Tarsus director sells 12,500 shares under 10b5-1

Tarsus Pharmaceuticals director William J. Link, PhD sold 12,500 shares of Common Stock in open-market transactions.

Accepted by SEC EDGAR 03/18/2026 - 04:11 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Tarsus Pharmaceuticals director William J. Link, PhD sold 12,500 shares of Common Stock in open-market transactions. The sales occurred on 2026-03-16 at weighted-average prices of $68.09, $69.03, and $69.75, under an automatic Rule 10b5-1 trading plan adopted on September 8, 2025. Following these trades, he continues to hold 116,332 shares directly.

Insider Trade Summary 10b5-1

Net Seller: 12,500 shares

Net Sell 3 txns

Insider LINK WILLIAM J PHD

Role Director

Sold 12,500 shs ($860K)

Type	Security	Shares	Price	Value
Sale	Common Stock	3,629	$68.09	$247K
Sale	Common Stock	8,378	$69.03	$578K
Sale	Common Stock	493	$69.75	$34K

Holdings After Transaction: Common Stock — 116,332 shares (Direct)

Footnotes (4)

1. F1. 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. F2. The price reported in column 4 is a weighted average price. The shares were pooled and sold in multiple transactions at prices ranging from $67.60 to $68.59. 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. 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 $68.64 to $69.63. 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 $69.68 to $69.85. 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.

FAQ

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What did Tarsus (TARS) director William J. Link report in this Form 4?

William J. Link, a director of Tarsus Pharmaceuticals, reported selling 12,500 shares of Common Stock in open-market transactions. These trades were executed on March 16, 2026 and were made under a pre-arranged Rule 10b5-1 trading plan adopted in September 2025.

How many Tarsus (TARS) shares did William J. Link sell and at what prices?

He sold a total of 12,500 Tarsus shares. The filing shows weighted-average sale prices of $68.09, $69.03, and $69.75 per share, with underlying transaction price ranges from $67.60 up to $69.85 across multiple pooled trades.

Does William J. Link still hold Tarsus (TARS) shares after these sales?

Yes. After completing the March 16, 2026 transactions, William J. Link continues to hold 116,332 shares of Tarsus Common Stock directly. The Form 4 shows this figure as his total direct ownership following the reported open-market sales.

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

Yes. The Form 4 states the sales were effected automatically pursuant to a Rule 10b5-1 trading plan adopted by William J. Link on September 8, 2025. Such plans pre-schedule trades, reducing the significance of short-term market timing decisions.

What type of transactions did Tarsus (TARS) director William J. Link execute?

All reported transactions were open-market sales of Tarsus Common Stock, coded as “S” on the Form 4. The trades were executed in multiple pooled transactions, with weighted-average prices and detailed price ranges disclosed in the filing’s footnotes.

How many sale transactions are reported in this Tarsus (TARS) Form 4?

The Form 4 lists three separate sale entries for Tarsus Common Stock. Together they total 12,500 shares sold on March 16, 2026, all categorized as non-derivative, open-market sales under a previously adopted Rule 10b5-1 trading plan.

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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.

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

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	03/16/2026		S(1)		3,629	D	$68.09(2)	125,203	D
Common Stock	03/16/2026		S(1)		8,378	D	$69.03(3)	116,825	D
Common Stock	03/16/2026		S(1)		493	D	$69.75(4)	116,332	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

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 $67.60 to $68.59. 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 $68.64 to $69.63. 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 $69.68 to $69.85. 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	03/18/2026
	** 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)