A Clearer Picture in Lymphatic Malformation

Research evidence excerpt

A Clearer Picture in Lymphatic Malformation

Biotechnology

Protara Therapeutics, Inc. (TARA)

EQUITY RESEARCH Company Update

May 19, 2026

A Clearer Picture in Lymphatic Malformation Price: $4.34

Rating: Overweight Today's investor webinar of TARA-002 (bacterial immunopotentiator) in

Key Statistics: lymphatic malformations (LMs) has put all the pieces together for the first

Symbol NASDAQ: TARA time.

52-Week Range 2.77 - 7.82

Market Cap 243.9 There are a lot of reasons to like LM now:

ADV (3 mo) 933,962 ●It's clear that TARA-002 works, and works incredibly well (a functional Shares Out (M) 56.2

cure) in macrocystic/mixed cystic LMs. No approved therapy, and no

direct competitor also make it a very impactful therapy. Research Analysts:

Li Watsek ●The recently aligned regulatory path should support full approval with

212-915-1221 the current STARBORN-02 trial. Enrollment should be done by YE, and Li.Watsek@cantor.com

BLA is on track in 2H27, which could put launch in 1H28 (we expect

One-Year Price History priority review).

8 ●Some investors have debated unmet needs considering surgery,

6 sclerosants and other inexpensive therapies, but on today's call, KOLs

4 highlighted quite a few shortcomings of current options, especially on

3 safety and recurrence.

05/25 08/25 11/25 02/26 05/26

TARA Created by BlueMatrix ●At the current market cap of $240M, LM alone could justify multiple

times of the current valuation, while NMIBC is also moving towards

pivotal readout next year.

Key takeaways from the call:

1. FDA aligned that STARBORN-1 can support BLA without another pivotal

trial

●Protara confirmed that the FDA will evaluate TARA-002 based on

STARBORN-1 results, with no requested changes in trial size or

endpoint and no additional pivotal trial required. This significantly