In This Story
Protara Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $8.1 million, an increase from $6.2 million in the same quarter the previous year. This increase is attributed to higher clinical and non-clinical study costs related to TARA-002 and IV Choline Chloride.
General and administrative expenses for the quarter were $4.3 million, down from $4.5 million in the previous year, primarily due to reduced personnel-related expenses.
Protara reported a net loss of $11.2 million for the quarter, compared to $9.9 million in the previous year. The increase in net loss is mainly due to higher research and development expenses.
Interest and investment income increased to $1.1 million from $0.8 million, reflecting higher returns on investments.
As of September 30, 2024, Protara held $81.5 million in cash, cash equivalents, and marketable debt securities. The company completed a private placement in April 2024, raising net proceeds of approximately $42.0 million.
Protara continues to focus on developing TARA-002 for non-muscle invasive bladder cancer (NMIBC) and lymphatic malformations, and IV Choline Chloride for patients on parenteral support.
The company plans to initiate a Phase 3 trial for IV Choline Chloride in early 2025 and expects to share interim results from ongoing trials for TARA-002 in the near future.
Protara's management believes current financial resources are sufficient to meet liquidity needs for at least twelve months from the filing date.
The filing also details Protara's stock-based compensation plans, including the 2024 Equity Incentive Plan and the 2024 Employee Stock Purchase Plan, with shares available for future issuance under these plans.
Protara is not currently involved in any legal proceedings that are expected to have a material adverse effect on its business.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Protara Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.