Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Tarsus Pharmaceuticals, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
57
25.8
17.4
183
451
Research and development
3.16
18.8
41.7
42.6
50.3
53.4
64.3
Selling, general and administrative
44.9
109
237
427
General and administrative
1.14
8.17
25.4
44.9
Operating expenses
4.3
27
69.2
88.5
161
Operating income
-4.3
-27
-12.2
-62.7
-143
-121
-71
Interest expense
0
2.2
3.35
7.85
8.94
Interest income
3.5
10.3
15
15.7
Other non-operating income
-0.37
0.19
-1.62
0.62
7.27
5.02
6.61
Pre-tax income
-26.8
-13.8
-62.1
-136
-116
-64.4
Income tax
0
0
0.06
-0
0
0
2.06
Net income
-1.32
-4.67
-26.8
-13.8
-62.1
-136
-116
-66.4
EBITDA
-4.26
-26.9
-11.9
-62.4
-142
-120
-70.1
EPS, basic
-1.98
-4.32
-0.67
-2.52
-4.62
-3.07
-1.59
EPS, diluted
-1.98
-4.32
-0.67
-2.52
-4.62
-3.07
-1.59
Shares, basic (weighted)
2.36
6.21
20.6
24.6
29.4
37.6
41.8
Shares, diluted (weighted)
2.36
6.21
20.6
24.6
29.4
37.6
41.8
Dividend per share
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Balance sheet
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
2.38
58
168
171
71.7
225
94.8
184
Short-term investments
0
0.48
145
2.5
197
234
Receivables
0
0
0
16.6
46.8
85.1
Inventory
0
3.11
2.62
4.37
Other current assets
0
2.49
4.05
4.77
7.87
14.7
13.5
Total current assets
58
171
176
225
256
357
523
Property, plant and equipment
0.15
0.55
0.76
0.96
1.47
2.31
11.7
Lease right-of-use assets
0.13
0.69
1.07
0.58
1.88
0.55
10.1
Intangible assets
0
3.87
8.33
7.37
Long-term investments
0
0.37
0.63
3
3.87
Other non-current assets
0.01
0.08
1.13
0.59
1.51
1
1.86
Total assets
58.3
172
179
228
265
377
562
Accounts payable
0.46
2.24
2.86
5.5
17.8
9.42
16.4
Accrued liabilities
0.3
1.04
2.8
5.52
13.2
15.8
17.8
Deferred revenue
0
0.7
0
Total current liabilities
0.82
5.39
11.5
15.4
36.9
80.6
136
Long-term debt
0
19.4
29.8
71.8
72.4
Lease liabilities
0.1
0.55
0.59
0.05
1.52
0
10.6
Other non-current liabilities
0.1
0.61
0.7
0.1
1.75
0
10.6
Total liabilities
0.92
5.99
12.2
35
68.5
152
219
Total debt
0
19.4
29.8
71.8
72.4
Paid-in capital
0.03
199
213
302
442
585
770
Retained earnings
-6.03
-32.8
-46.7
-109
-245
-360
-427
Other comprehensive income
0
-0.07
-0
0.18
0.38
Shareholders' equity
-1.35
-6.01
166
167
193
197
225
343
Total equity
-1.35
-6.01
166
167
193
197
225
343
Total liabilities and equity
58.3
172
179
228
265
377
562
Shares outstanding
2.65
20.3
20.7
26.7
34.2
38.3
42.6
Cash flow statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-1.32
-4.67
-26.8
-13.8
-62.1
-136
-116
-66.4
Depreciation and amortization
0.04
0.1
0.3
0.33
0.74
0.69
0.86
Stock-based compensation
0.02
0.84
8.46
13.5
19.8
27.8
41.7
Deferred income tax
0
0
0
0
0
0
Change in receivables
0
-16.6
-30.1
-38.3
Change in inventory
0
-3.11
-2.05
-1.75
Cash from operations
-3.67
-21.1
3.75
-49
-117
-83
-12.5
Capital expenditures
-0.18
-0.46
-0.59
-0.51
-1.5
-1.57
-9.86
Purchases of investments
0
-149
-28.7
-263
-393
Sales and maturities of investments
0
5.32
175
73
362
Cash from investing
-0.18
-0.46
-0.59
-145
141
-199
-42.1
Debt issued
20
10
75
0
Stock issued
0.01
0.1
0.12
0.59
5.61
6.28
Cash from financing
59.4
132
0.02
94
130
155
143
Net change in cash
55.6
110
3.18
-99.7
153
-128
88.8
Free cash flow
-3.85
-21.6
3.16
-49.5
-119
-84.6
-22.3
Interest paid
0
1.68
2.88
7.66
8.34
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $75.69 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-8.0%
Operating income / revenue.
EBITDA margin
-7.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-7.7%
Net income / revenue.
FCF margin
9.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
12.2%
Cash from operations / revenue.
Return on equity (ROE)
-13.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-7.6%
Net income / average total assets.
Return on invested capital (ROIC)
-17.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
14.5%
Research and development expense / revenue.
SG&A / revenue
86.8%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
8.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.0%
Capital expenditures / revenue.
D&A / revenue
0.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
146.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
159.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
53.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
21.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
15.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
49.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
35.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
26.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
11.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
19.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
46.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.20x
Current assets / current liabilities.
Quick ratio
3.11x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.56x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.21x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
11.9%
Total debt / total assets.
Liabilities / assets
43.3%
Total liabilities / total assets.
Net debt
-$376.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.07
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$13.97
Revenue / diluted weighted shares.
FCF per share
$1.29
Free cash flow / diluted weighted shares.
Operating cash flow per share
$1.71
Cash from operations / diluted weighted shares.
Book value per share
$8.01
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
5.48x
Market cap / revenue.
P/B
9.58x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
9.77x
Market cap / tangible book value, when positive.
P/FCF
59.3x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
44.8x
Market cap / cash from operations, when positive.
EV/Sales
4.86x
Enterprise value / revenue.
EV/FCF
52.6x
Enterprise value / free cash flow, when both are positive.
FCF yield
1.7%
Free cash flow / market cap.
Earnings yield
-1.4%
Net income / market cap (the inverse of P/E).
What was Tarsus Pharmaceuticals, Inc.'s revenue in fiscal 2025?
Tarsus Pharmaceuticals, Inc. reported revenue of $451.4M for fiscal 2025, 146.7% higher than the year before.
Was Tarsus Pharmaceuticals, Inc. profitable in fiscal 2025?
No. It reported a net loss of $66.4M.
How much free cash flow did Tarsus Pharmaceuticals, Inc. generate in fiscal 2025?
Cash from operations of $12.5M minus capital expenditures of $9.9M left free cash flow of -$22.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.