SCHEDULE: Deep Track Capital Discloses 7.11% Stake in Tarsus Pharma

Deep Track Capital, LP and its affiliates have filed an amended Schedule 13G, reporting a continued beneficial ownership of 7.11% in Tarsus Pharmaceuticals, Inc.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin collectively beneficially own 3,000,000 shares of Tarsus Pharmaceuticals, Inc. Common Stock.
• This ownership represents 7.11% of the outstanding Common Stock of Tarsus Pharmaceuticals, Inc.
• The beneficial ownership is based on 42,214,106 Common Stock outstanding as of July 31, 2025, as reported in the issuer's 10-Q filed on August 6, 2025.
• The reporting persons share both voting and dispositive power over all 3,000,000 shares.
• The securities were not acquired or held for the purpose of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive as a significant institutional investor maintains a substantial stake, indicating continued confidence. However, it's a routine disclosure without new performance data.

Positives

• A significant institutional investor, Deep Track Capital, maintains a substantial stake (7.11%) in Tarsus Pharmaceuticals, indicating continued confidence in the company's long-term prospects.
• The filing confirms a stable ownership position by a specialized biotechnology investment firm.

Negatives

• This filing is a routine disclosure of beneficial ownership and does not contain information that would typically be considered negative for the issuer.

Risks

• The filing itself does not detail specific risks related to Tarsus Pharmaceuticals, Inc. beyond the inherent risks associated with holding common stock.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance from Tarsus Pharmaceuticals, Inc. or the reporting persons regarding the issuer's future performance.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11." (Certification by David Kroin on behalf of reporting persons)

Industry Context

This filing reflects a significant ownership stake by a specialized biotechnology investment firm in Tarsus Pharmaceuticals, Inc., a company operating within the pharmaceutical industry. Such disclosures are common for institutional investors taking or maintaining substantial positions in publicly traded companies, particularly in sectors like biotech where specialized knowledge can drive investment decisions.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake can provide a level of confidence or signal a perceived value in the company, potentially influencing other investors' perceptions.
• Company Management: Awareness of a large, active institutional shareholder may influence strategic decisions or communication strategies.

Key Dates

Keywords

Tarsus Pharmaceuticals, Deep Track Capital, Biotechnology, Pharmaceuticals, Beneficial Ownership, SEC Filing, Schedule 13G, Institutional Investor, Common Stock