TARA earnings analysis
What we found in TARA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- Cash runway extends into 2028
- Cash and investments totaled $161.9 million, which management expects to fund operations into 2028.
- Disclosure controls remained effective
- The filing states that disclosure controls were effective at the reasonable assurance level as of June 30, 2026.
- 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.
- 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.
- TARA-002 regulatory target reiterated
- The company has targeted a TARA-002 BLA submission in lymphatic malformations during the second half of 2027.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.36
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing TARA makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever