Cara Therapeutics (CARA) investor relations material

Company overview and business model

• Clinical-stage biopharmaceutical company developing novel, oral small molecule therapies targeting STAT3 for fibrosis-driven diseases with significant unmet need.

• Lead candidate TTI-101 is in Phase 2 for idiopathic pulmonary fibrosis (IPF) and hepatocellular carcinoma (HCC); TTI-109 is a second oral STAT3 inhibitor in early development.

• Focus on direct STAT3 inhibition, a historically undruggable target, with differentiated mechanism and convenient oral dosing.

• Pipeline includes additional indications in fibrosis and oncology, with plans for further clinical trials pending regulatory feedback.

Financial performance and metrics

• As of June 30, 2025, cash and cash equivalents were $20.6M, with $20.3M in short-term investments.

• Accumulated deficit reached $97.6M as of June 30, 2025.

• Net loss was $5.4M for the six months ended June 30, 2025; net loss was $29.4M for the year ended December 31, 2024.

• Company has not generated any revenue to date and expects continued operating losses for the foreseeable future.

• Substantial doubt exists about ability to continue as a going concern without additional funding.

Use of proceeds and capital allocation

• IPO is a resale registration for 2,084,117 shares by selling stockholders; company will not receive proceeds from these sales.

• Proceeds from prior financings and the merger are allocated to ongoing R&D, clinical trials, and general operations.

• Additional funding will be sought through equity, debt, or strategic partnerships to support operations and clinical development.