Tarsus Pharmaceuticals, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net loss | $ | (66,418) | $ | (115,554) | $ | (135,893) | |||||||||||
Weighted-average shares — basic and diluted(1) | 41,784,014 | 37,604,538 | 29,383,276 | ||||||||||||||
| Net loss per share — basic and diluted | $ | (1.59) | $ | (3.07) | $ | (4.62) | |||||||||||
(1) Weighted-average shares outstanding includes pre-funded warrants issued on March 5, 2024. | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Stock options, unexercised — vested and unvested | 5,231,125 | 5,007,908 | 4,760,366 | ||||||||||||||
| Restricted stock units — unvested | 1,756,329 | 1,915,281 | 1,708,725 | ||||||||||||||
| Total | 6,987,454 | 6,923,189 | 6,469,091 | ||||||||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.