Executive Summary

Q3 2025 results aligned with plan for a pre-commercial biotech: operating expenses rose year over year (R&D $9.591M vs $8.070M; G&A $5.169M vs $4.260M) and net loss widened to $13.258M (EPS $(0.31)), though net loss improved sequentially vs Q2 ($14.960M; EPS $(0.35)) .
Cash, cash equivalents, and investments were $133.6M as of September 30, 2025, with runway into mid-2027, providing funding through multiple data and regulatory milestones .
Key timelines: ADVANCED-2 interim from ~25 six‑month evaluable BCG‑Unresponsive NMIBC patients remains targeted for 1Q 2026; STARBORN‑1 pediatric LMs interim update expected in 4Q 2025; THRIVE‑3 first‑patient dosing shifted to by year‑end 2025 due to administrative/funding challenges at academic sites .
No sell-side consensus EPS or revenue estimates were available for Q3 2025 from S&P Global; therefore, beat/miss vs Street cannot be assessed (consensus unavailable via S&P Global for Q3 2025).

What Went Well and What Went Wrong

What Went Well

Strong liquidity and runway: $133.6M in cash and investments at Q3-end; management expects funding into mid-2027, reducing near-term financing risk .
Pipeline execution: management reiterated near-term catalysts—STARBORN‑1 interim in 4Q 2025 and ADVANCED‑2 interim readout in 1Q 2026—supporting a steady cadence of data updates .
Positive tone on TARA‑002 differentiation: “With a favorable safety profile and its differentiated ease of administration, we believe TARA‑002 has the potential to become a meaningful addition to the evolving NMIBC treatment landscape” — CEO Jesse Shefferman .

What Went Wrong

THRIVE‑3 (IV Choline Chloride) first‑patient dosing delayed from Q3 2025 to by year‑end 2025 due to administrative/funding challenges at U.S. academic sites, modestly pushing the registrational start .
Operating expenses increased YoY (R&D +$1.521M; G&A +$0.909M), widening net loss YoY to $(13.258)M from $(11.219)M .
BCG‑Naïve path remains pending near-term: update expected in Q4 2025, so market still awaits clarity on registrational design/next steps .

Financial Results

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenues ($USD Thousands)	N/A (no revenue reported)	N/A (no revenue reported)	N/A (no revenue reported)	N/A (no revenue reported)
Research & Development Expense ($USD Thousands)	8,070	9,148	10,770	9,591
General & Administrative Expense ($USD Thousands)	4,260	4,976	5,816	5,169
Total Operating Expenses ($USD Thousands)	12,330	14,124	16,586	14,760
Other Income (Expense), net ($USD Thousands)	1,111	2,210	1,626	1,502
Net Income (Loss) ($USD Thousands)	(11,219)	(11,914)	(14,960)	(13,258)
Diluted EPS ($)	(0.50)	(0.29)	(0.35)	(0.31)
Net Income Margin %	N/A (no revenue)	N/A (no revenue)	N/A (no revenue)	N/A (no revenue)
Cash + Investments ($USD Millions)	N/A	157.5	145.6	133.6

Notes: As a development-stage company, Protara reported no revenue in the periods shown (statements of operations present only operating expenses and other income/expense) .

No segment reporting or product revenue; segment table not applicable.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
ADVANCED‑2: Interim analysis (~25 6‑month evaluable BCG‑Unresponsive NMIBC patients)	Data timing	“By end of 2025” (Q1’25) → “1Q 2026” (Q2’25)	1Q 2026	Delayed vs initial, maintained vs Q2
THRIVE‑3 (IV Choline Chloride) first‑patient dosing	Trial initiation	On track for Q3 2025 (Q1/Q2’25)	By year‑end 2025; delay due to admin/funding challenges at U.S. academic sites	Delayed
STARBORN‑1 (LMs) interim update	Data timing	2H 2025 (Q1’25) → 4Q 2025 (Q2’25)	4Q 2025	Maintained vs Q2
BCG‑Naïve program next steps	Regulatory update	Update in 2H 2025 (Q2’25)	Update in 4Q 2025	Window narrowed to 4Q
Cash runway	Liquidity	Into 2027 (Q1’25)	Into mid‑2027 (Q2/Q3’25)	Refined timing

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1’25 and Q2’25)	Current Period (Q3’25)	Trend
NMIBC (ADVANCED‑2) data cadence	Positive interim AUA update; interim ~25 BCG‑Unresponsive patients by end 2025 (Q1) ; reaffirmed interim at 1Q 2026 (Q2)	Interim remains targeted for 1Q 2026	Timeline stabilized at 1Q 2026
BCG‑Naïve path	Update on next steps in 2H 2025 (Q2)	Update expected in 4Q 2025	More specific timing
THRIVE‑3 initiation	Plan to start Q3 2025 (Q1/Q2)	Shifted to by year‑end 2025 due to admin/funding challenges at U.S. academic sites	Modest delay
STARBORN‑1 update	Interim in 2H 2025 (Q1) ; refined to 4Q 2025 (Q2)	Interim remains 4Q 2025; separate Nov 19 call to review interim analysis setup	Maintained
Liquidity/runway	Into 2027 (Q1) ; into mid‑2027 (Q2)	Into mid‑2027 (Q3)	Maintained

Note: No Q3 2025 earnings call transcript was available in the document set; themes reflect management’s Q3 press release and related company communications .

Management Commentary

“We have made important advancements across our clinical programs this year, and with many significant milestones in the near future, we remain focused on disciplined execution across our pipeline of transformative therapies for patients with cancer and rare diseases” — CEO Jesse Shefferman .
“We continue to make progress in our ADVANCED‑2 trial of TARA‑002 in non‑muscle invasive bladder cancer (NMIBC) and remain on track to report interim results from approximately 25 BCG‑Unresponsive patients in the first quarter of 2026” — CEO .
On THRIVE‑3: dosing now expected by year‑end 2025 “due to administrative and funding challenges in academic sites in the U.S.” .

Q&A Highlights

No Q3 2025 earnings call transcript was available; therefore, there are no Q&A excerpts or clarifications to report from a call setting for the quarter. Management timing and guidance details are taken from the Q3 8‑K/press release and subsequent company communications .

Estimates Context

S&P Global consensus for Q3 2025 EPS and revenue was not available for TARA; as a result, we cannot assess beats/misses versus Wall Street for the quarter (consensus unavailable via S&P Global for Q3 2025).

Key Takeaways for Investors

Liquidity provides multi‑year runway into mid‑2027 ($133.6M at Q3‑end), limiting near‑term financing overhang while multiple catalysts approach .
Near‑term catalysts: STARBORN‑1 interim (4Q 2025) and ADVANCED‑2 interim (~25 BCG‑Unresponsive patients, 1Q 2026) — key value‑inflection readouts .
THRIVE‑3 start slipped to by year‑end 2025; watch for first‑patient-in and Europe enrollment progress following EU CTR approval noted in Q2 .
YoY OpEx growth widened net loss (R&D +19% YoY; G&A +21% YoY), but sequential net loss improved vs Q2; monitor OpEx trajectory into 2026 .
Regulatory clarity on BCG‑Naïve program (update expected 4Q 2025) could shape 2026 development priorities and timelines .
In the absence of Street estimates, stock reaction is likely to hinge on trial execution milestones and any regulatory updates referenced above .

Appendix: Prior Quarter Snapshots (for trend)

Q2 2025: R&D $10.770M; G&A $5.816M; net loss $(14.960)M; EPS $(0.35); cash+investments $145.6M; reaffirmed ADVANCED‑2 interim 1Q 2026; THRIVE‑3 on track for Q3 2025 (since delayed in Q3) .
Q1 2025: R&D $9.148M; G&A $4.976M; net loss $(11.914)M; EPS $(0.29); cash+investments $157.5M; ADVANCED‑2 positive interim presented at AUA; guided interim ~25 BCG‑Unresponsive by end 2025 (later moved to 1Q 2026) .

Sources:

Q3 2025 8‑K 2.02 + Exhibit 99.1 press release and financials .
Q3 2025 press release (duplicative content) .
Q2 2025 press release and financials .
Q1 2025 press release and financials .
Nov 18, 2025 press release: STARBORN‑1 interim analysis update call logistics .

S&P Global estimates: Consensus for Q3 2025 EPS and revenue unavailable (queried; no values returned). Values retrieved from S&P Global.

Protara Therapeutics, Inc. (TARA)·Q3 2025 Earnings Summary