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Tarsus Pharmaceuticals, Inc. TARS Commercial and Sales Milestones — Maximum milestone payments

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Other financials

Income statement

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Revenue$173.9M+69.4%
Gross profit$161.8M+67.8%
Operating income-$19.9M+10.3%
Net income-$18.6M+8.8%
EPS (diluted)-$0.43+10.4%

Balance sheet

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Cash & equivalents$206.6M+108%
Total debt$88.8M+22.6%
Total equity$346.7M+4.2%
Total assets$611.1M+23.5%

Cash flow

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Operating cash flow$61.2M+308%
CapEx$4.1M+306%
Free cash flow$57.2M+288%

Valuation

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Market cap$2.87B+63.9%
Enterprise value$2.75B+59.6%
P/S4.7×-1.2×

Profitability

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Gross margin79.8%
Operating margin-8%-3.5pp
Net margin-7.7%-3.3pp
FCF margin-28%-12.6pp

Returns & leverage

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Return on equity-13.7%-4.9pp
Debt / equity0.3×0.0×
Current ratio3.2×-2.1×

Where this comes from

Reported directly by Tarsus Pharmaceuticals, Inc. in its filing.

Tagged under the XBRL concept tars:CollaborativeArrangementMaximumMilestonePayment.

The source filing: Tarsus Pharmaceuticals, Inc.’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 7:25 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001819790-26-000064

The Company made cash payments under the All Human Uses Elanco Agreement of $0.5 million related to a clinical milestone that was triggered in December 2022 upon enrollment of the first patient in the Phase 2a Carpo trial, for the potential treatment of Lyme disease. The Company is required to make potential future cash payments under this agreement upon the achievement of various clinical milestones up to an aggregate maximum of $4.0 million and various commercial and sales threshold milestones for an aggregate maximum of $77.0 million. In addition, the Company will be obligated to pay contractual royalties in the single digits of its product sales, net. If the Company receives certain types of payments from its sublicensees, it will also be obligated to pay a variable percentage in the low to mid double-digits of such proceeds, until achievement of the first applicable regulatory approval of a product covered under the license.

Item 1. Financial Statements

FAQ

What is Tarsus Pharmaceuticals, Inc.'s commercial and sales milestones — maximum milestone payments?
Tarsus Pharmaceuticals, Inc. (TARS) reported commercial and sales milestones — maximum milestone payments of $77M in Q2 2026.
How has Tarsus Pharmaceuticals, Inc.'s commercial and sales milestones — maximum milestone payments changed year-over-year?
Tarsus Pharmaceuticals, Inc.'s commercial and sales milestones — maximum milestone payments decreased by 0.0% year-over-year, from $77M to $77M.
What is the long-term trend for Tarsus Pharmaceuticals, Inc.'s commercial and sales milestones — maximum milestone payments?
Over 2 years (2023 to 2025), Tarsus Pharmaceuticals, Inc.'s commercial and sales milestones — maximum milestone payments has grown at a -0.6% compound annual growth rate (CAGR), from $312M to $308M.
What does commercial and sales milestones — maximum milestone payments mean?
This metric quantifies the total potential future milestone payments that the company could receive upon the successful achievement of predefined commercial or sales-based performance targets. It serves as an indicator of the total upside potential embedded in existing licensing or collaboration agreements. Monitoring this figure provides insight into the long-term value capture expected from the commercialization of the company's product portfolio.

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