Buy Recommendation for Protara Therapeutics Driven by Promising TARA-002 Developments and Strategic Market Positionings: This morning, TARA hosted a webinar covering updated Ph 2 ADVANCED-2 data covering TARA-002 in BCG-naive CIS (± Ta/T1) NMIBC, and highlighted wri en feedback from FDA interacons regarding registraonal de velopment paths. Key clinical updates since the prior July 2025 data cut (note on SUO abstract) include 72% anyme CR r ate in N=21/29 paen ts, with 69% CR rate at 6-mo (N=18/26) and 50% CR rate at 12-mo (N=7/14) as of a Nov 7th, 2025 cutoff. The drug works in BCG-naive NMIBC (unsurprising but nevertheless posiv e) and more importantly, FDA is allowing a registraonal pa th that avoids BCG, potenally includes a ph ysician's choice intravesical chemo comparator arm, likely enrolls <500 pts and has a 6-month CR rate as primary endpoint (not me-t o-event).