10-Q · May 13, 2026
Protara Therapeutics reported a net loss of $17.8 million for Q1 2026, a substantial increase from a net loss of $11.9 million in Q1 2025, while operating expenses rose by $5.5 million year-over-year. The company…
Earnings analysis · 10-Q
TARA earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Protara's Q2 2026 loss of $0.36 per share worsened by $0.01 from the prior-year quarter, while the supplied filing data does not disclose revenue, margins, segment revenue, or free cash flow. The $161.9 million cash and…
Read full summary
Protara's Q2 2026 loss of $0.36 per share worsened by $0.01 from the prior-year quarter, while the supplied filing data does not disclose revenue, margins, segment revenue, or free cash flow. The $161.9 million cash and investments balance is expected to fund operations into 2028, but ongoing losses and clinical spending remain central risks. Management maintained its TARA-002 BLA submission target for the second half of 2027 and expects several clinical milestones in the fourth quarter of 2026.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.36
What stood out
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Q2 loss modestly widened year over year
Q2 2026 loss was $0.36 per share, compared with a $0.35 loss in Q2 2025, a $0.01 deterioration year over year.
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Cash runway extends into 2028
Cash and investments totaled $161.9 million, which management expects to fund operations into 2028.
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Disclosure controls remained effective
The filing states that disclosure controls were effective at the reasonable assurance level as of June 30, 2026.
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Preferred conversion increased common shares
Approximately 2,652 Series 1 Convertible Preferred Stock shares converted into 2,653,351 common shares during the three months ended June 30, 2026.
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Several clinical milestones targeted in Q4
Management is targeting multiple clinical milestones in the fourth quarter of 2026, including ADVANCED-2 enrollment completion, a STARBORN-1 enrollment completion/update, and THRIVE-3 interim results.
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TARA-002 regulatory target reiterated
The company has targeted a TARA-002 BLA submission in lymphatic malformations during the second half of 2027.
What to watch
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Preferred-stock conversion creates dilution
The conversion of approximately 2,652 preferred shares into 2,653,351 common shares during the quarter creates dilution for existing common shareholders.
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Planned insider sales may pressure shares
The CEO adopted a Rule 10b5-1 sale arrangement covering 540,364 securities, while the Chief R&D Officer adopted one covering 372,893 securities; both arrangements begin after the applicable cooling-off period in September 2026.
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No material risk-factor updates
No material changes were reported to the risk factors from the December 31, 2025 Form 10-K; the filing specifically states this as of the quarter ended June 30, 2026.
Management's outlook
The company maintained its target to submit a BLA for TARA-002 in lymphatic malformations in the second half of 2027. Management also expects ADVANCED-2 enrollment completion, a STARBORN-1 enrollment completion/update, and THRIVE-3 interim results in the fourth quarter of 2026.
Earlier filings 4
10-K · March 10, 2026
Protara is a clinical‑stage biopharma focused on TARA‑002 (oncology and lymphatic malformations) and IV Choline Chloride (parenteral support). The 10‑K highlights strong mid‑stage clinical signals — ADVANCED‑2 CR rates…
10-Q · November 10, 2025
Protara reported Q3 2025 results showing increased R&D and G&A spend, a larger GAAP net loss but improved loss per share due to a higher share count. Cash and cash equivalents dropped sharply to $12,551 from $162,798 at…
10-Q · August 11, 2025
Protara (TARA) remains a pre-revenue clinical‑stage company: Q2 operating expenses rose materially as R&D increased to $10,770 and G&A to $5,816, producing a Q2 net loss of $(14,960) and YTD net loss of $(26,874). Cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.