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Tarsus Pharmaceuticals cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$7.2M in Q3 2026 · $32.4M over twelve months

Operating cash flow−$6.0M
Capital spending−$1.2M
Free cash flow−$7.2M
Cash conversion cycle-170 days

Analysis

In Q3 2026, Tarsus Pharmaceuticals generated −$6.0M of operating cash flow and spent $1.2M on capital projects, leaving free cash flow of −$7.2M. That is $23.6M less than in Q3 2025 ($16.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $49.9M; the largest uses were other investing ($143M), capital spending ($17.5M); besides operations, cash came from other financing ($123M), shares issued ($11.6M); the cash balance rose by $23.6M.

Operating cash flow was −$6.0M against net income of −$668M. The largest differences: stock-based pay +$27.2M, accrued liabilities +$17.4M, prepaid and other assets −$16.7M.

Its cash conversion cycle was -170 days (receivables 46 + inventory 32 − payables 248): suppliers fund its working capital.

Free cash flow

Tarsus Pharmaceuticals: free cash flow by quarterTarsus Pharmaceuticals: free cash flow by quarter−$22.3MQ4 2024−$21.2MQ1 2025−$30.4MQ2 2025$16.3MQ3 2025$13.0MQ4 2025−$30.5MQ1 2026$57.2MQ2 2026−$7.2MQ3 2026
Operating cash flow less capital spending.
Tarsus Pharmaceuticals: operating cash flow against capital spendingTarsus Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$22.2M$72KQ4 2024−$20.7M$590KQ1 2025−$29.4M$1.0MQ2 2025$18.3M$1.9MQ3 2025$19.3M$6.4MQ4 2025−$24.7M$5.8MQ1 2026$61.2M$4.1MQ2 2026−$6.0M$1.2MQ3 2026
Latest (Q3 2026): Operating cash flow −$6.0M, Capital spending $1.2M.

Capital allocation, year by year

Tarsus Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearTarsus Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow $3.7MFY2021: Shares issued $103KFY2021: Capital spending −$586K$3.9MFY2021FY2022: Operating cash flow −$49.0MFY2022: Net borrowing $20.0MFY2022: Shares issued $74.5MFY2022: Capital spending −$506K$94.5MFY2022FY2023: Operating cash flow −$117MFY2023: Net borrowing $10.0MFY2023: Shares issued $592KFY2023: Capital spending −$1.5M$10.6MFY2023FY2024: Operating cash flow −$83.0MFY2024: Net borrowing $75.0MFY2024: Shares issued $5.6MFY2024: Capital spending −$1.6M$80.6MFY2024FY2025: Operating cash flow −$12.5MFY2025: Shares issued $6.3MFY2025: Capital spending −$9.9M$6.3MFY2025
Over these 5 years operating cash flow totalled −$258M; the largest uses were operating cash flow ($262M) and capital spending ($14.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$310M
Debt$72.9M
Net cash$237M
Cash runwaymore than 10 years

Tarsus Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$28.9M a year at the current rate against $310M of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

Tarsus Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Tarsus Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Other investing−$188MShares issued$121MCash drawn (+) / kept (−)$67.7MOther financing$7.2MOperating cash flow−$6.0MCapital spending−$1.2M
Tarsus Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Tarsus Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$143MOther financing$123MOperating cash flow$49.9MCash drawn (+) / kept (−)−$23.6MCapital spending−$17.5MShares issued$11.6M

From profit to cash

Tarsus Pharmaceuticals: net income to operating cash flow, Q3 2026Tarsus Pharmaceuticals: net income to operating cash flow, Q3 2026Net income−$668MDepreciation & amortization$1.0MStock-based pay$27.2MReceivables−$4.4MInventory−$781KAccrued liabilities$17.4MEmployee-related liabilities$11.0MPrepaid and other assets−$16.7MOperating cash flow−$6.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264632248-170
Q2 20265134241-156
Q1 20265143194-100
Q3 20255143380-287
Q2 20255448412-310
Q1 20256346485-376

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$6.0M−$1.2M$121M$67.7M−$7.2M
Q2 2026$61.2M−$4.1M$1.9M−$102M$57.2M
Q1 2026−$24.7M−$5.8M$1.2M$82.0M−$30.5M
Q4 2025$19.3M−$6.4M$1.1M−$70.9M$13.0M
Q3 2025$18.3M−$1.9M$2.6M−$16.1M$16.3M
Q2 2025−$29.4M−$1.0M$851K$79.1M−$30.4M
Q1 2025−$20.7M−$590K$137M−$81.0M−$21.2M
Q4 2024−$22.2M−$72K$2.3M$78.8M−$22.3M

Tarsus Pharmaceuticals: income statement and cash flow

Tarsus Pharmaceuticals, Q3 2026: revenue $195M (+64% year over year), operating margin -340.3%. The chart follows the revenue to costs, profit and cash.

Tarsus Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.