$TARS

Tarsus Pharmaceuticals, Inc.

CIK:0001819790|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 173,912	$ 102,660	$ 335,966	$ 180,995
Operating expenses:
Cost of sales	12,113	6,237	21,509	11,448
Research and development	31,010	15,594	53,361	30,003
Selling, general and administrative	150,697	103,013	287,126	188,008
Total operating expenses	193,820	124,844	361,996	229,459
Loss from operations before other income (expense)	(19,908)	(22,184)	(26,030)	(48,464)
Other income (expense):
Interest income	3,698	4,229	7,420	7,683
Interest expense	(2,156)	(2,240)	(4,284)	(4,453)
Gain on exchange of long-term investments	2,812	0	2,812	0
Other income (expense), net	(281)	(145)	(368)	(226)
Total other income (expense), net	4,073	1,844	5,580	3,004
Provision for income taxes	(2,716)	0	(5,068)	0
Net loss	(18,551)	(20,340)	(25,518)	(45,460)
Unrealized gain (loss) on marketable securities and cash equivalents	(259)	(46)	(938)	(140)
Comprehensive loss	$ (18,810)	$ (20,386)	$ (26,456)	$ (45,600)
Net loss per share - basic (usd per share)	$ (0.43)	$ (0.48)	$ (0.59)	$ (1.11)
Net loss per share - diluted (usd per share)	$ (0.43)	$ (0.48)	$ (0.59)	$ (1.11)
Weighted-average shares outstanding, basic (in shares)	43,393,643	42,360,452	43,176,514	40,869,364
Weighted-average shares outstanding - diluted (in shares)	43,393,643	42,360,452	43,176,514	40,869,364
Product sales, net
Revenues:
Total revenues	$ 173,912	$ 102,660	$ 319,299	$ 180,995
License fees and collaboration revenue
Revenues:
Total revenues	$ 0	$ 0	$ 16,667	$ 0

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net loss	$ (25,518)	$ (45,460)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	957	433
Amortization of intangible assets	480	480
Amortization of debt-related costs	325	285
Loss on disposal of property and equipment	183	0
Stock-based compensation	25,256	15,163
Non-cash lease expense	169	323
Gain on exchange of long-term investments	(2,812)	0
Net amortization/accretion of marketable securities	(1,611)	(3,023)
Unrealized (gain) loss from transactions denominated in a foreign currency	(10)	26
Changes in operating assets and liabilities:
Accounts receivable, net	(10,972)	(11,574)
Inventory	2	(1,252)
Other receivables	(207)	(608)
Prepaid expenses	3,861	(14,449)
Other non-current assets	196	227
Accounts payable	23,410	269
Accrued payroll and benefits	(5,892)	(4,212)
Other accrued liabilities	28,754	13,334
Net cash provided by (used in) operating activities	36,571	(50,038)
Cash Flows From Investing Activities:
Proceeds from maturities of marketable securities	118,404	170,218
Purchases of marketable securities	(129,201)	(255,273)
Purchases of property and equipment	(9,887)	(1,591)
Net cash used in investing activities	(20,684)	(86,646)
Cash Flows From Financing Activities:
Proceeds from issuance of common stock, net of paid issuance costs	0	134,771
Proceeds from sale of common stock under employee stock purchase plan	1,438	1,101
Proceeds from exercise of stock options	3,068	2,642
Net cash provided by financing activities	4,506	138,514
Net increase in cash, cash equivalents and restricted cash	20,393	1,830
Cash, cash equivalents and restricted cash at beginning of period	186,203	97,381
Cash, cash equivalents and restricted cash at end of period	206,596	99,211
Supplemental Disclosures From Noncash, Investing and Financing Activities:
Interest expense paid in cash	3,959	4,168
Income taxes paid in cash	4,773	0
Additions of property and equipment included within accounts payable and other accrued liabilities	$ 623	$ 344

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 204,595	$ 183,641
Restricted cash	0	560
Marketable securities	245,095	233,627
Accounts receivable, net	96,028	85,057
Inventory	4,377	4,372
Other receivables	2,281	2,052
Prepaid expenses	9,613	13,473
Total current assets	561,989	522,782
Restricted cash, non-current	2,001	2,002
Inventory, non-current	2,525	2,532
Property and equipment, net	20,489	11,665
Intangible assets, net	6,885	7,366
Operating lease right-of-use assets	9,911	10,080
Long-term investments	6,682	3,870
Other assets	660	1,861
Total assets	611,142	562,158
Current liabilities:
Accounts payable	40,141	16,387
Accrued payroll and benefits	11,887	17,779
Other accrued liabilities	123,725	101,529
Total current liabilities	175,753	135,695
Long-term debt, net	72,762	72,438
Other long-term liabilities	15,895	10,599
Total liabilities	264,410	218,732
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized; 43,271,347 shares issued and outstanding at June 30, 2026 (unaudited); 42,553,931 shares issued and outstanding at December 31, 2025	6	6
Additional paid-in capital	799,429	769,667
Accumulated other comprehensive income (loss)	(557)	381
Accumulated deficit	(452,146)	(426,628)
Total stockholders’ equity	346,732	343,426
Total liabilities and stockholders’ equity	$ 611,142	$ 562,158