How does the current cash runway compare to the projected timeline for upcoming trial milestones?

Cash runway vs. trial timeline: In the Q2 2025 release Protara disclosed that its cash‑and‑equivalents, after accounting for operating expenses, will sustain the company for roughly 12‑14 months of runway. The corporate update also outlines a series of near‑term clinical events: the initiation of a Phase 2b oncology study in Q4 2025, a mid‑stage read‑out for a rare‑disease program in early‑2026, and the start of a pivotal trial in mid‑2026. In plain terms, the cash on hand comfortably covers the first two major milestones (the Q4 2025 trial launch and the early‑2026 data read‑out) but starts to thin out before the mid‑2026 pivotal‑trial commencement. Management has indicated that a $30‑$40 M financing round is planned for the second half of 2025 to fund the later‑stage trial, which would be required to bridge the gap between the existing runway and the final milestone.

Trading implications: The near‑term runway buffer reduces short‑term dilution risk and supports a modest upside bias, especially if the Q4 2025 trial initiates on schedule and early data beat expectations. Technically, TARA has held above its 50‑day SMA and is testing a modest up‑trend channel; a breakout above the $3.80–$4.00 range on a clean earnings release could attract momentum buyers. However, the looming financing requirement and the risk that the cash burn will outpace the upcoming data milestones introduce downside volatility. Actionable: consider a long‑biased position (e.g., 1‑month call spreads or a modest outright long) if the stock stays above $3.80 and volume picks up, but keep a stop‑loss near $3.30 to guard against a sudden financing‑related sell‑off. A watch‑list trigger would be any news of a successful early‑2026 read‑out or a confirmed financing commitment; a failure on either front could pressure the stock back toward $2.80‑$3.00 levels.