Protara Therapeutics, Inc. · NASDAQ:TARA
Protara Therapeutics — Investor Presentation (February 2026)
34 slides from Protara Therapeutics's investor presentation, Feb 24, 2026
Slide 1: Corporate Presentation February 2026
Corporate Presentation February 2026
Slide 2: Forward Looking Statements
Forward Looking Statements 1 ©2026 Protara Therapeutics. All Rights Reserved – Do Not Copy or Distribute Statements contained in this presentation regarding matters that are not historical facts are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 19
Slide 3: Transformative Investigational Therapies in Oncology and Rare Disease
Transformative Investigational Therapies in Oncology and Rare Disease TARA - 002 in Non - Muscle Invasive Bladder Cancer • Positive interim data in BCG - Unresponsive and BCG - Naïve patients from ADVANCED - 2 trial TARA - 002 in NMIBC • FDA supported Company’s BCG - Naïve registrational trial desig
Slide 4: Diversified Late-Stage Pipeline
*Currently in pre - clinical studies to define dosing and, once protocol is confirmed, expect to initiate P2 trial cohort. **IV Choline granted Orphan Drug Designations by the U.S. FDA for the prevention and/or treatment of choline deficiency in patients on long - term PN and Fast Track Designation
Slide 5: Multiple Near-Term Milestones Anticipated
Multiple Near - Term Milestones Anticipated 4 ADVANCED - 2 BCG - UN interim analysis (Ǫ1’26) NMIBC IV Choline LMs Ǫ1’2026 Ǫ2’2026 2H’2026 BALANCE SHEET: $134M of cash, cash equivalents and investments in marketable debt securities as of September 30, 2025. Cash runway into 2028 including $86M of gro
Slide 6: Non-Muscle Invasive Bladder Cancer (NMIBC)
TARA - 002 Non - Muscle Invasive Bladder Cancer (NMIBC)
Slide 7: Monotherapy Demonstrates 68% CR at 6 Months Among BCG-Unresponsive Participants
Abbreviations: CR = complete response High - grade CR is based on central pathology including a mandatory biopsy at Month 3 Notes: Evaluable participants include those who had at least one dose of study drug before the response assessment time point and completed at least one response assessment; CR
Slide 8: Monotherapy Demonstrates 67% CR at 6 Months Among BCG-Naïve Participants
TARA - 002 Monotherapy Demonstrates 67% CR at 6 Months with Durable Response Among BCG - Naïve Participants High - grade CR rate at any time (%) 72.4% 100 21 of 29 80 60 40 20 0 N = 2G High - grade CR rate (%) Landmark 66.7 (18 of 27) Month 6 57.G (11 of 19) Month 12 66.6 (4 of 6) Reinduction Salvag
Slide 9: Favorable Safety and Tolerability Profile with No Grade 3 or Greater TRAEs
Grade 4/5 Grade 3 Grade 2 Grade 1 Any Grade N = 74 0 0 4 (5) 19 (26) 19 (26) TRAEs, n (%) TRAEs ≥5%, n (%) 0 0 0 10 (14) 10 (14) Dysuria 0 0 3 (4) 4 (5) 7 (9) Bladder spasm 0 0 1 (1) 4 (5) 5 (7) Fatigue 0 0 0 4 (5) 4 (5) Micturition urgency 1 (1) 10 (14) 3 (4) 0 11 (15) SAEs, n (%) 0 0 0 0 0 Related
Slide 10: A Unique TLR2/NOD2 Agonist Bringing a New Immunologic Mechanism to NMIBC
TARA - 002 ignites both innate and adaptive immunity through dual TLR2/NOD2 activation, driving potent local anti - tumor / cystic responses via fully inactivated bacteria 1, 2, 3 TARA - 002: A Unique TLR2/NOD2 Agonist Derived From Streptococcus pyogenes That Brings a New Immunologic Mechanism to NM
Slide 11: The Majority of NMIBC Patients are Treated by Community Urologists
The Majority Of NMIBC Patients are Treated by Community Urologists Estimated NMIBC Patient Distribution by Site of Care (TDG Prior Research BCG Utilization Data Set, 2023 - 2024, Estimated % of NMIBC Patients) Community*, 68% Academic/Health System, 32% G5% 56% 31% 5% 44% 6G% NMIBC MIBC mUC Up to 35
Slide 12: NMIBC: Safety and Ease of Use Are Important to Adoption
23 16 11 11 9 2 1 5 12 6 Requirements to give BCG 11 Cost and financial burden Administration and logistics Risk and management of adverse events Lower efficacy than other options NMIBC: Safety C Ease Of Use Are Important to Adoption Bloomberg surveyed 51 urologists on their views of key adoption fa
Slide 13: Ease of preparation and administration versus competing therapies
TARA - 002 No vial thaw, simple preparation; no pre/post treatment protocol Preparation: can be conducted on open table or benchtop; no special handling Detalimogene voraplasmid No vial thaw, simple preparation; no pre/post treatment protocol Anktiva + BCG - TICE Risk of infection for patient and ca
Slide 14: Target Product Profile Sits at the Intersection NMIBC Patients and Urologists Prioritize
Safety G Tolerability Efficacy and Durability Ease - of - Use • Mild, self - limited local AEs • Predictable, well - characterized safety profile • Robust single agent activity • Competitive CR rates • Encouraging durability • Simple office - based intravesical instillation • No special handling req
Slide 15: Lymphatic Malformations (LMs)
TARA - 002 Lymphatic Malformations (LMs)
Slide 16: LMs Represent a Significant Pediatric Rare Disease Opportunity
LMs Represent a Significant Pediatric Rare Disease Opportunity with No Currently Approved Therapies Lymphatic Malformations (LMs) are rare, non - malignant, congenital malformations of lymphatic vessels resulting in the failure of these structures to connect to or drain into the venous system 1 LMs
Slide 17: Patients Diagnosed in Community and Referred to Vascular Anomaly Centers
Referral 1,400 - 1,800 Incident Patients are Typically Diagnosed in the Community Setting and Most are Referred to Vascular Anomaly Centers (VACs) VACs/Centers of Excellence (COE) Referral Complication, Treatment Failure, Recurrence Community prefers surgery or referral and COEs/VACs prefer scleroth
Slide 18: Robust Clinical Results from OK-432, Predecessor
UNIVERSITY OF IOWA RESULTS: 84% * CLINICAL SUCCESS ǂ IN PATIENTS WITH MACROCYSTIC LESION TYPES 62% 28% 0% 22% 32% Macrocystic LMs (n=77) Mixed (n=47) Microcystic LMs (n=14) • Patients with radiographically confirmed macrocystic lesions had the greatest clinical success • In those patients with mixed
Slide 19: Favorable Safety Profile and Well-Tolerated in LMs
TARA - 002 in LMs Has a Favorable Safety Profile and is Well - Tolerated Data cutoff: November 12, 2025 18 ©2026 Protara Therapeutics. All Rights Reserved – Do Not Copy or Distribute Grade 4/5 Grade 3 Grade 2 Grade 1 Any Grade Number of Patients, n = 12 0 (0.0) 1 (8.3) 6 (50.0) 8 (66.7) 8 (66.7) TEA
Slide 20: Meaningful Results in Patients Treated in the STARBORN-1 Study
TARA - 002 Has Demonstrated Meaningful Results in LMs Patients Treated in the STARBORN - 1 Study BEFORE AFTER BEFORE AFTER Medical photography from 2 patients pre - and post - treatment with TARA - 002 in STARBORN - 1 trial ©2026 Protara Therapeutics. All Rights Reserved – Do Not Copy or Distribute
Slide 21: A Late-Stage Opportunity with Significant Unmet Need in LMs
TARA - 002 in LMs is a Late - Stage Opportunity with Significant Unmet Need STARBORN - 1 DATA INDICATE TARA - 002 HAS COMPARABLE SAFETY G EFFICACY TO OK - 432 • 100% of evaluable patients who received TARA - 002 achieved clinical success • TARA - 002 demonstrated favorable safety and tolerability pr
Slide 22: IV Choline Chloride
IV Choline Chloride Phospholipid substrate replacement therapy for patients dependent on parenteral support (PS)
Slide 23: IV Choline Chloride is a Late-Stage Opportunity with High Unmet Medical Need
22 IV Choline Chloride is a Late - Stage Opportunity with High Unmet Medical Need HIGH UNMET NEED WITH LARGE MARKET OPPORTUNITY • ~30K patients on PS long term at home • 78% of PS - dependent patients are choline - deficient and 63% have some degree of liver damage 1 • Pricing analogues suggest sign
Slide 24: Independent Phase 2 Study Demonstrates IV Choline Restores Choline Levels and Improves Steatosis
Significant differences in the LS mean change from baseline in MRI - PDFF observed in Choline group vs. placebo at Weeks 4 - 24, demonstrating a clinically meaningful and statistically significant reduction in steatosis (range 31% - 54%) PLASMA FREE CHOLINE LEVELS: ALL PATIENTS 1 Choline supplementa
Slide 25: Large Market Opportunity for IV Choline in Parenteral Support
24 Large Market Opportunity for IV Choline to Address a Clear, Guideline Supported Unmet Medical Need in PS US Patients requiring PS >110,000 per year Patients on long term PS at home ~30,000 ASPEN (US) and ESPEN (EU) guidelines recommend choline for patients on PS, yet no product is available to me
Slide 26: Appendix
Appendix 6 Mrota RA THERAPEUTICS
Slide 27: Differentiated Profile to BCG: Potent Immune Activation
TARA - 002 BCG Cytokines + -- - IFN - γ +++ + TNF - α + = IL - 12p70 - = IL - 8 + + IL - 6 +++ +++ IL - 1β + = IL - 10 + + IL - 4 = = IL - 13 - - - - IL - 2 26 TARA - 002 Demonstrates Differentiated Profile to BCG = : No change + : 2 - 5 fold upregulation +++ : ≥ 15 - fold upregulation - : 2 - 5 fol
Slide 28: ADVANCED-2 Registrational Design
Abbreviations: CR = complete response; CIS = carcinoma in situ *Aligned with the FDA’s 2024 BCG Unresponsive NMIBC: Developing Drugs and Biologics for Treatment Guidance for Industry. **Enrollment complete †Residual CIS and/or recurrence of HGTa; ^3 weekly instillations every 3 months through month
Slide 29: BCG-Unresponsive Cohort Demographics and Baseline Characteristics
Cohort B N = 43 Baseline Demographics Age (years) 75 (47, 92) Median (Min, Max) Sex, n (%) 31 (72.1) Male 12 (27.9) Female Race, n (%) 5 (11.6) Asian 1 (2.3) Black or African American 35 (81.4) White 1 (2.3) Other 1 (2.3) Not Reported © 2026 Protara Therapeutics. All Rights Reserved – Do Not Copy or
Slide 30: BCG-Naïve Cohort Demographics and Baseline Characteristics
Cohort A N = 31 Baseline Demographics Age (years) 71 (45, 89) Median (Min, Max) Sex, n (%) 25 (80.6) Male 6 (19.4) Female Race, n (%) 1 (3.2) Black or African American 29 (93.5) White 1 (3.2) Not Reported © 2026 Protara Therapeutics. All Rights Reserved – Do Not Copy or Distribute. | BCG - Naïve Coh
Slide 31: STARBORN-1 Single Arm Open-Label Study Design
6 years to < 18 years 2 years to < 6 years 6 months to < 2 years Phase 2a: Safety Lead - In Phase 2b: Expansion Age De - escalation Age De - escalation DMC Review DMC Review DMC Review Phase 2 STARBORN - 1 Trial Enroll N = 20 Expansion Expansion Expansion Enroll N = 3 Enroll N = 3 Enroll N = 3 STARB
Slide 32: STARBORN-1 Patient Disposition and Response
2 Patients withdrew before 8 - week post - treatment assessment • 1 participant was mis - diagnosed and had a rare form of cancer and did not respond to treatment • 1 participant dropped out after achieving a marked resolution of the LM: received 2 doses (160 ml aspiration at first dose reduced to 1
Slide 33: STARBORN-1 Interim Results: Clinical Response Overview
STARBORN - 1 Interim Results: Clinical Response Overview Assessment of Response 8 Weeks after Last Injection Number of Doses of TARA - 002 Age LM Type Cohort / Patients* Ph2a: 6 - 18 years Complete Response 1 14 Ranula (Dx’d macro)** 1 Complete Response 1 12 Mixed cystic 2 Withdrew 3 15 Mis - diagno
Slide 34: THRIVE Pivotal Trial with PK and Liver Function Endpoints
THRIVE - 3 is a seamless Phase 2b/3 trial with dose confirmation followed by double - blinded, randomized, placebo - controlled trial to assess the safety and efficacy of IV Choline Chloride in adolescents and adults on long - term PS when oral or enteral nutrition is not possible, insufficient, or
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