Tarsus Pharmaceuticals, Inc.

For the period ended Sep 30, 2026. Filed Nov 3, 2026.

About this filing

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, 2026 · Filed Nov 3, 2026

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

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Contents

Condensed Consolidated Statements of Cash Flows

(In thousands)

	Nine Months EndedSeptember 30,
	2026	2025
Cash Flows From Operating Activities:
Net loss	$(693,852)	$(58,045)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	1,744	653
Amortization of intangible assets	720	720
Amortization of debt-related costs	497	437
Loss on disposal of property and equipment	183	—
Stock-based compensation	52,474	27,406
Non-cash lease expense	300	528
Gain on exchange of long-term investments	(2,812)	—
Acquired IPR&D expenses of iRenix	81,025	—
Acquired IPR&D expenses of Alkeus	551,151	—
Acquired inventory expensed	3,045	—
Loss on initial consolidation of variable interest entity	3,281	—
Change in fair value of contingent consideration	(1,620)	—
Net amortization/accretion of marketable securities	(2,055)	(4,557)
Unrealized (gain) loss from transactions denominated in a foreign currency	(4)	14
Changes in operating assets and liabilities:
Accounts receivable, net	(15,379)	(25,860)
Inventory	(779)	(1,215)
Other receivables	404	(418)
Prepaid expenses	(12,837)	(6,471)
Other non-current assets	119	(146)
Accounts payable	14,790	(8,063)
Accrued payroll and benefits	5,103	(2,272)
Other accrued liabilities	46,200	45,508
Other long-term liabilities	(1,129)	—
Net cash provided by (used in) operating activities	30,569	(31,781)
Cash Flows From Investing Activities:
Proceeds from maturities of marketable securities	190,505	269,718
Purchases of marketable securities	(129,201)	(357,606)
Cash paid for the acquisition of Alkeus, net of cash acquired	(223,089)	—
Cash paid for the acquisition of iRenix, net of cash acquired	(37,290)	—
Purchases of property and equipment	(11,100)	(3,501)
Net cash used in investing activities	(210,175)	(91,389)
Cash Flows From Financing Activities:
Proceeds from issuance of common stock, net of paid issuance costs	113,135	134,771
Proceeds from issuance of pre-funded warrants, net of paid issuance costs	7,190	—
Proceeds from exercise of stock options	10,552	5,204
Proceeds from sale of common stock under employee stock purchase plan	1,438	1,101
Net cash provided by financing activities	132,315	141,076
Net (decrease) increase in cash, cash equivalents and restricted cash	(47,291)	17,906
Cash, cash equivalents and restricted cash at beginning of period	186,203	97,381
Cash, cash equivalents and restricted cash at end of period	$138,912	$115,287
Supplemental Disclosures From Noncash, Investing and Financing Activities:
Operating lease right-of-use asset obtained in exchange for operating lease liability	$—	$10,209
Fair value of common stock issued in connection to acquisitions	$271,172	$—
Deferred consideration included within accrued payroll and benefits	$7,129	$—
Preferred stock investment exchanged for preferred units of privately-held company	$6,682	$—
Interest expense paid in cash	$5,972	$6,284
Income taxes paid in cash	$5,854	$—
Additions of intangible assets included within other accrued liabilities	$10,000	$—
Additions of property and equipment included within accounts payable and other accrued liabilities	$—	$1,499
Offering costs included within other accrued liabilities	$212	$—

ContentsView on SEC.gov

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