TARSTarsus Pharmaceuticals, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- $451M
- 147% YoY
- Operating margin
- -15.7%
- 76% YoY
- EBITDA
- −$70M
- 42% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$132M net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear9% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $57M | $26M | $17M | $183M | $451M | 147% |
| Operating income | −$12M | −$63M | −$143M | −$121M | −$71M | 41% |
| Net income | −$14M | −$62M | −$136M | −$116M | −$66M | 43% |
| Operating cash flow | $4M | −$49M | −$117M | −$83M | −$12M | 85% |
| Capex | $586K | $506K | $2M | $2M | $10M | 529% |
| Stock-based comp | $8M | $13M | $20M | $28M | $42M | 50% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3M · 10
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $31M | 364 | 125 |
| FY2024 | $8M | $20M | 246 | 93 |
| FY2023 | $3M | $4M | 90 | 94 |