Estados financieros detallados de Tarsus Pharmaceuticals, Inc. (TARS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 90.6%, margen operativo -8.0%, margen neto -7.7%.
Al precio actual de $77.64, TARS presenta beneficios negativos (P/E no significativo) y un ROE del -13.53%. La capitalización bursátil es de $3.3B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | $57.0M | $25.8M | $17.4M | $183.0M | $451.4M |
| Coste de Ventas | $1000 | $74000 | $246000 | $2.1M | $955000 | $1.6M | $12.8M | $30.7M |
| Beneficio Bruto | -$1000 | -$74000 | -$246000 | $55.0M | $24.9M | $15.9M | $170.1M | $420.7M |
| I+D | $901000 | $3.2M | $18.8M | $41.7M | $42.6M | $50.3M | $53.4M | $64.3M |
| Generales y Administrativos | $448000 | $1.1M | $7.9M | $25.4M | $44.9M | $108.7M | $237.3M | $427.3M |
| Gastos Operativos | $1.3M | $4.2M | $26.7M | $67.1M | $87.6M | $159.0M | $290.7M | $491.6M |
| Beneficio Operativo | -$1.4M | -$4.3M | -$27.0M | -$12.2M | -$62.7M | -$143.2M | -$120.6M | -$71.0M |
| EBITDA | -$1.3M | -$4.6M | -$26.6M | -$13.5M | -$59.7M | -$131.7M | -$106.5M | -$53.6M |
| Gastos por Intereses | 0 | $40000 | $188000 | 0 | $2.1M | $3.2M | $7.4M | $8.9M |
| Beneficio Antes de Impuestos | -$1.3M | -$4.7M | -$26.8M | -$13.8M | -$62.1M | -$135.9M | -$115.6M | -$64.4M |
| Impuestos | $1000 | $1000 | $1000 | $55000 | -$4000 | 0 | 0 | $2.1M |
| Beneficio Neto | -$1.3M | -$4.7M | -$26.8M | -$13.8M | -$62.1M | -$135.9M | -$115.6M | -$66.4M |
| BPA | $-0.31 | $-0.24 | $-1.32 | $-0.67 | $-2.52 | $-4.62 | $-3.07 | $-1.59 |
| BPA Diluido | $-0.31 | $-0.24 | $-1.32 | $-0.67 | $-2.52 | $-4.62 | $-3.07 | $-1.59 |
| Acciones en Circulación (Diluidas) | $4.3M | $19.5M | $20.3M | $20.6M | $24.6M | $29.4M | $37.6M | $41.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $118.7M | $151.7M | $162.1M | $173.9M |
| Beneficio Bruto | $94.1M | $140.7M | $152.7M | $161.8M |
| Beneficio Operativo | -$14.5M | -$8.0M | -$6.1M | -$19.9M |
| EBITDA | -$12.1M | -$3.7M | -$6.8M | -$12.7M |
| Beneficio Neto | -$12.6M | -$8.4M | -$7.0M | -$18.6M |
| BPA | $-0.30 | $-0.20 | $-0.16 | $-0.43 |
| BPA Diluido | $-0.30 | $-0.20 | $-0.16 | $-0.43 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $2.4M | $58.0M | $168.1M | $171.3M | $71.7M | $224.9M | $94.8M | $183.6M |
| Inversiones a Corto | 0 | 0 | 0 | $483000 | $145.4M | $2.5M | $196.6M | $233.6M |
| Cuentas por Cobrar | $4000 | $36000 | $20000 | $92000 | $3.6M | $17.7M | $48.1M | $87.1M |
| Inventario | 0 | 0 | 0 | 0 | 0 | $3.1M | $2.6M | $4.4M |
| Activos Corrientes | $2.4M | $58.0M | $170.7M | $176.0M | $225.4M | $256.1M | $356.7M | $522.8M |
| Inmovilizado Material | $6000 | $280000 | $1.2M | $1.8M | $1.5M | $3.3M | $2.9M | $21.7M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | $3.9M | $8.3M | $7.4M |
| Activos Totales | $2.4M | $58.3M | $172.0M | $178.9M | $227.9M | $265.5M | $377.0M | $562.2M |
| Cuentas por Pagar | $175000 | $456000 | $2.2M | $2.9M | $5.5M | $17.8M | $27.7M | $16.4M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $179000 | $819000 | $5.4M | $11.5M | $15.4M | $36.9M | $80.6M | $135.7M |
| Deuda a Largo | 0 | 0 | 0 | 0 | $19.4M | $29.8M | $71.8M | $83.0M |
| Pasivos Totales | $3.7M | $64.3M | $6.0M | $12.2M | $35.0M | $68.5M | $152.5M | $218.7M |
| Reservas | -$1.4M | -$6.0M | -$32.8M | -$46.7M | -$108.8M | -$244.7M | -$360.2M | -$426.6M |
| Patrimonio Neto | -$1.4M | -$6.0M | $166.0M | $166.7M | $192.9M | $197.0M | $224.5M | $343.4M |
| Deuda Total | 0 | $164000 | $831000 | $1.9M | $20.2M | $30.2M | $72.5M | $93.6M |
| Deuda Neta | -$2.4M | -$57.8M | -$167.3M | -$169.9M | -$196.8M | -$197.2M | -$218.9M | -$323.6M |
| Capital Circulante | $2.2M | $57.2M | $165.3M | $164.5M | $209.9M | $219.2M | $276.1M | $387.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $112.7M | $183.6M | $102.2M | $204.6M |
| Activos Totales | $534.6M | $562.2M | $581.1M | $611.1M |
| Pasivos Totales | $199.5M | $218.7M | $232.2M | $264.4M |
| Patrimonio Neto | $335.1M | $343.4M | $349.0M | $346.7M |
| Deuda Total | $82.5M | $93.6M | $88.7M | $88.7M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$1.3M | -$4.7M | -$26.8M | -$13.8M | -$62.1M | -$135.9M | -$115.6M | -$66.4M |
| Amortizaciones | $1000 | $37000 | $96000 | $312000 | $325000 | $877000 | $1.2M | $1.8M |
| Compensación en Acciones | $9000 | $18000 | $839000 | $8.5M | $13.5M | $19.8M | $27.8M | $41.7M |
| Cambio en Capital Circulante | $126000 | $485000 | $1.5M | $1.4M | -$951000 | $306000 | $3.8M | $14.6M |
| Flujo de Caja Operativo | -$1.2M | -$3.7M | -$21.1M | $3.7M | -$49.0M | -$117.5M | -$83.0M | -$12.5M |
| Inversiones (CapEx) | -$7000 | -$175000 | -$456000 | -$586000 | -$506000 | -$5.5M | -$1.6M | -$9.9M |
| Adquisiciones | 0 | 0 | 0 | 0 | $144.1M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$28000 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$1.2M | -$3.8M | -$21.6M | $3.2M | -$49.5M | -$123.0M | -$84.6M | -$22.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $18.3M | $19.3M | -$24.7M | $66.8M |
| Inversiones (CapEx) | -$1.9M | -$6.4M | -$5.8M | -$4.1M |
| Flujo de Caja Libre | $16.3M | $13.0M | -$30.5M | $62.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $12.2M | $14.3M | $12.0M | $13.3M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | -54.7% | -32.4% | +948.6% | +146.7% |
| Crecimiento Beneficio Neto (anual) | | -254.1% | -474.1% | +48.4% | -349.1% | -118.9% | +15.0% | +42.5% |
| Crecimiento BPA (anual) | | +22.6% | -450.0% | +49.2% | -276.1% | -83.3% | +33.5% | +48.2% |
| Cambio en Acciones (anual) | | +355.3% | +4.2% | +1.1% | +19.8% | +19.3% | +28.0% | +11.1% |
| Crecimiento FCF (anual) | | -223.4% | -461.2% | +114.6% | -1666.6% | -148.3% | +31.2% | +73.6% |
| Margen Bruto | | | | 96.4% | 96.3% | 90.9% | 93.0% | 93.2% |
| Margen Operativo | | | | -21.3% | -242.9% | -820.5% | -65.9% | -15.7% |
| Margen EBITDA | | | | -23.6% | -231.3% | -754.7% | -58.2% | -11.9% |
| Margen Neto | | | | -24.2% | -240.5% | -778.9% | -63.2% | -14.7% |
| Margen FCF | | | | 5.5% | -191.9% | -705.0% | -46.2% | -4.9% |
| Tasa Impositiva Efectiva | -0.1% | -0.0% | -0.0% | -0.4% | 0.0% | -0.0% | -0.0% | -3.2% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.28 | $-0.20 | $-1.06 | $0.15 | $-2.01 | $-4.19 | $-2.25 | $-0.53 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $4.3M | $19.5M | $20.3M | $20.6M | $24.6M | $29.4M | $37.6M | $41.8M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -13.53% |
| Rentabilidad sobre capital invertido | -11.15% |
| Rentabilidad sobre activos | -7.60% |
| Margen bruto | 90.59% |
| Margen operativo | -8.00% |
| Margen neto | -7.67% |
Salud financiera
| Deuda / Patrimonio | 0.26 |
| Ratio corriente | 3.20 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 9.54 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -66.39 | -85.75 | -31.31 | -33.58 | -5.82 | -4.38 | -18.04 | -51.50 |
| P/VC | -65.13 | -66.86 | 5.06 | 2.77 | 1.87 | 3.02 | 9.27 | 9.96 |
| P/V | 0.00 | 0.00 | 0.00 | 8.11 | 13.98 | 34.10 | 11.38 | 7.58 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 96.4% | 96.3% | 90.9% | 93.0% | 93.2% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | -21.3% | -242.9% | -820.5% | -65.9% | -15.7% |
| Margen Neto | 0.0% | 0.0% | 0.0% | -24.2% | -240.5% | -778.9% | -63.2% | -14.7% |