Protara Therapeutics Reports $44.6 Million Net Loss and $170.3 Million Cash Position for 2024

Protara Therapeutics, Inc., a clinical-stage biopharmaceutical company based in New York City, reported a net loss of $44.6 million for the year ended December 31, 2024, compared to a net loss of $40.4 million in the previous year. The company's total operating expenses increased to $49.2 million from $43.6 million in 2023, primarily driven by a rise in research and development costs, which reached $31.7 million, up from $25.0 million in the prior year. This increase was largely attributed to heightened direct expenses related to the development of its lead product candidates, TARA-002 and IV Choline Chloride.

In terms of financial position, Protara's cash and cash equivalents surged to approximately $170.3 million as of December 31, 2024, a significant increase from $65.6 million at the end of 2023. This boost in liquidity was primarily due to successful capital raises, including a public offering in December 2024 that generated approximately $100.1 million in gross proceeds. The company has not yet generated any revenue from product sales, as neither TARA-002 nor IV Choline Chloride has received regulatory approval.

Strategically, Protara is advancing its clinical programs, particularly focusing on TARA-002, which is being developed for non-muscle invasive bladder cancer (NMIBC) and lymphatic malformations (LMs). The company is currently conducting the ADVANCED-2 Phase 2 clinical trial for TARA-002 in NMIBC, with interim data expected by mid-2025. Additionally, Protara plans to initiate the THRIVE-3 Phase 2b/3 trial for IV Choline Chloride in the first half of 2025, following alignment with the FDA on a registrational path.

Operationally, Protara's workforce consisted of 33 employees as of December 31, 2024, with 20 engaged in research and development activities. The company has made significant progress in its clinical trials, including the initiation of the STARBORN-1 trial for TARA-002 in LMs, which began in October 2023. The company is also exploring the potential of TARA-002 in combination therapies and other indications, aiming to leverage its unique immunopotentiator properties.

Looking ahead, Protara acknowledges the need for additional financing to support its ongoing clinical trials and operational activities. The company remains focused on navigating the complexities of drug development and regulatory approval processes, with the expectation of incurring significant expenses and losses in the near term. The successful commercialization of its product candidates will depend on achieving regulatory approvals and establishing effective marketing and distribution strategies.