TARA-002 in LMs Remains Highly De-Risked (But Totally Under the Radar)

Research evidence excerpt

TARA-002 in LMs Remains Highly De-Risked (But Totally Under the Radar)

C O M PA N Y N O T E

M a y 1 9 , 2 0 2 6

Protara Therapeutics, Inc. (TARA) Overweight

CONCLUSION PRICE: US$4.34

TARA hosted a conference call this afternoon to present clinical data from the ongoing TARGET: US$24.00

pivotal STARBORN-1 trial of TARA-002 in lymphatic malformations (LMs). The call included Our $24PT is based on DCF through 2044

KOL feedback as well as more details on the regulatory path forward to a potential launch (12% WACC, 2% terminal growth rate) for $16

in 2028E. While this indication remains the most de-risked in our view based on clinical in NMIBC opportunity, $5 in LM opportunity, $3

data generated to date (as well as 30+ years commercial experience for the predecessor in PS opportunity, and $1 in cash.

molecule in Japan), we continue to think it remains entirely off of the Street's radar given

Kelsey Goodwinprior lack of clarity around the regulatory path. Sr. Research Analyst, Piper Sandler & Co.

617 994-6522, kelsey.goodwin@psc.com

• TARA presented updated TARA-002 data in LMs from the STARBORN-1 study Brittany Stopa, MD, MPH

at the International Society for the Study of Vascular Anomalies (ISSVA) World Research Analyst, Piper Sandler & Co.

Congress. Recall, TARA-002's predecessor molecule, OK-432, has been approved in 617 994-6503, brittany.stopa@psc.com

Japan for LMs for >30 years, and clinical data generated in the U.S. by both TARA Changes Previous Current

and University of Iowa has confirmed clear and substantial activty for TARA-002 in this Rating — Overweight

indication. In the April datacut of STARBORN-1, TARA presented data on n=12 patients Price Tgt — US$24.00

wherein TARA-002 demonstrated 83% clinical success rate, 67% complete response FY26E Rev (mil) — US$0.0