Protara Therapeutics Inc (TARA) Announces Q3 2023 Financial Results
Protara Therapeutics Inc (NASDAQ:TARA) reported a net loss of $9.86 million for Q3 2023, compared to a net loss of $7.69 million in Q3 2022.
Research and development expenses increased to $6.22 million in Q3 2023, up from $3.47 million in the same period last year.
The company's cash and cash equivalents stood at $33.77 million as of September 30, 2023.
Protara Therapeutics Inc (NASDAQ:TARA) remains on track to report preliminary results from the ADVANCED-1 trial of TARA-002 in the first half of 2024.
Protara Therapeutics Inc (NASDAQ:TARA), a clinical-stage company developing transformative therapies for the treatment of cancer and rare diseases, announced its financial results for the third quarter ended September 30, 2023, on November 3, 2023. The company reported an increase in research and development expenses and a net loss, but remains optimistic about achieving key milestones in its TARA-002 development programs.
Financial Performance
Protara Therapeutics Inc (NASDAQ:TARA) reported a net loss of $9.86 million for the third quarter of 2023, compared to a net loss of $7.69 million for the same period in 2022. The company's research and development expenses increased to $6.22 million in Q3 2023, up from $3.47 million in Q3 2022. General and administrative expenses were slightly lower at $4.48 million, compared to $4.51 million in the same period last year.
Balance Sheet Overview
As of September 30, 2023, the company's cash and cash equivalents stood at $33.77 million, compared to $24.13 million as of December 31, 2022. The company also reported marketable debt securities worth $40.27 million. Total current assets were reported at $77.81 million, while total liabilities stood at $11.51 million.
Business Update and Future Outlook
Protara Therapeutics Inc (NASDAQ:TARA) continues to make progress in its TARA-002 clinical development programs. Patient dosing is now underway in the ADVANCED-2 trial in patients with non-muscle invasive bladder cancer (NMIBC) and the STARBORN-1 trial in pediatric patients with lymphatic malformations (LMs). The company expects to report preliminary results from the expansion portion of the ADVANCED-1 trial of TARA-002 in patients with NMIBC in the first half of 2024.
CEO Jesse Shefferman stated,
We remain keenly focused on execution across all our ongoing clinical studies and remain on track to report preliminary results from the expansion portion of the ADVANCED-1 trial of TARA-002 in patients with NMIBC in the first half of 2024. With a cash runway into the second quarter of 2025, we believe we are well positioned to achieve key milestones in our TARA-002 development programs."
The company's financial position and ongoing clinical studies suggest a promising outlook, despite the reported net loss and increased R&D expenses.
Explore the complete 8-K earnings release (here) from Protara Therapeutics Inc for further details.
This article first appeared on GuruFocus.
