Protara Therapeutics Announces First Quarter 2020 Financial Results and Business Overview
“We remain keenly focused on executing on our core mission to deliver effective therapies for rare and specialty diseases amidst these unprecedented times,”
- TARA-002, Protara’s lead product candidate, is an investigational cell based therapy based on the broad immunostimulant OK-432, which is approved in
Japanand Taiwanfor lymphangiomas, including lymphatic malformations (LMs), which are rare, typically congenital, malformations of the lymphatic vasculature. The Company plans to initially pursue development of TARA-002 for the treatment of LMs and is also evaluating the potential of TARA-002 in oncologic indications.
IV Choline Chloride
- Protara is developing intravenous (IV) Choline Chloride, a Phase 3-ready investigational phospholipid substrate replacement therapy for patients receiving parenteral nutrition who have intestinal failure associated liver disease (IFALD). IV Choline Chloride has been granted Orphan Drug Designation by the
U.S. Food and Drug Administrationfor this indication.
Corporate Name Change
- The Company recently announced a corporate name change to
Protara Therapeuticsfrom ArTara Therapeutics. The Company’s shares will continue trading on the Nasdaq Capital Market under the ticker symbol “TARA.”
Business Impact of COVID-19
- Protara is actively monitoring the rapidly evolving COVID-19 pandemic and maintaining operations in accordance with guidance from health authorities and government agencies. The Company has experienced limited impact on its pre-clinical, clinical and business activities but will continue to monitor the situation and take steps to mitigate any potential impact.
First Quarter 2020 Results from Operations
- The Company reported a net loss of
$10.1 millionfor the first quarter of 2020 which included approximately $2.8 millionof stock-based compensation expense, and approximately $1.0 millionin other non-recurring merger related expenses.
- As of
March 31, 2020, cash, cash equivalents and restricted cash were $36.1 million.
Protara is committed to identifying and advancing transformative therapies for people with rare and specialty diseases who have limited treatment options. Protara’s portfolio includes its lead program, TARA-002, an investigational cell therapy being developed for the treatment of lymphatic malformations, and intravenous (IV) Choline Chloride, an investigational phospholipid substrate replacement therapy for the treatment of intestinal failure associated liver disease (IFALD). For more information, visit www.protaratx.com.
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding Protara’s business strategy, Protara’s development plans for its product candidates, Protara’s financial footing and the impact of the COVID-19 pandemic on Protara’s business and clinical programs. Risks that contribute to the uncertain nature of the forward-looking statements include: uncertainties related to Protara’s development programs, including the initiation and completion of non-clinical studies and clinical trials and the timing of required filings with the FDA and other regulatory agencies; uncertainties related to the actual impacts and length of such impacts caused by the COVID-19 pandemic; having to use cash in ways or on timing other than expected; and the impact of market volatility on cash reserves. These and other risks and uncertainties are described more fully under the caption "Risk Factors" and elsewhere in Protara's filings and reports with the
|PROTARA THERAPEUTICS, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||$||36,068,736||$||564,124|
|Deferred offering costs||-||121,712|
|Prepaid expenses and other current assets||3,562,822||78,057|
|Total current assets||39,681,558||763,893|
|Property and equipment, net||655,783||458,591|
|Liabilities and Stockholders' (Deficit) Equity|
|Right-of-use liability, current||24,727||-|
|Total current liabilities||4,967,694||3,350,443|
|Right-of-use liability, long-term||386,538||-|
|Commitments and Contingencies|
|Stockholders' Equity (Deficit)|
|Series 1 Convertible Preferred Stock, 3,880 and 0 shares authorized at
|Common Stock, 5,843,203 and 2,627,533 common shares issued and outstanding as of|
|Additional Paid in Capital||87,577,911||10,651,073|
|Total Stockholders' Equity (Deficit)||64,741,841||(2,127,959||)|
|Total Liabilities and Stockholders' Equity (Deficit)||$||70,096,073||$||1,222,484|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|For the Three Months Ended
|Research & development||$||3,064,793||$||1,077,846|
|General & administrative||7,094,832||450,210|
|Total operating expenses||10,159,625||1,528,056|
|Other (income) expense, net|
|Interest (income) expense, net||(99,368||)||-|
|Total other (income) expense, net||(99,368||)||-|
|Weighted Average Shares Outstanding, basic and diluted||5,560,507||2,627,533|
|Net loss per share, basic and diluted||$||(1.81||)||$||(0.58||)|
Source: Protara Therapeutics, Inc.