Protara Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing therapies for cancer and rare diseases, reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s cash and cash equivalents increased to $51.8 million, up from $39.6 million at the end of 2023. Total current assets rose to $85.1 million, compared to $68.7 million previously, while total assets increased to $94.1 million from $79.0 million.

Despite these improvements in liquidity, Protara continues to face substantial operating losses. For the three months ended September 30, 2024, the company reported a net loss of $11.2 million, compared to a loss of $9.9 million for the same period in 2023. The net loss per share improved slightly to $(0.50) from $(0.87) year-over-year. For the nine-month period, the net loss was $31.8 million, an increase from $30.2 million in the prior year.

Operating expenses for the third quarter totaled $12.3 million, up from $10.7 million in 2023, driven primarily by increased research and development costs associated with its lead product, TARA-002, and IV Choline Chloride. Research and development expenses rose to $8.1 million for the quarter, compared to $6.2 million in the same quarter last year. General and administrative expenses decreased to $4.3 million from $4.5 million, reflecting a reduction in personnel-related costs.

Protara's financial position was bolstered by a private placement completed in April 2024, which raised approximately $42.0 million in net proceeds. The company reported a total stockholders’ equity of $81.8 million as of September 30, 2024, up from $68.3 million at the end of 2023.

The company has no current or near-term revenues and anticipates the need for additional capital to support ongoing drug development efforts. Protara believes its current financial resources are sufficient to meet liquidity needs for at least the next twelve months.

In terms of strategic developments, Protara is advancing its clinical trials for TARA-002, which is being evaluated for non-muscle invasive bladder cancer and lymphatic malformations. The company has also received Fast Track designation from the FDA for IV Choline Chloride, with plans to initiate a Phase 3 trial in early 2025. The company continues to explore systemic priming and combination therapies to enhance the efficacy of TARA-002 in treating bladder cancer.