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Tarsus Pharmaceuticals, Inc. TARS Commercial Sales Milestone Payments — Maximum milestone payments

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IONSMaximum Amount Of Payments Receivable For Additional Milestones
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ZYMECommercial Sales Milestones — Research and development collaborations (note 11)
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HALOSales-based milestones — Revenue from Contract with Customer, Excluding Assessed Tax
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INVADevelopment Regulatory And Sales Milestone — Future Potential Milestone Payable
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Other financials

Income statement

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Revenue$162.1M+107%
Gross profit$152.7M+109%
Operating income-$6.1M+76.7%
Net income-$7.0M+72.3%
EPS (diluted)-$0.16+75.0%

Balance sheet

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Cash & equivalents$104.2M-41.6%
Total debt$88.7M+22.5%
Total equity$349.0M+1.9%
Total assets$581.1M+16.1%

Cash flow

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Operating cash flow-$24.7M-19.4%
CapEx$5.8M+886%
Free cash flow-$30.5M-43.4%

Valuation

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Market cap$2.85B+41.1%
Enterprise value$2.83B+47.8%
P/S5.3×-3.3×

Profitability

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Gross margin42.7%—
Operating margin-9.5%-4.2pp
Net margin-9%-4.0pp
FCF margin-28%-12.6pp

Returns & leverage

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Return on equity-14%-5.2pp
Debt / equity0.3×0.0×
Current ratio3.7×-1.8×

Where this comes from

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

Tagged under the XBRL concept tars:CollaborativeArrangementMaximumMilestonePayment.

The official record: Tarsus Pharmaceuticals, Inc.’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Tarsus Pharmaceuticals, Inc.'s commercial sales milestone payments — maximum milestone payments?
Tarsus Pharmaceuticals, Inc. (TARS) reported commercial sales milestone payments — maximum milestone payments of $92M in Q1 2026.
What does commercial sales milestone payments — maximum milestone payments mean?
This metric represents the total potential value of future commercial milestone payments that the company is eligible to receive upon reaching predefined sales targets for its licensed products. It serves as a measure of the total remaining upside potential embedded within existing commercial partnership or licensing contracts. Investors use this to assess the long-term revenue opportunity and the scale of contingent financial incentives associated with the product's commercial lifecycle.