According to Safe Cosmetics, Homosalate, which belongs to a class of chemicals called salicylates, might be listed on your sunscreen or cosmetic bottles as Homosalate, Homomenthyl salicylate, HMS, or HS; 3,3,5-trimethyl-cyclohexyl-salicylate. While the most common side effect of this chemical is an allergic reaction in the form of skin irritation (via Byrdie), Safe Cosmetics notes that it is also considered an endocrine disrupter, meaning it can affect human hormone levels when absorbed into the body. 

Those with sensitive skin are cautioned to use physical sunscreens rather than chemical to avoid irritation, and pregnant people and other vulnerable populations are also advised to use physical rather than chemical sunscreens. The Environmental Working Group rates Homosalate as a 2-4 on their scale of safe to unsafe ingredients (0 being the cleanest and safest, 10 being unsafe and toxic). The EWG calls it "fair" as opposed to "good" or "bad." In other words, it is far from the most dangerous of cosmetic ingredients, but it is good to know what you're putting on your skin, especially if you are sensitive or prone to irritation, in which case, shooting for a sunscreen that relies fully on physical sunscreens rather than chemical is a good idea.