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TARS Form 4: Director Link Reports 27,116-Share Sale at ~$57

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

Rhea-AI Filing Summary

William J. Link, Ph.D., a director of Tarsus Pharmaceuticals (TARS), reported a sale of company common stock on 09/08/2025. The filing shows 27,116 shares were sold (transaction code S) at a weighted-average price of $57 per share, with execution prices ranging from $56.66 to $57.45. After the sale, the reporting person beneficially owned 143,332 shares directly and an additional 10,446 shares indirectly through Link Family Enterprise, LP. The Form 4 was signed on behalf of the reporting person by an attorney-in-fact on 09/10/2025. The filer notes availability of details on the number of shares sold at each price within the disclosed range.

Positive

  • Clear disclosure of the sale date, weighted-average price ($57) and the price range ($56.66–$57.45)
  • Post-transaction holdings are reported for both direct (143,332 shares) and indirect (10,446 shares) ownership
  • Compliance detail: filer offers to provide per-trade counts and the Form 4 is signed and dated by attorney-in-fact

Negative

  • Insider sale of 27,116 shares by a director may be perceived negatively by some investors
  • No context on percentage ownership or company share count in the filing limits assessment of materiality

Insights

TL;DR: Director executed a routine, disclosed sale of 27,116 shares at ~$57; paperwork appears complete and compliant.

The sale represents a disclosed, non-derivative disposition by a director. The filing includes the weighted-average price and the disclosed price range and confirms post-transaction direct and indirect holdings. From an investor disclosure standpoint the Form 4 provides the necessary detail and offers to supply exact per-trade quantities on request, which supports transparency. Without company-wide share counts or insider holding percentages in this filing, materiality to valuation cannot be determined from this form alone.

TL;DR: The disclosure meets Section 16 reporting requirements; sale was documented and an attorney executed the filing.

The report identifies the reporting person as a director and indicates indirect holdings via an entity controlled by the reporting person. Execution by an attorney-in-fact is properly noted with signature date. The filing’s explicit offer to provide per-price allocation enhances compliance quality. This is a routine governance disclosure with no additional corporate actions reported.

Insider LINK WILLIAM J PHD
Role Director
Sold 27,116 shs ($1.55M)
Type Security Shares Price Value
Sale Common Stock 27,116 $57.00 $1.55M
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 143,332 shares (Direct); Common Stock — 10,446 shares (Indirect, By Link Family Enterprise, LP)
Footnotes (1)
  1. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $56.66 to $57.45. 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.
Form 4 Insider Transactions: What Each Field Means →
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 CA 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)
09/08/2025
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 09/08/2025 S 27,116 D $57(1) 143,332 D
Common Stock 10,446 I By Link Family Enterprise, LP(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
Explanation of Responses:
1. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $56.66 to $57.45. 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.
2. 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.
Remarks:
/s/ Scott Sieckert, Attorney-in-Fact 09/10/2025
** 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

How many shares does the reporting person own after the transaction?

After the sale the reporting person beneficially owned 143,332 shares directly and 10,446 shares indirectly via Link Family Enterprise, LP.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Scott Sieckert, Attorney-in-Fact on 09/10/2025.

Does the filing explain the price details for the shares sold?

Yes. The filing states the weighted-average price is $57 and discloses a price range of $56.66 to $57.45, and offers to provide exact per-trade allocations on request.

Is this a direct or indirect sale?

The sale of 27,116 shares is reported as direct (code S). The filing also discloses separate indirect ownership of 10,446 shares via an entity.