Tarsus Pharmaceuticals, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
TARS$73.83+4.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Statements of Cash Flows
(In thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash Flows From Operating Activities: | ||
| Net loss | $(58,045) | $(92,441) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 653 | 493 |
| Amortization of intangible assets | 720 | 300 |
| Amortization of debt-related costs | 437 | 344 |
| Stock-based compensation | 27,406 | 20,415 |
| Loss on debt extinguishment | — | 1,944 |
| Non-cash lease expense | 528 | 462 |
| Net amortization/accretion of marketable securities | (4,557) | (2,732) |
| Realized loss on equity investments | — | 591 |
| Change in fair value of equity warrants issued by licensee | — | 201 |
| Unrealized (gain) loss from transactions denominated in a foreign currency | 14 | 7 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (25,860) | (12,538) |
| Inventory | (1,215) | (2,273) |
| Other receivables | (418) | (52) |
| Prepaid expenses | (6,471) | 683 |
| Other non-current assets | (146) | 614 |
| Accounts payable and other accrued liabilities | 37,445 | 25,290 |
| Accrued payroll and benefits | (2,272) | (1,920) |
| Other long-term liabilities | — | (233) |
| Net cash used in operating activities | (31,781) | (60,845) |
| Cash Flows From Investing Activities: | ||
| Proceeds from maturities of marketable securities | 269,718 | 37,535 |
| Purchases of marketable securities | (357,606) | (172,661) |
| Purchases of long-term investments | — | (3,000) |
| Purchases of property and equipment | (3,501) | (1,495) |
| Net cash used in investing activities | (91,389) | (139,621) |
| Cash Flows From Financing Activities: | ||
| Proceeds from issuance of common stock, net of paid issuance costs | 134,771 | 98,287 |
| Proceeds from issuance of pre-funded warrants, net of paid issuance costs | — | 9,365 |
| Proceeds from sale of common stock under employee stock purchase plan | 1,101 | 1,136 |
| Proceeds from exercise of stock options | 5,204 | 3,341 |
| Proceeds from long-term debt | — | 75,000 |
| Payments for debt extinguishment | — | (31,877) |
| Payments of debt issuance costs | — | (3,523) |
| Net cash provided by financing activities | 141,076 | 151,729 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 17,906 | (48,737) |
| Cash, cash equivalents and restricted cash at beginning of period | 97,381 | 224,947 |
| Cash, cash equivalents and restricted cash at end of period | $115,287 | $176,210 |
| Supplemental Disclosures From Noncash, Investing and Financing Activities: | ||
| Operating lease right-of-use asset obtained in exchange for operating lease liability | $10,209 | $384 |
| Interest expense paid in cash | $6,284 | $5,488 |
| Additions of intangible assets included within accounts payable and other accrued liabilities | $— | $5,000 |
| Additions of property and equipment included within accounts payable and other accrued liabilities | $1,499 | $58 |
| Offering costs included within accounts payable and other accrued liabilities | $— | $18 |
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