Tarsus Pharmaceuticals Inc 2025年度报告

UNITED STATESSECURITIESANDEXCHANGECOMMISSIONWashington, D.C.20549FORM10-K βANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedDecember31,2025 OR TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 Securities registered pursuant to Section 12(b) of the Act: Indicatebycheckmark if theregistrant is a well-known seasoned issuer,asdefined in Rule 405of the Securities Act.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (s 232.405 of this chapter)during the preceding 12months (orfor such shorter periodthattheregistrantwasrequiredtosubmitsuchfiles).YesNo Indicate by check mark whether theregistrant is alarge acceleratedfiler,an acceleratedfiler,a non-acceleratedfiler,a smallerreporting company,or an emerging growth company. See the definitions of"large accelerated filer,”"accelerated filer,” for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.口 Indicate by check mark whether the registrant hasfiled a report on and attestation to its management's assessment of theffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b)ofthe Act, indicate by check mark whether the financial statements oftheregistrant included in the filing reflect the correction of an error to previously issued financial statements. Indicatebycheckmarkwhetheranyofthose errorcorrectionsarerestatementsthat requiredarecoveryanalysis of incentive-basedcompensationreceivedbyanoftheregistrantsexecutiveofficersduringtherelevantrecoveryperiodpursuantto$240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No The aggregate market value of theregistrant's voting and non-voting common equity held by non-affiliates of the registrant,basedontheclosingpriceoftheregistrant'scommonstockasreportedbytheNasdaqGlobalSelectMarketonJune30,2025,was approximately S1.7 billion. Shares of common stock held by each executive officer, director, and holder of 10% or more oftheoutstandingcommonstockhavebeenexcludedinthatsuchpersonsmaybedeemedtobeaffiliates.Thisdeterminationofaffiliatestatusisnotnecessarilyaconclusivedeterminationforotherpurposes As of February 17,2026, the number of outstanding shares of the registrant's common stock,par value $0.0001 per share, was42,557,492 DOCUMENTSINCORPORATEDBYREFERENCE Portions of the information called for by Part IlI of this Annual Report on Form 10-K is hereby incorporated by reference toSecurities and Exchange Commission not later than 120 days after the registrant's fiscal year ended December 31,2025. TABLEOFCONTENTS Part1-51Item 1. BusinessItem 1A. Risk Factors8Item IB. Unresolved Staff Comments96Item 2. Properties97Item3.Legal Proceedings97Item 4. Mine Safety Disclosures97Part II98Item 5.Market for Registrant's Common Equity.Related Stockholder Matters and Issuer Purchases of EquitySecurities98Item 6. [Reserved.]99Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations100Item7A.QuantitativeandQualitativeDisclosures AboutMarket Risk112Item 8. Financial Statements and Supplementary Data113Item9.Changes inandDisagreementsWithAccountants onAccountingandFinancialDisclosures150Item 9A. Controls and Procedures150Item 9B. Other Information153Item9C.Disclosure RegardingForeign Jurisdictions that Prevent Inspections153Part III154Item 10.Directors.Executive Officers and Corporate Governance154Itemll.ExecutiveCompensation154Item12.SecurityOwnershipofCertainBeneficialQOwnersandManagementandRelatedStockholderMatters154Item13.Certain Relationships and Related Transactions,andDirectorIndependence154Item4.PrincipalAccountingFees andServices154Part IV155Item 15. Exhibits, Financial Statement Schedules155Item 16. Form 10-K Summary157Signatures158 NOTEREGARDINGFORWARD-LOOKINGSTATEMENTS ThisAnnualReportonForm10-Kcontainscertainforward-lookingstatementswithinthemeaningof Section21Eofthe SecuritiesExchange Actof1934,as amended (Exchange Act").All statements other than statements ofhistoricalfactscontainedinthisAnnualReportonForm1o-K,includingstatementsregardingourfutureresultsofoperations andfinancialposition, future revenue, business strategy, product and product candidates, planned preclinical studies and clinical trials, resultsofclinicaltrials,researchanddevelopmentcosts,regulatoryapprovals,timingandlikelihoodofsuccess,aswell asplans andobjectives of management for future operations,areforward-looking statements.These statements involve know