Form 4: Tarsus CEO Sells 6,000 Shares Under 10b5-1 Plan

Tarsus Pharmaceuticals CEO Bobak R. Azamian sold 6,000 shares of common stock for approximately $497,000 through a pre-arranged 10b5-1 trading plan.

Summary

• Bobak R. Azamian, President/CEO and Board Chair of Tarsus Pharmaceuticals, Inc., sold a total of 6,000 shares of common stock.
• The sales occurred on December 24, 2025, and were executed under a Rule 10b5-1 trading plan adopted on December 12, 2024.
• One block of 5,443 shares was sold at a weighted average price of $82.41 per share, with prices ranging from $81.89 to $82.88.
• Another block of 557 shares was sold at a weighted average price of $83.54 per share, with prices ranging from $83.14 to $84.04.
• Following these transactions, Azamian beneficially owns 857,991 shares indirectly through the Bobak Azamian Living Trust and 1,750 shares directly.

Sentiment

Score: 5

Explanation: The sentiment is neutral to slightly negative. While the sale was pre-planned under a 10b5-1 plan, which mitigates concerns about opportunistic selling, it still represents a reduction in insider ownership. The amount sold is relatively small compared to total holdings, preventing a strong negative score.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a planned and automated transaction rather than a discretionary sale based on immediate market sentiment.

Negatives

• The CEO and Board Chair reduced their direct and indirect beneficial ownership in the company by 6,000 shares.
• Insider selling, even under a 10b5-1 plan, can sometimes be perceived negatively by investors as it reduces management's direct stake in the company's future performance.

Future Outlook

NA

Industry Context

This Form 4 filing details an individual insider transaction and does not provide broader industry context or trends. It is specific to the personal trading activities of Tarsus Pharmaceuticals' CEO.

Related Party Transactions

• The sales were made from shares held indirectly by the Bobak Azamian Living Trust, of which the Reporting Person is the trustee and has voting and dispositive power. This constitutes a transaction involving a related party (the CEO's trust).

Stakeholder Impact

• Shareholders: May view the reduction in insider ownership, even if planned, with slight caution, though the 10b5-1 plan provides transparency. The total remaining beneficial ownership is still substantial.
• Employees, Customers, Suppliers, Creditors: Unlikely to be directly impacted by this specific insider trading report.

Key Dates

Recommendation

The filing reports a planned sale of shares by the CEO under a 10b5-1 plan. While insider selling can sometimes be a negative signal, the pre-arranged nature of the sale mitigates concerns about opportunistic timing. The amount sold is a small fraction of the CEO's total beneficial ownership, which remains substantial. Therefore, this transaction alone does not warrant a change in investment thesis, suggesting a 'hold' recommendation based solely on this filing.

Keywords

Tarsus Pharmaceuticals, TARS, Bobak Azamian, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, CEO, Director, Pharmaceuticals