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Biotechnology · Healthcare · Fiscal year ends Dec 31
Tarsus Pharmaceuticals reported revenue of $451M in the fiscal year ended Dec 2025, up 146.7% from the year before. Operating income was −$71M, an operating margin of −15.7%, and net income was −$66M. Operating cash flow of −$12M less capital expenditure of $10M left free cash flow of −$22M. It held more cash than debt (net cash $111M).
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 57.0 | 25.8 | 17.4 | 183 | 451 |
| Research & development | 41.7 | 42.6 | 50.3 | 53.4 | 64.3 |
| Selling, general & admin | – | 44.9 | 109 | 237 | 427 |
| Operating income | −12.2 | −62.7 | −143 | −121 | −71.0 |
| Interest expense | 0.0 | 2.2 | 3.3 | 7.8 | 8.9 |
| Pre-tax income | −13.8 | −62.1 | −136 | −116 | −64.4 |
| Income tax | 0.1 | −0.0 | 0.0 | 0.0 | 2.1 |
| Net income | −13.8 | −62.1 | −136 | −116 | −66.4 |
| Diluted EPS | −0.67 | −2.52 | −4.62 | −3.07 | −1.59 |
| Diluted shares | 20.6 | 24.6 | 29.4 | 37.6 | 41.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 171 | 71.7 | 225 | 94.8 | 184 |
| Receivables | 0.0 | 0.0 | 16.6 | 46.8 | 85.1 |
| Inventory | – | 0.0 | 3.1 | 2.6 | 4.4 |
| Current assets | 176 | 225 | 256 | 357 | 523 |
| Net PP&E | 0.8 | 1.0 | 1.5 | 2.3 | 11.7 |
| Total assets | 179 | 228 | 265 | 377 | 562 |
| Payables | 2.9 | 5.5 | 17.8 | 9.4 | 16.4 |
| Deferred revenue | 0.7 | 0.0 | – | – | – |
| Current liabilities | 11.5 | 15.4 | 36.9 | 80.6 | 136 |
| Long-term debt | 0.0 | 19.4 | 29.8 | 71.8 | 72.4 |
| Total liabilities | 12.2 | 35.0 | 68.5 | 152 | 219 |
| Shareholders' equity | 167 | 193 | 197 | 225 | 343 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 3.7 | −49.0 | −117 | −83.0 | −12.5 |
| Capital expenditure | 0.6 | 0.5 | 1.5 | 1.6 | 9.9 |
| Free cash flow | 3.2 | −49.5 | −119 | −84.6 | −22.3 |
| Depreciation & amortisation | 0.3 | 0.3 | 0.7 | 0.7 | 0.9 |
| Stock-based compensation | 8.5 | 13.5 | 19.8 | 27.8 | 41.7 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −54.7% | −32.4% | 948.6% | 146.7% |
| Operating margin | −21.3% | −242.9% | −820.5% | −65.9% | −15.7% |
| Net margin | −24.2% | −240.5% | −778.9% | −63.2% | −14.7% |
| Return on equityBlank when equity is negative | −8.3% | −32.2% | −69.0% | −51.5% | −19.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −7.3% | −29.5% | −62.6% | −40.7% | −16.6% |
| Free cash flow margin | 5.5% | −191.9% | −682.0% | −46.2% | −4.9% |
| Cash conversion (CFO ÷ net income) | −0.27x | 0.79x | 0.86x | 0.72x | 0.19x |
| Receivable days | 0 | 0 | 348 | 93 | 69 |
| Interest cover | – | −28.5x | −42.8x | −15.4x | −7.94x |
| Debt ÷ equity | 0.00x | 0.10x | 0.15x | 0.32x | 0.21x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −171 | −52.2 | −195 | −23.0 | −111 |
| Current ratio | 15.3x | 14.6x | 6.93x | 4.42x | 3.85x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.