2024 Q1 Form 10-K Financial Statement

#000121390024021982 Filed on March 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.103M $4.660M $18.49M
YoY Change -10.59% -6.86% -10.37%
% of Gross Profit
Research & Development $7.748M $6.381M $24.99M
YoY Change 50.65% 27.9% 48.67%
% of Gross Profit
Depreciation & Amortization $83.00K $107.0K $341.0K
YoY Change 7.79% 42.67% 37.5%
% of Gross Profit
Operating Expenses $11.85M $11.04M $43.61M
YoY Change 21.77% 10.5% -34.97%
Operating Profit -$11.85M -$43.61M
YoY Change 21.77% -34.97%
Interest Expense $756.0K $820.0K $3.193M
YoY Change 10.04% 51.29% 187.66%
% of Operating Profit
Other Income/Expense, Net $756.0K $3.193M
YoY Change 10.04% 187.66%
Pretax Income -$11.10M -$10.22M -$40.42M
YoY Change 22.66% -73.77% -38.71%
Income Tax
% Of Pretax Income
Net Earnings -$11.10M -$10.22M -$40.42M
YoY Change 22.66% -73.77% -38.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.97 -$3.57
Diluted Earnings Per Share -$0.97 -$0.90 -$3.57
COMMON SHARES
Basic Shares Outstanding 11.43M shares 11.36M shares 11.33M shares
Diluted Shares Outstanding 11.42M shares 11.33M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.22M $63.08M $65.58M
YoY Change -38.3% -38.31% -22.27%
Cash & Equivalents $52.23M $39.59M $39.59M
Short-Term Investments $2.992M $23.50M $25.99M
Other Short-Term Assets $3.000K $37.00K $2.883M
YoY Change -97.64% -70.87% 123.49%
Inventory
Prepaid Expenses
Receivables $242.0K $242.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.91M $68.71M $68.71M
YoY Change -38.79% -20.25% -20.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.213M $1.296M $6.560M
YoY Change -20.25% -18.59% -16.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $31.00K $11.00K $3.689M
YoY Change -94.71% -98.29% 165.59%
Total Long-Term Assets $10.22M $10.25M $10.25M
YoY Change -13.3% -62.24% -62.24%
TOTAL ASSETS
Total Short-Term Assets $57.91M $68.71M $68.71M
Total Long-Term Assets $10.22M $10.25M $10.25M
Total Assets $68.13M $78.95M $78.95M
YoY Change -35.97% -30.31% -30.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $972.0K $2.434M $2.434M
YoY Change -76.18% 53.47% 53.47%
Accrued Expenses $3.529M $2.732M $3.715M
YoY Change 152.79% -15.6% -10.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.501M $6.149M $6.149M
YoY Change -14.18% 7.13% 7.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.227M $4.484M $4.484M
YoY Change -19.13% -17.98% -17.98%
Total Long-Term Liabilities $4.227M $4.484M $4.484M
YoY Change -19.13% -17.98% -17.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.501M $6.149M $6.149M
Total Long-Term Liabilities $4.227M $4.484M $4.484M
Total Liabilities $9.728M $10.63M $10.63M
YoY Change -16.4% -5.12% -5.12%
SHAREHOLDERS EQUITY
Retained Earnings -$211.5M -$200.4M
YoY Change 25.13% 25.27%
Common Stock $11.00K $11.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $58.41M $68.32M $68.32M
YoY Change
Total Liabilities & Shareholders Equity $68.13M $78.95M $78.95M
YoY Change -35.97% -30.31% -30.31%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$11.10M -$10.22M -$40.42M
YoY Change 22.66% -73.77% -38.71%
Depreciation, Depletion And Amortization $83.00K $107.0K $341.0K
YoY Change 7.79% 42.67% 37.5%
Cash From Operating Activities -$10.38M -$8.700M -$37.56M
YoY Change -19.47% 73.1% 41.95%
INVESTING ACTIVITIES
Capital Expenditures -$5.000K $45.00K
YoY Change -183.33% -62.5%
Acquisitions
YoY Change
Other Investing Activities $23.10M $14.52M $53.15M
YoY Change 134.14% -179.16% 252.7%
Cash From Investing Activities $23.10M $14.52M $53.11M
YoY Change 134.28% -179.14% 255.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $91.00K
YoY Change 1.11%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$76.00K -1.000K -$91.00K
YoY Change 18.75% 1.11%
NET CHANGE
Cash From Operating Activities -$10.38M -8.700M -$37.56M
Cash From Investing Activities $23.10M 14.52M $53.11M
Cash From Financing Activities -$76.00K -1.000K -$91.00K
Net Change In Cash $12.65M 5.818M $15.46M
YoY Change -508.96% -124.89% -233.3%
FREE CASH FLOW
Cash From Operating Activities -$10.38M -$8.700M -$37.56M
Capital Expenditures -$5.000K $45.00K
Free Cash Flow -$10.38M -$8.695M -$37.60M
YoY Change -19.51% 72.79% 41.48%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. Organization and Nature of the Business </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Overview</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Protara Therapeutics, Inc., and its consolidated subsidiaries (“Protara” or the “Company”), is a clinical-stage biopharmaceutical company committed to advancing transformative therapies for the treatment of cancer and rare diseases. Protara’s portfolio includes two development programs utilizing TARA-002, an investigational cell therapy in development for the treatment of non-muscle invasive bladder cancer, or NMIBC, and lymphatic malformations, or LMs. The third program in the portfolio is Intravenous, or IV, Choline Chloride, an investigational phospholipid substrate replacement therapy in development for patients receiving parenteral nutrition, or PN.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Liquidity and Capital Resources</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company believes that its current financial resources are sufficient to satisfy the Company’s estimated liquidity needs for at least 12 months from the date of issuance of these consolidated financial statements.</span></p>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Significant items subject to such estimates include but are not limited to research and development accruals as well as contingencies.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On an ongoing basis, the Company’s management evaluates its estimates based on historical and anticipated results, trends, and various other assumptions believed to be reasonable. Actual results could differ from those estimates. The results of any changes in accounting estimates are reflected in the financial statements of the period in which the change becomes evident.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentrations of Credit Risk</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments, which potentially subject the Company to concentrations of credit risk, consists principally of cash, cash equivalents, restricted cash, and marketable debt securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company currently invests its excess cash primarily in money market funds and high quality, investment grade marketable debt securities of corporations. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity.</span></p>
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