Filing Flows › Tarsus Pharmaceuticals (TARS) › Q3 2025
Tarsus Pharmaceuticals (TARS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Tarsus Pharmaceuticals (TARS) reported revenue of $119M for the third quarter 2025 (Q3 2025), +147% from a year earlier and +16% from the quarter before. Operating margin was -12.2%, net loss $12.6M (10.6% of revenue).
Tarsus Pharmaceuticals, Q3 2025: revenue $119M (+147% year over year), operating margin -12.2%, net loss $12.6M, operating cash flow $18.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $119M | +16% | +147% |
| Operating profit | −$14.5M | — | — |
| Net earnings | −$12.6M | — | — |
| Operating cash flow | $18.3M | — | — |
| Free cash flow | $16.3M | — | — |
What changed
Revenue was $118.7M in Q3 2025, up 147% year over year and up 16% from the previous quarter.
Operating costs exceeded revenue by $14.5M, an operating margin of -12.2%. Total costs grew 82% against revenue growth of 147%. The fastest-growing cost line was Other operating costs (+156%). The quarter ended with a net loss of $12.6M, narrower than the previous quarter's $20.3M loss.
Operating cash flow was $18.3M. Non-cash charges added back $400K of depreciation and amortization and $12.2M of share-based compensation. Working capital and other items added $18.2M. Capital expenditures of $1.9M left free cash flow of $16.3M.
Questions
What was Tarsus Pharmaceuticals' revenue in the third quarter 2025?
Tarsus Pharmaceuticals (TARS) reported revenue of $119M for the third quarter 2025 (Q3 2025), +147% from a year earlier and +16% from the quarter before.
Was Tarsus Pharmaceuticals profitable in the third quarter 2025?
Operating loss was $14.5M (-12.2% of revenue) and net loss $12.6M.