Tarsus Pharmaceuticals Inc
TARSHealthcare|Biotechnology|USA
$58.13
-6.00 (-9.35%)
Tangible Book
$7.95
Financials
Financial Snapshot
Market Cap
$2.54B
Enterprise Value
$316.1M
Revenue (TTM)
$535.1M
Net Income (TTM)
$-48.3M
Cash & Equivalents
—
Net Cash/Share
$3.64
Free Cash Flow (TTM)
$-31.5M
Operating CF (TTM)
$-16.5M
Debt/Equity
0.21
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$4.1M
Monthly Burn
$1.4M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.4M | $58.0M | $168.1M | $171.8M | $217.0M | $227.4M | $291.4M | $417.3M | $388.7M | |
| Operating Cash Flow | $-1.2M | $-3.7M | $-21.1M | $3.7M | $-49.0M | $-117.5M | $-83.0M | $-12.5M | $-16.5M | |
| Free Cash Flow | $-1.2M | $-3.8M | $-21.6M | $3.2M | $-49.5M | $-123.0M | $-89.6M | $-22.3M | $-31.5M | |
| Capital Expenditure | $-7.0K | $-175.0K | $-456.0K | $-586.0K | $-506.0K | $-5.5M | $-6.6M | $-9.9M | $-15.1M | |
| Financing Cash Flow | $3.6M | $59.4M | $131.8M | $21.0K | $94.0M | $130.2M | $154.7M | $143.4M | $8.0M |
R&D Spending
R&D (TTM)
$72.3M
R&D Intensity
13.5%
R&D Growth YoY
+12.3%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $57.0M | $25.8M | $17.4M | $183.0M | $451.4M | $535.1M | |
| R&D Expense | $901.0K | $3.2M | $18.8M | $41.7M | $42.6M | $50.3M | $53.4M | $64.3M | $72.3M | |
| R&D % of Revenue | — | — | — | 73.1% | 165.1% | 288.4% | 29.2% | 14.3% | 13.5% | |
| SG&A | $449.0K | $1.1M | $8.2M | $25.4M | $44.9M | $108.7M | $237.3M | $427.3M | $478.8M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $57.0M | $25.8M | $17.4M | $183.0M | $451.4M | $535.1M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $2.1M | $955.0K | $1.6M | $12.8M | $30.7M | $34.9M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $55.0M | $24.9M | $15.9M | $170.1M | $420.7M | $500.2M | |
| R&D | $901.0K | $3.2M | $18.8M | $41.7M | $42.6M | $50.3M | $53.4M | $64.3M | $72.3M | |
| SG&A | $449.0K | $1.1M | $8.2M | $25.4M | $44.9M | $108.7M | $237.3M | $427.3M | $478.8M | |
| Operating Income | $-1.4M | $-4.3M | $-27.0M | $-12.2M | $-62.7M | $-143.2M | $-120.6M | $-71.0M | $-50.8M | |
| Interest Expense | $0.00 | $-40.0K | $0.00 | $0.00 | $-2.1M | $-3.2M | $-7.4M | $-8.3M | $-8.2M | |
| Pretax Income | $-1.3M | $-4.7M | $-26.8M | $-13.8M | $-62.1M | $-135.9M | $-115.6M | $-64.4M | $-43.9M | |
| Net Income | $-1.3M | $-4.7M | $-26.8M | $-13.8M | $-62.1M | $-135.9M | $-115.6M | $-66.4M | $-48.3M | |
| EPS (Diluted) | -0.31 | -1.98 | -4.32 | -0.67 | -2.52 | -4.62 | -3.07 | -1.59 | -1.14 | |
| EBITDA | $-1.3M | $-4.3M | $-26.9M | $-13.5M | $-59.7M | $-131.8M | $-106.9M | $-54.2M | $-33.8M | |
| Shares Out. (M) | 4.29 | 2.36 | 6.21 | 20.55 | 24.62 | 29.38 | 37.60 | 41.78 | 42.96 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.4M | $58.0M | $168.1M | $171.3M | $71.7M | $224.9M | $94.8M | $183.6M | $102.2M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $483.0K | $145.4M | $2.5M | $196.6M | $233.6M | $286.5M | |
| Total Current Assets | $2.4M | $58.0M | $170.7M | $176.0M | $225.4M | $256.1M | $356.7M | $522.8M | $537.2M | |
| Total Assets | $2.4M | $58.3M | $172.0M | $178.9M | $227.9M | $265.5M | $377.0M | $562.2M | $581.1M | |
| Total Current Liabilities | $179.0K | $819.0K | $5.4M | $11.5M | $15.4M | $36.9M | $80.6M | $135.7M | $143.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $19.4M | $29.8M | $71.8M | $72.4M | $72.6M | |
| Total Liabilities | $3.7M | $64.3M | $6.0M | $12.2M | $35.0M | $68.5M | $152.5M | $218.7M | $232.2M | |
| Stockholders' Equity | $-1.4M | $-6.0M | $166.0M | $166.7M | $192.9M | $197.0M | $224.5M | $343.4M | $349.0M | |
| Retained Earnings | $-1.4M | $-6.0M | $-32.8M | $-46.7M | $-108.8M | $-244.7M | $-360.2M | $-426.6M | $-433.6M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-1.2M | $-3.7M | $-21.1M | $3.7M | $-49.0M | $-117.5M | $-83.0M | $-12.5M | $-16.5M | |
| Capital Expenditure | $-7.0K | $-175.0K | $-456.0K | $-586.0K | $-506.0K | $-5.5M | $-6.6M | $-9.9M | $-15.1M | |
| Free Cash Flow | $-1.2M | $-3.8M | $-21.6M | $3.2M | $-49.5M | $-123.0M | $-89.6M | $-22.3M | $-31.5M | |
| Investing Cash Flow | $-7.0K | $-175.0K | $-456.0K | $-586.0K | $-144.6M | $140.6M | $-199.2M | $-42.1M | $-65.7M | |
| Financing Cash Flow | $3.6M | $59.4M | $131.8M | $21.0K | $94.0M | $130.2M | $154.7M | $143.4M | $8.0M | |
| Issuance of Stock | $0.00 | $0.00 | $91.7M | $0.00 | $74.4M | $118.6M | $98.3M | $134.8M | $-354.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $2.0M | $0.00 | $0.00 | $20.0M | $10.0M | $75.0M | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $9.0K | $18.0K | $839.0K | $8.5M | $13.5M | $19.8M | $27.8M | $41.7M | $46.8M | |
| Net Change in Cash | $2.4M | $55.6M | $110.2M | $3.2M | $-99.7M | $153.3M | $-127.6M | $88.8M | $-74.2M |
Dilution Tracker
Shares outstanding grew 109.0% over 5 years — significant dilution
Shares Outstanding
43M
5-Year Share Growth
+109.0%
Stock Issuance (TTM)
$-354.0K
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 4.29 | 2.36 | 6.21 | 20.55 | 24.62 | 29.38 | 37.60 | 41.78 | 42.96 | |
| YoY Change % | — | -44.9% | 162.7% | 231.1% | 19.8% | 19.3% | 28.0% | 11.1% | 2.8% | |
| Stock Issuance | $0.00 | $0.00 | $91.7M | $0.00 | $74.4M | $118.6M | $98.3M | $134.8M | $-354.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $9.0K | $18.0K | $839.0K | $8.5M | $13.5M | $19.8M | $27.8M | $41.7M | $46.8M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 96.4% | 96.3% | 90.9% | 93.0% | 93.2% | 93.5% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | -21.3% | -242.9% | -820.5% | -65.9% | -15.7% | -9.5% | |
| Net Margin % | 0.0% | 0.0% | 0.0% | -24.2% | -240.5% | -778.9% | -63.2% | -14.7% | -9.0% | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | -23.6% | -231.3% | -755.4% | -58.4% | -12.0% | -6.3% | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 5.5% | -191.9% | -705.0% | -49.0% | -4.9% | -5.9% | |
| ROE % | 0.0% | 0.0% | -33.5% | -8.3% | -34.5% | -69.7% | -54.8% | -23.4% | -14.2% | |
| ROA % | -55.2% | -15.4% | -23.3% | -7.9% | -30.5% | -55.1% | -36.0% | -14.1% | -9.0% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S4.64
Historical4.64 / 11.99 / 67.67
Industry Med.9.51
P/B7.17
Historical1.54 / 3.51 / 10.36
Industry Med.2.93
EV/EBITDA-65.64
Historical-138.70 / -12.52 / -1.73
Industry Med.13.14
EV/Revenue4.15
Historical2.27 / 8.49 / 59.30
Industry Med.8.71
P/FCF—
Historical91.82 / 119.47 / 179.76
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$7.95
Net Current Assets
$7.090
Net-Net Working Capital
$5.44
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | 8.11 | 13.98 | 34.09 | 11.38 | 7.58 | 4.64 | |
| PB Ratio | 0.00 | 0.00 | 5.06 | 2.79 | 2.03 | 3.52 | 9.46 | 10.15 | 7.17 | |
| EV/EBITDA | 0.00 | 0.00 | -25.00 | -21.98 | -3.27 | -3.76 | -17.82 | -57.92 | -65.64 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 5.19 | 7.55 | 28.40 | 10.41 | 6.96 | 4.15 |
Analyst Estimates & Quality
Altman Z-Score
7.04
Safe
Piotroski F-Score
5
Moderate
Beneish M-Score
-1.39
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $697.6M | $906.5M | $1,092.6M |
| Net Income | $-29.4M | $158.0M | $307.6M |
| EPS | -0.71 | 3.21 | 5.62 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | -1.11 | 3.58 | 0.00 |
| Operating CF | $-47.68M | $153.79M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Therapeutics | $451.4M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $451.4M |