The company remains in a pre-revenue stage with operating losses widening to $19.6 million in 2026Q1, driven by a sustained increase in R&D expenditure to $13.5 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.95M | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | -100% | - | - | - |
| Cost of Goods Sold | 90K | 362K | 0 | 341K | 0 | 0 | 196K | 16K | 115K | 148K | 123K | 57K | 0 | 27K | 57K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -90K | -362K | 0 | -341K | 0 | 0 | -196K | -16K | -115K | -148K | -123K | -57K | 2.95M | -27K | -57K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | 100% | - | - |
| Gross Profit Growth % | - | - | 100% | - | - | 100% | -1125% | 86.09% | 22.3% | -20.33% | -115.79% | -101.93% | 11018.52% | 52.63% | - |
| Operating Expenses | 69.96M | 64.19M | 49.15M | 43.27M | 67.06M | 47.49M | 34.25M | 15.25M | 26.08M | 30.21M | 28.58M | 20.81M | 10.53M | 7.09M | 7.94M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 357.12% | - | - |
| Selling, General & Admin | 23.01M | 21.92M | 17.45M | 18.62M | 20.74M | 26.4M | 22.36M | 8.82M | 10.57M | 8.53M | 9.71M | 8.43M | 4.1M | 3.1M | 2.03M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 138.94% | - | - |
| Research & Development | 46.96M | 42.63M | 31.7M | 24.79M | 16.81M | 21.09M | 11.88M | 6.44M | 15.51M | 21.69M | 18.87M | 12.38M | 6.43M | 3.99M | 5.91M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 218.18% | - | - |
| Other Operating Expenses | 0 | -362K | 0 | -137K | 29.52M | 0 | 0 | 0 | 207K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -70.05M | -64.55M | -49.15M | -43.61M | -67.06M | -47.49M | -34.44M | -15.25M | -26.08M | -30.36M | -28.7M | -20.87M | -7.58M | -7.12M | -8M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | -257.12% | - | - |
| Operating Income Growth % | - | -31.32% | -12.7% | 34.97% | -41.22% | -37.87% | -125.8% | 41.51% | 14.1% | -5.77% | -37.54% | -175.33% | -6.43% | 10.93% | - |
| EBITDA | -69.69M | -64.19M | -48.82M | -43.27M | -66.81M | -47.37M | -34.25M | -15.24M | -25.96M | -30.21M | -28.58M | -20.81M | -7.55M | -7.09M | -7.94M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | -256.11% | - | - |
| EBITDA Growth % | -36.38% | -31.47% | -12.83% | 35.24% | -41.04% | -38.32% | -124.75% | 41.31% | 14.06% | -5.71% | -37.33% | -175.67% | -6.41% | 10.63% | - |
| D&A (Non-Cash Add-back) | 369K | 362K | 332K | 341K | 248K | 117K | 196K | 16K | 115K | 148K | 123K | 57K | 30K | 27K | 57K |
| EBIT | -70.05M | -64.55M | -49.15M | -43.61M | -64.81M | -45.52M | -33.98M | -7.83M | -20.73M | -29.96M | -28.53M | -21.38M | -2.48M | -7.05M | -7.97M |
| Net Interest Income | 6.45M | 6.33M | 4.13M | 2.73M | -27K | -1.5M | 432K | 0 | 0 | 0 | 0 | 0 | 0 | -857K | 20K |
| Interest Income | 6.45M | 6.33M | 4.13M | 2.73M | 1.11M | 237K | 466K | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 20K |
| Interest Expense | 0 | 0 | 0 | 0 | 1.14M | 1.74M | 34K | 0 | 0 | 259K | 193K | 144K | 857K | 861K | 0 |
| Other Income/Expense | 6.75M | 7.11M | 4.56M | 3.19M | 1.11M | 237K | 466K | 0 | 643K | 398K | 179K | -507K | 4.24M | -790K | 26K |
| Pretax Income | -63.31M | -57.44M | -44.6M | -40.42M | -65.95M | -47.25M | -33.98M | -14.99M | -25.44M | -29.96M | -28.53M | -21.38M | -3.34M | -7.91M | -7.97M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | -113.37% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -262K | 5.35M | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.75% | -21.04% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -63.31M | -57.44M | -44.6M | -40.42M | -65.95M | -47.25M | -33.98M | -14.99M | -25.44M | -29.96M | -28.53M | -21.38M | -3.34M | -7.91M | -7.97M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | -113.37% | - | - |
| Net Income Growth % | -39.4% | -28.8% | -10.33% | 38.71% | -39.57% | -39.07% | -126.64% | 41.06% | 15.11% | -5.04% | -33.44% | -539.65% | 57.76% | 0.73% | - |
| Net Income (Continuing) | -63.31M | -57.44M | -44.6M | -40.42M | -65.95M | -47.25M | -33.98M | -7.83M | -20.73M | -29.96M | -28.53M | -21.38M | -3.34M | -7.91M | -7.97M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.48 | -1.34 | -2.17 | -3.57 | -5.86 | -4.20 | -4.70 | -3.63 | -9.93 | -69.38 | -68.90 | -51.94 | -10.24 | -37.43 | -37.62 |
| EPS Growth % | 15.12% | 38.25% | 39.22% | 39.08% | -39.52% | 10.64% | -29.48% | 63.44% | 85.69% | -0.7% | -32.65% | -407.23% | 72.64% | 0.51% | - |
| EPS (Basic) | - | -1.34 | -2.17 | -3.57 | -5.86 | -4.20 | -4.70 | -3.63 | -9.93 | -69.38 | -68.90 | -51.94 | -10.24 | -37.43 | -37.62 |
| Diluted Shares Outstanding | 42.84M | 42.84M | 20.59M | 11.33M | 11.26M | 11.23M | 7.23M | 4.06M | 2.56M | 431.86K | 414.04K | 411.6K | 326.21K | 374.85K | 374.85K |
| Basic Shares Outstanding | 42.84M | 42.84M | 20.59M | 11.33M | 11.26M | 11.23M | 7.23M | 4.06M | 2.56M | 431.86K | 414.04K | 411.6K | 326.21K | 374.85K | 374.85K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding exhaustion
As indicated by recent financial disclosures, Protara's quarterly R&D spending has climbed to $13.5 million in 2026Q1, reflecting a sustained increase in clinical development intensity that continues to outpace the company's internal resource generation and necessitates careful monitoring of the remaining liquidity runway for investors.
The consistent upward trend in R&D costs suggests that the company is aggressively pushing its dual-track clinical programs for TARA-002. This expenditure profile implies that management is prioritizing data maturity over near-term cost containment, which may heighten the urgency for future capital raises.
Based on reported income statements, Protara maintains a pre-revenue profile where operating losses have widened to $19.6 million in 2026Q1, demonstrating that the company's current operating structure is entirely dependent on external financing rather than internal operational scaling or efficiency gains from its core business activities.
The lack of revenue generation means that operating leverage is currently non-existent, as every dollar of SG&A and R&D expense directly expands the net loss. Investors should interpret this as a pure-play clinical risk profile where operational efficiency is secondary to the successful completion of regulatory milestones.
According to the company's quarterly filings, stock-based compensation remains a consistent component of the expense structure, reaching $1.4 million in 2026Q1, which suggests that reported net losses may slightly understate the actual cash depletion rate when excluding these non-cash accounting adjustments from the bottom line.
The reliance on equity-based compensation is typical for early-stage biotech, yet it warrants investigation regarding the potential for future shareholder dilution. Analysts should focus on the cash burn rate rather than the GAAP net loss to better understand the true timeline for potential liquidity events.
As reported in financial statements, the company's reliance on periodic secondary offerings to fund its $19.6 million quarterly operating loss creates a structural vulnerability, as any delay in clinical readouts could force management to seek capital under potentially unfavorable market conditions for pre-revenue healthcare assets.
The absence of a commercial revenue stream leaves the company highly exposed to equity market volatility. This suggests that the current valuation is heavily contingent on the market's willingness to continue funding long-term R&D, which may be tested if clinical data fails to meet high investor expectations.
Quick answers to the most common questions about buying TARA stock.
For fiscal year 2025, Protara Therapeutics, Inc. (TARA) reported total revenue of $0.0M.
Protara Therapeutics, Inc. (TARA) reported a net loss of $57.4M for the fiscal year ending 2025.