MeritValue

Protara Therapeutics, Inc.

TARAdata completeness 75%14 fiscal years on file
The thesis, from the filings

Protara Therapeutics, Inc. earns about -42% on equity, but has diluted owners by 281% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$47.3M1−$66M2−$40.4M3−$44.6M4−$57.4M4
Operating cash flow−$34.5M5−$26.5M6−$37.6M7−$35.8M8−$56.4M8
Capital expenditure$596,0009$120,00010$45,00011$63,00012$94,00012
Free cash flow (derived)−$35.1M5−$26.6M6−$37.6M7−$35.9M8−$56.5M8
Total debt$013————
Cash & equivalents$35.7M14$24.1M15$39.6M16$162.8M17$49.7M17
Diluted shares11.2M11.3M11.3M20.6M42.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$45.85
your share of equity
Profit it earned you last year
−$13.41
Free cash flow it threw off
−$13.18
Debt you’d be carrying
—

10 shares is a claim on $45.85 of net worth that earned you −$13.41 and generated −$13.18 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-42% avg · 5y
FY21 -29%FY22 -65%FY23 -59%FY24 -27%FY25 -29%

It earned an average -42% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+281% shares · 5y

Share count is up 281% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-018373 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-021982 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-020368 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-025433 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-018373 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-021982 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-020368 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-025433 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-018373 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-021982 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-020368 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-025433 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-22-011208 (DebtCurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001213900-23-018373 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001213900-24-021982 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-25-020368 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-26-025433 (CashAndCashEquivalentsAtCarryingValue)