Protara Therapeutics is a clinical-stage biopharmaceutical company based in New York City developing two investigational therapies, with no approved products and no revenue. The company's lead program, TARA-002, is a cell therapy derived from a strain of *Streptococcus pyogenes* being evaluated in two indications: non-muscle invasive bladder cancer (NMIBC) and lymphatic malformations (LMs) in pediatric patients. In NMIBC, TARA-002 is administered directly into the bladder and works as an immune potentiator, similar to BCG — the long-standing standard of care — but through a different receptor mechanism. Protara is running ADVANCED-2, an ongoing Phase 2 trial, and plans to initiate ADVANCED-3, a registrational trial in BCG-naïve patients, in the second half of 2026. In LMs, a rare pediatric condition with no FDA-approved treatment, TARA-002 received FDA Breakthrough Therapy Designation in December 2025, and enrollment in the STARBORN-1 Phase 2 trial is expected to complete in the second half of 2026. Protara's second program, IV Choline Chloride, is an IV choline supplement for patients on parenteral support — those who cannot absorb nutrition through the gut — for whom no approved IV choline product currently exists. Protara initiated the THRIVE-3 Phase 2b/3 registrational trial in January 2026. Protara funds operations entirely through capital raises, contracts out manufacturing to CDMOs, and believes its addressable markets can be reached with a modest specialty sales force given patient concentration at a relatively small number of centers.