TARSTarsus Pharmaceuticals, Inc.

Biological Products, (no Diagnostic Substances)

Revenue: $451M; 147% YoY
Operating margin: -15.7%; 76% YoY
EBITDA: −$70M; 42% YoY
Market cap: $3.2B
Employees: 370; $1M revenue each
Net debt / EBITDA: —; −$132M net debt
AI in 10-K: 2.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 3 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
77% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 82nd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.3 per 10K words · 60th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$20M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
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

Filed	Filer	Form	Stake	Intent
Oct 30, 2020	Horowitz Limited Partnership VIII	SC 13D	10.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $20M · 59
Net: −$20M

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