Tarsus Pharmaceuticals reports a Schedule 13G showing Janus Henderson Group plc beneficial ownership of 2,240,963 shares of Common Stock as of 03/31/2026. The filing states this position represents 5.3% of the class and that the Asset Managers exercise shared voting and dispositive power on behalf of managed client accounts.
The filing clarifies the Asset Managers generally exercise investment and voting discretion for Managed Portfolios and disclaim rights to receive dividends or sale proceeds tied to those accounts.
Positive
None.
Negative
None.
Insights
Janus Henderson holds a modest institutional stake of 2,240,963 shares (5.3%).
Janus Henderson Group plc is reported as the ultimate parent of multiple asset managers that collectively exercise shared voting and dispositive power over 2,240,963 shares as of 03/31/2026. The position is presented as holdings managed for clients rather than direct proprietary ownership.
Impact depends on client trading decisions and stewardship actions; subsequent filings may show changes to voting or disposition authority.
Filing is a routine disclosure of beneficial ownership under Schedule 13G.
The statement emphasizes shared voting/dispositive power (2240963 shares) and includes a disclaimer that the Asset Managers lack rights to dividends or sale proceeds arising from the Managed Portfolios. The form cites Exhibit 99 for subsidiary identification.
Watch for any future Schedule 13D or Form 13F/13G amendments if holdings or intentions change.
Key Figures
Beneficial ownership:2,240,963 sharesPercent of class:5.3%Shared voting power:2,240,963 shares+1 more
4 metrics
Beneficial ownership2,240,963 sharesas of 03/31/2026
Percent of class5.3%reported on Schedule 13G
Shared voting power2,240,963 sharesreported as shared voting power
Shared dispositive power2,240,963 sharesreported as shared dispositive power
"Item 1. (a) Name of issuer: TARSUS PHARMACEUTICALS, INC."
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Beneficial ownershipfinancial
"Item 4. (a) Amount beneficially owned: Janus Henderson Group plc ... 2,240,963 common stock"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Shared dispositive powerregulatory
"Item 4. (c)(iv) Shared power to dispose ... 2240963"
Managed Portfoliosfinancial
"Item 4. (a) ... Managed Portfolios ... include investment companies, other investment advisers"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
TARSUS PHARMACEUTICALS, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
87650L103
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
87650L103
1
Names of Reporting Persons
JANUS HENDERSON GROUP PLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JERSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,240,963.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,240,963.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,240,963.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.3 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
TARSUS PHARMACEUTICALS, INC.
(b)
Address of issuer's principal executive offices:
15440 LAGUNA CANYON ROAD
IRVINE, CA 92618
Item 2.
(a)
Name of person filing:
Janus Henderson Group plc
(b)
Address or principal business office or, if none, residence:
201 Bishopsgate
EC2M 3AE, United Kingdom
(c)
Citizenship:
Y9
(d)
Title of class of securities:
Common Stock
(e)
CUSIP Number(s):
87650L103
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Janus Henderson Group plc (JHG) is the ultimate parent of a number of SEC-registered investment advisers and foreign equivalents thereof, including but not limited to Janus Henderson Investors US LLC, Janus Henderson Investors UK Limited, Janus Henderson Investors Australia Institutional Funds Management Limited, Janus Henderson Investors Middle East Limited, Janus Henderson Investors (Jersey) Limited, Janus Henderson Investors (Japan) Limited, Janus Henderson Investors (Singapore) Limited, Kapstream Capital Pty Limited, Privacore Capital Advisors LLC, Tabula Investment Management Limited, and Victory Park Capital Advisors LLC (each, an Asset Manager and together, the Asset Managers). The Asset Managers generally exercise investment and/or voting discretion on behalf of their clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts (collectively referred to herein as Managed Portfolios).
As a result of their exercise of investment and/or voting discretion on behalf of the Managed Portfolios, the Asset Managers may be deemed to be the beneficial owner of 2,240,963 common stock of Tarsus Pharmaceuticals, Inc. However, the Asset Managers do not have the right to receive any dividends from, or the proceeds from the sale of, the securities held in the Managed Portfolios and disclaim any ownership associated with such rights.
(b)
Percent of class:
5.3 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
2240963
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
2240963
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Managed Portfolios have the right to receive all dividends from, and the proceeds from the sale of, the securities held in their respective accounts.
Of the Managed Portfolios, none own more than five percent of the common stock of Tarsus Pharmaceuticals, Inc.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please refer to Exhibit 99.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
N/A
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
N/A
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Janus Henderson reports beneficial ownership of 2,240,963 shares of Tarsus Common Stock, representing 5.3% of the class as of 03/31/2026. The amount reflects shares managed across multiple asset-manager entities under Janus Henderson Group plc.
Does Janus Henderson have sole voting or dispositive power over these shares?
No; the filing states 0 shares with sole voting and dispositive power. Janus Henderson reports shared voting power and shared dispositive power of 2,240,963 shares, exercised by its Asset Managers on behalf of Managed Portfolios.
Are dividends or sale proceeds paid to Janus Henderson for these holdings?
The filing disclaims rights: the Asset Managers state they do not have the right to receive dividends or proceeds from sale of the securities held in the Managed Portfolios. Managed Portfolios, not Janus Henderson, hold those economic rights.
Does this Schedule 13G indicate activist intent or control?
This Schedule 13G presents a passive beneficial ownership disclosure of 5.3% and shared voting power by asset managers. It does not state any activist intent; any change in intent would typically be reflected by a different filing such as a Schedule 13D.
