Tarsus Pharmaceuticals, Inc.

For the period ended Dec 31, 2025. Filed Feb 23, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 23, 2026

TARS$73.83+4.2%Stored close · as of Nov 10, 2026

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Contents

Statements of Cash Flows

(In thousands)

	Year Ended December 31,
	2025	2024	2023
Cash Flows From Operating Activities:
Net loss	$(66,418)	$(115,554)	$(135,893)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	855	685	744
Amortization of intangible assets	961	540	133
Amortization/accretion of debt-related costs	593	482	385
Stock-based compensation	41,720	27,818	19,830
Loss on debt extinguishment	—	1,944	—
Non-cash lease expense	682	635	541
Net amortization/accretion on marketable securities	(5,482)	(4,213)	(3,163)
Realized/unrealized loss (gain) on equity investments	—	591	(259)
Change in fair value of equity warrants issued by licensee	—	201	(117)
Changes in operating assets and liabilities:
Accounts receivable, net	(38,297)	(30,139)	(16,621)
Inventory	(1,751)	(2,046)	(3,107)
Other receivables	(754)	(206)	2,490
Prepaid expenses	1,716	(7,019)	(2,889)
Other non-current assets	(527)	572	(718)
Accounts payable	6,906	2,544	4,537
Accrued payroll and benefits	1,956	2,578	7,726
Other accrued liabilities	45,389	37,793	8,703
Other long-term liabilities	—	(233)	185
Net cash used in operating activities	(12,451)	(83,027)	(117,493)
Cash Flows From Investing Activities:
Proceeds from sales and maturities of marketable securities	361,800	73,000	174,770
Purchases of marketable securities	(393,186)	(262,628)	(28,664)
Purchases of long-term investments	(870)	(3,000)	—
Intangible asset additions	—	(5,000)	(4,000)
Purchases of property and equipment	(9,859)	(1,567)	(1,502)
Net cash (used in) provided by investing activities	(42,115)	(199,195)	140,604
Cash Flows From Financing Activities:
Proceeds from issuance of common stock, net of paid issuance costs	134,771	98,287	99,355
Proceeds from issuance of pre-funded warrants, net of paid issuance costs	—	9,365	—
Proceeds from exercise of stock options	6,280	5,609	592
Proceeds from sale of common stock under employee stock purchase plan	2,337	1,795	985
Proceeds from issuance of common stock under an at-the-market sales agreement, net of paid issuance costs	—	—	19,244
Proceeds from long-term debt	—	75,000	10,000
Payment of debt issuance costs	—	(3,523)	—
Payments for debt extinguishment	—	(31,877)	—
Net cash provided by financing activities	143,388	154,656	130,176
Net increase (decrease) in cash, cash equivalents and restricted cash	88,822	(127,566)	153,287
Cash, cash equivalents and restricted cash at beginning of period	97,381	224,947	71,660
Cash, cash equivalents and restricted cash at end of period	$186,203	$97,381	$224,947
Supplemental Disclosures From Noncash, Investing and Financing Activities:
Operating lease right-of-use asset obtained in exchange for operating lease liability	$10,209	$384	$1,846
Operating lease modification	$—	$1,078	$—
Interest expense paid in cash	$8,342	$7,662	$2,880
Additions of property and equipment included within accounts payable and other accrued liabilities	$1,531	$99	$134
Offering costs included within accounts payable	$—	$21	$—

ContentsView on SEC.gov

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