Protara Therapeutics, Inc. (TARA)·Q2 2025 Earnings Summary

Executive Summary

• Pre-revenue clinical-stage profile; Q2 2025 net loss was $15.0M with diluted EPS of -$0.35, driven by higher R&D and G&A as programs advanced .
• Cash, cash equivalents and investments were $145.6M, with runway guided “into mid-2027,” a modest refinement versus “into 2027” previously .
• Timeline adjustments: interim analysis for ~25 six‑month evaluable BCG‑Unresponsive NMIBC patients moved to expected presentation in 1Q 2026; THRIVE‑3 first patient dosing remains on track for 3Q 2025; STARBORN‑1 interim update targeted for 4Q 2025 .
• Corporate visibility improved via Russell 3000® addition (effective 6/30/25) and appointment of a seasoned Chief Commercial Officer, potential sentiment catalysts ahead of clinical milestones .

What Went Well and What Went Wrong

What Went Well

• Progress across key programs: management reaffirmed THRIVE‑3 first patient dosing in 3Q 2025 and a 4Q 2025 interim update for STARBORN‑1, keeping near-term data flow intact .
• Strong clinical signal durability from ADVANCED‑2 (AUA update): BCG‑Unresponsive cohort showed 100% CR at any time (5/5) and 67% CR at 12 months (2/3); BCG‑Naïve cohort saw 76% CR at any time (16/21) and 43% CR at 12 months (3/7) .
• Management tone constructive: “We believe we are well positioned to continue to advance our pipeline of potentially transformative therapies…” — Jesse Shefferman, CEO . “The durable results shared today continue to support our conviction that TARA‑002 has the potential to make a meaningful difference…” — Jesse Shefferman .

What Went Wrong

• Higher quarterly burn: R&D rose to $10.8M from $6.4M YoY; G&A rose to $5.8M from $4.3M YoY; net loss widened to $15.0M from $9.5M YoY, reflecting program acceleration and opex growth .
• Timeline slippage: interim analysis for ~25 six‑month BCG‑Unresponsive patients shifted from “by end of 2025” to presentation in 1Q 2026, modestly delaying a potential registration-informing dataset .
• Visibility to beats/misses limited: no reported product revenue; Wall Street consensus estimates (EPS/revenue) unavailable via S&P Global for Q1–Q2 2025, constraining quantitative surprise analysis.*

Financial Results

Income Statement and EPS (pre-revenue; amounts $USD thousands unless noted)

Notes:

• Q2 2025 YoY: EPS improved from -$0.45 to -$0.35 despite higher opex; absolute net loss increased due to program spend .
• Q2 2025 QoQ: EPS declined from -$0.29 to -$0.35; opex stepped up with trial activities .

Balance Sheet (select items; $USD thousands)

Clinical KPIs (ADVANCED‑2 interim; as of Apr 16, 2025 cutoff)

Drivers:

• R&D increase primarily from higher clinical trial activities for TARA‑002 and IV Choline Chloride; G&A up on personnel and market development expenses .

Guidance Changes

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available in our document catalog; themes below reflect cross‑quarter press releases.

Management Commentary

• “We believe we are well positioned to continue to advance our pipeline of potentially transformative therapies for the treatment of patients with cancer and rare diseases.” — Jesse Shefferman, CEO .
• “The durable results shared today continue to support our conviction that TARA‑002 has the potential to make a meaningful difference in the lives of patients with NMIBC.” — Jesse Shefferman .
• CCO appointment: “With a potentially best‑in‑class bladder cancer therapy and two de‑risked rare disease programs, Protara has the opportunity to meaningfully impact patient outcomes.” — William “Bill” Conkling, CCO .

Q&A Highlights

• No Q2 2025 earnings call transcript was found; guidance clarifications and narrative were derived from the Q2 press release and program‑specific April data communication .

Estimates Context

• Wall Street consensus (S&P Global) for Q1–Q2 2025 EPS and revenue was unavailable for TARA; consequently, formal beat/miss analysis cannot be performed.*
• Implication: With no product revenue and limited coverage, investor focus should remain on clinical/regulatory milestones and cash runway rather than near-term earnings variability.

Key Takeaways for Investors

• Clinical signal remains compelling in ADVANCED‑2; durability at 12 months in BCG‑Unresponsive and meaningful activity in BCG‑Naïve support the program’s potential—watch the 1Q 2026 interim presentation for BCG‑Unresponsive cohort .
• Near-term catalysts: THRIVE‑3 first patient dosing in Q3 2025 and EU site activation; STARBORN‑1 interim in 4Q 2025 .
• Burn stepped up with program execution; monitor R&D and G&A trajectories versus cash/investment balances and runway “into mid‑2027” .
• Timeline refinement (BCG‑Unresponsive interim) slightly extends the registrational data path—expect sentiment to hinge on execution milestones rather than financial prints .
• Corporate visibility improved (Russell 3000® addition; CCO hire), potentially broadening the shareholder base ahead of data updates .
• With no revenue and limited consensus estimates, valuation sensitivity will likely center on clinical outcomes, regulatory interactions, and financing optionality rather than near-term EPS dynamics.*
• Risk framing: execution risk across multiple trials; regulatory alignment and trial enrollment pace (including EU for THRIVE‑3) are key watch items .

* Estimates/coverage note: S&P Global consensus data was requested but unavailable for TARA for Q1–Q2 2025 via our feed.