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Protara Therapeutics, Inc. (TARA)·Q4 2024 Earnings Summary

Executive Summary

  • Protara reported Q4 2024 net loss of $12.8M and diluted EPS of $(0.48); R&D rose to $9.5M and G&A to $4.8M, reflecting advancing clinical programs .
  • Positive six‑month ADVANCED‑2 data in NMIBC: 72% six‑month CR across BCG exposures, 100% six‑month CR in BCG‑Unresponsive; favorable safety with no Grade ≥2 TRAEs—key catalyst ahead of 12‑month data mid‑2025 .
  • Cash, cash equivalents and marketable debt securities were $170.3M at 12/31/24; cash runway extended into 2027, bolstered by $100M equity offering in December 2024 (13.69M shares + 2.33M pre‑funded warrants at $6.25) .
  • THRIVE‑3 registrational trial (IV Choline Chloride) now guided to initiate in 1H 2025 vs prior Q1 2025, with Fast Track designation secured; STARBORN‑1 (LMs) interim update expected by end of 1H 2025 .

What Went Well and What Went Wrong

What Went Well

  • Strong clinical signal: ADVANCED‑2 achieved 72% six‑month CR across BCG exposures and 100% six‑month CR in BCG‑Unresponsive, with durable responses and no Grade ≥2 TRAEs; “We are thrilled with these positive six‑month data…” (CEO) .
  • Strengthened balance sheet and runway: Year‑end cash, equivalents, and marketable securities at $170.3M; management expects funding into 2027 .
  • Regulatory momentum: FDA Fast Track for IV Choline Chloride; alignment on registrational THRIVE‑3 design .

What Went Wrong

  • Loss widened YoY in Q4: Net loss $(12.8)M vs $(10.2)M prior year; operating expenses increased to $14.3M (R&D $9.5M, G&A $4.8M) as programs advanced .
  • THRIVE‑3 timetable modestly slipped to 1H 2025 from prior Q1 2025 expectations .
  • Dilution from capital raise: Common shares outstanding rose to 35.0M at 12/31/24 following the $100M offering .

Financial Results

Income Statement and EPS

MetricQ4 2023Q2 2024Q3 2024Q4 2024
R&D ($USD Millions)$6.38 $6.39 $8.07 $9.50
G&A ($USD Millions)$4.66 $4.27 $4.26 $4.81
Total Operating Expenses ($USD Millions)$11.04 $10.66 $12.33 $14.31
Net Loss ($USD Millions)$(10.22) $(9.51) $(11.22) $(12.77)
Diluted EPS ($USD)$(0.90) $(0.45) $(0.50) $(0.48)
Weighted Avg Shares (Millions)11.36 21.23 22.33 26.43

Notes: Company reported no product revenue; statements present operating expenses and net results without revenue lines .

Balance Sheet and Liquidity

MetricQ4 2023Q2 2024Q3 2024Q4 2024
Cash & Equivalents ($USD Millions)$39.59 $89.58 $51.76 $162.80
Marketable Debt Securities ($USD Millions)$25.99 $0.00 $29.74 $7.49
Total Assets ($USD Millions)$78.95 $101.65 $94.09 $181.45
Total Liabilities ($USD Millions)$10.63 $9.60 $12.30 $14.32
Stockholders’ Equity ($USD Millions)$68.32 $92.05 $81.79 $167.13
Common Shares Outstanding (Millions, End of Period)11.36 20.63 20.63 35.04

KPIs (Clinical and Operational)

KPIQ2 2024Q3 2024Q4 2024
Cash Runway GuidanceInto 2026 Into 2026 Into 2027
ADVANCED‑2 Six‑Month CR (All BCG Exposures)n/an/a72% (13/18)
ADVANCED‑2 Any‑Time CR (All BCG Exposures)n/an/a70% (14/20)
ADVANCED‑2 Six‑Month CR (BCG‑Unresponsive)n/an/a100% (4/4)
ADVANCED‑2 Six‑Month CR (BCG‑Naïve)n/an/a64% (9/14)
Safety (Grade ≥2 TRAEs)n/an/aNone observed

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayMulti‑yearFunded into 2026 (Q2/Q3) Funded into 2027 Raised runway
THRIVE‑3 (IV Choline) First Patient Dosed2025Q1 2025 1H 2025 Slight delay
ADVANCED‑2 12‑Month Initial DataMid‑2025Mid‑2025 Mid‑2025 (“mid‑year”) Maintained
STARBORN‑1 Interim Update (LMs)1H 20251H 2025 By end of 1H 2025 Maintained/Timing refined

Earnings Call Themes & Trends

Note: No Q4 earnings call transcript was found; themes reflect management disclosures across quarterly releases.

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
NMIBC product performance (TARA‑002)Planned 6‑month interim results in Q4; exploring higher dose and combo On track for 6‑month interim results in Q4 72% six‑month CR overall, 100% six‑month CR in BCG‑Unresponsive, favorable safety Positive momentum
Regulatory interactions (FDA)Alignment on IV Choline registrational path Fast Track for IV Choline; THRIVE‑3 Q1 2025 THRIVE‑3 to initiate 1H 2025; Fast Track reiterated Maintained/Timing refined
R&D execution & OpExR&D down YoY; advancing trials R&D up vs PY; continued progress R&D $9.5M; OpEx $14.3M; net loss widened Higher spend for pipeline advancement
Cash runway & financing~ $89.6M cash+securities; runway into 2026 ~$81.5M cash+securities; runway into 2026 $170.3M cash+securities; $100M offering; runway into 2027 Strengthened
Lymphatic Malformations (LMs)STARBORN‑1 enrollment; safety cohort completed First safety cohort encouraging; interim in 1H 2025 Interim update expected by end of 1H 2025 On track

Management Commentary

  • “Supported by positive six‑month data from our Phase 2 ADVANCED‑2 trial in non‑muscle invasive bladder cancer (NMIBC), we continue to believe TARA‑002 could represent a differentiated, meaningful addition to the treatment paradigm…” — CEO Jesse Shefferman .
  • “We remain on track to commence our pivotal THRIVE‑3 trial of intravenous (IV) Choline Chloride in the first half of the year.” — CEO Jesse Shefferman .
  • “With our cash runway extending into 2027, we look forward to achieving many critical milestones across all of our development programs…” — CEO Jesse Shefferman .
  • “These impressive TARA‑002 results demonstrate meaningful activity in a difficult to treat patient population.” — Study investigator Brian Mazzarella, MD .

Q&A Highlights

  • No Q4 earnings call transcript was available; the Dec 5 data release included a webcast for clinical results, but no transcript was found in the document set .

Estimates Context

  • Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was unavailable in this session; SPGI returned request‑limit errors, so comparison versus consensus could not be completed at this time. As a pre‑revenue biotech, reported results comprised operating expenses and net loss rather than revenue/EPS versus sell‑side expectations .

Key Takeaways for Investors

  • Clinical traction is the main driver: strong ADVANCED‑2 six‑month CR rates and clean safety profile set up 12‑month mid‑2025 readouts as a major catalyst .
  • Balance sheet de‑risked: $170.3M cash and marketable securities and runway into 2027 following $100M raise; supports execution through key milestones .
  • Near‑term events: THRIVE‑3 initiation in 1H 2025 (IV Choline Chloride, Fast Track) and STARBORN‑1 interim update by end of 1H 2025 broaden the catalyst calendar .
  • Operating spend rising with pipeline progression; Q4 OpEx and net loss increased YoY as trials scale—watch OpEx discipline versus clinical timelines .
  • Modest timing adjustment on THRIVE‑3 (Q1 → 1H 2025) should be monitored; any further delay could shift the medium‑term thesis on IV Choline .
  • Dilution from the equity offering increased shares outstanding; focus shifts to value creation via data and regulatory milestones to offset dilution .
  • Absent revenue, stock reaction will hinge on clinical/regulatory newsflow; maintaining momentum and clarity on registrational paths is critical to sustaining investor confidence .