Tarsus PharmaceuticalsTARS
13F holders, Q4 2025 (December 31)246holders +26
43new positions
22sold out
6famous investors
$81.87avg. 13F price*
At the end of Q4 2025, 246 institutions reported holding Tarsus Pharmaceuticals Inc. (TARS) in their 13F filings, up 26 from Q3 2025. 43 opened new positions and 22 sold out. The largest holders were BlackRock, Inc. ($310.4M), RTW Investments, LP ($273.1M) and Deep Track Capital, LP ($246.0M). 6 famous investors held it, including David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio), Paul Tudor Jones (0.0% of Tudor Investment Corporation's portfolio) and Jim Simons / Peter Brown (0.0% of Renaissance Technologies's portfolio).
- Company
- Tarsus Pharmaceuticals Inc.
- CUSIP
- 87650L103
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q3 2025 → Q4 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 43 | $58.6M |
| Exits | 22 | $98.6M |
All 13F filers, Q3 2025 → Q4 2025: 4,077,343 shares bought and 5,732,057 shares sold, net −1,654,714 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 246 holders
| BlackRock, Inc. | 0.01% | Add +0.3% | 3,790,557 | $310.4M |
| RTW Investments, LP | 2.74% | Add +5.0% | 3,335,320 | $273.1M |
| Deep Track Capital, LP | 5.61% | Add +0.1% | 3,004,034 | $246.0M |
| Paradigm Biocapital Advisors LP | 5.62% | Reduce -3.9% | 2,562,154 | $209.8M |
| Vanguard Group Inc. | 0.00% | Add +5.6% | 2,399,560 | $196.5M |
| Jennison Associates LLC | 0.11% | Reduce -14.4% | 2,230,069 | $182.6M |
| Morgan Stanley | 0.01% | Add +6.7% | 2,040,742 | $167.1M |
| Janus Henderson Group PLC | 0.07% | Add +34.1% | 1,930,325 | $158.1M |
| Tang Capital Management LLC | 4.81% | Reduce -51.6% | 1,188,624 | $97.3M |
| Driehaus Capital Management LLC | 0.65% | Add +13.7% | 1,172,427 | $96.0M |
| Assenagon Asset Management S.A. | 0.14% | Reduce -9.6% | 1,127,730 | $92.3M |
| Invesco Ltd. | 0.01% | Add +8.0% | 1,012,357 | $82.9M |
| Geode Capital Management, LLC | 0.00% | Add +0.3% | 947,763 | $77.6M |
| State Street Corp. | 0.00% | Reduce -0.8% | 929,059 | $76.1M |
| Lord, Abbett & Co. LLC | 0.23% | Reduce -13.2% | 855,645 | $70.1M |
| Bank of America Corp. | 0.00% | Add +41.4% | 758,106 | $62.1M |
| Frazier Life Sciences Management, L.P. | 1.61% | Reduce -37.6% | 728,644 | $59.7M |
| FMR LLC | 0.00% | Add +2860.1% | 647,114 | $53.0M |
| D. E. Shaw & Co. | 0.04% | Add +2.8% | 615,156 | $50.4M |
| Nomura Asset Management International Inc. | 0.07% | — | 584,686 | $47.9M |
| T. Rowe Price Associates Inc. | 0.00% | Add +14.6% | 518,780 | $42.5M |
| Toronto Dominion Bank | 0.07% | Reduce -17.4% | 510,253 | $41.8M |
| Clearbridge Investments, LLC | 0.03% | Reduce -10.7% | 506,089 | $41.4M |
| Ensign Peak Advisors, Inc | 0.07% | Reduce -1.7% | 474,050 | $38.8M |
| Loomis Sayles & Co. L P | 0.04% | Add +13.3% | 441,873 | $36.2M |
| Artisan Partners Limited Partnership | 0.05% | Reduce -21.8% | 436,576 | $35.7M |
| Qube Research & Technologies Ltd | 0.05% | Reduce -23.2% | 401,241 | $32.9M |
| Goldman Sachs Group Inc. | 0.00% | Add +11.1% | 378,704 | $31.0M |
| BNP Paribas Financial Markets | 0.02% | Add +74.3% | 356,105 | $29.2M |
| Northern Trust Corp. | 0.00% | Reduce -4.4% | 342,486 | $28.0M |
| Franklin Resources Inc. | 0.01% | Add +1419.3% | 337,016 | $27.6M |
| Charles Schwab Investment Management Inc. | 0.00% | Add +0.1% | 333,111 | $27.3M |
| TimesSquare Capital Management, LLC | 0.41% | Add +24.3% | 332,446 | $27.2M |
| MPM Bioimpact LLC | 3.08% | Reduce -3.7% | 328,869 | $26.9M |
| Nuveen, LLC | 0.01% | Reduce -2.5% | 322,527 | $26.4M |
| Rock Springs Capital Management LP | 1.10% | Reduce -9.7% | 260,344 | $21.3M |
| Cormorant Asset Management, LP | 1.16% | Reduce -16.7% | 250,000 | $20.5M |
| Integral Health Asset Management, LLC | 0.83% | Reduce -20.0% | 200,000 | $16.4M |
| Connor, Clark & Lunn Investment Management Ltd. | 0.04% | Add +66.9% | 173,275 | $14.2M |
| Healthcare of Ontario Pension Plan Trust Fund | 0.02% | Add +61.8% | 161,830 | $13.3M |
| Orbimed Advisors LLC | 0.26% | Reduce -22.0% | 154,400 | $12.6M |
| Russell Investments Group, Ltd. | 0.01% | Add +3.7% | 153,760 | $12.6M |
| Canada Pension Plan Investment Board | 0.01% | Add +15.1% | 151,100 | $12.4M |
| Allspring Global Investments Holdings, LLC | 0.02% | Add +1.3% | 130,380 | $10.5M |
| Jump Financial, LLC | 0.14% | Reduce -51.9% | 128,087 | $10.5M |
| Wells Fargo & Company | 0.00% | Add +20.6% | 119,058 | $9.7M |
| Jefferies Financial Group Inc. | 0.08% | Add +5.1% | 118,810 | $9.7M |
| Deutsche Bank AG | 0.00% | Reduce -35.9% | 118,229 | $9.7M |
| Norges Bank | 0.00% | — | 117,592 | $9.6M |
| Millennium Management | 0.01% | Add +16.3% | 117,004 | $9.6M |
| Mutual of America Capital Management LLC | 0.10% | Reduce -6.4% | 114,460 | $9.4M |
| First Trust Advisors LP | 0.01% | Add +115.4% | 111,770 | $9.2M |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 0.01% | Add +19.9% | 109,857 | $9.0M |
| Bank of New York Mellon Corp | 0.00% | Reduce -1.5% | 107,760 | $8.8M |
| Woodline Partners LP | 0.03% | No change | 100,154 | $8.2M |
| Sands Capital Alternatives, LLC | 1.34% | Reduce -50.0% | 85,000 | $7.0M |
| Barclays PLC | 0.00% | Reduce -12.3% | 80,784 | $6.6M |
| Squadron Capital Management LLC | 2.92% | — | 80,000 | $6.6M |
| Voleon Capital Management LP | 0.14% | Add +236.7% | 77,375 | $6.3M |
| Informed Momentum Co LLC | 0.67% | New | 72,922 | $6.0M |
| Commonwealth Equity Services, LLC | 0.01% | Add +2.0% | 68,295 | $5.6M |
| UBS Group AG | 0.00% | Reduce -43.6% | 66,899 | $5.5M |
| GordonMD Global Investments LP | 3.91% | — | 66,680 | $5.5M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +6.0% | 66,335 | $5.4M |
| Lisanti Capital Growth, LLC | 1.25% | Add +49.6% | 64,341 | $5.3M |
| Renaissance Technologies | 0.01% | Add +54.1% | 64,100 | $5.2M |
| TD Asset Management Inc | 0.00% | Add +21.5% | 64,012 | $5.2M |
| PDT Partners, LLC | 0.33% | No change | 63,026 | $5.2M |
| Swiss National Bank | 0.00% | Add +2.1% | 62,433 | $5.1M |
| JPMorgan Chase & Co. | 0.00% | Reduce -26.6% | 56,646 | $4.6M |
| Manufacturers Life Insurance Company, The | 0.00% | Add +2.4% | 55,283 | $4.5M |
| Trexquant Investment LP | 0.04% | Add +172.7% | 54,546 | $4.5M |
| HighVista Strategies LLC | 1.13% | Add +115.5% | 53,564 | $4.4M |
| Citigroup Inc. | 0.00% | Add +28.0% | 51,971 | $4.3M |
| ExodusPoint Capital Management, LP | 0.05% | New | 51,487 | $4.2M |
| Public Sector Pension Investment Board | 0.01% | New | 50,000 | $4.1M |
| Federated Hermes, Inc. | 0.01% | Add +223.6% | 49,289 | $4.0M |
| Rhumbline Advisers | 0.00% | Reduce -16.7% | 47,080 | $3.9M |
| Baird Financial Group, Inc. | 0.01% | Reduce -12.9% | 46,928 | $3.8M |
| Algert Global LLC | 0.06% | New | 45,985 | $3.8M |
| Sei Investments Co. | 0.00% | Add +37.3% | 43,344 | $3.5M |
| New York State Common Retirement Fund | 0.00% | Reduce -11.2% | 43,155 | $3.5M |
| Caxton Associates LLP | 0.07% | New | 40,955 | $3.4M |
| Alliancebernstein L.P. | 0.00% | Reduce -0.7% | 40,654 | $3.3M |
| Walleye Capital LLC | 0.02% | Add +324.7% | 40,273 | $3.3M |
| F/m Investments LLC | 0.12% | New | 39,240 | $3.2M |
| Voya Investment Management LLC | 0.00% | Add +19.0% | 38,071 | $3.1M |
| Point72 Asset Management | 0.01% | New | 37,628 | $3.1M |
| Pictet Asset Management Holding SA | 0.00% | Reduce -49.0% | 37,578 | $3.1M |
| Silverarc Capital Management, LLC | 0.43% | New | 36,124 | $3.0M |
| Raymond James Financial Inc. | 0.00% | Reduce -27.8% | 35,649 | $2.9M |
| Alps Advisors Inc. | 0.02% | Add +62.0% | 34,755 | $2.8M |
| Calamos Advisors LLC | 0.02% | New | 34,442 | $2.8M |
| E. Ohman J:or Asset Management AB | 0.06% | Reduce -13.1% | 33,323 | $2.7M |
| State of Wisconsin Investment Board | 0.01% | Add +1.1% | 31,912 | $2.6M |
| Ikarian Capital, LLC | 0.33% | Reduce -57.7% | 31,166 | $2.6M |
| Legal & General Group Plc | 0.00% | Reduce -0.7% | 31,096 | $2.5M |
| California State Teachers Retirement System | 0.00% | Reduce -0.0% | 30,179 | $2.5M |
| Penserra Capital Management LLC | 0.03% | New | 29,430 | $2.4M |
| Cinctive Capital Management LP | 0.14% | New | 28,838 | $2.4M |
| PFM Health Sciences, LP | 0.23% | New | 27,338 | $2.2M |
| Los Angeles Capital Management LLC | 0.01% | Reduce -15.1% | 31,493 | $2.2M |
| AQR Capital Management | 0.00% | Reduce -30.1% | 25,919 | $2.1M |
| Campbell & CO Investment Adviser LLC | 0.10% | Add +66.2% | 25,364 | $2.1M |
| HRT Financial LP | 0.01% | New | 24,774 | $2.0M |
| Ishara Investments LP | 2.29% | — | 24,000 | $2.0M |
| Voloridge Investment Management, LLC | 0.01% | Reduce -60.3% | 23,363 | $1.9M |
| Tudor Investment Corporation | 0.01% | New | 22,704 | $1.9M |
| Capricorn Fund Managers Ltd | 0.43% | Reduce -90.8% | 21,982 | $1.8M |
| Squarepoint Ops LLC | 0.00% | Reduce -73.2% | 21,833 | $1.8M |
| Harbor Capital Advisors, Inc. | 0.14% | Add +39.4% | 21,722 | $1.8M |
| MetLife Investment Management, LLC | 0.01% | Reduce -6.2% | 21,674 | $1.8M |
| Engineers Gate Manager LP | 0.02% | Add +229.2% | 21,001 | $1.7M |
| Schonfeld Strategic Advisors LLC | 0.01% | New | 20,674 | $1.7M |
| Jane Street Group, LLC | 0.00% | Reduce -66.2% | 20,486 | $1.7M |
| AlphaQuest LLC | 0.09% | Add +23.2% | 19,193 | $1.6M |
| Two Sigma Investments, LP | 0.00% | Add +91.2% | 19,078 | $1.6M |
| XTX Topco Ltd | 0.04% | Add +270.3% | 18,410 | $1.5M |
| D.A. Davidson & Co. | 0.01% | New | 18,233 | $1.5M |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Add +0.4% | 18,193 | $1.5M |
| Legato Capital Management LLC | 0.13% | Add +122.1% | 17,755 | $1.5M |
| Hussman Strategic Advisors, Inc. | 0.33% | Reduce -46.7% | 16,800 | $1.4M |
| Wellington Management Group LLP | 0.00% | Reduce -3.3% | 16,778 | $1.4M |
| LPL Financial LLC | 0.00% | Reduce -11.5% | 15,283 | $1.3M |
| Cambridge Investment Research Advisors, Inc. | 0.00% | Add +0.8% | 15,175 | $1.2M |
| Sectoral Asset Management Inc. | 0.97% | Reduce -19.9% | 14,740 | $1.2M |
| Creative Planning | 0.00% | Add +13.4% | 14,026 | $1.1M |
| Intech Investment Management LLC | 0.01% | No change | 13,823 | $1.1M |
| Handelsbanken Fonder AB | 0.00% | New | 13,800 | $1.1M |
| Y-Intercept (Hong Kong) Ltd | 0.03% | Add +30.3% | 13,642 | $1.1M |
| SG Americas Securities, LLC | 0.00% | Add +118.8% | 13,518 | $1.1M |
| Janney Montgomery Scott LLC | 0.00% | Reduce -8.7% | 12,885 | $1.1M |
| Baader Bank Aktiengesellschaft | 0.08% | Add +140.0% | 12,000 | $983K |
| Fox Run Management, L.L.C. | 0.15% | Add +37.5% | 11,603 | $950K |
| State of New Jersey Common Pension Fund D | 0.00% | New | 10,806 | $885K |
| Keybank National Association | 0.00% | Reduce -13.6% | 10,705 | $877K |
| Police & Firemen's Retirement System of New Jersey | 0.01% | Reduce -6.4% | 10,379 | $850K |
| Susquehanna International Group, LLP | 0.00% | New | 9,422 | $771K |
| Entropy Technologies, LP | 0.04% | New | 9,396 | $769K |
| Envestnet Asset Management Inc. | 0.00% | Add +2.3% | 9,290 | $761K |
| Two Sigma Advisers, LP | 0.00% | New | 9,100 | $745K |
| Jain Global LLC | 0.01% | New | 9,096 | $745K |
| Arizona State Retirement System | 0.00% | Reduce -2.8% | 9,055 | $741K |
| ProShare Advisors LLC | 0.00% | Add +10.1% | 9,034 | $740K |
| FORA Capital, LLC | 0.09% | New | 8,877 | $727K |
| Vontobel Holding Ltd. | 0.00% | New | 8,844 | $724K |
| Occudo Quantitative Strategies LP | 0.05% | New | 8,756 | $717K |
| AlphaCore Capital LLC | 0.02% | Reduce -13.4% | 8,750 | $716K |
| Ameriprise Financial Inc. | 0.00% | Reduce -0.5% | 8,603 | $704K |
| STRS Ohio | 0.00% | Reduce -20.0% | 8,400 | $688K |
| Virtus Investment Advisers, LLC | 0.19% | Reduce -22.6% | 8,399 | $688K |
| Odyssean, LLC | 0.45% | — | 7,625 | $624K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | No change | 7,591 | $622K |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 7,450 | $610K |
| Quantbot Technologies LP | 0.02% | Add +50.0% | 7,102 | $582K |
| China Universal Asset Management Co., Ltd. | 0.04% | Reduce -6.5% | 6,917 | $566K |
| KLP Kapitalforvaltning As | 0.00% | No change | 6,900 | $565K |
| Allianz Asset Management GmbH | 0.00% | Add +86.5% | 6,900 | $565K |
| Stifel Financial Corp. | 0.00% | New | 6,803 | $557K |
| PSP Research LLC | 0.47% | — | 6,519 | $534K |
| WINTON GROUP Ltd | 0.02% | New | 6,446 | $528K |
| Lighthouse Investment Partners, LLC | 0.02% | New | 6,219 | $509K |
| Valmark Advisers, Inc. | 0.01% | No change | 5,500 | $450K |
| Dynamic Technology Lab Private Ltd | 0.10% | New | 5,160 | $423K |
| Teacher Retirement System of Texas | 0.00% | Reduce -39.5% | 4,664 | $382K |
| Victory Capital Management Inc. | 0.00% | Add +1.4% | 4,505 | $369K |
| Seven Fleet Capital Management LP | 0.25% | — | 4,500 | $368K |
| Public Employees Retirement Association of Colorado | 0.00% | New | 4,478 | $367K |
| Brevan Howard Capital Management LP | 0.01% | Reduce -80.1% | 4,458 | $365K |
| Boothbay Fund Management, LLC | 0.01% | Reduce -64.3% | 4,324 | $354K |
| Royal Bank of Canada | 0.00% | Add +23.7% | 4,208 | $344K |
| Oppenheimer & Co. Inc. | 0.00% | No change | 4,150 | $340K |
| Valeo Financial Advisors, LLC | 0.01% | Add +11.1% | 3,915 | $321K |
| Profund Advisors LLC | 0.01% | Reduce -37.7% | 3,830 | $314K |
| Guggenheim Capital LLC | 0.00% | New | 3,674 | $301K |
| HighTower Advisors, LLC | 0.00% | Reduce -1.8% | 3,624 | $297K |
| Gsa Capital Partners LLP | 0.03% | Reduce -71.5% | 3,612 | $296K |
| West Wealth Group, LLC | 0.06% | No change | 3,400 | $278K |
| Ameritas Investment Partners, Inc. | 0.01% | No change | 3,272 | $268K |
| M&T Bank Corp | 0.00% | Reduce -15.7% | 3,115 | $255K |
| Xponance LLC | 0.00% | New | 3,074 | $252K |
| Simplex Trading, LLC | 0.01% | Add +89.0% | 3,013 | $247K |
| Tower Research Capital LLC (TRC) | 0.01% | Add +461.9% | 2,922 | $239K |
| Rafferty Asset Management, LLC | 0.00% | Reduce -27.8% | 2,875 | $235K |
| Quantinno Capital Management LP | 0.00% | New | 2,745 | $225K |
| Thoroughbred Financial Services, LLC | 0.01% | New | 2,725 | $223K |
| J. Goldman & Co LP | 0.01% | Reduce -93.9% | 2,699 | $221K |
| Prudential Financial Inc. | 0.00% | Reduce -53.1% | 2,610 | $214K |
| Cibc World Markets Corp. | 0.00% | — | 2,591 | $212K |
| CIBC Private Wealth Group LLC | 0.00% | New | 2,500 | $205K |
| Mackenzie Financial Corp. | 0.00% | New | 2,454 | $202K |
| Pale Fire Capital SE | 0.03% | Reduce -65.3% | 2,452 | $201K |
| Quarry LP | 0.03% | Reduce -60.7% | 2,400 | $197K |
| Mirae Asset Global Investments Co., Ltd. | 0.00% | Add +26.4% | 2,063 | $169K |
| Leonteq Securities AG | 0.01% | Reduce -69.2% | 2,000 | $164K |
| 1620 Investment Advisors, Inc. | 0.10% | Reduce -0.2% | 1,807 | $148K |
| Osaic Holdings, Inc. | 0.00% | Reduce -40.1% | 1,543 | $126K |
| KBC Group NV | 0.00% | No change | 1,296 | $106K |
| Rockefeller Capital Management L.P. | 0.00% | Add +15.5% | 1,283 | $105K |
| Amalgamated Bank | 0.00% | Reduce -3.4% | 1,231 | $101K |
| Truvestments Capital LLC | 0.01% | Add +106.1% | 909 | $74K |
| Comerica Bank | 0.00% | Add +470.0% | 855 | $70K |
| GF Fund Management Co. LTD. | 0.00% | Reduce -8.3% | 833 | $68K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | Add +43.4% | 433 | $35K |
| Nisa Investment Advisors, LLC | 0.00% | Reduce -11.2% | 406 | $33K |
| Cwm, LLC | 0.00% | Add +3.3% | 403 | $33K |
| Jones Financial Companies LLLP | 0.00% | Add +16.4% | 347 | $28K |
| GAMMA Investing LLC | 0.00% | Add +34.9% | 340 | $28K |
| MAI Capital Management | 0.00% | No change | 285 | $23K |
| Sterling Capital Management LLC | 0.00% | Add +166.3% | 253 | $21K |
| Parallel Advisors, LLC | 0.00% | Add +237.1% | 209 | $17K |
| Optiver Holding B.V. | 0.00% | Reduce -32.5% | 189 | $15K |
| PNC Financial Services Group, Inc. | 0.00% | Reduce -65.3% | 152 | $12K |
| Spire Wealth Management | 0.00% | Reduce -37.0% | 143 | $12K |
| Daiwa Securities Group Inc. | 0.00% | No change | 137 | $11K |
| Arax Advisory Partners | 0.00% | Add +187.0% | 132 | $11K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | Reduce -19.1% | 110 | $9K |
| Accent Capital Management, LLC | 0.00% | New | 85 | $7K |
| Private Trust Co. NA | 0.00% | Reduce -22.2% | 84 | $7K |
| Global Retirement Partners, LLC | 0.00% | Add +35.2% | 73 | $6K |
| Steward Partners Investment Advisory, LLC | 0.00% | Reduce -4.2% | 69 | $6K |
| Kemnay Advisory Services Inc. | 0.00% | New | 62 | $5K |
| Rothschild Investment LLC | 0.00% | No change | 60 | $5K |
| Allworth Financial LP | 0.00% | Add +66.7% | 55 | $5K |
| Bessemer Group Inc. | 0.00% | No change | 48 | $4K |
| LRI Investments, LLC | 0.00% | New | 42 | $3K |
| Smartleaf Asset Management LLC | 0.00% | Add +37.0% | 37 | $3K |
| EverSource Wealth Advisors, LLC | 0.00% | Reduce -49.1% | 30 | $2K |
| Essential Partners LLC | 0.00% | No change | 26 | $2K |
| Covestor Ltd | 0.00% | Reduce -46.8% | 25 | $2K |
| Farther Finance Advisors, LLC | 0.00% | Add +4.5% | 23 | $2K |
| US Bancorp \de | 0.00% | Reduce -78.3% | 18 | $1K |
| WPG Advisers, LLC | 0.00% | New | 17 | $1K |
| Parkside Financial Bank & Trust | 0.00% | No change | 16 | $1K |
| Assetmark, Inc. | 0.00% | No change | 14 | $1K |
| True Wealth Design, LLC | 0.00% | No change | 11 | $901 |
| Bell Investment Advisors, Inc | 0.00% | No change | 11 | $901 |
| Signaturefd, LLC | 0.00% | New | 7 | $573 |
| Breakwater Investment Management | 0.00% | New | 6 | $492 |
| Quadrant Capital Group LLC | 0.00% | No change | 6 | $492 |
| Bare Financial Services, Inc | 0.00% | New | 6 | $491 |
| Versant Capital Management, Inc | 0.00% | No change | 3 | $246 |
| SBI Securities Co., Ltd. | 0.00% | Reduce -96.2% | 2 | $164 |
| Turning Point Benefit Group, Inc. | 0.00% | No change | 2 | $163 |
| Huntington National Bank | 0.00% | No change | 1 | $82 |
| IFP Advisors, Inc | 0.00% | No change | 1 | $82 |
"% of holder's portfolio" is TARS's weight in each manager's 13F, not the share of Tarsus Pharmaceuticals Inc. the manager owns.