Financial Performance - Protara reported a net loss of $12.8 million, or $0.48 per share, for Q4 2024, compared to a net loss of $10.2 million, or $0.90 per share, in Q4 2023[14]. - For the full year 2024, the net loss was $44.6 million, or $2.17 per share, compared to a net loss of $40.4 million, or $3.57 per share, in 2023[14]. - The company reported a net income (loss) per share of $(0.48) for the three months ended December 31, 2024, compared to $(0.90) for the same period in 2023[21]. - Comprehensive loss for the year ended December 31, 2024, was $44,563,000, compared to $39,763,000 in 2023, reflecting an increase of 12%[21]. - Net loss for the year ended December 31, 2024, was $44,596,000, compared to a net loss of $40,420,000 in 2023, indicating a deterioration of 10%[21]. Cash and Investments - Cash, cash equivalents, and investments totaled $170 million as of December 31, 2024, expected to support operations into 2027[5]. - Cash and cash equivalents rose significantly to $162,798,000 in 2024, up from $39,586,000 in 2023, marking an increase of 311%[19]. - Interest and investment income for the year ended December 31, 2024, was $4,171,000, up from $3,193,000 in 2023, an increase of 30%[21]. Research and Development - Research and development expenses for Q4 2024 increased to $9.5 million from $6.4 million in the prior year, and for the full year increased to $31.7 million from $25.0 million in 2023[14]. - Research and development expenses increased to $31,704,000 in 2024 from $24,989,000 in 2023, a rise of 27%[21]. - Protara continues to explore combination treatment opportunities with TARA-002 in NMIBC patients, indicating significant potential for systemic dosing and combination therapy[8]. - The complete response (CR) rate in the ADVANCED-2 trial for TARA-002 was 72% (13/18) at six months and 70% (14/20) at any time[4]. - Initial data from 12-month evaluable patients in the ADVANCED-2 trial is expected to be reported by mid-2025[3]. - Protara plans to initiate the THRIVE-3 trial of intravenous Choline Chloride in the first half of 2025, with a total of 100 patients expected to be enrolled[6]. - The company expects to provide an interim update from the STARBORN-1 trial of TARA-002 in pediatric lymphatic malformations by the end of the first half of 2025[5]. Operating Expenses - Total operating expenses for the year ended December 31, 2024, were $49,154,000, compared to $43,613,000 in 2023, reflecting an increase of 13%[21]. - General and administrative expenses for Q4 2024 increased slightly to $4.8 million from $4.7 million in the prior year, while full-year expenses decreased to $17.5 million from $18.6 million in 2023[14]. Assets and Equity - Total assets increased to $181,454,000 in 2024 from $78,954,000 in 2023, representing a growth of 130%[19]. - Total stockholders' equity rose to $167,134,000 in 2024, up from $68,321,000 in 2023, an increase of 144%[19]. - The number of common shares outstanding increased to 35,044,772 in 2024 from 11,364,903 in 2023, representing a growth of 208%[19].
Protara Therapeutics(TARA) - 2024 Q4 - Annual Results