Monitor Q4 2026 for ADVANCED-2 enrollment completion and THRIVE-3 interim data — these are the next major catalysts. The ADVANCED-3 redesign suggests a broader but potentially slower NMIBC strategy; watch for protocol details. Cash runway into 2028 provides a long development horizon but no near-term revenue inflection.
Price Chart
Executive Summary
Protara Therapeutics reported Q2 2026 net loss of $21.7M ($0.36/share), widening from a $15.0M loss in Q2 2025, driven by increased R&D spending. The company highlighted key pipeline milestones: expects to complete enrollment in the BCG-Unresponsive cohort of the ADVANCED-2 trial in Q4 2026, is redesigning the ADVANCED-3 trial as an exploratory study, and remains on track to report interim THRIVE-3 results in Q4 2026. Cash of $161.9M is expected to fund operations into 2028, but the widening losses and trial redesign signal a longer path to commercialization without near-term revenue catalysts.
Key Financial Metrics
Key Facts
- Q2 2026 net loss of $21.7M ($0.36/share) vs $15.0M ($0.35/share) in Q2 2025
- Cash and investments of $161.9M as of June 30, 2026, expected to fund operations into 2028
- Expects to complete enrollment in BCG-Unresponsive cohort of ADVANCED-2 trial in Q4 2026
- Redesigning ADVANCED-3 trial as multi-cohort exploratory study in broader NMIBC population
- On track to report interim THRIVE-3 results for IV Choline Chloride in Q4 2026
- Plans to submit BLA for TARA-002 in Lymphatic Malformations in 2H 2027
- R&D expenses increased to $17.0M from $10.8M year-over-year
Financial Impact
Net loss widened by $6.7M YoY to $21.7M; cash burn rate increased with R&D spend up 58%
Risk Factors
- Clinical trial delays or negative data from ADVANCED-2 or THRIVE-3
- Cash burn rate increasing faster than expected could require dilutive financing
- BLA submission for TARA-002 in LMs not expected until 2H 2027, limiting near-term catalysts
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342659 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | 8-K | $3.91 $3.83 | ▼ −2.05% | ▼ −0.99% | $2.70 (−30.95%) |
Aug 11, 2026 7w ago | Press Release | $3.91 $3.83 | ▼ −2.05% | ▼ −0.99% | $2.70 (−30.95%) |
Jun 29, 2026 13w ago | 8-K | $3.82 $4.04 | ▲ +5.76% | ▲ +6.79% | $2.70 (−29.32%) |
May 26, 2026 18w ago | EFFECT | $4.80 $4.06 | ▲ +15.52% | ▲ +13.57% | $2.70 (+43.75%) |
May 15, 2026 20w ago | Press Release | $5.10 $3.94 | ▼ −22.75% | ▼ −24.86% | $2.70 (−47.06%) |
May 13, 2026 20w ago | 8-K | $5.20 $3.65 | ▼ −29.81% | ▼ −29.19% | $2.70 (−48.08%) |
May 13, 2026 20w ago | Press Release | $5.20 $3.65 | ▼ −29.81% | ▼ −29.19% | $2.70 (−48.08%) |
Apr 28, 2026 22w ago | DEFA14A | $5.17 $4.75 | ▼ −8.12% | ▼ −14.17% | $2.70 (−47.78%) |
Mar 10, 2026 29w ago | Press Release | $5.71 $5.22 | ▼ −8.58% | ▼ −8.43% | $2.70 (−52.71%) |
US Market Status
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