TARS
Market read
The latest filing evidence is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.
Invalidation: The isolated read changes if TARS's group or a disclosed connection begins moving with it.
Research brief
The latest filing evidence is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.
No thresholded adverse filing evidence is available yet.
Company research
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
“The 2024 Credit Facility provided for three potential additional term loan tranches in principal amounts up to $25.0 million, $50.0 million, and $50.0 million, respectively, subject to customary conditions to funding and, in the case of the last two tranches,…”10-Q · Aug 6, 2026 ↗
“Provision for income taxes was $5.1 million for the six months ended June 30, 2026, primarily due to (i) $3.1 million of state income tax expense resulting from states that do not conform to the OBBB Act and therefore continue to require the capitalization an…”10-Q · Aug 6, 2026 ↗
“Accordingly, due to the inherent uncertainty of achieving regulatory approval, associated milestones are deemed constrained for revenue recognition until achievement.”10-K · Feb 23, 2026 ↗
Valuation discipline
Price/sales 7.5× · EV/sales 7.3×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
Jodie has not returned a relevant primary source or news item for TARS. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
10-Q filed 2026-08-06 against the comparable filing from 2025-08-06.
Capital and cash conversion
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
No thresholded deterioration was identified.
“The increase was primarily attributable to (i) an $8.0 million increase in TP-05 program expenses related to our Calliope Trial, which we initiated in March 2026 and has since completed enrollment, (ii) a $3.2 million increase in payroll and personnel-related costs (including increased stock-based compensation expense of $1.1 million) primarily due to employee additions to support our product development initiatives, (iii) a $3.1 million increase in TP-03 program expenses, and (iv) a $0.5 million increase in other early-stage development expenses.”
“The increase was primarily attributable to (i) a $9.4 million increase in TP-05 program expenses related to our Calliope Trial, which we initiated in March 2026 and has since completed enrollment, (ii) a $6.9 million increase in payroll and personnel-related costs (including increased stock-based compensation expense of $2.6 million) primarily due to employee additions to support our product development initiatives, (iii) a $4.0 million increase in TP-03 program expenses, (iv) a $2.0 million upfront payment made upon execution of the February 2026 In-License Agreements (see Note 8), and (v) a $0.5 million increase in other indirect expenses.”
“Other Income (Expense), Net Other income (expense), net increased by $2.2 million for the three months ended June 30, 2026, as compared to the prior year period and primarily related to a $2.8 million gain on exchange of long-term investments (see Note 12 ), partially offset by a $0.5 million decrease in interest income earned on our cash, cash equivalents and marketable securities.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
“In March 2021, we entered into the China Out-License with LianBio Ophthalmology Limited (“LianBio”), granting exclusive commercial rights of TP-03 for the treatment of Demodex blepharitis and MGD within the China Territory.”
“We are aware of vaccines currently under development including a multivalent recombinant protein vaccine, VLA-15, being developed by Valneva in partnership with Pfizer for Lyme disease; mRNA-based vaccine mRNA-1982/1975, being developed by Moderna and eliciti…”
Depended on by
“The net realized gains (losses) were generated from gross realized gains of $2.8 million and $17.8 million respectively, for the three and nine month periods, primarily from the sale of our equity and warrant positions in Palantir Technologies, TransMedics Gr…”
Filing peers
No filing peers are available for this name yet.
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What is moving around it
TARS is currently a Follower in the organic co-movement group Biotechnology. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for TARS; it is not active in the latest market snapshot.
Context history
No durable theme membership has been observed for this name yet.