tars-20260428

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. )

_______________________

Filed by the Registrant x Filed by a Party other than the Registrant o

Check the appropriate box:


o			Preliminary Proxy Statement

o			Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

x			Definitive Proxy Statement

o			Definitive Additional Materials

o			Soliciting Material under §240.14a-12

TARSUS PHARMACEUTICALS, INC.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):


x			No fee required.

o			Fee paid previously with preliminary materials.

o			Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

April 28, 2026

To the Stockholders of Tarsus Pharmaceuticals, Inc.:

It is my pleasure to invite you to attend the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of Tarsus Pharmaceuticals, Inc., to be held on Thursday, June 25, 2026 at 9:00 a.m. (Pacific Daylight Time). The Annual Meeting will be completely virtual. You may attend the virtual meeting, submit questions, and vote your shares electronically during the Annual Meeting via live webcast by registering at www.proxydocs.com/TARS in advance of the Annual Meeting. Upon completing your registration, you will receive further instructions via email, including a unique link that will allow you access to the Annual Meeting and to vote and submit questions during the Annual Meeting.

Details regarding the business to be conducted at the Annual Meeting are more fully described in the accompanying Notice of Annual Meeting of Stockholders and Proxy Statement.

We are pleased to take advantage of the Securities and Exchange Commission rules that allow companies to furnish proxy materials to their stockholders on the Internet. On or around April 28, 2026, we expect to mail to our stockholders a Notice Regarding Internet Availability of Proxy Materials (the “Notice”) containing instructions on how to access our proxy statement for our 2026 Annual Meeting of Stockholders (the “Proxy Statement”) and our 2025 Annual Report. The notice also provides instructions on how to vote online or by telephone, how to access the virtual Annual Meeting, and how to receive a paper copy of the proxy materials by mail.

Whether or not you plan to virtually attend the meeting, your vote is very important and we encourage you to vote promptly. You may vote by proxy over the internet or by telephone, or, if you received paper copies of the proxy materials by mail, you can also vote by mail by following the instructions on your proxy card. If you virtually attend the meeting you will have the right to revoke your proxy and vote electronically during the meeting via the live webcast. If you hold your shares through an account with a brokerage firm, bank or other nominee, please follow the instructions you receive from your brokerage firm, bank or other nominee to vote your shares.

On behalf of your Board of Directors, thank you for your continued support and interest.


			Sincerely,

			/s/ Bobak Azamian
			Bobak Azamian Chief Executive Officer, Board Chairman, and President

17700 Laguna Canyon Road, Floor 4

Irvine, CA 92618

T 949-418-1801

www.tarsusrx.com

Tarsus Pharmaceuticals, Inc.

17700 Laguna Canyon Road, Floor 4

Irvine, CA 92618

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

To Be Held On June 25, 2026

To the Stockholders of Tarsus Pharmaceuticals, Inc.:

You are cordially invited to attend the Annual Meeting of Stockholders (the “Annual Meeting” or the “2026 Annual Meeting”) of Tarsus Pharmaceuticals, Inc., a Delaware corporation. The meeting will be held on Thursday, June 25, 2026, at 9:00 a.m. (Pacific Daylight Time). The Annual Meeting will be completely virtual. You may attend the meeting, submit questions, and vote your shares electronically during the meeting via live webcast by registering at www.proxydocs.com/TARS in advance of the Annual Meeting. Upon completing your registration, you will receive further instructions via email, including a unique link that will allow you access to the Annual Meeting and to vote and submit questions during the Annual Meeting. At the Annual Meeting our stockholders will be asked:

1.To elect Wendy Yarno, Andrew Goldberg, Scott Morrison, and David E.I. Pyott as Class III directors, to serve until the 2029 annual meeting of stockholders or until their respective successors have been elected or appointed.

2.To hold an advisory vote to approve, on a non-binding basis, our named executive officer compensation.

3.To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026.

4.To conduct any other business properly brought before the meeting or any adjournment thereof.

These items of business are more fully described in the Proxy Statement accompanying this Notice.

The record date for the Annual Meeting is April 27, 2026. Only stockholders of record at the close of business on that date may vote at the Annual Meeting or any adjournment thereof. A list of stockholders entitled to vote at the meeting will be accessible for ten days prior to the meeting at our principal place of business at 17700 Laguna Canyon Road, Floor 4, Irvine, CA 92618, between the hours of 9:00 a.m. and 5:00 p.m. (Pacific Daylight Time).

Your Board of Directors is pleased to nominate Wendy Yarno, Andrew Goldberg, Scott Morrison, and David E.I. Pyott as Class III directors on our Board of Directors. Our Board of Directors also unanimously recommends a vote FOR the approval, on a non-binding advisory basis, of the compensation of our named executive officers, and FOR the ratification of the selection of Ernst & Young LLP as our independent registered public accountants.

Regardless of the number of shares you own, your VOTE is very important. Therefore, even if you presently plan to virtually attend the 2026 Annual Meeting, please vote or submit your proxy by following the instructions in the Notice Regarding Internet Availability of Proxy Materials that you previously received as soon as possible so that your shares can be voted at the 2026 Annual Meeting in accordance with your instructions. Telephone and internet voting are available. For specific instructions on voting, please refer to the instructions in the Notice Regarding Internet Availability of Proxy Materials or the proxy card (if you requested and received a printed copy of the proxy materials). If you do virtually attend the 2026 Annual Meeting and wish to vote electronically, you may withdraw your proxy at that time.

Please read the attached Proxy Statement, as it contains important information you need to know to vote at the 2026 Annual Meeting.


			By Order of our Board of Directors

			/s/ Bryan Wahl
			Bryan Wahl General Counsel and Secretary

Irvine, California

April 28, 2026

You are cordially invited to attend the virtual meeting. Whether or not you expect to attend the virtual meeting, please vote as soon as possible. We encourage you to vote via the Internet. For further details, see “Questions and Answers about This Proxy Material and Voting.”

Tarsus Pharmaceuticals, Inc.

17700 Laguna Canyon Road, Floor 4

Irvine, CA 92618

FOR THE 2026 ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD ON JUNE 25, 2026

This proxy statement and proxy card are furnished in connection with the solicitation of proxies by our Board of Directors to be voted at the 2026 Annual Meeting of Stockholders (the “Annual Meeting” or the “2026 Annual Meeting”) of Tarsus Pharmaceuticals, Inc. (sometimes referred to as “we,” “us,” the “Company” or “Tarsus”), which will be held virtually on Thursday, June 25, 2026, at 9:00 a.m. (Pacific Daylight Time) via live webcast. To attend the Annual Meeting, stockholders of record must register at www.proxydocs.com/TARS in advance of the Annual Meeting. Upon completing your registration, you will receive further instructions via email, including a unique link that will allow you access to the Annual Meeting and to vote and submit questions during the Annual Meeting.

IMPORTANT NOTICE REGARDING INTERNET AVAILABILITY OF PROXY MATERIALS

We are making this proxy statement and our annual report available to stockholders primarily via the Internet, instead of mailing printed copies of those materials to each stockholder. This proxy statement, the Notice of Annual Meeting of Stockholders, our form of proxy card and our Annual Report on Form 10-K are available for viewing, printing and downloading at www.proxydocs.com/TARS. On or around April 28, 2026, we intend to mail to our stockholders the Notice Regarding Internet Availability of Proxy Materials (the “Notice”) containing instructions on how to access and review this proxy statement and our 2025 Annual Report. The Notice also includes instructions on how you may submit your proxy over the Internet or via telephone and how to vote online at the Annual Meeting. If you received a Notice and would like to receive a printed copy of our proxy materials, you should follow the instructions for requesting those materials included in the Notice.

Additionally, you can find a copy of our Annual Report on Form 10-K for the year ended December 31, 2025, which includes our financial statements for the fiscal year ended December 31, 2025, on the website of the Securities and Exchange Commission (“SEC”), at www.sec.gov, or in the “SEC Filings” section of the “Investors & News” section of our website located at www.tarsusrx.com. You may also obtain a printed copy of our Annual Report on Form 10-K, including our financial statements, free of charge, from us by sending a written request to Attention: Corporate Secretary, Tarsus Pharmaceuticals, Inc., 17700 Laguna Canyon Rd., Floor 4, Irvine, CA 92618. Exhibits will be provided upon written request and payment of an appropriate processing fee.

Table of Contents


			Page

QUESTIONS AND ANSWERS ABOUT THIS PROXY MATERIAL AND VOTING			1

BOARD OF DIRECTORS AND CORPORATE GOVERNANCE			5

DIRECTOR COMPENSATION			14

EXECUTIVE COMPENSATION AND RELATED INFORMATION			15

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS			34

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT			35

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE			37

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS			38

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			39

REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS			40

PROPOSAL 1			41

PROPOSAL 2			43

PROPOSAL 3			44

Ratification of Appointment of Ernst & Young LLP as our Independent Registered Public Accounting Firm for the Fiscal Year Ending December 31, 2026			44

Other Matters			45

QUESTIONS AND ANSWERS ABOUT THIS PROXY MATERIAL AND VOTING

Why am I receiving these materials?

You have received these proxy materials because the Board of Directors (our “Board” or “Board of Directors”) of Tarsus Pharmaceuticals, Inc. (“we”, “us,” “our,” the “Company” or “Tarsus”) is soliciting your proxy to vote at the 2026 Annual Meeting (the “Annual Meeting”). This proxy statement, along with the accompanying Notice of Annual Meeting of Stockholders, summarizes the purposes of the meeting and the information you need to know to vote at the annual meeting. We have made available to you on the Internet this proxy statement, the Notice of Annual Meeting of Stockholders, the proxy card and our 2025 Annual Report because you owned shares of our Common Stock on the record date of April 27, 2026.

Why did I receive a Notice Regarding Internet Availability of Proxy Materials in the mail instead of a printed set of proxy materials?

Pursuant to rules adopted by the Securities and Exchange Commission (“SEC”), we are permitted to furnish our proxy materials over the Internet to our stockholders by delivering a Notice Regarding Internet Availability of Proxy Materials (the “Notice”) in the mail rather than mailing printed copies of a full set of proxy materials. The Notice instructs stockholders on how to access and review the proxy statement and Annual Report on Form 10-K over the Internet at www.proxydocs.com/TARS. The Notice also instructs stockholders on how they may submit their proxy over the telephone or Internet and vote online at the Annual Meeting. If a stockholder who received a Notice would like to receive a printed copy of our proxy materials, such stockholder should follow the instructions for requesting these materials contained in the Notice.

What is a virtual Annual Meeting?

The Annual Meeting will be conducted as a virtual meeting of stockholders by means of a live webcast. We believe that hosting a virtual meeting will enable greater stockholder attendance and participation from any location, improved communication and cost savings to our stockholders. You can virtually attend the Annual Meeting by registering at www.proxydocs.com/TARS in advance of the Annual Meeting. Upon completing your registration, you will receive further instructions via email, including a unique link that will allow you access to the Annual Meeting and to vote and submit questions during the Annual Meeting via the Internet. There will not be a physical meeting location and you will not be able to attend in person.

We invite you to virtually attend the Annual Meeting and request that you vote on the proposals described in this proxy statement. However, you do not need to attend the virtual meeting to vote your shares. Instead, you may vote by Internet, by telephone, or, if you requested and received paper copies of the proxy materials by mail, you may also vote by completing and mailing your proxy card.

The Annual Meeting starts at 9:00 a.m. (Pacific Daylight Time) on Thursday, June 25, 2026. We encourage you to access the meeting website prior to the start time to allow time for check in. If you encounter any difficulties accessing the virtual meeting during the check-in or meeting time, please call the technical support number that will be posted on the virtual stockholder meeting log-in page.

To access the Annual Meeting, follow the instructions on your Notice or proxy card (if you requested and received a printed copy of the proxy materials). If your shares are not registered in your own name and you plan to vote your shares during the virtual Annual Meeting, you should contact your broker or agent to obtain a legal proxy or broker’s proxy card and have it available during the virtual Annual Meeting in order to vote.

If you wish to submit a question the day of the Annual Meeting, you may log in to the virtual meeting platform at the unique link provided to you via email after registering in advance at www.proxydocs.com/TARS using the procedure described above, type your question into the “Ask a Question” field, and click “Submit.” Questions pertinent to meeting matters will be answered during the Annual Meeting, subject to time constraints. Questions regarding personal matters, including those related to employment, are not pertinent to Annual Meeting matters and, therefore, will not be answered.

What am I voting on?

There are three matters scheduled for a vote:

•Election of Wendy Yarno, Andrew Goldberg, Scott Morrison, and David E.I. Pyott as Class III directors, to serve until the 2029 annual meeting of stockholders or until their respective successors have been elected or appointed.

•Approve, on a non-binding basis, our named executive officer compensation.

•Ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026.

Who can vote at the Annual Meeting?

Only stockholders of record at the close of business on April 27, 2026 will be entitled to vote at the Annual Meeting. On this record date, there were 43,023,959 shares of Company’s common stock (“Common Stock”) outstanding, our only class of voting stock. The holders of our Common Stock have the right to one vote for each share of Common Stock they held as of the record date.

In accordance with Delaware law, a list of stockholders entitled to vote at the meeting will be accessible for ten days prior to the meeting at our principal place of business, 17700 Laguna Canyon Road, Floor 4, Irvine, CA 92618, between the hours of 9:00 a.m. and 5:00 p.m. (Pacific Daylight Time).

How do I vote?

If on April 27, 2026, your shares were registered directly in your name with our transfer agent, Fidelity Stock Transfer Solutions LLC, then you are a stockholder of record. Stockholders of record may vote by using the Internet, by telephone or (if you received a proxy card by mail) by mail as described below. Stockholders also may attend the virtual meeting and vote electronically. If you hold shares through a bank or broker, please refer to your proxy card, Notice or other information forwarded by your bank or broker to see which voting options are available to you.

•You may vote by using the Internet at www.proxypush.com/TARS by following the instructions for Internet voting on the Notice or proxy card mailed to you. Internet voting is available 24 hours a day and will be accessible until 11:59 p.m. Eastern Time on June 24, 2026. Easy-to-follow instructions allow you to vote your shares and confirm that your instructions have been properly recorded.

•You may vote by telephone by dialing (866) 390-5415 and following the instructions for voting by phone on the Notice or (if you received a proxy card by mail) the proxy card mailed to you. Telephone voting is available 24 hours a day and will be accessible until 11:59 p.m. Eastern Time on June 24, 2026. Easy-to-follow voice prompts allow you to vote your shares and confirm that your instructions have been properly recorded.

•You may vote by mail by requesting, completing and mailing in a paper proxy card, as outlined in the Notice. The method you use to vote will not limit your right to vote at the Annual Meeting if you decide to virtually attend the Annual Meeting. Mailed proxy cards must be received by June 24, 2026.

•You may vote electronically at the Annual Meeting using the unique link provided to you via email after registering in advance at www.proxydocs.com/TARS using the procedure described above, and using your unique control number that was included in the proxy materials that you received in the mail.

If on April 27, 2026, you held your shares in “street name” (held in the name of a bank, broker or other holder of record), you will receive instructions from your broker or other holder of record. You must follow the instructions of the holder of record in order for your shares to be voted. Telephone and Internet voting also will be offered to stockholders owning shares through certain banks and brokers. If your shares are not registered in your own name and you plan to vote your shares in person at the Annual Meeting, you should contact your broker or agent to obtain a legal proxy or broker’s proxy card and bring it to the Annual Meeting in order to vote.

You do not need to attend the virtual Annual Meeting to vote your shares. Shares represented by valid proxies, received in time for the Annual Meeting and not revoked prior to the Annual Meeting, will be voted at the Annual Meeting. For instructions on how to change or revoke your proxy, see “Can I change my vote after submitting my proxy?” below.

What if I return a proxy card but do not make specific choices?

If you return a signed and dated proxy card without marking any voting selections, your shares will be voted (i) “For” the election of all four director nominees for Class III director; (ii) “For” the non-binding advisory approval of our Company's named executive officer compensation for the year ended December 31, 2025, as disclosed herein; and (iii) “For” ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026, as disclosed herein. However, if you are not a record holder, such as where your shares are held through a broker, nominee, fiduciary or other custodian, you must provide voting instructions to the record holder of the shares in accordance with the record holder’s requirements in order for your shares to be properly voted. If any other matter is properly presented at the meeting, your proxy (one of the individuals named on your proxy card) will vote your shares using his or her best judgment.

Who is paying for this proxy solicitation?

We will pay for the entire cost of soliciting proxies. In addition to these mailed proxy materials, our directors and employees may also solicit proxies in person, by telephone, or by other means of communication. Directors and employees will not be paid any additional compensation for soliciting proxies. We may reimburse brokerage firms, banks and other agents for the cost of forwarding proxy materials to beneficial owners.

What does it mean if I receive more than one proxy card or Notice?

If you receive more than one proxy card or Notice, your shares are registered in more than one name or are registered in different accounts. Please complete, sign and return each proxy card or submit a proxy for each Notice to ensure that all of your shares are voted.

What if I share an address with another stockholder of Tarsus?

If you reside at the same address as another Tarsus stockholder, you and other Tarsus stockholders residing at the same address may receive a single copy of the Notice Regarding Internet Availability of Proxy Materials. This process, which has been approved by the SEC, is called “householding.” Once you receive notice from your broker or other nominee record holder that it will be “householding” our proxy materials, the practice will continue until you are otherwise notified or until you notify them that you no longer want to participate in the practice. Stockholders who participate in householding will continue to have access to and utilize separate proxy voting instructions.

If you wish to receive a separate copy of the Notice Regarding Internet Availability of Proxy Materials, you may do so by making a written request to: Tarsus Pharmaceuticals, Inc., 17700 Laguna Canyon Road, Floor 4, Irvine, California 92618, Attention: Corporate Secretary, or an oral request by calling (949) 418-1801. Upon your written or oral request, we will promptly deliver a separate copy to you. If you want to receive your own set of our proxy materials in the future or, if you share an address with another stockholder and together both of you would like to receive only a single set of proxy materials, you should contact your broker or other nominee record holder directly or you may contact use at the above address and phone number. The Annual Report, proxy statement and Notice are also available at www.proxydocs.com/TARS.

Can I change my vote after submitting my proxy?

Yes. You can revoke your proxy at any time before the final vote at the Annual Meeting. You may revoke your proxy in any one of three ways:

•If you receive a proxy card, you may submit another properly completed proxy card with a later date.

•You may re-vote by Internet or by telephone as instructed above.

•You may send a written notice that you are revoking your proxy to the Corporate Secretary of the Company at 17700 Laguna Canyon Road, Floor 4, Irvine, California 92618.

•You may virtually attend the Annual Meeting and vote electronically by registering at www.proxydocs.com/TARS in advance of the Annual Meeting. Upon completing your registration, you will receive further instructions via email, including a unique link that will allow you access to the Annual Meeting and to vote and submit questions during the Annual Meeting using your unique control number that was included in the Proxy Materials that you received in the mail. Simply attending the meeting will not, by itself, revoke your proxy.

Who will solicit proxies on behalf of our Board of Directors?

Proxies may be solicited on behalf of our Board of Directors, without additional compensation, by the Company’s directors and employees.

The original solicitation of proxies by mail may be supplemented by telephone, telegram, facsimile, electronic mail, and personal solicitation by our directors and officers (who will receive no additional compensation for such solicitation activities). You may also be solicited by advertisements in periodicals, press releases issued by us and postings on our corporate website at www.tarsusrx.com. Unless expressly indicated otherwise, information contained on our corporate website is not part of this proxy statement.

How are votes counted?

Votes will be counted by the inspector of election appointed for the Annual Meeting, who will separately count “FOR” and “AGAINST” votes, “WITHHELD” votes abstentions and broker non-votes. Abstentions will be counted as present for purposes of determining the presence of a quorum. For Proposal 1, directors are elected by a plurality vote. “Plurality” means that the four director nominees who receive the largest number of votes cast “FOR” such nominees will be elected as directors. As a result, any shares not voted “FOR” a particular nominee (whether as a result of a “WITHHOLD” vote, abstention or a broker non-vote, as described in the next paragraph) will not be counted in such nominee’s favor and will have no effect on the outcome of the election. For Proposals 2 and 3, abstentions will not be considered as votes cast for or against any proposal, and will therefore have no effect on the outcome of the vote. Broker non-votes, as described in the next paragraph, have no effect and will not be counted towards the vote total for such proposals.

If your shares are held by your bank or broker as your nominee (that is, in “street name”), you will need to obtain a voting instruction form from the institution that holds your shares and follow the instructions included on that form regarding how to instruct your broker to vote your shares. If you do not give instructions to your broker, your broker can vote your shares with respect to “discretionary” items, but not with respect to “non-discretionary” items. Discretionary items are proposals considered routine under the rules of the New York Stock Exchange (“NYSE”) on which your broker may vote shares held in street name without your voting instructions. Proposal 3 for the ratification of the appointment of Ernst & Young LLP is considered routine and therefore brokers

generally have discretionary authority to vote shares held in street name. However, several large brokers have recently announced that they were eliminating the practice of discretionary voting of uninstructed shares, including on matters generally identified as “routine”. On non-discretionary items for which you do not give your broker instructions, the shares will be treated as broker non-votes. Under current NYSE rules, any election of a member of our Board of Directors, whether contested or uncontested, is considered “non-discretionary” and therefore brokers are not permitted to vote your shares held in street name for the election of directors in the absence of instructions from you. Additionally, the approval of our Company’s named executive officer compensation for the year ended December 31, 2025 is likewise non-discretionary and therefore brokers are not permitted to vote your shares in street name for the approval of our Company’s named executive officer compensation in the absence of instructions from you. Thus, all of our proposals, other than Proposal 3, are non-discretionary matters and therefore if you hold your shares through a broker, nominee, fiduciary or other custodian, your shares will not be voted on those proposals unless you provide voting instructions to the record holder.

How many votes are needed to approve each proposal?

•For Proposal 1, directors are elected by a plurality of the votes cast with respect to such director. This means that nominees receiving the most “FOR” votes will be elected. Abstentions and broker non-votes are not considered votes cast on this proposal and will not have any effect on the election of directors.

•For Proposal 2, advisory approval of our Company's named executive officer compensation for the year ended December 31, 2025, must receive more “FOR” votes than “AGAINST” votes cast at the Annual Meeting. Abstentions are not counted as a vote cast for or against the proposal and therefore have no effect on the outcome of the vote. Broker non-votes are counted towards a quorum, but are not counted for any purpose in determining whether this matter has been approved. However, the advisory approval of our Company's executive compensation for the year ended December 31, 2025 is advisory and non-binding in nature and cannot overrule any decisions made by our Board.

•To be approved, Proposal 3 to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026, must receive more “FOR” votes than “AGAINST” votes cast at the Annual Meeting. Abstentions are not counted as a vote cast for or against the proposal and therefore have no effect on the outcome of the vote. Broker non-votes, if any, are counted towards a quorum, but are not counted for any purpose in determining whether this matter has been approved.

What is the quorum requirement?

A quorum of stockholders is necessary to hold a valid meeting. A quorum will be present if a majority of all shares outstanding on April 27, 2026, the record date, are represented at the meeting by stockholders present online or by proxy. On the record date, there were in the aggregate 43,023,959 shares of Common Stock outstanding and entitled to vote. Thus 21,511,980 shares must be represented by stockholders present at the Annual Meeting or by proxy to have a quorum.

Your shares will be counted towards the quorum only if you submit a valid proxy vote or vote at the Annual Meeting. Abstentions and broker non-votes will be counted towards the quorum requirement.

How will my shares be voted if I mark “Abstain” on my proxy card?

We will count a properly executed proxy card marked “Abstain” as present for purposes of determining whether a quorum is present, but the shares represented by that proxy card will not be voted at the Annual Meeting for the proposals so marked.

How can I find out the results of the voting at the Annual Meeting?

Preliminary voting results will be announced at the Annual Meeting. Final voting results will be available on a Current Report on Form 8-K filed with the SEC within four business days after the end of the Annual Meeting.

When are stockholder proposals and nominations for director due for next year’s Annual Meeting?

If you wish to submit a proposal to be considered for inclusion in next year’s proxy materials, your proposal must be in proper form according to SEC Regulation 14A, Rule 14a-8 and received by the Secretary of the Company on or before December 29, 2026. If you wish to submit a proposal to be presented at the 2027 Annual Meeting of Stockholders, but which will not be included in the Company’s proxy materials, including to nominate a director, your notice must be received by the Corporate Secretary of the Company at Tarsus Pharmaceuticals, Inc., 17700 Laguna Canyon Road, Floor 4, Irvine, CA 92618, Attn: Corporate Secretary, no earlier than February 25, 2027 and no later than March 27, 2027. Proposals that are not received in a timely manner will not be voted on at the 2027 Annual Meeting of Stockholders. To comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than the Company’s nominees must provide notice that sets forth the information required by Rule 14a-19 under the Securities Exchange Act of 1934 no later than April 26, 2027. If a proposal is received on time, the proxies that management solicits for the meeting may still exercise discretionary voting authority on the proposal under circumstances consistent with the proxy rules of the SEC. You are advised to review our amended and restated bylaws (the “bylaws”), which contain additional requirements about advance notice of stockholder proposals and director nominations. Stockholders may request a free copy of our bylaws by contacting our Corporate Secretary at 17700 Laguna Canyon Road, Floor 4, Irvine, CA 92618, Attn: Corporate Secretary.

BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

DIRECTORS AND EXECUTIVE OFFICERS

Our directors and executive officers, and certain information about each of them as of April 27, 2026 are set forth below.

Name

Age

Position(s) with Tarsus

Executive Officers:

Bobak Azamian, M.D., Ph.D.

President, Chief Executive Officer and Chairman

Jeffrey Farrow

Chief Financial Officer and Chief Strategy Officer

Seshadri Neervannan, Ph.D.

Chief Operating Officer

Aziz Mottiwala, MBA

Chief Commercial Officer

Bryan Wahl, M.D., J.D.

General Counsel and Secretary

Dianne Whitfield, MSW

Chief Human Resources Officer

Elizabeth Yeu-Lin, M.D.

Chief Medical Officer

Non-Employee Directors:

Wendy Yarno, MBA

Lead Independent Director

Bhaskar Chaudhuri, Ph.D.

Director

Andrew Goldberg, M.D.

Director

William J. Link, Ph.D.

Director

Scott Morrison

Director

Katherine Goodrich, M.D.

Director

David E.I. Pyott, MBA

Director

Executive Officers

Bobak Azamian, M.D., Ph.D. is our co-founder and has served as our President since our inception, as our Chief Executive Officer since September 2018, a member of our Board of Directors since December 2016, and our Chairman since December 2022. Since March 2026, Dr. Azamian has also served on the Board of Directors of the Biotechnology Innovation Organization (BIO). From June 2012 to September 2018, Dr. Azamian co-founded and served as Chief Executive Officer, President, and Chief Medical Officer of Metavention, Inc., a company focused on treatment of diabetes and other metabolic diseases. Since September 2016, Dr. Azamian has also served as co-founder and board member, from September 2016 until January 2021 additionally as Chief Executive Officer, and also previously as Co-Chairman of Vibrato Medical, Inc., a medical device company developing wearable treatments for peripheral arterial disease. Since December 2022, Dr. Azamian has also served as a board member of Osanni Bio, Inc., an early stage biotech company. Dr. Azamian previously served as an Entrepreneur in Residence at Versant Ventures from 2011 to 2013, and as a consultant and Senior Associate at Third Rock Ventures from 2007 to 2011, both venture capital firms focused on investing in early stage healthcare companies, and earlier served as a consultant at Amgen Inc. He also completed a residency in internal medicine and served as an attending hospitalist at Brigham and Women’s Hospital from 2006 to 2011. Dr. Azamian received a B.A. in Biophysics from Rice University, a Doctor of Philosophy (Chemistry) from University of Oxford and a Doctor of Medicine from Harvard Medical School. We believe that Dr. Azamian is qualified to serve on our Board of Directors because of the perspective and experience he provides as our President and Chief Executive Officer as well as his broad experience within the life sciences industry.

Jeffrey Farrow has served as our Chief Financial Officer and Chief Strategy Officer since April 2023. Mr. Farrow also serves as a board member of Clover Biotherapeutics, a position he has held since September 2021. Mr. Farrow previously served as Chief Financial Officer of Global Blood Therapeutics, Inc., a biopharmaceutical company, from April 2016 until December 2022 when it was acquired by Pfizer. At Global Blood Therapeutics, he was part of the team responsible for the successful regulatory approval and commercial launch of Oxbryta for the treatment of sickle cell disease. Prior to that, Mr. Farrow served as chief financial officer of ZS Pharma, Inc., a biopharmaceutical company, which was acquired by AstraZeneca in December 2015. Prior to ZS Pharma, he served as the chief financial officer at Hyperion Therapeutics, Inc., a commercial pharmaceutical company, from July 2010 until May 2015 which was acquired by Horizon Therapeutics in May 2015. He previously served as vice president of finance at Evotec AG, a drug discovery and development company. Prior to Evotec, Mr. Farrow served as vice president of finance and chief accounting officer at Renovis, Inc., a drug discovery and development company, which was acquired by Evotec AG. Earlier in his career, Mr. Farrow spent seven years working in the audit practice of KPMG LLP. Mr. Farrow holds a B.A. in business administration with a concentration in corporate finance from California State University at Fullerton and is a certified public accountant (inactive).

Seshadri Neervannan, Ph.D. has served as our Chief Operating Officer since July 2020. Dr. Neervannan has also served on the board of directors of Iolyx Therapeutics since 2020. Dr. Neervannan previously served as Senior Vice President of Global Pharmaceutical Development, from March 2015 to July 2020, and Vice President, Pharmaceutical Development, from January 2007 to February 2015, at Allergan, Inc. (“Allergan”), a global pharmaceutical company. Prior to Allergan, he was Director of Pharmaceutics R&D, at Amgen Inc., a biotechnology company, from February 1999 to January 2007. From November 1994 to February 1999, Dr.

Neervannan was Sr. Research Investigator at Bristol-Myers Squibb Pharmaceutical Research Institute. Dr. Neervannan received a B.S. in Pharmacy (with Honors) from Birla Institute of Technology & Science, Pilani, India, and a Ph.D. (with Honors) in Pharmaceutical Chemistry from the University of Kansas, Lawrence, KS.

Aziz Mottiwala, MBA has served as our Chief Commercial Officer since August 2020. Mr. Mottiwala has served on the board of directors of OneOC, a non-profit organization based in Orange County, California since March 2018, and OCTANe, a convening organization of the Southern California technology and medical technology business ecosystem, since July 2021. Mr. Mottiwala previously served as Chief Commercial Officer of Opiant Pharmaceuticals, Inc. (“Opiant”), a publicly-traded pharmaceutical company specializing in medicines for the treatment of addictions and drug overdose from September 2019 to August 2020. Prior to Opiant, Mr. Mottiwala served as Senior Vice President of Sales and Marketing and Head of Commercial at Avanir Pharmaceuticals, Inc. (“Avanir”), a pharmaceutical company specializing in medicines to treat nervous system disorders from July 2017 to September 2019. Prior to Avanir, Mr. Mottiwala spent over ten years at Allergan in various roles from December 2006 to July 2017, most recently as Vice President of Marketing for Allergan’s eye care portfolio from January 2014 to July 2017. Mr. Mottiwala holds a Bachelor of Science degree in Biochemistry from the University of California, San Diego and an MBA in Marketing and Finance from the Marshall School of Business at the University of Southern California.

Bryan Wahl, M.D., J.D. has served as our General Counsel since January 2021, and is also our Corporate Secretary. Prior to this, Dr. Wahl was a partner at Knobbe Martens Olson & Bear LLP from September 2005 through December 2020, where he focused on intellectual property protection, infringement studies, and due diligence for financings and strategic transactions, specifically with respect to pharmaceutical, biotechnology, and medical device companies. Since 2009, Dr. Wahl has served as a Hospitalist with Kaiser Permanente and as a Hospitalist at several Bay Area medical centers from September 2002 to December 2017. He also completed a residency in internal medicine at Cedars-Sinai Medical Center in Los Angeles, and is board certified in Internal Medicine. Dr. Wahl earned his Doctor of Medicine from the University of Hawaii John A. Burns School of Medicine and his Juris Doctorate from University of California, Berkeley School of Law.

Dianne Whitfield, MSW has served as our Chief Human Resources Officer since January 2021. Prior to this Ms. Whitfield served at Evolus Inc. as Vice President, Human Resources from January 2020 until January 2021 and as Executive Director, Human Resources from April 2019 until January 2020. From 2007 until April 2019, Ms. Whitfield served as various roles at Allergan, including as Senior Manager, Human Resources (from October 2007 to March 2015), Senior Manager, Global Talent (from March 2015 to March 2016), Director, Global Talent (from March 2016 to October 2017) and Director, Global Human Resources (from October 2017 to April 2019). Ms. Whitfield earned her Bachelor of Arts degree in Psychology and Social Behavior from the University of California, Irvine and a Master’s degree in Social Work from California State University, Long Beach.

Elizabeth Yeu-Lin, M.D. has served as our Chief Medical Officer since November 2024. Prior to this she served as a member of our Board of Directors from December 2021 to November 2024. Dr. Yeu-Lin has been a Partner at Virginia Eye Consultants since 2014. She has served as an Assistant Professor of Ophthalmology at the Eastern Virginia Medical School since 2012. Dr. Yeu-Lin serves on the Executive Board and is the Immediate Past President of the American Society of Cataract and Refractive Surgery, and previously served as its President, as well as Treasurer. Dr. Yeu-Lin has authored hundreds of articles and is a frequent lecturer nationally and internationally in the areas of refractive cataract surgery, anterior segment reconstruction, ocular surface disease management and the surgical management of astigmatism. Dr. Yeu-Lin earned her medical degree through an accelerated and combined undergraduate/ medical school program at the University of Florida College of Medicine. She completed her Ophthalmology residency at Rush University Medical Center in Chicago, where she served as Chief Resident from 2006 to 2007. Dr. Yeu-Lin completed a fellowship in cornea, anterior segment and refractive surgery at Baylor College of Medicine’s Cullen Eye Institute from 2007 to 2008, and she served as an Assistant Professor after her fellowship training. Dr. Yeu-Lin also served on the board of directors at STAAR Surgical Company from January 2021 to January 2026, including as its board chair from February 2025 to January 2026. She also previously served on the boards of Ocular Science from September 2018 to December 2024, and Avellino Lab USA, Inc. from January 2022 to November 2024. From November 2021 to November 2023, she served as a Chief Strategic Advisor to ACE Vision Group.

Non-Employee Directors

Wendy Yarno, MBA has served as a member of our Board of Directors since November 2020, and as our Lead Independent Director since December 2022. Ms. Yarno retired in September 2008 from Merck & Co., Inc. (“Merck”), a pharmaceutical company, following a 26-year career there in commercial and human resource positions of increasing seniority, most recently chief marketing officer before she retired. In that role, Ms. Yarno led a global organization charged with all aspects of supporting pre- and post-launch commercialization of pharmaceuticals in more than 20 therapeutic areas. Prior to this role, she served as General Manager, Cardiovascular and Metabolic U.S. Business Unit, and as Senior Vice President, Human Resources. After retiring from Merck, Ms. Yarno worked part-time as the chief marketing officer of HemoShear Therapeutics, LLC, a biotechnology research company and leading developer of human cell-based surrogate systems for discovery and assessment of new drug compounds. She currently serves as a director at various public companies, including Ideaya Biosciences Inc. since December 2019, Inovio Pharmaceuticals, Inc. since December 2017, and Iovance Biotherapeutics, Inc. since May 2023 (Ms. Yarno has decided not to stand for re-election on the Iovance Biotherapeutics, Inc. board of directors). She previously served as a director of Global Blood Therapeutics, Inc., from November 2017 until October 2022, MyoKardia, Inc. from March 2017 until November 2020, St. Jude Medical, Inc., Medivation, Inc., Aratana Therapeutics, Inc., Alder BioPharmaceuticals, Inc., and Durata Therapeutics, Inc. She also has past experience as a director for several private company boards. Ms. Yarno holds a B.S. in business administration from Portland State University and an MBA from Temple

University. We believe Ms. Yarno’s qualifications to serve on our Board of Directors include her operational, commercial and human resource experience in biotechnology and pharmaceutical companies, as well as her experience as a director of multiple biotechnology and pharmaceutical companies.

Bhaskar Chaudhuri, Ph.D. has served as a member of our Board of Directors since December 2019. Dr. Chaudhuri has more than 20 years’ experience in pharmaceutical management, research and development. Since June 2011, he has served various roles at Frazier Healthcare Ventures, currently as a Senior Advisor and previously as an Operating Partner. Prior to that time, Dr. Chaudhuri served as President of Valeant Pharmaceuticals International, Inc. (“Valeant,” now Bausch Health) from January 2009 to September 2010. Prior to joining Valeant, Dr. Chaudhuri served for seven years as President and Chief Executive Officer of Dow Pharmaceutical Sciences, Inc. (“Dow”) and as a member of its board of directors from 2003 to 2008, at which time Dow was acquired by Valeant. Prior to that, Dr. Chaudhuri served as Executive Vice President of Scientific Affairs at Bertek Pharmaceuticals Inc. (“Bertek”), a subsidiary of Mylan N.V. (“Mylan”), from 1998 to 2000. Prior to his positions at Bertek, Dr. Chaudhuri served as the General Manager of the Dermatology Division of Mylan. Dr. Chaudhuri joined Mylan through the acquisition of Penederm, Inc., where he worked from 1992 to 1998 in a number of senior positions before becoming the Vice President of Research and Development. Dr. Chaudhuri previously served on the board of directors of Arcutis Biotherapeutics, Inc., from June 2016 to December 2025, Teligent Pharmaceuticals, Inc. from November 2010 to July 2021, Sudo Biosciences from May 2021 to January 2024, Vyome Biosciences, Ltd., and Corium International, Inc. He also serves on the Advisory Board of the Berman Institute of Johns Hopkins University. Dr. Chaudhuri holds a Bachelor of Science degree in Pharmacy and an M.S. in Industrial Pharmacy from Jadavpur University and a Ph.D. in Pharmaceutics form the University of Louisiana. We believe Dr. Chaudhuri’s qualifications to serve on our Board of Directors include his many years of experience in the pharmaceutical industry, including his prior positions in senior executive roles at major pharmaceutical companies.

Andrew Goldberg, M.D. has served as a member of our Board of Directors since August 2020. Since April 18, 2026, Dr. Goldberg has served as Chief Executive Officer, President, and a member of the board of directors of Achieve Life Sciences, Inc. From March 2021 to April 2026, Dr. Goldberg has served as a managing director at Marshall Wace LLP, a leading asset manager, and helped lead the XO Healthcare Innovation Fund. Prior to this, Dr. Goldberg served as a principal and subsequently partner of Vivo Capital, a global healthcare investment firm that focuses exclusively on the life sciences industry, from February 2016 to March 2021. Prior to this, Dr. Goldberg was a consultant at McKinsey & Company, where he served pharmaceutical, medical device, and biotechnology companies across a range of strategy, M&A, sales, marketing, and product development topics. Dr. Goldberg is a U.S. board-certified physician in both Critical Care Medicine and Emergency Medicine. He has served as an Instructor in Medicine at the Mayo Clinic College of Medicine in Rochester, MN, where he also completed a fellowship in Critical Care Medicine and served as an Attending Physician in the Department of Emergency Medicine. Prior to this, he completed Emergency Medicine residency training at Los Angeles County + University of Southern California Medical Center (LAC+USC). His research has spanned a variety of topics, from traumatic brain injury and cardiac arrest to biomarker analysis and healthcare quality. He has over 25 scientific publications in leading peer-reviewed journals, including the Journal of the American Medical Association, Resuscitation, and the Cleveland Clinic Journal of Medicine. Dr. Goldberg received his M.D. from The George Washington University School of Medicine in Washington, DC, and a post-doctoral diploma in translational science from the Mayo Graduate School. He has held prior academic and clinical appointments at Oregon Health & Science University, the University of Arizona, the Washington Township Medical Foundation, and the Banner Health System. We believe Dr. Goldberg’s qualifications to serve on our Board of Directors include his many years of experience in strategy and product development in the pharmaceutical industry, and his experience investing in pharmaceutical companies.

William J. Link, Ph.D. has served as a member of our Board of Directors since January 2017. Dr. Link is a managing director and co-founder of both Flying L Partners, a venture capital firm formed in 2016 to focus on investing primarily in the ophthalmic space, and Versant Venture Management LLC (“Versant”), a life science venture capital firm investing in early stage healthcare companies. Dr. Link has also served as the Chairperson of the board of directors of Lensar Inc. since November 2017 and RxSight, Inc. since November 2016. Prior to co-founding Versant in 1999, Dr. Link was a general partner at Brentwood Venture Capital. From 1987 to 1997, Dr. Link was founder, chairman, and Chief Executive Officer of Chiron Vision Corporation (acquired by Bausch & Lomb Surgical, Inc.). He also founded and served as President of American Medical Optics (acquired by Allergan). Dr. Link served as a director of Advanced Medical Optics (acquired by Abbott Laboratories) from 2002 to 2009 and Inogen, Inc. from 2003 to February 2014. Before entering the healthcare industry, Dr. Link was an assistant professor in the Department of Surgery at the Indiana University School of Medicine. He has been a member of the boards of directors of Edwards Lifesciences Corporation from May 2009 to May 2021, Second Sight Medical Products, Inc. from 2003 to May 2020, Glaukos Corporation from June 2001 to December 2021, and Oyster Point Pharma, Inc. from July 2015 to March 2022. Dr. Link is also a member of the board of directors of several private companies. Dr. Link holds a B.S., an M.S., and a Ph.D. in mechanical engineering from Purdue University. We believe Dr. Link is qualified to serve on our Board of Directors because of his extensive experience in successfully commercializing products in the medical device industry, as well as his prior experience on the boards of U.S. public companies.

Scott Morrison has served as a member of our Board of Directors since October 2022. Mr. Morrison was a partner at Ernst & Young and was the US Life Sciences Leader from 1996 until his retirement in 2015. Mr. Morrison has served public and private companies in the life sciences industry since 1980. During his tenure at Ernst & Young, he worked on hundreds of public and private financings, M&A transactions, and corporate collaborations. Mr. Morrison serves on the board of directors of Zai Labs, Inc. since October 2021 (where he also chairs the audit committee), Vera Therapeutics, Inc. since April 2020 (where he also chairs the audit committee), and Ideaya Biosciences since 2018 (where he also chairs the audit committee and is a member of the nominating and governance committee). He previously served on the board of directors, chaired the audit committee, and was a member of the compensation committee of Corvus Pharmaceuticals from January 2016 to April 2026, on the board of directors and was the chair of the audit committee of Global Blood Therapeutics (acquired by Pfizer) from January 2016 to October 2022, and served as a director and audit committee member of Audentes, Inc., from January 2016 until its sale to Astellas in January 2020. Mr. Morrison has also served as a director on several life sciences industry boards, including the Biotechnology Innovation Organization ECS Board, the Bay Area

Biosciences Board (now CLSA), the Life Sciences Foundation, and the Biotechnology Institute. Mr. Morrison was awarded the CLSA Pantheon 2016 Life Sciences Leadership Award. Mr. Morrison holds a BS in Business Administration from the Haas School of Business at University of California, Berkeley, and is a certified public accountant (inactive). We believe Mr. Morrison is qualified to serve on our Board due to his decades of experience serving life sciences companies, leadership in public accounting, as well as a director and audit chair of several public companies.

Katherine Goodrich, M.D. has served as a member of our Board of Directors since November 2024. Dr. Goodrich currently serves as Executive in Residence at Optum, where she acts as a mentor and advisor to medical professionals across the organization. In this role, she supports clinician enablement and continuous clinical learning, and helps to uphold the highest standards of clinical excellence in the delivery of care to patients. Dr. Goodrich previously served as the Chief Medical Officer for Humana Inc. from August 2022 to October 2025, where she provided executive clinical leadership for the insurance and CenterWell businesses of Humana and oversaw physician engagement, healthcare research, health equity and social impact initiatives. Previously, she served as the Senior Vice President for Clinical Analytics and Trend within Humana's Clinical Solutions organization from March 2020 to August 2022, where she was accountable for producing the business analytics and rapid learnings approach for clinical programs designed to improve outcomes at lower cost. Prior to joining Humana, Dr. Goodrich served at the Centers for Medicare and Medicaid Services (CMS), where she was the Director of the Center for Clinical Standards and Quality and CMS Chief Medical Officer. For more than 25 years, Dr. Goodrich has served as a faculty member, and continues to practice clinical medicine as a hospitalist and professor of medicine at the George Washington University Medical Center. Dr. Goodrich currently serves on the boards of the National Quality Forum, the Institute for Accountable Care and the Delaware Valley ACO. She earned her M.D. from Louisiana State University School of Medicine and her master's in health services research from Yale University. We believe Dr. Goodrich is qualified to serve on our Board due to her executive operational experience with value-based care at a private payor, in the federal government, as well as a clinician.

David E.I. Pyott, MBA has served as a member of our Board of Directors since February 2026. Mr. Pyott served as the Chief Executive Officer of Allergan, Inc., or Allergan, a global specialty pharmaceutical and medical device company, from January 1998 to March 2015 and as the Chair of Allergan’s board of directors from March 2001 until March 2015. Prior to Allergan, Mr. Pyott served as the Head of the Nutrition Division at Novartis AG, a global healthcare company, and as a member of the Executive Committee of Switzerland-based Novartis AG. Mr. Pyott has also served as a director of Alnylam Therapeutics, Inc. since December 2015 and Pliant Therapeutics, Inc. since January 2021 (Mr. Pyott has decided not to stand for re-election on the Pliant Therapeutics, Inc. board of directors). Previously, Mr. Pyott served as a director of BioMarin Pharmaceutical Inc. from January 2016 to May 2025 and as a member of the Supervisory Board of Royal Philips in the Netherlands from May 2015 to May 2025. Mr. Pyott currently serves as chairperson of the Governing Board of the London Business School, a Trustee of the California Institute of Technology, and Vice President of the Ophthalmology Foundation. He holds a Diploma in International and European Law from the Europa Institute at the University of Amsterdam, an Honorary Degree in Medicine and a Master of Arts degree from the University of Edinburgh, and a Master of Business Administration degree from the London Business School. Mr. Pyott is qualified to serve on our Board due to his substantial successful executive operational experience in the pharmaceutical industry and public company governance experience from serving on the boards of several large public companies.

There are no family relationships among any of our directors or executive officers.

Director Independence

As required under the listing standards of Nasdaq, a majority of the members of a listed company’s board of directors must be independent. Management and outside counsel have reviewed the directors’ responses to a questionnaire asking about their transactions, relationships and arrangements with us (and those of their immediate family members) and other potential conflicts of interest. Other than as set forth in this proxy statement, these questionnaires did not disclose any transactions, relationships, or arrangements that question the independence of our directors or director nominees. After reviewing this information, our Board of Directors affirmatively determined that Ms. Yarno, Dr. Chaudhuri, Dr. Goldberg, Dr. Goodrich, Dr. Link, Mr. Morrison, and Mr. Pyott, representing all of our non-employee directors are independent directors within the meaning of the applicable Nasdaq listing standards. The independent members of our Board of Directors hold separate regularly scheduled executive session meetings at which only independent directors are present.

Information Regarding the Board of Directors and its Committees

As required under Nasdaq listing standards, our independent directors meet in regularly scheduled executive sessions at which only independent directors are present. Our Board of Directors has an audit committee, a compensation committee, a nominating and

corporate governance committee, a science and technology committee and a commercial committee. The following table provides membership information for each of such Board committees as of December 31, 2025:

Name

Audit

Compensation

Nominating
and
Corporate
Governance

Science and
Technology

Commercial

Bhaskar Chaudhuri, Ph.D.

Andrew Goldberg, M.D.

Katherine Goodrich, M.D.

William J. Link, Ph.D.

Scott Morrison

Wendy Yarno, MBA

_____________

*Committee Chair.

The following table provides membership information for each of such Board committees as of April 27, 2026:

Name

Audit

Compensation

Nominating
and
Corporate
Governance

Science and
Technology

Commercial

Bhaskar Chaudhuri, Ph.D.

Andrew Goldberg, M.D.

Katherine Goodrich, M.D.

William J. Link, Ph.D.

Scott Morrison

David E.I. Pyott, MBA

Wendy Yarno, MBA

_____________

*Committee Chair.

Below is a description of each committee of our Board. Our Board has determined that each member of the audit, compensation and nominating and corporate governance committees meets the applicable rules and regulations regarding “independence” and also that each member of our audit committee, compensation committee, and nominating and corporate governance committee is free of any relationship that would interfere with his or her individual exercise of independent judgment with regard to the Company.

Audit Committee

The members of our audit committee are Mr. Morrison, Dr. Goldberg, and Dr. Goodrich. Each member of our audit committee (i) can read and understand fundamental financial statements, and (ii) is independent under the rules and regulations of the SEC and the listing standards of Nasdaq applicable to audit committee members. Mr. Morrison chairs the audit committee. Our Board of Directors has determined that Mr. Morrison qualifies as an audit committee financial expert within the meaning of SEC regulations and meets the financial sophistication requirements of Nasdaq. Please also see the report of the audit committee set forth elsewhere in this proxy statement.

Our audit committee assists our Board of Directors’ oversight of the integrity of our financial statements, our compliance with legal and regulatory requirements, the qualifications, independence and performance of the independent registered public accounting firm, the design and implementation of our internal audit function, risk assessment, and risk management. Among other things, our audit committee is responsible for reviewing and discussing with our management the adequacy and effectiveness of our disclosure controls and procedures. The audit committee also discusses with our management and independent registered public accounting firm the annual audit plan and scope of audit activities, scope and timing of the annual audit of our financial statements, and the results of the audit, quarterly reviews of our financial statements and, as appropriate, initiates inquiries into aspects of our financial affairs. Our audit committee is responsible for establishing and overseeing procedures for the receipt, retention and treatment of any complaints reporting accounting, internal accounting controls or auditing matters, as well as for the confidential and anonymous submissions by our employees of concerning questionable accounting or auditing matters. In addition, our audit committee has direct responsibility for the appointment, compensation, retention and oversight of the work of our independent registered public accounting firm. Our audit committee has sole authority to approve the hiring and discharging of our independent registered public accounting firm, all audit engagement fees and terms and all permissible non-audit engagements with the independent auditor. Our audit committee will review and oversee all related person transactions in accordance with our policies and procedures.

Our audit committee charter can be found on the corporate governance section of our corporate website at www.tarsusrx.com. Each of Ms. Crane, Ms. Yarno, Mr. Morrison and Dr. Goodrich served on the audit committee of our Board of Directors during 2025. Ms. Crane served as a member of the audit committee of our Board of Directors through her resignation date on January 17, 2025. The audit committee met four times during 2025.

Compensation Committee

The members of our compensation committee are Dr. Chaudhuri, Ms. Yarno, Dr. Link, and Mr. Pyott. Ms. Yarno chairs the compensation committee. Each member of our compensation committee is independent under the rules and regulations of the SEC and the listing standards of Nasdaq applicable to compensation committee members, is a “non-employee director,” as defined in Rule 16b-3 adopted under Section 16 of the Exchange Act and an “outside director” under Regulation Section 1.162-27 adopted under Section 162(m) of the Code of 1986, as amended. Our compensation committee assists our Board of Directors with its oversight of the forms and amount of compensation for our executive officers as well as our non-employee directors, and the administration of our incentive plans for employees and other service providers, including our equity incentive plans, and certain other matters related to our compensation programs. Our compensation committee has the authority to engage the services of outside consultants and advisors to assist it in making decisions regarding our executive compensation programs. Our compensation committee has retained Pay Governance LLC ("Pay Governance") to advise the compensation committee regarding the compensation of our executive officers and non-employee directors, including market trends and best practices. The compensation committee believes that Pay Governance's expertise in the life sciences industry provides the compensation committee with relevant and targeted advice, and that Pay Governance is independent and that their work has not raised any conflicts of interest.

In establishing compensation amounts for executives, our compensation committee seeks to support our overall business strategy and objectives, attract and retain key executives, link compensation with business objectives and organizational performance, and provide competitive compensation opportunities. The compensation committee may form subcommittees and delegate its power and authority to such subcommittees. A more detailed description of the compensation committee’s functions can be found in our compensation committee charter. The charter is published in the corporate governance section of our website at www.tarsusrx.com. Each of Dr. Chaudhuri, Ms. Yarno, and Dr. Link served on the compensation committee of our Board of Directors during 2025.

The compensation committee met five times during 2025.

Nominating and Corporate Governance Committee

The members of our nominating and corporate governance committee are Dr. Chaudhuri, Dr. Goldberg, Dr. Link, and Mr. Pyott. Dr. Link chairs the nominating and corporate governance committee. Our nominating and corporate governance committee assists our Board of Directors with its oversight of and identification of individuals qualified to become members of our Board of Directors, consistent with criteria approved by our Board of Directors, and selects, or recommends that our Board of Directors select, director nominees; develops and recommends to our Board of Directors a set of corporate governance guidelines; and oversees the evaluation of our Board of Directors. Our nominating and corporate governance committee charter can be found on the corporate governance section of our corporate website at www.tarsusrx.com. Each of Dr. Chaudhuri, Dr. Goldberg, and Dr. Link served on our nominating and corporate governance committee during 2025. All members of our nominating and corporate governance committee are independent as currently defined under Nasdaq listing standards. Our nominating and corporate governance committee met four times during 2025.

Our nominating and corporate governance committee believes that the minimum qualifications and skills that candidates for director should possess include (a) the highest professional and personal ethics and values, (b) a commitment to enhancing stockholder value and (c) sufficient time to carry out their duties and to provide insight and practical wisdom based on experience. The committee also considers the following factors, in no particular order of importance: (a) various and relevant career experience, (b) relevant skills, such as an understanding of the Company’s business, (c) financial expertise and operations expertise, (d) clinical development and commercial experience, (e) business development and strategy experience, (f) diversity, (g) board and management experience, (h) investor relations experience, (i) industry and related healthcare experience, and (j) local and community ties. However, our nominating and corporate governance committee retains the right to modify these qualifications from time to time.

Under our corporate governance guidelines diversity is one of several critical factors that the nominating and corporate governance committee considers when evaluating the composition of our Board of Directors, amongst other critical selection criteria. We consider various diversity factors when considering director candidates, including race, ethnicity, gender, national origin, and geography. Our Board of Directors currently includes directors with a range of diversity. We believe each director contributes to our Board of Directors’ overall diversity by providing a variety of perspectives based on distinct personal and professional experiences and backgrounds. We are committed to maintaining and enhancing the excellence and diversity of our Board of Directors and in furtherance of this, the nominating and corporate governance committee conducts annual self-evaluations to assess the performance and effectiveness of our Board of Directors and committees.

Our nominating and corporate governance committee will consider director candidates recommended by stockholders and evaluate them using the same criteria as candidates identified by our Board of Directors or our nominating and corporate governance committee for consideration. If a stockholder of the Company wishes to recommend a director candidate for consideration by our nominating and corporate governance committee, the stockholder recommendation should be delivered to the Corporate Secretary of the Company at the principal executive offices of the Company, and must include information regarding the candidate and the stockholder making the

recommendation. You are advised to review our bylaws, which contain additional requirements about advance notice of stockholder director nominations.

Science and Technology Committee

The members of our science and technology committee are Dr. Chaudhuri, Dr. Goldberg, and Dr. Link. Dr. Chaudhuri chairs the science and technology committee. Our science and technology committee assists our Board of Directors with its oversight and evaluation of (i) the Company’s overall investment in and strategic direction with respect to technological and scientific initiatives and (ii) the Company’s business development and internal innovation initiatives. Dr. Chaudhuri, Dr. Goldberg, and Dr. Link all served on the science and technology committee during 2025. The science and technology committee met four times during 2025.

Commercial Committee

The members of our commercial committee are Mr. Morrison, Ms. Yarno, Dr. Goodrich, and Mr. Pyott. Ms. Yarno chaired the commercial committee in 2025, and until Mr. Pyott’s appointment to our Board of Directors, upon which time Mr. Pyott became the committee chair. Our commercial committee assists our Board of Directors with its oversight of our product commercialization efforts. Mr. Morrison, Ms. Yarno, Dr. Goodrich, and Ms. Crane all served on the commercial committee during 2025. Ms. Crane served as a member of the commercial committee of our Board of Directors through her resignation date on January 17, 2025. The commercial committee met four times in 2025.

Compensation Committee Interlocks and Insider Participation

Each of Dr. Chaudhuri, Ms. Yarno, and Dr. Link served on our compensation committee during 2025. None of the members of our compensation committee was at any time during the 2025 fiscal year (or at any other time) one of our officers or employees. None of our executive officers serves as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving as a member of our Board of Directors or compensation committee.

Board Leadership Structure

Our Corporate Governance Guidelines provide that our Board of Directors may determine from time to time the most effective leadership structure for the Company, including whether the same individual should serve as both Chairman of the Board and our Chief Executive Officer. Dr. Azamian, our Chief Executive Officer, also serves as Chairman of the Board. Our Board of Directors has determined that we would be best served by having a Chair with deep operational and strategic knowledge of our business. In addition, due to the in-depth knowledge of our operations Dr. Azamian is well positioned to identify and lead Board deliberations regarding important matters relating to our operations, strategic priorities, and overall development. Our Board of Directors also believes that serving as both Chief Executive Officer and Chairman of the Board enables Dr. Azamian to facilitate effective communication between our management and the Board and to ensure key issues and recommendations are brought to the attention of our Board of Directors. Our Board of Directors believes that this leadership structure, in conjunction with the appointment of a Lead Independent Director, is the most effective for the Company at this time, and that the existing corporate governance practices effectively achieve independent oversight and management accountability.

Our Corporate Governance Guidelines also provide that, if the same individual serves as Chairman of the Board and Chief Executive Officer, or if the Chairman of the Board is otherwise not independent, our Board shall appoint a Lead Independent Director, which is currently Ms. Yarno. The responsibilities of the Lead Independent Director are set forth in the Company’s Corporate Governance Guidelines, which include, for example, facilitating communication between management, the independent directors, and the Chairman of the Board. The Lead Independent Director will actively participate in setting agendas for Board meetings, preside at executive sessions of the Board, and perform such other duties as specified by our Board of Directors. In the event we appoint an independent Chairman of the Board, the responsibilities of the Lead Independent Director will be assumed by the independent Chairman of the Board.

Role of the Board in Risk Oversight

Our Board of Directors provides risk oversight for our entire company by receiving management presentations, including risk assessments, from all functional areas of our company, and discussing these assessments with management. Our Board of Directors’ overall risk oversight is supplemented by the various committees. The audit committee discusses with management and our independent auditors our risk management guidelines and policies, our major financial risk exposures and the steps taken to monitor and control such exposures.

Our compensation committee oversees risks related to our compensation programs and discusses with management its annual assessment of our employee compensation policies and programs. Based upon this review, our compensation committee believes that any risks arising from such policies and practices are not reasonably likely to have a material adverse effect on the Company in the future. Specifically, we believe that the elements of our compensation program do not encourage unnecessary or excessive risk-taking. Base salaries are fixed in amount and thus do not encourage risk-taking. A significant proportion of the compensation provided to our executives, and a material amount of the compensation provided to other employees, is in the form of long-term equity awards that are important to help further align employee interests with those of our stockholders. We do not believe that these awards encourage

unnecessary or excessive risk-taking because the ultimate value of the awards is tied to our stock price, and because awards are subject to long-term vesting schedules to help ensure that employees have significant value tied to long-term stock price performance.

Stockholder Communications with our Board of Directors

Stockholders wishing to communicate with our Board of Directors or with an individual member of our Board of Directors may do so by writing to our Board of Directors or to the particular member of our Board of Directors, in care of the Corporate Secretary by mail to our principal executive offices, Attention: Corporate Secretary. The envelope should indicate that it contains a stockholder communication. All clearly marked written communications, other than unsolicited advertising or promotional materials, are logged and copied, and forwarded to the director(s) to whom the communication was addressed. Please note that the foregoing communication procedure does not apply to (i) stockholder proposals pursuant to Exchange Act Rule 14a-8 and communications made in connection with such proposals or (ii) service of process or any other notice in a legal proceeding.

Meetings of the Board of Directors

Our Board of Directors met four times during 2025. Each member of our Board of Directors attended at least 75% or more of the aggregate of the meetings of our Board of Directors and of the committees on which he or she served, held during the period for which such member was a director or committee member. Members of our Board of Directors and its committees also consulted informally with management from time to time and acted at various times by written consent without a meeting during 2025. While we do not have a formal policy regarding attendance by members of our Board of Directors at our annual meetings of stockholders all directors are encouraged to attend. At our 2025 Annual Meeting of Stockholders, all of our then-serving directors were in attendance.

Corporate Governance Guidelines

Our Board of Directors adopted corporate governance guidelines to ensure that our Board of Directors has the necessary practices in place to review and evaluate our business operations and long-term strategy. The corporate governance guidelines set forth the practices our Board of Directors follows with respect to board and corporate governance, including board leadership, evaluating management’s performance and compensation, formulating company strategy, overseeing risk management and legal and ethical compliance, and managing potential conflicts of interest, among other responsibilities. The corporate governance guidelines, as well as the charters for each committee of our Board of Directors, are posted on the Corporate Governance section of our Investors & News section of our website at ir.tarsusrx.com/corporate-governance.

Code of Business Conduct and Ethics

Our Board of Directors has adopted a Code of Business Conduct and Ethics, which applies to all of our employees, officers, and directors. We also expect our agents, representatives, and consultants to follow our code of conduct in connection with their work for us. The full text of our Code of Business Conduct and Ethics is posted on the Corporate Governance section of our Investors & News section of our website at www.tarsusrx.com. We intend to disclose future amendments to, or waivers of, our Code of Business Conduct and Ethics as and to the extent required by SEC regulations, at the same location on our website identified above and in public filings. Our Code of Business Conduct and Ethics represents the standards by which we operate and reflects that we are an ethical, mindful and transparent business. The purpose of our Code of Business Conduct and Ethics is to promote honest and ethical conduct, including with respect to actual or apparent conflicts of interest between personal and professional relationships, to promote full, fair, accurate, timely and understandable disclosure in periodic reports to be filed by us, to promote compliance with applicable governmental laws, rules and regulations, promoted the protection of the Company’s assets, including corporate opportunities and confidential information, promote fair dealing practices, deter wrongdoing, promote prompt internal reporting of violations of the Code of Business Conduct and Ethics to an appropriate person(s) identified in the Code of Business Conduct and Ethics, and ensure accountability for adherence to the Code of Business Conduct and Ethics.

Insider Trading Policy; Hedging and Pledging Policies

Pursuant to our Insider Trading Policy, all employees and agents, including our executive officers and directors, are prohibited from trading in publicly-traded options, such as puts or calls, or other derivative securities in our securities, including hedging or similar transactions designed to decrease the risks associated with holding our securities. Employees are also prohibited from including our securities in a margin account or pledging our securities as collateral for a loan. Further, it is against our Insider Trading Policy for any employee (including any executive officers) to engage in short sales of our Common Stock. Any violation of the policies may result in disciplinary action, including dismissal for cause.

We believe that our Insider Trading Policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to the Company. A copy of our Insider Trading Policy was filed as Exhibit 19.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Corporate Responsibility and Employee Development

We understand that long-term value creation for stockholders is our core responsibility. We also have an important role to play for our team members and the communities we serve, which is fundamental to our culture, as well as good business.

Our values-based culture and our employees are a critical component of our success. We strive to create a supportive and professional environment for our employees. We expend considerable management time and attention, and financial resources, to attracting, retaining, motivating, and developing exceptional individuals at our company.

Our management team and employees are also expected to exhibit and promote honest, ethical, and respectful conduct in the workplace. Additionally, we are committed to creating and maintaining a workplace free from discrimination or harassment on the basis of race, color, citizenship, religion, creed, national origin, ancestry, gender, sexual orientation, age, marital status, veteran status, disability, medical condition, or any other status protected by applicable law. Our employment policies and compliance trainings prohibit such discrimination and harassment.

DIRECTOR COMPENSATION

The following table sets forth the total compensation of each person who served as a director during the 2025 fiscal year, other than a director who also served as a named executive officer.


Name	Fees Earned or Paid in Cash ($)	Stock Awards ($)(1)(2)	Option Awards ($)(1)(3)	Total ($)
Bhaskar Chaudhuri, Ph.D.	74,000	120,732	120,996	315,728
Andrew Goldberg, M.D.	68,556	120,732	120,996	310,284
Katherine Goodrich, M.D.	65,000	120,732	120,996	306,728
William J. Link, Ph.D.	71,500	120,732	120,996	313,228
Scott Morrison	75,000	120,732	120,996	316,728
Wendy Yarno, MBA	152,611	120,732	120,996	394,339
Rosemary Crane, MBA(4)	2,889	—	—	2,889

(1)The amounts in these columns represent the aggregate grant date fair value of stock awards and option awards granted to the non-employee director in 2025, computed in accordance with FASB ASC Topic 718. See Note 6 of the notes to our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on February 23, 2026.

(2)As of December 31, 2025, our non-employee directors serving on our Board in 2025 held the following RSUs: Dr. Chaudhuri — 2,954; Dr. Goldberg — 2,954; Dr. Goodrich — 2,954; Dr. Link — 2,954; Mr. Morrison — 2,954; and Ms. Yarno — 2,954.

(3)As of December 31, 2025, our non-employee directors serving on our Board in 2025 held the following options to purchase shares of our Common Stock: Dr. Chaudhuri — 4,540; Dr. Goldberg — 4,540; Dr. Goodrich — 4,540; Dr. Link — 4,540; Mr. Morrison — 4,540; and Ms. Yarno — 4,540.

(4)Ms. Crane resigned from our Board effective January 17, 2025.

Cash Compensation

Pursuant to the compensation program for our non-employee directors, each member of our Board of Directors who is not an employee was eligible to receive the following annual cash retainers for their service on our Board during the 2025 fiscal year.


Position	Annual Retainer
Board Member	$	50,000
plus (as applicable):
Lead Independent Director	$	75,000
Audit Committee Chair	$	20,000
Commercial Committee Chair	$	15,000
Compensation Committee Chair	$	15,000
Nominating/Governance Committee Chair	$	10,000
Science and Technology Chair	$	14,000
Audit Committee Member	$	10,000
Commercial Committee Member	$	7,500
Compensation Committee Member	$	7,500
Nominating/Governance Committee Member	$	5,000
Science and Technology Member	$	6,500

In March 2025, the cash compensation portion of our compensation program for our non-employee directors was amended, effective as of our 2025 Annual Meeting of Stockholders, to increase the annual cash retainer for each board member from $40,000 to $50,000.

The non-employee members of our Board of Directors are also eligible for reimbursement of their reasonable expenses incurred in attending Board of Directors and committee meetings. Annual cash retainers are pro-rated accordingly for non-employee members who join our Board during the fiscal year.

Equity-Based Compensation

Pursuant to the compensation program for our non-employee directors, our non-employee directors receive both an initial equity award upon joining our Board of Directors and annual equity awards in connection with each annual meeting of our stockholders. In March 2025, the equity-based portion of our compensation program for our non-employee directors was amended, effective as of our 2025 Annual Meeting of Stockholders, so that both the Initial Equity Awards and Annual Equity Awards are determined using a grant-to-value approach. During the 2025 fiscal year, the initial and annual equity awards to our non-employee directors consisted of the following:

•Initial Equity Award—Each non-employee director joining our Board of Directors received an award with a target grant value of $540,000, with 50% of the award granted as an option grant for shares of our Common Stock and 50% of the award granted as RSUs. The option grant vests in three equal annual installments on each anniversary of the date of grant, subject to the non-employee director’s continuous service. The RSU grant vests in three equal annual installments on the fifteenth day of the last month of the quarter in which they were granted, subject to the non-employee director’s continuous service.

•Annual Equity Award—Following the conclusion of our 2025 Annual Meeting of Stockholders, each continuing non-employee director received an award with a target grant value of $270,000, with 50% of the award granted as an option grant for shares of our Common Stock and 50% of the award granted as RSUs. Both the option grant and RSUs vest in full on the one-year anniversary of the date of grant, subject to the non-employee director’s continuous service.

The target grant value for options for both the Initial Equity Award and the Annual Equity Award were converted to options by dividing the value by the then-current Black-Scholes Value discount percentage utilized by us for equity grants multiplied by our average trailing 40-trading day closing stock price leading up to but not including the grant date. The target grant value for RSUs for both the Initial Equity Award and the Annual Equity Award were converted to a number of RSUs by dividing the value by our average trailing 40-trading day closing stock price leading up to but not including the grant date.

In March 2026, the equity-based portion of our compensation program for our non-employee directors was further amended, effective as of our 2026 Annual Meeting of Stockholders. The Initial Equity Award now has a target grant value of $600,000, with 50% of the award granted as an option grant for shares of our Common Stock and 50% of the award granted as RSUs. The Annual Equity Award now has a target grant value of $300,000, with 50% of the award granted as an option grant for shares of our Common Stock and 50% of the award granted as RSUs.

The equity awards granted to our non-employee directors are granted pursuant to our 2020 Equity Incentive Plan (the "2020 Plan") and will vest in full in the event of a “change of control” (as defined in the 2020 Plan).

In March 2026, our Board of Directors also approved the ability of our non-employee directors to elect to receive RSUs in lieu of their annual cash retainers for service on the Board as well as service as our lead independent director (but not including any additional committee or chair related retainers). Our non-employee directors may make such an election to be effective as of our 2026 Annual Meeting of Stockholders. To the extent a non-employee director elects to receive RSUs in lieu of cash, the RSUs will be granted on the date of the annual stockholders meeting for a number of shares determined by dividing the cash retainer amount by our average trailing 40-trading day closing stock price leading up to but not including the grant date, and such RSUs will vest in equal quarterly installments on specified dates over the year following the date of grant, subject to the non-employee director’s continued service.

Legal Proceedings

To our knowledge, no material proceedings exist to which any director, officer or affiliate of Tarsus, any owner of record or beneficially of more than 5% of any class of voting securities of Tarsus, or any associate of any such director, officer, affiliate of Tarsus, or security holder is a party adverse to us or any of our subsidiaries or has a material interest adverse to us or any of our subsidiaries.

EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

The Compensation Discussion & Analysis (CD&A) provides a comprehensive overview of the company’s executive compensation program in 2025, detailing its alignment with stockholder interests and the achievement of strategic objectives. This section outlines the philosophy, structure, and key decisions behind the compensation framework, ensuring transparency and clarity for our stockholders. For 2025, our named executive officers, or "NEOs," are:

•Bobak Azamian, M.D., Ph.D., our Chief Executive Officer, Chairman, and President;

•Jeffrey Farrow, our Chief Financial Officer and Chief Strategy Officer;

•Seshadri Neervannan, Ph.D., our Chief Operating Officer;

•Aziz Mottiwala, MBA, our Chief Commercial Officer; and

•Bryan Wahl, M.D., J.D., our General Counsel and Corporate Secretary.

Executive Summary

Business Summary and 2025 Corporate Highlights

We are a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. We launched XDEMVY (lotilaner ophthalmic solution) 0.25%, formerly known as TP-03, for the treatment of Demodex blepharitis, in August 2023 after receiving U.S. Food and Drug Administration ("FDA") approval in July 2023. Demodex blepharitis is caused by the infestation of Demodex mites. Blepharitis ("Blephar" is a reference to eyelid and "itis" is a reference to inflammation) is an ophthalmic lid margin disease characterized by inflammation of the eyelid margin, redness and ocular irritation, including a specific type of eyelash dandruff called collarettes, which are pathognomonic for Demodex blepharitis. Poorly controlled and progressive blepharitis can lead to corneal damage over time and, in extreme cases, blindness. There may be as many as approximately 25 million people in the U.S. who suffer from Demodex blepharitis. XDEMVY is the first and only therapeutic approved by the FDA and we believe is the definitive standard of care for the treatment of Demodex blepharitis. XDEMVY targets and eradicates the root cause of Demodex blepharitis - Demodex mite infestation. The active pharmaceutical ingredient of XDEMVY, lotilaner, paralyzes and eradicates mites and other parasites through the inhibition of parasite-specific gamma-aminobutyric acid-gated chloride (“GABA-Cl”) channels with no GABA-Cl inhibition in humans.

We are investigating the development of our product candidates to address targeted diseases with high unmet medical needs, which currently include TP-04, an investigational sterile aqueous gel formulation of lotilaner for the potential treatment of ocular rosacea, and TP-05, an investigational oral tablet formulation of lotilaner, for potential Lyme disease prophylaxis and community malaria reduction.

During 2025, we accomplished numerous milestones, which provides context to stockholders reviewing our executive compensation disclosures. With regard to commercial achievements, strong sales growth has been a hallmark since our launch of XDEMVY in August 2023. Our net product sales in 2025 were $451.4 million compared to $180.1 million in 2024. We delivered approximately 400,000 XDEMVY bottles to patients in 2025. We have broad market access, as we maintained over 90% of commercial, Medicare, and Medicaid covered lives and recognized a gross-to-net discount of approximately 45% in the full year 2025. Direct-to-consumer (“DTC”) campaign on streaming platforms and network television generated a positive return on investment in 2025 that continues to grow. Also, unaided awareness of Demodex blepharitis increased to approximately 25% versus 2% of patients surveyed at the beginning of the campaign. Furthermore, we continued to execute on our category-creating strategy, advancing a robust pipeline. We also have a strong financial position; cash, cash equivalents and marketable securities were $417.3 million as of December 31, 2025.

Please see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K filed with the SEC on February 23, 2026, for a more detailed discussion of our 2025 financial results.

2025 Compensation Highlights

Our executive compensation program emphasizes long-term value creation that correlates with the growth of sustainable long-term value for our stockholders, as well as motivates, retains, and rewards our NEOs. For 2025, our compensation committee took the following executive compensation actions:

• Base Salary Increases: In March 2025, our compensation committee approved increases to the base salaries of our NEOs, ranging from 3.4% to 7.6% to acknowledge performance for fiscal year 2024 and better align with the competitive market.

•Performance-Based Cash Compensation: Our compensation committee approved an increase of 10% (from 60% to 70%) to the target bonus amount under our annual cash incentive program for Dr. Azamian to better align with our executive compensation peer group. In addition, our compensation committee approved funding of our fiscal year 2025 annual cash incentive program at 108% for achievement of the 2025 corporate goals. This resulted in payouts for our NEOs at 108% of target, consistent with the company-wide 108% funding for the annual cash incentive program, and factoring in individual performance.

•Equity-Based Compensation: Our compensation committee approved grants of stock options, restricted stock units (“RSUs”) with time-based vesting, and, for the first time, special performance-based RSUs (“PSUs”) to our NEOs based on market competitive values. The RSUs and stock options vest over a four-year period of service, pursuant to our existing grant practices. The PSUs are a one-time special grant and are eligible to vest based on the achievement of certain performance-based milestones within a three-year performance period (2025-2027) and continued employment of the NEO through March 15, 2028. These performance-based milestones include aggressive metrics directly tied to our long-term strategic plan, and we believe this program further drives our leadership team to focus on, and execute against those key objectives to potentially create further stockholder value.

Executive Compensation Best Practices

We maintain sound executive compensation practices, including compensation-related corporate governance standards, consistent with our executive compensation philosophy. The following executive compensation practices are in place, including those we have implemented to drive performance and that either prohibit or minimize behaviors that we believe do not serve our stockholders’ interests:

What We Do

• Compensation Committee Independence – Our Board maintains a compensation committee comprised solely of independent directors who have established effective means for communicating with our stockholders regarding their executive compensation ideas and concerns.

• Compensation Committee Advisor Independence – Our compensation committee engages and retains its own advisor, currently Pay Governance, to assist with its responsibilities. Pay Governance performs services as directed by our compensation committee.

•Annual Compensation Review – Our compensation committee conducts an annual review of our executive compensation philosophy and strategy as well as our non-employee director compensation philosophy and strategy, including a review of the compensation peer group used for comparative purposes.

•Compensation-Related Risk Assessment – Our compensation committee conducts an annual evaluation of our compensation programs, policies, and practices to ensure that they reflect an appropriate level of risk-taking but do not encourage our employees to take excessive or unnecessary risks that could have a material adverse impact on us.

•Emphasize Performance-based Incentive Compensation – Our compensation committee designs our executive compensation program to use performance-based short-term and long-term incentive compensation awards to align the short and long-term interests of our NEOs with the interests of our stockholders.

•Emphasize Long-Term Equity Compensation – Our compensation committee uses equity awards as the long-term incentive component of our compensation program, with the equity awards earned over multi-year periods of service. This serves our long-term value creation goals and retention objectives.

•Clawback – We have a policy to recoup certain incentive-based executive compensation in the event of a financial restatement, specifically tied to the financial metrics that are restated.

•“Double-Trigger” Change in Control Arrangements – The change in control arrangements for our NEOs are based on a “double-trigger” arrangement that provides for the receipt of payments and benefits only in the event of both (i) our change in control and (ii) a qualifying termination of the NEO's employment.

•Reasonable Severance Arrangements – The post-employment compensation arrangements for our NEOs provide for amounts and multiples that are within reasonable market norms.

•Succession Planning – Our compensation committee reviews the risks associated with our key executive positions on an annual basis so that we have a succession strategy for our most critical positions.

What We Do Not Do

•Executive Perquisites – We typically do not provide material perquisites or other personal benefits to our NEOs that are not available generally to our other employees. Our NEOs participate in our retirement and health and welfare benefit programs on substantially the same basis as all of our employees.

•Prohibition on Hedging and Pledging – Our NEOs and the members of our Board are prohibited from engaging in hedging transactions with respect to our equity securities. Our NEOs and the members of our Board are also prohibited from pledging shares of our common stock.

•Retirement Programs – Other than our 401(k) plan, which is generally available to all employees, we do not offer defined benefit or contribution retirement plans or arrangements, or nonqualified deferred compensation plans or arrangements for our NEOs.

•No Tax “Gross-Ups” or Payments – We do not provide any “gross-ups” or tax payments in connection with any compensation element or any excise tax “gross-ups” or tax reimbursement in connection with any change in control payments or benefits.

•No Repricing of Underwater Stock Options – We do not reprice underwater stock options without stockholder approval.

Objectives and Philosophy of Our Executive Compensation Program

The objectives of our executive compensation program are to encourage high performance, promote accountability, align employee interests with the interests of our stockholders, and attract, develop, and retain talented leadership to serve our long-term best interests.

Our executive compensation program is comprised of three primary components:

Component

Form

Purpose

Base Salary

Cash

Provides a fixed and stable compensation element for our NEOs' services based on their knowledge, skills, experience, duties, and responsibilities

Short-Term Incentive

Cash-Based Annual Incentive

Incentivizes and rewards the achievement of our short-term (annual) strategic financial and operational objectives which help drive progress towards our long-term strategic goals

Annual Long-Term Incentive

Stock Options,

RSUs and

Aligns the interests of our NEOs and stockholders, incentivizes and rewards our long-term performance, and provides a key retention tool for our executive leadership

One-Time Long-Term Incentive

Transformational PSUs

Special one-time award to incentivize and align our NEOs’ efforts to drive the performance for achievement of our desired growth over the three-year period following the grant of the PSUs.

The charts below show the components and pay mix of 2025 target total direct compensation for our Chief Executive Officer ("CEO") and other NEOs:

Compensation Setting Process

Role of the Compensation Committee

Our compensation committee approves, administers and interprets our executive compensation and benefits policies, including our 2020 Equity Incentive Plan.

While our compensation committee determines our overall compensation philosophy and the compensation of our NEOs, it relies on its compensation consultant, as well as our CEO with the assistance of our Chief Human Resources Officer ("CHRO"), to formulate recommendations with respect to specific compensation actions. Our compensation committee makes all final approvals regarding executive officers’ compensation, including base salary levels, annual incentive targets, actual annual incentive payments, and long-term incentives in the form of equity awards for all executives.

Our compensation committee also conducts an annual review of our executive compensation strategy to ensure that it is appropriately aligned with our business strategy and achieving our desired objectives. Further, our compensation committee reviews market trends and changes in competitive compensation practices.

The factors considered by our compensation committee in making its determinations with respect to the compensation of our NEOs for 2025 included:

•our corporate growth and achievement against established goals for 2025;

•the individual performance of each NEO against his or her management objectives;

•a review of the relevant competitive market analysis prepared by our compensation committee's compensation consultant (as described in further detail below);

•the expected future contribution of the individual NEO and the criticality of such NEO's experience and expertise related to our long-term business goals;

•historical compensation awards we have made to our NEO and their current retention value;

•internal pay equity based on the impact on our business and performance; and

•the recommendations of our CEO (except with respect to his own compensation) as described below.

Our compensation committee did not weight these factors in any predetermined manner, nor did it apply any formulas in making its decisions. The members of our compensation committee consider this information in light of their individual experience, knowledge of the Company, knowledge of each NEO, knowledge of the competitive market, and business judgment in making their decisions regarding executive compensation and our executive compensation program. No NEO participates in the determination of the amounts or elements of his or her own compensation.

As part of this process, our compensation committee evaluates the performance of our CEO each year and approves all decisions regarding his base salary adjustments, annual incentives, and long-term incentives in the form of equity awards. Our CEO is not present during any of the final deliberations regarding his compensation.

The Role of Management

Our CHRO works closely with our compensation committee as it conducts its deliberations about the compensation of our NEOs. Our CEO makes recommendations to our compensation committee as described in the following paragraph and is involved in the determination of compensation for the respective NEOs who report to him.

At the beginning of each year, our CEO reviews the performance of our NEOs based on such individual’s level of success in accomplishing both corporate performance objectives and individual performance objectives established for the prior year and their overall performance against both objectives during that year. Based on this evaluation, he proposes recommendations concerning base salary adjustments, target annual incentives, and long-term incentives in the form of equity awards for each of the other NEOs (excluding the CEO himself). Our compensation committee then reviews the proposed recommendations from the CEO and considers other factors and finally determines the target total compensation of each other NEO, as well as each individual compensation element.

While our compensation committee considers our CEO’s recommendations, as well as the competitive market analysis prepared by its compensation consultant, these recommendations and market data serve as only two of several factors in making its decisions with respect to the compensation of our NEOs.

The Role of Independent Compensation Consultant

Pursuant to its charter, our compensation committee has the authority to engage its own legal counsel and other advisors, including compensation consultants, as it determines in its sole discretion, to assist in carrying out its responsibilities. Our compensation committee makes all determinations regarding the engagement, fees, and services of these advisors, and any such advisor reports directly to our compensation committee.

In 2025, the nature and scope of the services provided to the compensation committee by the independent compensation consultant were as follows:

• Updated the compensation peer group;

•Provided advice with respect to compensation best practices and market trends for executive officers and members of our Board;

•Conducted an analysis of the levels of overall compensation and each element of compensation for our NEOs;

•Provided guidance on the establishment of a special, one-time performance-based RSU program; and

•Provided ad hoc advice and support throughout the year.

Our independent compensation consultant attends meetings of our compensation committee as requested and may also communicate with our compensation committee outside of the meetings. The independent consultant reports to the compensation committee rather than to the members of our management team, although the consultant may meet with members of the management team, including our CEO and CHRO, for purposes of gathering information on proposals that management may make to our compensation committee.

Our compensation committee may replace its compensation consultant or hire additional advisors at any time. Pay Governance has not provided any other services to us and has received no compensation other than with respect to the services described above. Our compensation committee has assessed the independence of Pay Governance taking into account, among other things, the various factors as set forth in Rule 10C-1 of the Exchange Act and the enhanced independence standards and factors set forth in the applicable listing standards of the NASDAQ, and has concluded that its relationship with Pay Governance and the work of Pay Governance on behalf of our compensation committee has not raised any conflict of interest.

Competitive Positioning

As part of its deliberations, our compensation committee considers competitive market data on executive compensation levels and practices and a related analysis of such data. This data is drawn from a select group of peer companies developed with and approved by our compensation committee, as well as compensation survey data.

In September 2024, our compensation committee directed its compensation consultant to refresh the group of peer companies to be used as a reference for market positioning and for assessing competitive market practices for fiscal year 2025. Pay Governance reviewed the group of companies to determine whether all of the peer companies still met our selection criteria.

The key criteria to be included in the review for inclusion in the peer group for 2025 compensation decisions were as follows:

• Market cap range

• Company stage: focused on early commercial companies and very limited late stage (e.g., Stage 3) clinical companies

• Employee population: relatively similar, reflecting organization complexity and location

• Eye care, specialty pharmaceutical and companies with whom we directly compete for talent

Based on this review, our compensation committee approved the following peer group consisting of 16 companies. At the time the peer companies were approved by our compensation committee, the selected companies had median revenue of $314 million, and median market capitalization of approximately $1.425 billion. The companies comprising our 2025 compensation peer group were as follows:


•Arcutis Biotherapeutics, Inc.			•Ironwood Pharmaceuticals, Inc.
•Ardelyx, Inc.			•Kiniksa Pharmaceuticals, Ltd.
•Aurinia Pharmaceuticals, Inc.			•Mannkind Corp.
•Catalyst Pharmaceuticals, Inc.			•Mirum Pharmaceuticals, Inc.
•Day One Biopharmaceuticals, Inc.			•Ocular Therapeutix, Inc.
•Dynavax Technologies Corp.(1)			•Rhythm Pharmaceuticals, Inc.
•Evolus, Inc.			•SpringWorks Therapeutics, Inc.
•Harrow, Inc.			•Supernus Pharmaceuticals. Inc.

(1) In February 2026, Dynavax Technologies Corp was acquired by Sanofi.

In September 2025, the compensation committee reviewed the peer group for 2026 compensation decisions and determined it was appropriate to remove Evolus, Ironwood, and SpringWorks from the peer group and add Apellis Pharmaceuticals, Glaukos Corporation, and Viridian Therapeutics.

Our compensation committee does not believe that it is appropriate to make compensation decisions, whether regarding base salaries or short-term or long-term incentive compensation, solely upon any type of benchmarking to a peer or other representative group of companies. Our compensation committee believes that information regarding the compensation practices at other companies is useful in at least two respects: our compensation committee recognizes that our compensation policies and practices must be competitive in the marketplace; and this information is useful in assessing the reasonableness and appropriateness of individual executive compensation elements and of our overall executive compensation packages. However, this information is only one of several factors that our compensation committee considers in making its decisions with respect to the compensation of our NEOs.

Components of our Executive Compensation Program

The following sections provide a description of each component of our 2025 executive compensation program, discuss the rationale for each such component, and explain how our compensation committee determined the amounts of compensation and awards.

Base Salary

We believe that a competitive base salary is a necessary element of our executive compensation program, to attract and retain a stable management team. Base salaries for our NEOs are structured to be both competitive with those offered to individuals in similar roles at peer companies and equitable across the executive leadership team.

Our compensation committee reviews the base salaries of our NEOs annually and makes adjustments to base salaries as it determines to be necessary or appropriate.

In March 2025, our compensation committee reviewed the base salaries of our NEOs, taking into consideration a competitive market analysis provided by its compensation consultant and the recommendations of our CEO (except with respect to his own base

salary), as well as the other factors described above. Following this review, our compensation committee determined to increase the base salary of each of our NEOs, effective as of March 1, 2025, in order to reflect merit raises and increases to make the base salaries more competitive relative to the market as shown in the table below.


Named Executive Officer	March 1, 2024 Base Salary		March 1, 2025 Base Salary		% Increase
Bobak Azamian, M.D., Ph.D.	$	683,000	$	735,000	7.6	%
Jeffrey Farrow	$	525,000	$	545,000	3.8	%
Seshadri Neervannan, Ph.D.	$	532,000	$	550,000	3.4	%
Aziz Mottiwala, MBA	$	500,000	$	535,000	7.0	%
Bryan Wahl, M.D., J.D.	$	480,000	$	505,000	5.2	%

Cash-Based Annual Incentive Compensation

Each of our NEOs is eligible to earn a performance-based cash incentive bonus for each of our fiscal years, with such bonus awarded based on a combination of corporate and individual goals, with the corporate goals established by our compensation committee at the beginning of each fiscal year. We require that participants continue to be employed through the payment date to receive a bonus. For our 2025 fiscal year, the target bonus rate (as a percentage of base salary) was 70% for Dr. Azamian and 45% for Dr. Neervannan, Dr. Wahl and Messrs. Farrow and Mottiwala.

At its March 2025 meeting, our compensation committee approved the corporate financial and strategic goals that would be used to measure performance for purposes of the fiscal year 2025 annual cash incentive bonus program. In March 2026, the compensation committee evaluated our company performance relative to the established goals and determined an achievement level of 108% overall.

The table below lists the goals applicable to our fiscal 2025 annual cash incentive bonus program, including our compensation committee’s determination of the level of achievement and score for each goal.


Category	2025 Corporate Goals	Weighting	Achievement	Score
Increased Patient Impact and Key Growth Drivers	• Generate XDEMVY net revenue of $344 million and serve targeted number of patients	40%	133%	53%
	• Continue to broaden DB and XDEMVY awareness and scientific evidence	10%	120%	12%
	• Readiness of XDEMVY supply and supply chain	5%	60%	3%
Category-Creating Pipeline	• Advance new pipeline candidate programs to certain stages	10%	0%	0%
	• Advance Ocular Rosacea program	10%	98%	10%
	• Enrollment milestone in early pipeline program POC study	5%	0%	0%
Highly Valued Company Culture	• Cultivate a value-driving culture through leadership capability, diversity, and compliance	10%	100%	10%
Financial Excellence	• Manage cash operating expenses to not exceed 2025 all-in budget	10%	100%	10%
Stretch Goals	• Proceed on additional business development efforts	5%	0%	0%
	• Opportunistically raise threshold amount of net proceeds	5%	100%	5%
	• Advance OUS Market Opportunity Milestone	5%	100%	5%
	• Partnering or monetization on particular pipeline program	5%	0%	0%
	Total:	100%	108%	108%

As a result of the corporate performance, and taking into consideration the individual performance, which was reviewed and subsequently recommended by the CEO, our compensation committee approved payouts under the annual cash incentive program at the corporate funding level, which for fiscal year 2025 was as follows for each of the NEOs:


Named Executive Officer	2025 Year End Annual Base Salary ($)	Annual Incentive Target (%)		Target Annual Incentive Amount ($)	Annual Incentive Performance Modifier (%)		Amount Awarded ($)
Bobak Azamian, M.D., Ph.D.	735,000	70	%	514,500	108	%	555,700
Jeffrey Farrow	545,000	45	%	245,250	108	%	264,900
Seshadri Neervannan, Ph.D.	550,000	45	%	247,500	108	%	267,300
Aziz Mottiwala, MBA	535,000	45	%	240,750	108	%	260,100
Bryan Wahl, M.D., J.D.	505,000	45	%	227,250	108	%	245,500

Long-Term Incentive (“LTI”) Compensation

We use LTI compensation in the form of equity awards as further incentive for our NEOs, by providing them with the opportunity to build an equity interest in the Company and to share in the potential appreciation of the value of our common stock. The compensation committee utilized the following types of equity award vehicles to deliver LTI compensation to NEOs during 2025:

Stock options are strongly aligned with stockholder interests because they deliver value to the NEO only if the value of our stock at the time of exercise exceeds the stock price on the day of grant. As a result, stock options encourage executives to focus on the decisions and behaviors required to support long-term sustainable increases in our stock price. Stock options allow our employees to purchase shares of our common stock at a price equal to the fair market value of our common stock on the date of grant. Generally, our stock options granted to our NEOs have vested as to 25% of the total number of option shares on the first anniversary of the award and in equal monthly installments over the following 36 months.

RSUs with time-based vesting provide a counterbalance to the more uncertain value associated with stock options and PSUs while maintaining alignment with the interests of our long-term stockholders, as the value of RSUs fluctuates with changes in the stock price. As a result, RSUs with time-based vesting encourage executives to make decisions consistent with the long-term interests of our stockholders and help support retention. Generally, RSUs granted to our NEOs vest in equal annual installments over four years.

2025 LTI Awards

In March 2025, in connection with our compensation committee’s annual review of our executives’ performance and compensation, our NEOs were awarded annual refresh equity awards with a target total grant value that was intended to be generally consistent with the 70% percentile based on the peer group. The target grant value for each NEO was allocated 50% in stock options and 50% in RSUs. The compensation committee also approved PSU awards, referred to as the “Transformational PSUs,” and which are described in more detail below. To determine the number of shares subject to each type of award that the NEO was to be granted, the following methodologies were utilized: for the options, the target option grant value was divided by the current Black Scholes discount percentage adopted by our compensation committee for such purpose, multiplied by the 40-trading day trailing trading price average leading up to but not including the grant date; for the RSUs, the target grant value was divided by the 40-trading day trailing trading price average leading up to but not including the grant date. The grants vest based on continued service by the NEO with us through each vesting date as follows: (i) the option grants vest as to 25% of the total number of option shares on the grant date anniversary, and the remaining shares vest in equal monthly installments over the following 36 months thereafter, and (ii) the RSU grants vest in equal annual installments on each of March 15, 2026, March 15, 2027, March 15, 2028, and March 15, 2029.

The following table sets forth the annual refresh equity awards that each NEO received in March 2025.


Named Executive Officer	Total Value of Annual Refresh Awards ($)	Option Award Values ($)	Option Award (# of Shares)	RSU Award Value ($)	RSU Award (# of Shares)
Bobak Azamian, M.D., Ph.D.	5,925,000	2,962,500	90,736	2,962,500	59,512
Jeffrey Farrow	2,000,000	1,000,000	30,628	1,000,000	20,089
Seshadri Neervannan, Ph.D.	2,000,000	1,000,000	30,628	1,000,000	20,089
Aziz Mottiwala, MBA	2,200,000	1,100,000	33,691	1,100,000	22,098
Bryan Wahl, M.D., J.D.	2,000,000	1,000,000	30,628	1,000,000	20,089

Transformational PSU Program

In 2025, the compensation committee approved the grant of one-time, special Transformational PSUs to each of the named executive officers and other executives, as well as a select number of senior leaders at the Company. The compensation committee believes that this special award opportunity incentivizes our executives and select senior leaders to achieve significant long-term per share value creation for our stockholders by setting rigorous goals which drive exceptional performance under our long-term corporate strategic plan (“Tarsus 2030 Strategy”).

The Tarsus 2030 Strategy was developed by analyzing the characteristics of highly successful biopharmaceutical companies which have achieved transformational increases in stockholder value, as well as a market capitalization that we consider aspirational to the Company. Based on this analysis, our executive team and Board of Directors developed a bespoke Tarsus 2030 Strategy that drives achievements with a high correlation to delivering transformational stockholder value. The Transformational PSU metrics reflect these

critical goals and are fit-for-purpose for our business. The Board strongly believes these metrics can lead to creating transformational values for our stockholders with the appropriate level of execution.

The Transformational PSU metrics are defined, objective, and clearly measurable to drive the successful execution of our Tarsus 2030 Strategy while supporting the retention of the key leaders that will drive that strategy. PSUs help link our equity incentive program to achievement of long-term aggressive, specific performance goals established by our compensation committee.

The target grant value for the Transformational PSUs was determined by our compensation committee, in consultation with Pay Governance under our pay for performance philosophy under which exceptional performance can result in outsized rewards. The compensation committee diligently reviewed a detailed analysis of benchmarks in partnership with Pay Governance to determine the appropriate size of the Transformational PSUs award, such that the goals set for the target award were sufficiently stretching and that the value under the program would only be awarded if metrics relating to significant stockholder value would be created.

The Transformational PSUs are eligible to vest based on three weighted milestones including net product sales, new assets brought to a proof of concept stage and innovation programs that reach the clinical stage. An additional metric related to the achievement of a second marketed product will act as a modifier of the achievement of the PSUs to increase the number of PSUs eligible by +25% to a maximum of 225% of the target PSUs. The PSUs have a single measurement point at the end of the three-year performance period and require continued service by our NEOs through March 15, 2028, in order to realize any benefit from the PSUs. The following table sets forth the weightings of the three milestones applicable to the PSUs and the threshold, minimum and maximum that apply to each milestone:


Milestone	PSUs Eligible to Vest at Target		PSUs Eligible to Vest at Threshold for Milestone Achievement		PSUs Eligible to Vest at Target for Milestone Achievement		PSUs Eligible to Vest at Maximum for Milestone Achievement
Net Product Revenue	50	%	50	%	100	%	200	%
New Assets Brought to Proof of Concept Stage	25	%	50	%	100	%	200	%
Innovation Programs to Meet Clinical Stage	25	%	50	%	100	%	200	%

The following table sets forth the total value of the Transformational PSUs granted to each of our NEOs at target, as well as the actual number of PSUs subject to the award at target and the maximum potential number of PSUs eligible to vest pursuant to such awards:


Named Executive Officer	Total Value of Transformational PSU Award (at Target) ($)	Number of Transformational PSUs (at Target) (# of Shares)	Maximum Number of Transformational PSUs Eligible to Vest (# of Shares)
Bobak Azamian, M.D., Ph.D.	8,888,000	178,546	401,728
Jeffrey Farrow	2,990,000	60,065	135,146
Seshadri Neervannan, Ph.D.	2,990,000	60,065	135,146
Aziz Mottiwala, MBA	2,990,000	60,065	135,146
Bryan Wahl, M.D., J.D.	2,990,000	60,065	135,146

In the event we are subject to a change in control prior to December 31, 2027, the performance-based conditions applicable to the PSUs will be deemed to occur at the greater of (i) target for each of the milestones (excluding the milestone related to the second marketed product for modification of achievement of the awards) and (ii) actual achievement of the milestones (including the milestone related to the second marketed product for modification of achievement of the awards), as determined by our compensation committee on a pro-rated basis. The PSUs for which achievement is deemed to have occurred at the time of the change in control will be eligible to vest on March 15, 2028, subject to the NEO’s continued service through such date, unless the NEO is terminated in connection with the change in control, in which case the PSUs will be eligible for vesting acceleration pursuant to the NEO’s executive severance and change in control agreement (as described in the section of this proxy statement titled “Severance and Change in Control Benefits”).

Employee Benefits

Our NEOs are eligible to participate in our health and welfare plans to the same extent as our full-time employees; in addition, our NEOs and other executives are also eligible to receive executive annual physicals and certain health screenings, and concierge medicine benefits. We generally do not provide our NEOs with perquisites or other personal benefits.

We have established a 401(k) tax-deferred savings plan which permits participants, including our NEOs, to make contributions by salary deduction pursuant to Section 401(k) of the Internal Revenue Code. We match 5% of employee elected contributions, up to a maximum annual compensation limit of $350,000, which vest immediately and are made each payroll period.

Change in Control and Severance Benefits

We enter into offer letters with each of our NEOs at the commencement of their employment with us, and which set forth the initial terms of the officer's employment with us. In addition, we have entered into an executive severance and change in control agreement with each of our NEOs, which provide severance benefits in the event of certain terminations of employment, and includes the acceleration of vesting of outstanding equity awards in the event such termination is in connection with our change in control. We believe these severance benefits provide retention value by encouraging these NEOs to continue service with us and increase stockholder value by reducing any potential distractions caused by the possibility of an involuntary termination of employment (including in connection with a change in control), allowing the NEOs to focus on their duties and responsibilities. A summary of the material terms and conditions of the executive severance and change in control agreements is provided below in the section of this proxy statement titled “Severance and Change in Control Benefits.”

Corporate Governance Policies

Clawback Policy

In compliance with final rules adopted by the SEC and Nasdaq listing standards, we adopted a policy in 2023 for the recovery of erroneously awarded compensation, or “clawback” policy, which applies to our executive officers, as defined in the policy, who are employed by us during the applicable recovery period. Under the policy, in the event that the financial results upon which a cash or equity-based incentive award was predicated become the subject of a financial restatement that is required because of material non-compliance with financial reporting requirements, the compensation committee will conduct a review of awards covered by the policy and recoup any erroneously awarded incentive-based compensation to ensure that the ultimate payout gives retroactive effect to the financial results as restated. The clawback policy covers any cash or equity-based incentive compensation award that was paid, earned or granted to a covered officer during the last completed three fiscal years immediately preceding the date on which we are required to prepare the accounting restatement.

Equity Grant Policy

SEC Form DEF 14A filed by Tarsus Pharmaceuticals Inc.