Aziz Mottiwala, Chief Commercial Officer at Tarsus Pharmaceuticals (NASDAQ: TARS), completed the sale of 13,056 shares of the company's common stock over a three-day span, according to a Form 4 filing with the Securities and Exchange Commission. The aggregate proceeds from the transactions amounted to $892,528.
The dispositions were carried out between March 17 and March 19 at prices ranging from $67.00 to $69.42 per share. On March 17, Mottiwala sold 4,286 shares at $69.42 each. The next day, March 18, he sold 4,330 shares at $68.71 per share. The final tranche occurred on March 19, when 4,440 shares were sold at $67.00 per share.
After these transactions, Mottiwala directly holds 61,480 shares of Tarsus Pharmaceuticals. The Form 4 filing specifies that the sales were executed to satisfy tax withholding obligations tied to the vesting and settlement of restricted stock units (RSUs). The issuer has elected to require that tax-withholding obligations be funded through a "sell to cover" transaction; the filing states this sale was not a discretionary transaction by the reporting person but a mandated satisfaction of tax obligations.
Tarsus shares are trading at $66.75 at the time of this report, with the company carrying a market capitalization of $2.85 billion. Independent analysis cited in the filing indicates that the stock appears undervalued at current levels. The company's balance sheet shows more cash than debt and a strong current ratio of 3.85, although it remained unprofitable over the last twelve months.
On the operational side, Tarsus reported robust financial results for the fourth quarter of 2025. Net product sales for the quarter reached $151.7 million, contributing to $451.4 million in sales for the full year. That revenue expansion was primarily driven by the company's flagship product, XDEMVY. Despite the strong top-line performance, the stock experienced a modest decline in aftermarket trading, reflecting nuanced investor reaction to the results.
Context and significance
The regulatory disclosure makes clear the mechanics behind the sale - a company-mandated sell-to-cover to meet tax obligations associated with RSU vesting - rather than a discretionary decision by the executive. The filing provides a snapshot of insider ownership and the immediate movement of shares tied to executive compensation events.
Stakeholders monitoring insider activity, liquidity, and management-aligned incentives will find this Form 4 event informative when considered alongside the company's recent quarterly performance and its current balance-sheet characteristics.