Janus Henderson Group Ltd. reports passive ownership of common stock of Protara Therapeutics, Inc. under a Schedule 13G/A. Investment adviser affiliates of Janus Henderson, acting as asset managers for client accounts referred to as Managed Portfolios, may be deemed the beneficial owners of 4,696,709 shares of Protara common stock, representing 8.4% of the class.
Janus Henderson and its asset managers have no sole voting or dispositive power but hold shared voting and shared dispositive power over 4,696,709 shares, reflecting authority exercised on behalf of clients. The asset managers disclaim rights to receive dividends or sale proceeds, which belong to the Managed Portfolios. Among these, Janus Henderson Biotech Innovation Master Fund Ltd. alone has the right to receive dividends or sale proceeds from more than five percent of Protara’s common stock, while not being considered a separate reporting person due to delegated investment and voting discretion.
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:4,696,709 sharesPercent of class:8.4%Shared voting power:4,696,709 shares+2 more
5 metrics
Shares beneficially owned4,696,709 sharesCommon stock of Protara Therapeutics beneficially owned by asset managers
Percent of class8.4%Proportion of Protara Therapeutics common stock class reported
Shared voting power4,696,709 sharesShares over which Janus Henderson reports shared voting authority
Shared dispositive power4,696,709 sharesShares over which Janus Henderson reports shared dispositive authority
Sole voting power0 sharesNo Protara shares with sole voting authority reported
Key Terms
beneficial owner, dispositive power, Managed Portfolios, Schedule 13G, +1 more
5 terms
beneficial ownerfinancial
"may be deemed to be the beneficial owner of 4,696,709 common stock"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
dispositive powerfinancial
"Shared Dispositive Power 4,696,709.00"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
Managed Portfoliosfinancial
"collectively referred to herein as Managed Portfolios"
Schedule 13Gregulatory
"Due to an irrevocable delegation ... the Fund is not considered a Reporting Person under Section 13(d) and (g)."
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
irrevocable delegation of investment and voting discretionfinancial
"Due to an irrevocable delegation of investment and voting discretion to an Asset Manager"
FAQ
What stake in Protara Therapeutics (TARA) does Janus Henderson report in this Schedule 13G/A?
Janus Henderson Group Ltd. reports that its asset managers may be deemed beneficial owners of 4,696,709 shares of Protara Therapeutics common stock, representing 8.4% of the outstanding class, held across various Managed Portfolios for advisory clients.
Does Janus Henderson have sole or shared voting power over TARA shares?
Janus Henderson reports 0 shares with sole voting power and 4,696,709 shares with shared voting power. The same 4,696,709 shares are reported with shared dispositive power, reflecting authority exercised by affiliated asset managers for client accounts.
Who actually receives dividends and sale proceeds from the TARA shares held by Janus Henderson affiliates?
The filing states that the Managed Portfolios have the right to receive all dividends and sale proceeds from the Protara shares. Janus Henderson’s asset managers disclaim ownership of these economic rights, acting only with investment and voting discretion for clients.
Which Janus Henderson fund holds more than 5% of TARA’s common stock?
Among the Managed Portfolios, only Janus Henderson Biotech Innovation Master Fund Ltd. is identified as having the right to receive dividends or sale proceeds from more than 5% of Protara Therapeutics’ common stock, while delegating investment and voting discretion to an asset manager.
Why is the Janus Henderson Biotech Innovation Master Fund Ltd. not a reporting person for TARA?
The fund is not considered a reporting person under Sections 13(d) and 13(g) because it has irrevocably delegated investment and voting discretion to an asset manager on less than 60 days’ notice, so the Schedule 13G/A is filed instead by Janus Henderson Group Ltd.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 7)
PROTARA THERAPEUTICS, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
74365U107
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
74365U107
1
Names of Reporting Persons
JANUS HENDERSON GROUP Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JERSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,696,709.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,696,709.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,696,709.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.4 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
PROTARA THERAPEUTICS, INC.
(b)
Address of issuer's principal executive offices:
345 PARK AVENUE SOUTH, 3RD FLOOR
NEW YORK, NY 10010
Item 2.
(a)
Name of person filing:
Janus Henderson Group Ltd.
In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Janus Henderson Group Ltd. It does not include securities, if any, beneficially owned by Janus Henderson Group Ltd.s ultimate parent Jupiter Topco LLC, the direct or indirect owners of Jupiter Topco LLC, or other persons that may be deemed under control of such owners. Any beneficial ownership by such persons has been disaggregated from that of Janus Henderson Group Ltd. in accordance with the release.
(b)
Address or principal business office or, if none, residence:
201 Bishopsgate
EC2M 3AE, United Kingdom
(c)
Citizenship:
Y9
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
74365U107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Janus Henderson Group Ltd. (JHG) is the ultimate parent of a number of SEC-registered investment advisers and foreign equivalents thereof, including but not limited to Janus Henderson Investors US LLC, Janus Henderson Investors UK Limited, Janus Henderson Investors Australia Institutional Funds Management Limited, Janus Henderson Investors Middle East Limited, Janus Henderson Investors (Jersey) Limited, Janus Henderson Investors (Japan) Limited, Janus Henderson Investors (Singapore) Limited, Kapstream Capital Pty Limited, Privacore Capital Advisors LLC, Tabula Investment Management Limited, Victory Park Capital Advisors LLC, and Richard Berstein Advisors LLC (each, an Asset Manager and together, the Asset Managers). The Asset Managers generally exercise investment and/or voting discretion on behalf of their clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts (collectively referred to herein as Managed Portfolios).
As a result of their exercise of investment and/or voting discretion on behalf of the Managed Portfolios, the Asset Managers may be deemed to be the beneficial owner of 4,696,709 common stock of Protara Therapeutics, Inc. However, the Asset Managers do not have the right to receive any dividends from, or the proceeds from the sale of, the securities held in the Managed Portfolios and disclaim any ownership associated with such rights.
(b)
Percent of class:
8.4 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
4696709
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
4696709
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Managed Portfolios have the right to receive all dividends from, and the proceeds from the sale of, the securities held in their respective accounts.
Of the Managed Portfolios, only the Janus Henderson Biotech Innovation Master Fund Ltd. has the right to receive dividends from, or the proceeds from the sale of, more than five percent of the common stock of Protara Therapeutics, Inc. Due to an irrevocable delegation of investment and voting discretion to an Asset Manager on less than 60 days notice, the Fund is not considered a Reporting Person under Section 13(d) and (g).
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please refer to Exhibit 99.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
N/A
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
N/A
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
