Level Setting AUA 2026 Update & How TARA Fits Into the NMIBC Space + Beyond

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Level Setting AUA 2026 Update & How TARA Fits Into the NMIBC Space + Beyond

E EPS — US$(1.85)

TARA mgmt remains confident that the efficacy in BCG-naive and BCG-UR patients

will converge over time and as such, this update should provide a glimpse into what 52-Week High / Low US$7.82 / US$2.77

Shares Out (mil) 42.8 the mature BCG-UR clinical efficacy could look like. While we think investors will need

Market Cap. (mil) US$222.6

more data in BCG-UR to be convinced, we think: (1) the continued 12mo durability Avg Daily Vol (000) 916

improvement in this cohort over time bodes well, and (2) confirmation of a durable signal Div Yield 0.00%

in more BCG-naive patients continues to support the potential use case of TARA-002 Fiscal Year End Dec

in the far less-crowded frontline setting.

Price Performance - 1 Year

• BCG-naive setting provides longer-term upside (and clear differentiation from the USD

field) for TARA; Still off investors' radars. TARA’s initial pivotal strategy in NMIBC was 8

designed in alignment with the 2024 FDA guidance for BCG-UR HR-NMIBC including 7

a single arm path to full approval. TARA recently reached alignment with the FDA on 6

the design for a registrational trial in the BCG-naive setting that differs from recent

BCG-naive trials (CREST, POTOMAC, ALBAN) in that TARA will evaluate TARA-002 vs 5

intravesicle chemo (not BCG) in BCG-naive patients with a primary endpoint of CR rate 4

at 6mo. TARA has been clear that they plan to leverage the BCG-UR setting as a fast 3

path to market with the ultimate focus of moving into frontline (BCG-naive). We continue 2

to view TARA as under-the-radar despite the substantial and unique market opportunity May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26

in NMIBC, alongside their LMs and PS programs. Source: Bloomberg