TARANasdaqBiological Products, (No Diagnostic Substances)US GAAP · USD

Protara Therapeutics, Inc.

Protara Therapeutics, Inc. is a New York-based clinical-stage biopharmaceutical company focused on developing therapies for cancer and rare diseases. Its pipeline centers on TARA-002, an investigational cell therapy, and IV Choline Chloride, an investigational phospholipid substrate replacement therapy, with development activities primarily in the United States.

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Operating profit (EBIT)-64.5m USD
−31.3 %y/y
Net income-57.4m USD
−28.8 %y/y
Free cash flow-56.5m USD
−57.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-80-60-40-200m USD2020: EBIT -34 m USD20202021: EBIT -47 m USD20212022: EBIT -67 m USD20222023: EBIT -44 m USD20232024: EBIT -49 m USD20242025: EBIT -65 m USD2025-65
RevenueOperating profit (EBIT)

Business

Share of revenue
TARA-002 oncology program50 %

Investigational cell therapy being developed for non-muscle invasive bladder cancer and other oncology uses.

TARA-002 rare disease program30 %

Development of TARA-002 for lymphatic malformations and related rare disease indications.

IV Choline Chloride20 %

Investigational intravenous choline replacement therapy for patients receiving parenteral support.

Customers

Protara does not yet sell approved products, so its direct customers are future patients, physicians, and treatment centers that would use its therapies if approved. Its current stakeholders are clinical investigators, hospitals, and specialty care providers participating in trials for bladder cancer, lymphatic malformations, and parenteral support-related conditions.

NMIBC patients and urologists

Patients with non-muscle invasive bladder cancer and the urologists who would prescribe intravesical therapy if TARA-002 is approved.

Rare disease patients and pediatric specialists

Patients with lymphatic malformations and related maxillofacial cysts treated by pediatric surgeons and specialty clinicians.

Parenteral support patients and hospital clinicians

Patients receiving nutrition and fluids through parenteral support who could use IV Choline Chloride if approved.

Clinical trial investigators

Hospitals and research centers that enroll patients, administer study drug, and generate clinical data for the pipeline.

Strategy

Protara’s strategy is to advance TARA-002 through clinical development in NMIBC and lymphatic malformations while preserving optionality for other rare disease uses. It is also developing IV Choline Chloride as a separate pipeline asset, using clinical data, regulatory progress, and intellectual property to build future commercialization opportunities.

Advance TARA-002 clinical programsShort term

Clinical proof-of-concept is the main value driver for a company with no approved products.

Build regulatory and commercial optionalityMedium term

Successful approvals would create the basis for future partnering or commercialization.

Protect pipeline economics through IPLong term

Patent protection supports exclusivity in competitive oncology and rare disease markets.

Geography

Protara is headquartered in New York, and its development programs are managed from the United States. The company has secured worldwide rights to TARA-002 excluding Japan and Taiwan, so its commercial opportunity is global even though current operations are centered in U.S.-based clinical development.

Risks

Protara is exposed to the typical risks of a clinical-stage biotech: uncertain trial outcomes, regulatory approval risk, and the need for ongoing external financing. Because it relies on third-party manufacturers and contractors, supply, quality, and execution issues can also disrupt development timelines and future commercialization.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Third-party manufacturing and supply risk4Regulatory approval risk2Financing risk3Competitive risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: CriticalLikelihood: Medium

    The company’s value depends on positive data from TARA-002 and IV Choline Chloride trials.

    Exposure: TARA-002 and IV Choline Chloride programs

  2. Regulatory approval riskImpact: HighLikelihood: High

    Neither product candidate has FDA or other regulatory approval, so commercialization is not assured.

    Exposure: All pipeline assets

  3. Financing riskImpact: HighLikelihood: High

    The company has no current revenue and must fund ongoing R&D and trials externally.

    Exposure: Corporate liquidity and development spend

  4. Third-party manufacturing and supply riskImpact: HighLikelihood: Medium

    Clinical and future commercial supply depend on outside contractors and sole-source vendors.

    ExposureDrug substanceFill-finishDistribution
  5. Competitive riskImpact: MediumLikelihood: Medium

    Established therapies and better-capitalized developers compete in NMIBC and rare disease markets.

    Exposure: NMIBC and oncology pipeline

Accounting

Judgemental items
Research and development prepaid and accrued expenses

Clinical trial and vendor costs are often recognized before cash settlement, requiring judgment on period-end accruals.

Impact: Can shift quarterly R&D expense and operating loss

Stock-based compensation

As a public biotech, equity awards are a recurring non-cash expense in G&A and R&D.

Impact: Affects operating expenses and reported losses

Investment income on cash and marketable securities

With no product revenue, interest and investment returns are a visible component of other income.

Impact: Can partially offset operating losses

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Last updated: 24/09/2026