Tarsus Pharmaceuticals (TARS) director discloses December 2025 insider share sales

Q: What insider transaction did Tarsus Pharmaceuticals (TARS) disclose in this Form 4?

The filing shows that a director of Tarsus Pharmaceuticals sold multiple blocks of common stock on December 15, 2025 , reducing both direct and indirect shareholdings in the company.

Q: How many Tarsus Pharmaceuticals (TARS) shares does the insider hold after these transactions?

After the reported sales, the insider directly owns 128,832 shares of Tarsus Pharmaceuticals common stock and holds no shares indirectly through Link Family Enterprise, LP.

Q: At what prices were the Tarsus (TARS) shares sold by the insider?

The sales were reported at weighted average prices , including $80.8 , $81.75 , $82.39 for direct holdings and weighted average prices such as $80.71 and $81.5 for shares sold indirectly via Link Family Enterprise, LP.

Q: Were the Tarsus (TARS) insider sales made under a Rule 10b5-1 trading plan?

Some sales were executed under an automatic Rule 10b5-1 trading plan adopted on September 8, 2025 , while other sales on the same date were explicitly noted as not made pursuant to a Rule 10b5-1 plan.

Q: What is the significance of Link Family Enterprise, LP in this Tarsus (TARS) Form 4?

Certain Tarsus shares were previously held indirectly through Link Family Enterprise, LP . The reporting person may be deemed to beneficially own these shares as the partnership's controlling member, but after the reported sales, the indirect holding is shown as 0 shares .

Q: What does the weighted average price disclosure mean in the Tarsus (TARS) insider trades?

The filing states that reported prices are weighted averages because shares were sold in multiple trades within specified ranges (for example, from $80.21 to $81.20 ). The insider has undertaken to provide detailed trade-level prices to the issuer, its security holders, or the SEC staff upon request.

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Tarsus Pharmaceuticals, Inc. reported insider stock sales by a company director. On December 15, 2025, the reporting person sold several blocks of Tarsus common stock in open-market transactions. Direct holdings were reduced through sales of 5,046 shares at a weighted average price of $80.8, 6,306 shares at $81.75, and 1,148 shares at $82.39, among other trades.

Some of these sales were executed automatically under a Rule 10b5-1 trading plan adopted on September 8, 2025, while others were not made under such a plan. The director also sold shares held indirectly through Link Family Enterprise, LP. After the reported transactions, the reporting person directly owned 128,832 Tarsus shares and no longer held shares indirectly through the partnership.

Insider Trade Summary

Net Seller: 22,946 shares ($1,864,678)

Net Sell 5 txns

Insider LINK WILLIAM J PHD

Role Director

Sold 22,946 shs ($1.86M)

Type	Security	Shares	Price	Value
Sale	Common Stock	5,046	$80.80	$408K
Sale	Common Stock	6,306	$81.75	$516K
Sale	Common Stock	1,148	$82.39	$95K
Sale	Common Stock	5,680	$80.71	$458K
Sale	Common Stock	4,766	$81.50	$388K

Holdings After Transaction: Common Stock — 136,286 shares (Direct); Common Stock — 4,766 shares (Indirect, By Link Family Enterprise, LP)

Footnotes (1)

The sales were effected by an automatic sale pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 8, 2025. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $80.21 to $81.20. 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. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $81.21 to $82.19. 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. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $82.23 to $82.92. 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. The sales were not effected by a sale pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $80.21 to $81.20. 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. The Reporting Person may be deemed to beneficially own the shares indirectly by reason of the Reporting Person as the controlling member of Link Family Enterprise, LP. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $81.21 to $81.79. 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.

Form 4 Insider Transactions: What Each Field Means →

12/17/2025 - 04:07 PM

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).

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^*

LINK WILLIAM J PHD

(Last)

(First)

(Middle)

C/O TARSUS PHARMACEUTICALS, INC.

15440 LAGUNA CANYON ROAD, SUITE 160

(Street)

IRVINE

92618

(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)
12/15/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	12/15/2025		S⁽¹⁾		5,046	D	$80.8⁽²⁾	136,286	D
Common Stock	12/15/2025		S⁽¹⁾		6,306	D	$81.75⁽³⁾	129,980	D
Common Stock	12/15/2025		S⁽¹⁾		1,148	D	$82.39⁽⁴⁾	128,832	D
Common Stock	12/15/2025		S⁽⁵⁾		5,680	D	$80.71⁽⁶⁾	4,766	I	By Link Family Enterprise, LP⁽⁷⁾
Common Stock	12/15/2025		S⁽⁵⁾		4,766	D	$81.5⁽⁸⁾	0	I	By Link Family Enterprise, LP⁽⁷⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales were effected by an automatic sale pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 8, 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 $80.21 to $81.20. 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 price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $81.21 to $82.19. 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.

4. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $82.23 to $82.92. 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.

5. The sales were not effected by a sale pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

6. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $80.21 to $81.20. 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.

7. The Reporting Person may be deemed to beneficially own the shares indirectly by reason of the Reporting Person as the controlling member of Link Family Enterprise, LP.

8. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $81.21 to $81.79. 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.

Remarks:

	/s/ Scott Sieckert, Attorney-in-Fact	12/17/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Tarsus Pharmaceuticals (TARS) disclose in this Form 4?

The filing shows that a director of Tarsus Pharmaceuticals sold multiple blocks of common stock on December 15, 2025, reducing both direct and indirect shareholdings in the company.

How many Tarsus Pharmaceuticals (TARS) shares does the insider hold after these transactions?

After the reported sales, the insider directly owns 128,832 shares of Tarsus Pharmaceuticals common stock and holds no shares indirectly through Link Family Enterprise, LP.

At what prices were the Tarsus (TARS) shares sold by the insider?

The sales were reported at weighted average prices, including $80.8, $81.75, $82.39 for direct holdings and weighted average prices such as $80.71 and $81.5 for shares sold indirectly via Link Family Enterprise, LP.

Were the Tarsus (TARS) insider sales made under a Rule 10b5-1 trading plan?

Some sales were executed under an automatic Rule 10b5-1 trading plan adopted on September 8, 2025, while other sales on the same date were explicitly noted as not made pursuant to a Rule 10b5-1 plan.

What is the significance of Link Family Enterprise, LP in this Tarsus (TARS) Form 4?

Certain Tarsus shares were previously held indirectly through Link Family Enterprise, LP. The reporting person may be deemed to beneficially own these shares as the partnership's controlling member, but after the reported sales, the indirect holding is shown as 0 shares.

What does the weighted average price disclosure mean in the Tarsus (TARS) insider trades?

The filing states that reported prices are weighted averages because shares were sold in multiple trades within specified ranges (for example, from $80.21 to $81.20). The insider has undertaken to provide detailed trade-level prices to the issuer, its security holders, or the SEC staff upon request.