Protara Therapeutics Announces Second Quarter 2021 Financial Results and Business Overview - Successfully Completed IND-Enabling Studies for TARA-002 in Patients with NMIBC; On Track to Initiate Phase 1 Trial by Year-End

Protara Therapeutics Announces Second Quarter

2021 Financial Results and Business Overview

- Successfully Completed IND-Enabling Studies

for TARA-002 in Patients with NMIBC; On Track to Initiate Phase 1 Trial by Year-End -

- TARA-002 GMP Scale up and Comparability Ongoing

and Expected to be Completed by Year-End-

- Company Plans to Engage with FDA to Determine

Clinical Trial Design for TARA-002 in Lymphatic Malformations -

- Strong Cash, Cash Equivalents, and Investments

Position of $145M as of June 30, 2021 -

NEW YORK, August 5, 2021 -- Protara

Therapeutics, Inc. (Nasdaq: TARA), a clinical-stage company developing transformative therapies for the treatment of cancer and rare

diseases with significant unmet needs, today announced financial results for the second quarter ended June 30, 2021 and provided a business

make significant progress executing against our development plans for TARA-002 in non-muscle invasive bladder cancer (NMIBC) and lymphatic

malformations (LMs), and we look forward to achieving multiple important milestones in the second half of this year," said Jesse

Shefferman, Chief Executive Officer of Protara Therapeutics.

"With the successful completion of required non-clinical studies for TARA-002, we remain on track to submit our Investigational

New Drug (IND) application and initiate our Phase 1 clinical study by year-end. In addition, our Good Manufacturing Practice (GMP) scale

up and comparability work remain on track to be completed by year-end, and we look forward to working with the U.S. Food and Drug Administration

(FDA) on a clinical trial of TARA-002 in patients with LMs, a rare pediatric

indication for which there are currently no U.S. FDA-approved therapies."

Highlights and Upcoming Milestones

Choline Chloride in Intestinal Failure Associated Liver Disease (IFALD)

Quarter 2021 Financial Results

is an investigational cell therapy in development for the treatment of non-muscle invasive bladder cancer (NMIBC) and lymphatic malformations

(LMs) for which it has been granted Rare Pediatric Disease Designation by the U.S. Food and Drug Administration. TARA-002

was developed from the same master cell bank of genetically distinct group A Streptococcus pyogenes as OK-432, a broad immunopotentiator

marketed as Picibanil in Japan and Taiwan by Chugai Pharmaceutical Co., Ltd. Protara has successfully

demonstrated initial manufacturing comparability between TARA-002 and OK-432.

When TARA-002 is administered,

it is hypothesized that innate and adaptive immune cells within the cyst or tumor are activated and produce a strong immune cascade. Neutrophils,

monocytes and lymphocytes infiltrate the abnormal cells and various cytokines, including interleukins IL-6, IL-8, IL-12, interferon (IFN)-gamma,

tumor necrosis factor (TNF)-alpha, and vascular endothelial growth factor (VEGF) are secreted by immune cells to induce a strong local

inflammatory reaction and destroy the abnormal cells.

About Non-Muscle Invasive Bladder Cancer

Bladder cancer is the

6th most common cancer in the United States, with non-muscle invasive bladder cancer (NMIBC) representing approximately 80% of bladder

cancer diagnoses. Approximately 65,000 patients are diagnosed with NMIBC in the United States each year. NMIBC is cancer found

in the tissue that lines the inner surface of the bladder that has not spread into the bladder muscle.

About Lymphatic Malformations

Lymphatic malformations

(LMs) are rare, congenital malformations of lymphatic vessels resulting in the failure of these structures to connect or drain into the

venous system. Most LMs are present in the head and neck region and are diagnosed in early childhood during the period of active lymphatic

growth, with more than 50% detected at birth and 90% diagnosed before the age of 3 years. The most common morbidities and serious manifestations

of the disease include compression of the upper aerodigestive tract, including airway obstruction requiring intubation and possible tracheostomy

dependence; intralesional bleeding; impingement on critical structures, including nerves, vessels, lymphatics; recurrent infection, and

cosmetic and other functional disabilities.

About IV Choline Chloride and Intestinal

Failure-associated Liver Disease (IFALD)

IV Choline Chloride is

an investigational, intravenous (IV) phospholipid substrate replacement therapy initially in development for patients receiving parenteral

nutrition (PN) who have IFALD. Choline is a known important substrate for phospholipids that are critical for healthy liver function.

Because PN patients cannot sufficiently absorb adequate levels of choline and no available PN formulations contain sufficient amounts

of choline to correct this deficiency, PN patients often experience a prolonged progression to hepatic failure and death, with the only

known intervention being a dual small bowel/liver transplant. If approved, IV Choline Chloride would be the first approved therapy for

IFALD. It has been granted Orphan Drug Designations (ODDs) by the FDA for the treatment of IFALD and the prevention of choline deficiency

About Protara Therapeutics, Inc.

Protara is committed to identifying and advancing transformative therapies

for people with cancer and rare diseases with limited treatment options. Protara's portfolio includes its lead program, TARA-002,

an investigational cell-based therapy being developed for the treatment of non-muscle invasive bladder cancer and lymphatic malformations,

and IV Choline Chloride, an investigational phospholipid substrate replacement therapy for the treatment of intestinal failure-associated

liver disease. For more information, visit www.protaratx.com.

Forward-Looking Statements

Statements contained in this press release

regarding matters that are not historical facts are "forward looking statements" within the meaning of the Private Securities

Litigation Reform Act of 1995. Protara may, in some cases, use terms such as "predicts," "believes," "potential,"

"proposed," "continue," "designed," "estimates," "anticipates," "expects,"

"plans," "intends," "may," "could," "might," "will," "should"

or other words or expressions referencing future events, conditions or circumstances that convey uncertainty of future events or outcomes

to identify these forward-looking statements. Such forward-looking statements include but are not limited to, statements regarding Protara's

intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: Protara's business strategy,

including its plans with respect to certain clinical trials, GMP scale up and comparability work and anticipated timing, Protara's

development plans for its product candidates and related expectations regarding interactions or upcoming filings with the FDA, including

its planned IND filing for TARA-002 in NMIBC and plans regarding the timing or outcome of existing or future non-clinical studies and

clinical trials, Protara's financial footing, statements regarding the anticipated safety or efficacy of Protara's product

candidates and Protara's outlook for the remainder of the year. Because such statements are subject to risks and uncertainties,

actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that contribute to the

uncertain nature of the forward-looking statements include: risks that Protara's sales, revenue, expense and other financial guidance

may not be as expected, as well as risks and uncertainties associated with: Protara's development programs, including the initiation

and completion of non-clinical studies and clinical trials and the timing of required filings with the FDA and other regulatory agencies;

the impact of the COVID-19 pandemic on Protara's business and the global economy; general market conditions; changes in the competitive

landscape; changes in Protara's strategic and commercial plans; Protara's ability to obtain sufficient financing to fund its

strategic plans and commercialization efforts; having to use cash in ways or on timing other than expected; the impact of market volatility

on cash reserves; the loss of key members of management; and the risks and uncertainties associated with Protara's business and

financial condition in general, including the risks and uncertainties described more fully under the caption "Risk Factors"

and elsewhere in Protara's filings and reports with the United States Securities and Exchange Commission. All forward-looking statements

contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates

as of such date. Protara undertakes no obligation to update any forward-looking statements, whether as a result of the receipt of new

information, the occurrence of future events or otherwise, except as required by law.

PROTARA THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

PROTARA THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(in thousands, except share and per share data)

Protara Therapeutics