, 2024, and 2025, subject to the Reporting Person's continuous service.

Remarks:

	/s/ Scott Sieckert, Attorney-in-Fact	09/16/2025
	** Signature of Reporting Person	Date
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.

FAQ

What did TARS director Scott W. Morrison report on Form 4?

He reported settlement of 1,334 RSUs into common stock on 09/15/2025, increasing his direct holdings to 4,684 shares.

How many shares does Scott W. Morrison indirectly own through the trust?

The Form 4 discloses 6,016 shares held indirectly by the Morrison-Minton Family 2004 Trust.

Were any shares sold in this transaction reported on the Form 4?

No. The filing records an acquisition/settlement of RSUs into shares; no dispositions or sales are reported.

What was the price or cost basis for the RSU settlement?

The RSU settlement shows an effective price of $0 per share, consistent with issuance upon vesting.

What is the vesting schedule for the RSUs reported?

The RSUs vested in three equal annual installments on September 15 of 2023, 2024, and 2025, subject to continuous service.