Protara Therapeutics (TARA) Q4 2025 earnings summary

Executive summary

• Reported interim data from ADVANCED-2 trial in NMIBC; TARA-002 showed a 68% complete response rate at six months in BCG-unresponsive patients.

• Received Breakthrough Therapy and Fast Track designations for TARA-002 in lymphatic malformations; regulatory update expected in 1H 2026.

• Completed an $86 million public offering, extending cash runway into 2028.

Financial highlights

• Cash, cash equivalents, and investments totaled $197.9 million as of December 31, 2025.

• Research and development expenses rose to $13.1 million in Q4 2025 (from $9.5 million in Q4 2024) and $42.6 million for the year (from $31.7 million in 2024).

• General and administrative expenses increased to $6.0 million in Q4 2025 (from $4.8 million in Q4 2024) and $21.9 million for the year (from $17.5 million in 2024).

• Net loss for Q4 2025 was $17.3 million ($0.37/share) vs. $12.8 million ($0.48/share) in Q4 2024; full-year net loss was $57.4 million ($1.34/share) vs. $44.6 million ($2.17/share) in 2024.

Outlook and guidance

• Enrollment for the BCG-unresponsive cohort in ADVANCED-2 expected to complete in 2H 2026.

• ADVANCED-3 registrational trial in BCG-naïve patients set to initiate in 2H 2026.

• Interim results from THRIVE-3 trial of IV Choline Chloride expected in 2H 2026.

• Cash runway projected to support operations into 2028.