Financial health
- The company holds more cash ($184M) than total debt ($72M).
- Operating income covered interest expense -7.9× in the latest year.
- The company is unprofitable; at its current free-cash-flow burn it has roughly 8.2 years of cash runway.
TARS Financials Tarsus Pharmaceuticals, Inc.
8 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $451M | -$66M | 0.0% | -15.7% | -$22M | $72M | $184M |
| 2024 | $183M | -$116M | 0.0% | -65.9% | -$85M | $72M | $95M |
| 2023 | $17M | -$136M | 0.0% | -820.5% | -$119M | $30M | $225M |
| 2022 | $26M | -$62M | 0.0% | -242.9% | -$50M | $19M | $72M |
| 2021 | $57M | -$14M | 0.0% | -21.3% | $3M | $0 | $171M |
| 2020 | $0 | -$27M | — | — | -$22M | — | $168M |
| 2019 | — | -$5M | — | — | -$4M | — | $58M |
| 2018 | — | -$1M | — | — | — | — | — |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $162M | -$7M | 94.2% | -3.8% | -$30M | $73M | $102M |
| Dec '25 | $152M | -$8M | 0.0% | -5.3% | $13M | $72M | $184M |
| Sep '25 | $119M | -$13M | 0.0% | -12.2% | $16M | $72M | $113M |
| Jun '25 | $103M | -$20M | 0.0% | -21.6% | -$30M | $72M | $97M |
| Mar '25 | $78M | -$25M | 93.3% | -33.5% | -$21M | $72M | $176M |
| Dec '24 | $66M | -$23M | 0.0% | -36.8% | -$22M | $72M | $95M |
| Sep '24 | $48M | -$23M | 0.0% | -52.3% | -$9M | $72M | $176M |
| Jun '24 | $41M | -$33M | 0.0% | -81.6% | -$15M | $72M | $181M |
| Mar '24 | $28M | -$36M | 0.0% | -136.5% | -$38M | $30M | $194M |
| Dec '23 | $13M | -$42M | 0.0% | -339.9% | -$39M | $30M | $225M |
| Sep '23 | $2M | -$39M | 0.0% | -2187.9% | -$33M | $30M | $227M |
| Jun '23 | $0 | -$31M | — | — | -$25M | $25M | $107M |
| Mar '23 | $3M | -$23M | 100.0% | -998.1% | -$22M | $25M | $66M |
| Dec '22 | $10M | -$14M | 0.0% | -150.6% | -$11M | $19M | $72M |
| Sep '22 | $0 | -$23M | — | — | -$19M | $19M | $169M |
| Jun '22 | $15M | -$6M | 96.6% | -34.2% | -$4M | $19M | $245M |
| Mar '22 | $539000 | -$20M | 93.9% | -3621.7% | -$15M | $19M | $175M |
| Dec '21 | $338000 | -$15M | 0.0% | -4274.6% | -$12M | $0 | $171M |
| Sep '21 | $1M | -$16M | 94.8% | -1266.5% | $7M | — | $184M |
| Jun '21 | $22M | $6M | 0.0% | 33.1% | $21M | — | $177M |
Valuation over time
How the market has priced TARS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has fallen from 20.9× (Mar '23) to 6.1× (Jun '26).
P/S
Frequently asked questions
Is TARS growing its revenue and profit?
See the revenue and net-income charts above for Tarsus Pharmaceuticals, Inc.'s multi-year trend.
How much debt does TARS have?
As of FY2025, Tarsus Pharmaceuticals, Inc. reported $72M of total debt against $184M of cash; operating income covered interest expense -7.9×.
What is TARS's profit margin?
In FY2025, gross margin was —, operating margin -15.7%, and net margin -14.6%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.