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Cara Therapeutics (CARA) investor relations material
Cara Therapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Completed a reverse merger with Cara Therapeutics in April 2025, resulting in a new public entity and $23.9 million in net assets acquired.
Lead candidate TTI-101 in Phase 2 for HCC, with topline data expected in H1 2026; Phase 2 IPF trial did not meet goals, with high discontinuation rates due to GI adverse events and further analyses ongoing.
TTI-109, a prodrug of TTI-101, entered Phase 1 in 2025 to address tolerability issues; healthy volunteer study initiated with results anticipated in H1 2026.
No revenue generated; operations funded by equity, convertible notes, and merger proceeds.
Cash runway projected to fund operations into Q4 2026.
Financial highlights
Net loss of $5.5 million for Q3 2025 and $10.9 million for the nine months ended September 30, 2025, compared to $5.5 million and $16.7 million for the same periods in 2024.
Cash, cash equivalents, and short-term investments totaled $36.5 million as of September 30, 2025.
Accumulated deficit reached $103.2 million as of September 30, 2025.
Operating expenses increased 10.7% year-over-year for the nine-month period, driven by higher G&A costs post-merger.
$7.8 million net gain from fair value changes in convertible notes recognized in 2025.
Outlook and guidance
Topline data from ongoing REVERT Liver Cancer Phase 1b/2 trial of TTI-101 and healthy volunteer study of TTI-109 expected in H1 2026.
Substantial doubt exists about the ability to continue as a going concern; additional funding required to support operations and clinical programs.
Plans to seek further capital through equity, debt, or strategic partnerships.
Expects continued operating losses as R&D investment persists.
Current cash position expected to fund operations into Q4 2026.
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