Tarsus director sells 12,500 shares at ~$79

Director William J. Link exercised RSUs and reported pre-planned sales totaling 12,500 TARS common shares under a Rule 10b5-1 plan.

Rhea-AI Filing Summary

Tarsus Pharmaceuticals, Inc. director William J. Link reported an exercise of 201 Restricted Stock Units into 201 shares of common stock on September 15, 2026, leaving 605 RSUs outstanding. On the same date he reported sales of 12,500 common shares at weighted average prices around the high-$70s under a Rule 10b5-1 trading plan adopted on September 8, 2025.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 5 txns

Insider LINK WILLIAM J PHD

Role Director

Sold 12,500 shs ($980K)

Approx. gross sale proceeds $980K

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units F5, F6	201	$0.00	$0.00
Exercise	Common Stock F1	201	--	--
Sale	Common Stock F2, F3	11,675	$78.33	$915K
Sale	Common Stock F2, F4	759	$79.00	$60K
Sale	Common Stock F2	66	$80.01	$5K

Holdings After Transaction: Restricted Stock Units — 605 contracts (Direct); Common Stock — 94,487 shares (Direct)

Footnotes (6)

1. F1. 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. F2. 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.
3. F3. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $77.87 to $78.86. 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. F4. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $78.89 to $79.10. 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. F5. Each RSU represents a contingent right to receive one share of the Company's common stock.
6. F6. RSUs granted in connection with the Reporting Person's service as a non-employee director as of the Company's 2026 annual meeting of stockholders. The RSUs vest in equal installments on 9/15/2026, 12/15/2026, 3/15/2027 and 6/15/2027, subject to the non-employee director's continuous service.

Key Figures

Common shares sold: 12,500 shares Weighted average sale price (main block): $78.33 per share Weighted average sale price (second block): $79.00 per share +4 more

7 metrics

Common shares sold 12,500 shares Total Tarsus Pharmaceuticals, Inc. common shares sold by William J. Link on September 15, 2026

Weighted average sale price (main block) $78.33 per share 11,675 common shares sold with trades between $77.87 and $78.86

Weighted average sale price (second block) $79.00 per share 759 common shares sold with trades between $78.89 and $79.10

Sale price (third block) $80.01 per share 66 common shares sold on September 15, 2026

RSUs exercised 201 RSUs 201 Restricted Stock Units settled into 201 common shares on September 15, 2026

RSUs remaining 605 RSUs Restricted Stock Units outstanding for William J. Link following the reported exercise

Rule 10b5-1 plan adoption date September 8, 2025 Adoption date of the trading plan governing the reported sales

Key Terms

Restricted Stock Units, Rule 10b5-1 trading plan, weighted average price, contingent right

4 terms

Restricted Stock Units financial

"The shares were issued pursuant to settlement of vested Restricted Stock Units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Rule 10b5-1 trading plan regulatory

"automatic sale pursuant to a Rule 10b5-1 trading plan adopted"

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.

contingent right financial

"Each RSU represents a contingent right to receive one share"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did TARS director William J. Link report on September 15, 2026?

William J. Link reported exercising 201 RSUs into 201 common shares and selling 12,500 common shares of Tarsus Pharmaceuticals, Inc. on September 15, 2026. These transactions were reported on a Form 4 filed for the company’s common stock.

How many TARS shares did William J. Link sell in this Form 4 filing?

William J. Link reported selling 12,500 common shares of Tarsus Pharmaceuticals, Inc. The sales consisted of blocks of 11,675 shares at $78.33, 759 shares at $79.00, and 66 shares at $80.01, each figure reported as a weighted average price.

Were William J. Link’s TARS stock sales made under a Rule 10b5-1 plan?

Yes. The filing states the sales were automatic sales pursuant to a Rule 10b5-1 trading plan adopted by William J. Link on September 8, 2025. The Form 4 also has the Rule 10b5-1 checkbox affirmed for this plan-based trading.

What RSU activity for TARS did William J. Link report in this Form 4?

He reported settlement of 201 vested Restricted Stock Units, each RSU representing a contingent right to receive one share of common stock. This resulted in 201 common shares issued and 605 RSUs remaining outstanding after the transaction.

What were the price ranges for William J. Link’s TARS share sales?

For the block priced at a weighted average $78.33, the filing states sales occurred between $77.87 and $78.86. For the block priced at a weighted average $79.00, sales occurred between $78.89 and $79.10, with details available upon request.

What is the vesting schedule for William J. Link’s reported TARS RSUs?

The reported RSUs were granted in connection with service as a non-employee director as of the 2026 annual meeting. They vest in equal installments on September 15, 2026, December 15, 2026, March 15, 2027, and June 15, 2027, subject to continuous service.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/17/2026 - 04:23 PM Accepted by SEC EDGAR 09/17/2026 - 04:22 PM Learn about SEC filing dates

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).

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.

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2026

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

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2026		M		201	A	(1)	106,987	D
Common Stock	09/15/2026		S(2)		11,675	D	$78.33(3)	95,312	D
Common Stock	09/15/2026		S(2)		759	D	$79(4)	94,553	D
Common Stock	09/15/2026		S(2)		66	D	$80.01	94,487	D

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	(5)	09/15/2026		M			201	(6)	(6)	Common Stock	201	$0	605	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 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.

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 $77.87 to $78.86. 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 $78.89 to $79.10. 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. Each RSU represents a contingent right to receive one share of the Company's common stock.

6. RSUs granted in connection with the Reporting Person's service as a non-employee director as of the Company's 2026 annual meeting of stockholders. The RSUs vest in equal installments on 9/15/2026, 12/15/2026, 3/15/2027 and 6/15/2027, subject to the non-employee director's continuous service.

Remarks:

	/s/ Scott Sieckert, Attorney-in-Fact	09/17/2026
	** 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.
* Form 4: SEC 1474 (03-26)