Protara Therapeutics, Inc.(TARA) and its subsidiaries released t heir unaudited condensed consolidated financial statements for the second quarter ended June 30, 2023. The company reported a net loss of $11.3 million for the quarter. Additionally, the revenue for the same period amounted to $846,000.
Condensed Consolidated Balance Sheets
The Condensed Consolidated Balance Sheets revealed that as of June 30, 2023, Protara Therapeutics had total assets valued at $95.1 million. This represented a decrease from the $113.3 million reported as of December 31, 2022. The company's assets were primarily comprised of cash and cash equivalents, amounting to $33.9 million, and marketable debt securities totaling $46.4 million.
For the three months ended June 30, 2023, Protara Therapeutics reported operating expenses of $12.1 million, consisting of $7.2 million in research and development costs and $4.9 million in general and administrative expenses. The loss from operations amounted to $12.1 million for the quarter.
The company recorded other income of $846,000 during the second quarter, primarily driven by interest and investment income. Combining the operating loss and other income, Protara Therapeutics reported a net loss of $11.3 million for the quarter.
Protara Therapeutics' stockholders' equity stood at $85.2 million as of June 30, 2023. This figure represented a decrease from the $102.1 million reported at the end of December 31, 2022.
During the second quarter, the company did not issue or repurchase any preferred stock. However, the common stock remained unchanged at 11,307,962 shares issued and outstanding.
Unaudited Condensed Consolidated Statements of Cash Flows
The cash flow statement for the six months ended June 30, 2023, revealed that Protara Therapeutics used $22.3 million in operating activities during the period. The company attributed the cash usage to its net loss, partially offset by adjustments for stock-based compensation and changes in operating assets and liabilities.
The investing activities provided a net cash inflow of $32.2 million, primarily driven by the proceeds from the maturity and redemption of marketable debt securities.
In contrast, the financing activities resulted in a net cash outflow of $64,000, as a result of repurchasing shares in connection with the settlement of restricted stock units.
Overall, Protara Therapeutics reported a net increase in cash and cash equivalents and restricted cash of $9.9 million for the six months ended June 30, 2023.
These financial results reflect the company's ongoing efforts to advance its therapeutic initiatives while continuing to manage its operational expenses. Protara Therapeutics remains committed to its mission of bringing innovative treatments to patients and enhancing shareholder value.