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

Tarsus (TARS) director William Link sells 12,500 shares in planned 10b5-1 trades

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

Rhea-AI Filing Summary

Tarsus Pharmaceuticals director William J. Link, PhD reported selling 12,500 shares of common stock in open-market transactions. On June 15, 2026, he executed two sales of 10,572 and 1,928 shares at weighted average prices of $61.97 and $62.94 per share.

The filing states these were automatic sales under a pre-arranged Rule 10b5-1 trading plan adopted on September 8, 2025, meaning the trades were scheduled in advance rather than timed discretionarily. Prices for each block were achieved across multiple trades within disclosed price ranges.

Positive

  • None.

Negative

  • None.

Insights

Director sold 12,500 Tarsus shares under a pre-set 10b5-1 plan, a routine, planned disposition.

The reporting person, director William J. Link, PhD, completed two open-market sales totaling 12,500 shares of Tarsus Pharmaceuticals common stock on June 15, 2026. The weighted average prices were $61.97 and $62.94, with actual executions spread across the stated ranges.

A key detail is that the sales were made pursuant to a Rule 10b5-1 trading plan adopted on September 8, 2025. Such plans pre-schedule trades and are designed to reduce concerns about insiders timing the market based on nonpublic information. The filing does not show any option exercises or derivative activity; derivative positions are listed as empty in this report.

Future Form 4 filings will clarify whether similar scheduled sales continue under this plan or if activity changes. The significance for investors typically depends on the scale of cumulative sales relative to the director’s overall holdings, which this single filing only partially shows.

Insider LINK WILLIAM J PHD
Role null
Sold 12,500 shs ($776K)
Type Security Shares Price Value
Sale Common Stock 10,572 $61.97 $655K
Sale Common Stock 1,928 $62.94 $121K
Holdings After Transaction: Common Stock — 108,714 shares (Direct, null)
Footnotes (1)
  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 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 $61.67 to $62.67. 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 $62.68 to $63.05. 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.
Total shares sold 12,500 shares Net sell shares reported in transaction summary
Block 1 shares sold 10,572 shares Common stock sold on June 15, 2026 at weighted average price
Block 1 weighted average price $61.97 per share Open-market sale on June 15, 2026
Block 2 shares sold 1,928 shares Common stock sold on June 15, 2026 at weighted average price
Block 2 weighted average price $62.94 per share Open-market sale on June 15, 2026
Net buy/sell direction Net sell of 12,500 shares Transaction summary netBuySellDirection and netBuySellShares
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"
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. The shares were pooled and sold in multiple transactions"
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.
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
Form 4 regulatory
"The sales reported in this Form 4 were effected by an automatic sale"
Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.
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Form 4 Insider Transactions: What Each Field Means →
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*
LINK WILLIAM J PHD
(Last)(First)(Middle)
C/O TARSUS PHARMACEUTICALS, INC.
15440 LAGUNA CANYON ROAD, SUITE 160
(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
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/15/2026		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 Stock06/15/2026S(1)10,572D$61.97(2)108,714D
Common Stock06/15/2026S(1)1,928D$62.94(3)106,786D
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 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 $61.67 to $62.67. 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 $62.68 to $63.05. 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/ Jeffrey Farrow, Attorney-in-Fact06/17/2026
** 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

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