Protara Therapeutics(TARA) - 2025 Q3 - Quarterly Results

Financial Performance - Protara reported a net loss of $13.3 million, or $0.31 per share, for Q3 2025, compared to a net loss of $11.2 million, or $0.50 per share, in Q3 2024[11]. - Net income (loss) for Q3 2025 was $(13,258) million, compared to $(11,219) million in Q3 2024, reflecting a decline of 18.2%[22]. - Net income (loss) per share attributable to common stockholders for Q3 2025 was $(0.31), an improvement from $(0.50) in Q3 2024[22]. - Comprehensive income (loss) for the nine months ended September 30, 2025, was $(39,991) million, compared to $(31,767) million for the same period in 2024, indicating a decline of 25.8%[22]. - Total net income (loss) for the nine months ended September 30, 2025, was $(40,132) million, compared to $(31,827) million for the same period in 2024, a decline of 26.0%[22]. Expenses - Research and development expenses increased to $9.6 million in Q3 2025 from $8.1 million in the prior year, primarily due to a $0.9 million increase in startup costs for the IV Choline Chloride THRIVE-3 clinical trial[11]. - General and administrative expenses rose to $5.2 million in Q3 2025 from $4.3 million in the prior year, mainly due to a $0.7 million increase in personnel-related expenses[11]. - Total operating expenses for Q3 2025 were $14,760 million, up from $12,330 million in Q3 2024, representing an increase of 19.7%[22]. - Research and development expenses increased to $9,591 million in Q3 2025 from $8,070 million in Q3 2024, a rise of 18.8%[22]. - General and administrative expenses rose to $5,169 million in Q3 2025 from $4,260 million in Q3 2024, an increase of 21.3%[22]. Assets and Cash Position - As of September 30, 2025, Protara had cash, cash equivalents, and investments totaling approximately $134 million, expected to support operations into mid-2027[4]. - Protara's total assets decreased to $144.6 million as of September 30, 2025, down from $181.5 million at the end of 2024[20]. Clinical Trials and Research - The company anticipates reporting interim results from approximately 25 six-month evaluable NMIBC patients in Q1 2026[5]. - Protara expects to dose the first patient in the THRIVE-3 trial by year-end 2025, which is a seamless Phase 2b/3 trial involving 105 patients[10]. - The Phase 2 STARBORN-1 trial of TARA-002 in pediatric patients is on track to provide an interim update in Q4 2025[4]. - The company continues to evaluate subcutaneous dosing combined with intravesical dosing for TARA-002 in NMIBC patients[5]. Recognition and Culture - Protara was recognized among BioSpace's Best Places to Work in November 2025, highlighting its strong culture and innovation[8]. Shareholder Information - Weighted-average shares outstanding increased to 42,272,104 in Q3 2025 from 22,329,772 in Q3 2024, showing a significant increase in share count[22]. - Interest and investment income for Q3 2025 was $1,502 million, up from $1,111 million in Q3 2024, marking an increase of 35.2%[22]. Other Comprehensive Income - Other comprehensive income for Q3 2025 included a net unrealized gain of $66 million on marketable debt securities, compared to a gain of $29 million in Q3 2024[22].