TARA Stock — Protara Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a New York City based clinical-stage biopharmaceutical company committed to advancing transformative therapies for the treatment of cancer and rare diseases. We were founded on the principle of applying modern scientific, regulatory or manufacturing advancements to established mechanisms in order to create new development opportunities.

Source: 10-K FY2025 via SEC EDGAR

Share price

$2.30

Market cap

$135.9M

Cash

$143.1M

Enterprise value

-$7.2M

Balance sheet

Cash	$143.1M
Debt	$0.0M
Net cash	$143.1M
Enterprise value	-$7.2M
Basic shares	61.6M shares
Fully diluted shares	72.5M shares
Fully diluted market cap	$166.9M
Cash per share	$2.32
Quarterly burn	$15.4M
Cash runway	17.6 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

59.1M

Pre-funded warrants

3.4M

Options

7.5M

RSUs

0.7M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.9M

ESPP reserve

1.0M

FDSO

72.5M

Cap table as of 2026-06-30.

Price history

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Next catalyst

IV Choline Chloride · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	IV Choline Chloride THRIVE-3 Phase 3 in patients on long-term parenteral support, dose-confirmation interim	Phase 3	patients on long-term parenteral support	Q4 2026
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	TARA-002 (STARBORN-1) STARBORN-1 Phase 2 in lymphatic malformations	Phase 2	lymphatic malformations	Q4 2026 (enrollment completion and update)
Jan 12 - Feb 23 in 9 wks	TARA-002	Phase 2	Lymphatic Malformation	—
GUIDEDEst. Sep 30, 2027 in 8 mo half midpoint	TARA-002 (LM BLA) lymphatic malformations, BLA submission	Not disclosed	lymphatic malformations	H2 2027
Apr 12 - May 24 in 17 mo	Choline Chloride for Injection	Phase 2/3	Choline Deficiency; Liver Injury	—
May 13 - Jun 24 in 18 mo	TARA-002	Phase 3	Bladder (Urothelial, Transitional Cell) Cancer; Non-Muscle Invasive Bladder Carcinoma; Non-muscle Invasive Bladder Cancer With Carcinoma in Situ	—
Nov 12 - Dec 24 in 61 mo	TARA-002	Phase 2	Non-muscle Invasive Bladder Cancer	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

TARA-002

Phase 2 · Active Modality: cell therapy

Aliases OK-432-based cell therapy

Partnerships Chugai Pharmaceutical (OK-432 originator; Protara holds worldwide rights ex-Japan/Taiwan)

Indications

Non-muscle invasive bladder cancer (Phase 2)
Lymphatic malformations (Stage not disclosed)

Status note Investigational cell therapy based on OK-432 immunopotentiator (approved in Japan/Taiwan for LMs and multiple oncologic indications). Phase 2 ADVANCED-2 open-label trial in high-grade CIS (Cohort A).

IV Choline Chloride

Stage not disclosed · Active Modality: substrate replacement

Target choline (nutrient)

Indications

Choline deficiency in patients on parenteral support (Stage not disclosed)

Status note Investigational phospholipid substrate replacement therapy for PS/PN patients. Orphan Drug Designation and Fast Track Designation; FDA alignment on registrational path (single study restoring choline levels in PS patients as basis for submission).

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Choline Chloride for Injection
Lead indication	Choline Deficiency
Lead phase	Phase 3
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07480356	Phase 3	Recruiting	Sponsor	Protara Therapeutics	—	Bladder (Urothelial, Transitional Cell) Cancer; Non-Muscle Invasive Bladder Carcinoma; Non-muscle Invasive Bladder Cancer With Carcinoma in Situ	—
NCT06910943	Phase 2/3	Recruiting	Sponsor	Protara Therapeutics	—	Choline Deficiency; Liver Injury	—
NCT05871970	Phase 2	Recruiting	Sponsor	Protara Therapeutics	—	Lymphatic Malformation	Q4 2026 (enrollment completion and update) Est. Nov 15, 2026 · quarter midpoint
NCT05951179	Phase 2	Recruiting	Sponsor	Protara Therapeutics	—	Non-muscle Invasive Bladder Cancer	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Protara Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
OrbiMed Advisors	2,220,000	+2,220,000	0.16%	2026-08-14
Baker Bros. Advisors	971,614	no change	0.02%	2026-08-14
ADAR1 Capital Management	940,512	no change	0.17%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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TARA — Protara Therapeutics Inc. ☆