XML 19 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Business, Liquidity and Capital Resources
3 Months Ended
Mar. 31, 2021
Business Liquidity And Capital Resources [Abstract]  
BUSINESS, LIQUIDITY AND CAPITAL RESOURCES

NOTE 1 – BUSINESS, LIQUIDITY AND CAPITAL RESOURCES


Overview


Protara Therapeutics, Inc. and its consolidated subsidiaries (“Protara” or the “Company”) is committed to identifying and advancing transformative therapies for the treatment of cancer and rare diseases with significant unmet needs. Protara’s portfolio includes two development programs utilizing TARA-002, an investigational cell therapy in development for the treatment of lymphatic malformations (“LMs”) and non-muscle invasive bladder cancer (“NMIBC”). The third program in the portfolio is Intravenous (“IV”) Choline Chloride, an investigational phospholipid substrate replacement therapy initially in development for patients receiving parenteral nutrition (“PN”) who have intestinal failure associated liver disease (“IFALD”). The fourth program in the portfolio is Vonapanitase, a recombinant human elastase.


Liquidity, Capital Resources and Management Plans


As of March 31, 2021 and December 31, 2020, the Company’s cash and cash equivalents was $58,201 and $168,598, respectively, and the Company held investments in marketable debt securities of $97,000 and $0, that are available to be sold for cash, respectively. The Company has not generated revenues since its inception and has incurred net losses of $13,465 and $10,060 for the three months ended March 31, 2021 and 2020, respectively. During the three months ended March 31, 2021, cash flows used in operating activities were $11,920, consisting primarily of a net loss of $13,465, which includes non-cash stock-based compensation charges of $2,740. Since inception, the Company has met its liquidity requirements principally through the sale of its common stock (“Common Stock”) and series 1 convertible preferred stock (“Series 1 Convertible Preferred Stock”). The Company manages its capital resources to ensure the Company will continue as a going concern.


The Company is in the business of developing biopharmaceuticals and has no current or near term revenues. The Company has incurred substantial clinical and other costs in its drug development efforts. The Company will need to raise additional capital in order to fully realize management’s plans.


The Company believes that its current financial resources are sufficient to satisfy the Company’s estimated liquidity needs for at least twelve months from the date of issuance of these unaudited condensed consolidated financial statements.