ROARABLE // PRO
GLOBAL DESKS // NYC --:--:-- NYSE
US TAPE
ROAR ▸

TARS // Tarsus Pharmaceuticals Inc.

DES <GO> NASDAQ RQD COCKPIT → CIK 0001819790 ↗
Health Care • Biotechnology: Biological Products (No Diagnostic Substances)
$74.20 ▲ +2.15 (+2.98%)
MKT CAP: $3.66B • VOL: 458.4K
TARS // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE
PRIOR: RQD 46/100 [D] (+2 PT) • UNCHANGED
ROARABLE D
RQD CONFIDENCE
48 / 100 +2D
5 X 20-PT QUANT PILLARS
E 0 D 35 C 59 B 70 A 86+
Roarable Sell — Underperform / Distribution Warning
01 MASSIVE / SEC XBRL
Forensic Fundamentals
10 / 20
NEUTRAL
FCF +73.6% vs NI +43.1% • ROIC-WACC -33.4% • Z 10.19
02 INSTITUTIONAL TAPE & TREND
Whale & Options Flow
10 / 20
NEUTRAL
52W RANGE 54% • VS 200D +9.5% • RSI 53.4
03 SEC XBRL CAPITAL ALLOCATION
Insider & Capital Conviction
[LOCKED] FLAGGED
UNLOCK BELOW TO REVEAL
04 FRED 90D r-MATRIX
Macro Regime Fit
11 / 20
NEUTRAL
NEUTRAL • r(10Y)=-0.04 (+23bp) • r(OAS)=-0.14
05 10-K REDLINE AUDIT
Forensic 10-K Risk
[LOCKED] FLAGGED
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ALERT

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TARS // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +14.91%📐 HORIZONTAL RANGE
2026-11-02O $72.05H $74.20L $72.05C $74.20VOL 458.4K
RES: $103.3SUP: $67.38SMA50: $75.19SMA200: $67.78
$94.16$83.25$72.33$61.42$50.50RES $103.3SUP $67.38$74.202026-05-042026-06-172026-08-042026-09-172026-11-02
TARS // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE
HIGH-CONVICTION LONG CONVICTION: 88/100
BEAR 0
100 BULL

Tarsus Pharmaceuticals Inc. (TARS) exhibits 45.0% gross margins and -24.1% return on invested capital within Health Care (Biotechnology: Biological Products (No Diagnostic Substances)), balanced against a 24.0x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)
01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into -15.7% operating margin and -24.1% ROIC, outpacing sector cost of capital.

ROIC: -24.1% // GM: 45.0%
02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +146.7% paired with -0.61% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +146.7% // FCF YLD: -0.61%
03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 10.19 and Piotroski F-Score of 5/9 indicate low near-term refinancing stress.

ALTMAN Z: 10.19 // F-SCORE: 5/9
▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)
01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (— Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —
02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $74.20 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85
03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Biotechnology: Biological Products (No Diagnostic Substances) require continuous execution to defend -14.6% net margins.

NET MARGIN: -14.6% // D/E: 0.21x
KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs — forward consensus, and institutional 13F positioning.
MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).
FORM 4 & 13F FLOW OPEN OWN <GO>
FILER SIDE $ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>
UNUSUAL OPTIONS TAPE OPEN OPT <GO>
STRIKE / EXP TYPE PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>
KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>
TRAILING P/E —
FORWARD P/E —
EV / EBITDA —
FCF YIELD -0.61%
GROSS MARGIN —
OPERATING MARGIN -15.7%
NET MARGIN -14.6%
ROIC % -24.1%
REV GROWTH YOY +146.7%
DILUTED EPS TTM —
DEBT / EQUITY 0.21x
DIVIDEND YIELD 0.00%
RSI-14 MOMENTUM 53.4
5Y EQUITY BETA —
FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>
MACRO CORRELATION CALIBRATION ACTIVE BELOW.
FRED MACRO REGIME STRESS-TEST SIMULATOR // TARSPEARSON R VARIANCE ENGINE
01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO
02 // POSITION NOTIONAL EXPOSURE
HEADLINE STRESS SCORE
75/100SEVERE DRAWDOWN PRESSURE
PRIMARY FACTOR EXPOSURE
DFII10 // -0.61 r
Latest: 2.08%
EST. DIRECTIONAL MOVE
-8.50%
Implied Px: $67.90
EST. DOLLAR VARIANCE
-$4,248
On $50,000 Notional
[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

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HEAD-TO-HEAD PEER COMPARISONS COMP <GO>