TARS at a glance
Tarsus Pharmaceuticals, Inc. (TARS, SEC CIK 1819790) filed its latest 10-K annual report on February 23, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on September 10, 2026 and Form 4 insider filings as recently as September 17, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Tarsus Pharmaceuticals, Inc. (TARS) reported revenue of $451.4 million (up 146.7% from FY2024) and a net loss of $66.4 million. Diluted EPS was -$1.59.
- As of June 30, 2026, 29 institutional investment managers tracked by SignalX reported holding Tarsus Pharmaceuticals, Inc. (TARS) shares worth $1.0 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by LINK WILLIAM J PHD on September 15, 2026 of 66 shares at $80.01 per share.
- In the last 90 days, TARS insiders reported 0 open-market purchases ($0) and 14 open-market sales ($5.2M) on Form 4, a net sale of $5.2M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $451.4M
- +146.7% vs prior year
- Insiders · 90 days
- 0 buys · 14 sells
- Net −$5.2M
- 13F holders
- 29 funds
- $1.0B · −1 vs prior quarter
- Latest 8-K
- Sep 10, 2026
- Item 2.01 · Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Development and commercialization of therapeutics addressing root causes of eye diseases, beginning with FDA-approved XDEMVY for Demodex blepharitis launched August 2023
- New product emphasis: Advancement of TP-04 for ocular rosacea with Phase 2 trial initiated December 2025; TP-05 oral tablet for Lyme disease prophylaxis with Phase 2 planned for Q2 2026
- Strategic shift: Expanding beyond eye care with systemic prophylactic indication targeting Lyme disease, exploring significant unmet needs outside ophthalmology
- Quantitative highlight: XDEMVY achieved $646 million net product sales launch-to-date; Saturn-2 trial showed 55% complete collarette cure vs 12% vehicle (p<0.0001)
- Noteworthy fact: First FDA-approved therapeutic for Demodex blepharitis with U.S. patient base estimated at 25 million; ongoing global regulatory progress including China approval expected in 2026
Risk Factors
- Risk from OBBB Act tax reform, enacted July 2025, with $2.1M state income tax due to nonconforming states' capitalization requirements
- China geopolitical risk from reliance on China Out-License with $86.1M proceeds and up to $100M sales milestones and royalties exposure
- Supply chain vulnerability from $23.8M non-cancelable minimum XDEMVY manufacturing purchase obligations through 2029
- Commercial disruption risk from expanded direct-to-consumer advertising costs of $112.6M for XDEMVY competing in market
- Financial risk from credit facility with 6.75%+ SOFR interest, $75M drawn in 2024, and potential covenants restricting operations
Management Discussion & Analysis
- Revenue $451.4M full year 2025 from XDEMVY sales, up from zero in 2024, delivering 400,000 bottles in 2025
- Net loss $66.4M in 2025 versus $115.6M in 2024 and $135.9M in 2023, operating expenses to increase with commercial expansion
- Best segment: XDEMVY eye care with $151.7M Q4 sales, ~90% covered lives, gross-to-net discount ~45% annually
- Cash, cash equivalents and marketable securities $417.3M at Dec 31, 2025; funded by IPOs, follow-on offerings, license fees, and credit facilities
- Forward outlook: Phase 2 trials ongoing for TP-04 ocular rosacea (results H1 2027) and TP-05 Lyme prophylaxis (Phase 2 start Q2 2026), potential EU/Japan/China approvals for TP-03
AI summary of the TARS 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- XDEMVY net product sales $173.9M, up more than 69% YoY in Q2 2026
- Net loss $18.6M vs $20.3M YoY for Q2 2026
- ECPs prescribing XDEMVY five or more times weekly doubled YoY
- Operating expenses expected to increase significantly with commercialization and pipeline advancement
- PIPE transaction expected to generate $125.0M gross proceeds on August 7, 2026
Risk Factors
- Newly added tariff risk triggered by 2026 trade actions, including tariffs up to 100% ad valorem under Section 232
- Regulatory compliance exposure from misconduct allegations, including potential exclusion from Medicare and Medicaid programs
- Cybersecurity risk from AI-enabled attacks compromising clinical data or personal information under CCPA
- Commercial risk from XDEMVY dependence as the company’s single FDA-approved product
- Financial risk from continued losses, including $25.5 million net loss and $452.1 million accumulated deficit through June 30, 2026
AI summary of the TARS 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.01: Completion of Acquisition or Disposition of Assets
- Acquisition of Alkeus completed September 4, 2026, adding gildeuretinol through a wholly owned subsidiary
- Up-front consideration: $270M cash plus 2,908,692 Tarsus shares, subject to adjustments
Item 8.01: Other Events
- Tarsus completed an acquisition on September 4, 2026
- Transaction completion marks a material strategic change requiring review of Exhibit 99.1
Item EX-99.1: Item EX-99.1
- Acquisition of Alkeus completed, adding worldwide rights to Phase 3 gildeuretinol for Stargardt disease
- Pipeline expands into rare retinal disease with no FDA-approved therapy and estimated 86,000 U.S. patients
Item 8.01: Other Events
- Private placement pricing announced August 6, 2026
- Financing terms and proceeds require review of Exhibit 99.1
Item 1.01: Entry into a Material Definitive Agreement
- $125.0M private placement at $56.00 per share, funding clinical development, commercialization, and general corporate needs
- 2,098,519 shares plus pre-funded warrants for 133,625 shares, creating potential dilution of 2,232,144 shares
Item 2.02: Results of Operations and Financial Condition
- Earnings release covers Tarsus Pharmaceuticals’ three and six months ended June 30, 2026
- Exhibit 99.1 contains the company’s operating results and accompanying financial details
Item EX-99.1: Item EX-99.1
- Q2 XDEMVY sales $173.9M, up more than 69% year over year, validating strong commercial adoption
- Full-year 2026 XDEMVY sales guidance raised to $685–705M, signaling increased management confidence in demand
AI summaries of TARS 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for TARS
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| LINK WILLIAM J PHD | Sell | Sep 15, 2026 | 66 | $80.01 |
| PYOTT DAVID E I | M | Sep 15, 2026 | 201 | - |
| LINK WILLIAM J PHD | Sell | Sep 15, 2026 | 11,675 | $78.33 |
| LINK WILLIAM J PHD | Sell | Sep 15, 2026 | 759 | $79.00 |
| LINK WILLIAM J PHD | M | Sep 15, 2026 | 201 | - |
| PYOTT DAVID E I | M | Sep 15, 2026 | 201 | - |
| YARNO WENDY L | M | Sep 15, 2026 | 302 | - |
| LINK WILLIAM J PHD | M | Sep 15, 2026 | 201 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $183.0M | $451.4M |
| Operating Income | - | -$120.6M | -$71.0M |
| Net Income | -$135.9M | -$115.6M | -$66.4M |
| Op. Margin | - | -65.9% | -15.7% |
| Net Margin | - | -63.2% | -14.7% |
| Balance Sheet | |||
| Total Assets | $265.5M | $377.0M | $562.2M |
| Equity | - | $224.5M | $343.4M |
| ROE | - | -51.5% | -19.3% |
| Per Share | |||
| EPS | $-4.62 | $-3.07 | $-1.59 |
| Cash Flow | |||
| Operating CF | - | -$83.0M | -$12.5M |
| CapEx | $1.5M | $1.6M | $9.9M |
Source: XBRL data in Tarsus Pharmaceuticals, Inc. (TARS)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate TARS share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 29 | $1.02B |
| Q1 2026 | 30 | $1.03B |
| Q4 2025 | 25 | $1.15B |
| Q3 2025 | 28 | $770.7M |
| Q2 2025 | 26 | $547.6M |
| Q1 2025 | 24 | $489.6M |
| Q4 2024 | 19 | $350.2M |
| Q3 2024 | 15 | $122.5M |
- Millennium Management+862.5K (+153%)
- BlackRock+303.5K (+9%)
- Goldman Sachs Group+303.1K (+69%)
- JPMorgan Chase & Co+109.5K (+359%)
- State Street Corp+94.7K (+10%)
- Morgan Stanley−117.2K (-6%)
- D.E. Shaw & Co−80.6K (-10%)
- Renaissance Technologies LLC−64.1K (-87%)
- FMR LLC (Fidelity)−60.4K (-8%)
- Franklin Resources−47.7K (-14%)
- M&T Bank−3.0K
Source: 13F-HR filings on SEC EDGAR (aggregated from 196 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
TARS filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 17, 2026 | - | - | - |
| 4 | Sep 17, 2026 | - | - | - |
| 4 | Sep 17, 2026 | - | - | - |
| 8-K | Sep 10, 2026 | - | Analysis | - |
| 4 | Sep 9, 2026 | - | - | - |
| 4 | Sep 9, 2026 | - | - | - |
| 4 | Sep 9, 2026 | - | - | - |
| 4 | Sep 3, 2026 | - | - | - |
| 4 | Sep 3, 2026 | - | - | - |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 8-K | Jul 13, 2026 | - | Analysis | - |
| 8-K | Jul 8, 2026 | - | Analysis | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 8-K | Jun 29, 2026 | - | Analysis | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 22, 2026 | - | - | - |
| 4 | Jun 17, 2026 | - | - | - |
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TARS SEC filings: frequently asked questions
Are TARS insiders buying or selling?
In the last 90 days, Tarsus Pharmaceuticals, Inc. (TARS) officers, directors and 10% owners reported no open-market purchases and 14 open-market sales worth $5.2 million by 4 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold TARS stock?
As of June 30, 2026, the largest Tarsus Pharmaceuticals, Inc. (TARS) holders among the 13F filers tracked by SignalX were BlackRock ($242.7 million), Morgan Stanley ($115.0 million), Vanguard Capital Management LLC ($112.9 million), Millennium Management ($89.8 million), Bank of America Corp ($75.1 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was TARS's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Tarsus Pharmaceuticals, Inc. (TARS) reported revenue of $451.4 million (up 146.7% from FY2024) and a net loss of $66.4 million. Diluted EPS was -$1.59. The figures come from the XBRL data in the 10-K.
What are the main risks in TARS's latest 10-K?
In the 10-K filed February 23, 2026, Tarsus Pharmaceuticals, Inc. (TARS) flagged: Risk from OBBB Act tax reform, enacted July 2025, with $2.1M state income tax due to nonconforming states' capitalization requirements. China geopolitical risk from reliance on China Out-License with $86.1M proceeds and up to $100M sales milestones and royalties exposure. (AI summary of the Risk Factors section.)
What did TARS report in its latest 8-K?
Tarsus Pharmaceuticals, Inc. (TARS) filed an 8-K on September 10, 2026 reporting Item 2.01 (Completion of Acquisition or Disposition of Assets) and Item 8.01 (Other Events). Acquisition of Alkeus completed September 4, 2026, adding gildeuretinol through a wholly owned subsidiary.
What are the latest TARS SEC filings?
Tarsus Pharmaceuticals, Inc. (TARS) filed its latest 10-K annual report on February 23, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on September 10, 2026 and a Form 4 insider filing on September 17, 2026.
What is TARS's SEC CIK number?
Tarsus Pharmaceuticals, Inc. (TARS)'s SEC Central Index Key (CIK) is 1819790. EDGAR lists every TARS filing under that number.
Ask anything about TARS
The research agent reads TARS's filings, financials, insider trades and 13F holders, then answers with sources.