Is the Protara Therapeutics (TARA) investment thesis intact?

Yes. Readouts currently rates the Protara Therapeutics Thesis Intact. TARA-002 targets 2H 2027 lymphatic malformation BLA; THRIVE-3 dose-confirmation enrollment completes.

What is the next catalyst for Protara Therapeutics (TARA)?

The next dated event is Phase 2b/3 interim results (THRIVE-3) for IV Choline Chloride, expected Q4 2026, as stated by the company. Also ahead: Phase 2 enrollment complete (ADVANCED-2) for TARA-002, expected Q4 2026.

How long will Protara Therapeutics' cash last?

Protara Therapeutics has said its cash will fund operations into 2028 (guidance as of November 6, 2026). It reported $143 million in cash as of September 30, 2026.

TARAProtara Therapeutics, Inc.

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Protara Therapeutics Announces Third Quarter 2026 Financial Results and Provides a Business Update - GlobeNewswire

GlobeNewswire · Nov 6, 1:00 PM

IntactLast material event May 13, 2026 · Updated Oct 15, 2026

TARA-002 targets 2H 2027 lymphatic malformation BLA; THRIVE-3 dose-confirmation enrollment completes

Protara Therapeutics is a clinical-stage company developing TARA-002 for pediatric lymphatic malformations and non-muscle invasive bladder cancer, and IV Choline Chloride for patients on long-term parenteral support; none is approved.

Protara's case centers on TARA-002's planned lymphatic malformation BLA in 2H 2027 and ADVANCED-2 BCG-unresponsive enrollment completion in Q4 2026. Bladder cancer complete responses were 68.2% at six months and 33.3% (5 of 12) at 12 months, leaving durability central. ADVANCED-3 is being redesigned as exploratory. IV Choline Chloride adds potential value: THRIVE-3's 24-patient Phase 2b cohort is enrolled, with interim results expected in Q4 2026. June 30 cash and investments of $161.9 million are expected to fund planned operations into 2028.

Thesis checklist

1 risk needs attention

Select a row for evidence

What must be trueStateNext proof

STARBORN-1 supports a lymphatic malformation BLASupportedSTARBORN-1 results update and enrollment completion, expected in Q4 2026.Next: STARBORN-1 results update and enrollment completion, expected in Q4 2026.

Why it is in this state

The evidence, what would weaken it and the source filing

Bladder cancer responses lastAt riskUpdated 12-month complete response results in the BCG-unresponsive cohort.Next: Updated 12-month complete response results in the BCG-unresponsive cohort.

Why it is in this state

The evidence, what would weaken it and the source filing

Cash lasts into 2028SupportedThe next reported cash balance and any change in runway guidance.Next: The next reported cash balance and any change in runway guidance.

Why it is in this state

The evidence, what would weaken it and the source filing

THRIVE-3 interim data support IV choline chlorideAwaiting evidenceTHRIVE-3 interim results (Q4 2026).Next: THRIVE-3 interim results (Q4 2026).

Why it is in this state

The evidence, what would weaken it and the source filing

Next decision point

STARBORN-1 update and enrollment completion

Tests: STARBORN-1 supports a lymphatic malformation BLA

Q4 2026

Do clinical success and durability persist as STARBORN-1 enrollment completes?

Strong, inconclusive and weak outcomes

What to look for in the result and how each would move the checklist

Questions to investigate

History

Price and material events

Select an event marker to read the update below. Marker colors show Thesis status.

IntactCurrentRegulatory

+1.9%May 13, 2026

TARA-002 targets 2H 2027 lymphatic malformation BLA; THRIVE-3 dose-confirmation enrollment completes

About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.

Pipeline

Lymphatic malformations· macrocystic and mixed cystic

TARA-002 · 2 upcoming · 1 completed

Phase 2 Enrollment: CompletionSTARBORN-1Pivotal

Early 1Q 2027

BLA Submission

H2 2027

Parenteral support dependence

IV Choline Chloride · 1 upcoming

Phase 2b/3 Data: InterimTHRIVE-3

Q4 2026

Non-muscle invasive bladder cancer· BCG-unresponsive

TARA-002 · 1 upcoming

Phase 2 Enrollment: CompletionADVANCED-2Pivotal

Q4 2026

NMIBC· BCG-Unresponsive

TARA-002 · 1 completed

Phase 2 Data: InterimADVANCED-2Pivotal

Reported Feb 24, 2026

NMIBC· BCG-Naïve

TARA-002 · 1 completed

ADVANCED-2 BCG-Naïve registrational trial design updatePivotal

Reported Dec 3, 2025

Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.

Quick answers

Is the Protara Therapeutics (TARA) investment thesis intact?: Yes. Readouts currently rates the Protara Therapeutics Thesis Intact. TARA-002 targets 2H 2027 lymphatic malformation BLA; THRIVE-3 dose-confirmation enrollment completes.
What is the next catalyst for Protara Therapeutics (TARA)?: The next dated event is Phase 2b/3 interim results (THRIVE-3) for IV Choline Chloride, expected Q4 2026, as stated by the company. Also ahead: Phase 2 enrollment complete (ADVANCED-2) for TARA-002, expected Q4 2026.
How long will Protara Therapeutics' cash last?: Protara Therapeutics has said its cash will fund operations into 2028 (guidance as of November 6, 2026). It reported $143 million in cash as of September 30, 2026.

Other companies we cover in these diseases

Non-muscle invasive bladder cancer: enGene Therapeutics (ENGN)ImmunityBio (IBRX)

Disease areas: Other cancers, Liver and digestive diseases, Rare genetic and metabolic diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes

Competitive landscape

4 peers tracked

Financial snapshot

Dates and calculation details

Cash: Market-data provider estimate; measurement period unavailable.

Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.

Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.

Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.

Runway: No underlying guidance available.