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NEW YORK - Protara Therapeutics, Inc. (NASDAQ:TARA) saw its shares climb 6% after reporting a smaller-than-expected loss for the fourth quarter of 2024. The clinical-stage biopharmaceutical company, focused on developing treatments for cancer and rare diseases, posted an adjusted loss of $0.48 per share, beating analyst estimates of a $0.59 per share loss.
The company did not report any revenue for the quarter, as it is still in the clinical development stage for its drug candidates. Research and development expenses increased to $9.5 million in Q4, up from $6.4 million in the same period last year, reflecting increased clinical trial and non-clinical activities for its lead programs TARA-002 and IV Choline Chloride.
Protara ended 2024 with a strong cash position of $170.3 million, bolstered by a $100 million public offering in December. The company expects this will fund planned operations into 2027.
"Following a year of significant progress and execution across our pipeline, we remain well positioned to deliver on our mission to bring transformative therapies to patients with cancer and rare diseases," said Jesse Shefferman, CEO of Protara Therapeutics.
The company highlighted positive six-month data from its Phase 2 ADVANCED-2 trial of TARA-002 in non-muscle invasive bladder cancer (NMIBC) patients. It expects to report initial 12-month data from this trial by mid-2025.
Protara also plans to initiate its pivotal THRIVE-3 trial for IV Choline Chloride in patients dependent on parenteral support in the first half of 2025. Additionally, an interim update from the Phase 2 STARBORN-1 trial of TARA-002 in pediatric lymphatic malformations is expected by the end of the first half of 2025.
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