Janus Henderson Group plc reports beneficial ownership of 5,207,011 shares of Protara Therapeutics, Inc. common stock, representing 9.6% of the class. The holdings are reported on behalf of multiple investment advisers that exercise shared voting and dispositive power for managed portfolios.
The filing notes that the Managed Portfolios generally exercise investment and voting discretion but do not have rights to receive dividends or sale proceeds; the Janus Henderson Biotech Innovation Master Fund Ltd. holds the right to receive dividends or proceeds for more than 5% of the class. The amendment is signed on 5/15/2026.
Positive
None.
Negative
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Insights
Large passive/investment manager stake reported at 9.6%.
Janus Henderson Group plc is disclosed as the ultimate parent of several investment advisers that together are reported as beneficial owner of 5,207,011 shares. The filing attributes shared voting and dispositive power to the Asset Managers acting for Managed Portfolios.
Because the filing identifies the interest as held in client accounts, cash‑flow rights are generally with the underlying Managed Portfolios; one fund—Janus Henderson Biotech Innovation Master Fund Ltd.—is noted as holding dividend/proceeds rights for over 5%.
This is a Schedule 13G/A amendment clarifying parent/adviser relationships and beneficial ownership.
The amendment lists the relevant Asset Managers and explains an irrevocable delegation of investment and voting discretion that affects reporting status. The filing includes a referenced exhibit for subsidiary identification and a power of attorney.
All material ownership figures—5,207,011 shares and 9.6%—are explicitly stated in the schedule and tied to the Managed Portfolios.
Key Figures
Beneficial ownership:5,207,011 sharesPercent of class:9.6%Shared voting power:5,207,011 shares+3 more
6 metrics
Beneficial ownership5,207,011 sharesAmount beneficially owned as reported in Item 4
Percent of class<percent>9.6%</percent>Percent of class reported in Item 4(b)
Shared voting power5,207,011 sharesShared power to vote (Item 4(c)(ii))
Shared dispositive power5,207,011 sharesShared power to dispose (Item 4(c)(iv))
CUSIP74365U107Security identifier on cover
Signature date5/15/2026Signed by Head of North America Compliance
Key Terms
Beneficially owned, Managed Portfolios, Schedule 13G/A, Shared Dispositive Power
4 terms
Beneficially ownedregulatory
"the Asset Managers may be deemed to be the beneficial owner of 5,207,011 common stock"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Managed Portfoliosfinancial
"clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts"
Schedule 13G/Aregulatory
"Amendment No. 6 ) PROTARA THERAPEUTICS, INC. Common Stock"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Shared Dispositive Powerregulatory
"Shared power to dispose or to direct the disposition of: 5207011"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 6)
PROTARA THERAPEUTICS, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
74365U107
(CUSIP Number)
03/31/2026
(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 PLC
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
5,207,011.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,207,011.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,207,011.00
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)
9.6 %
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 plc
(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 plc (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, and Victory Park Capital 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 5,207,011 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:
9.6 %
(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:
5207011
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
5207011
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.
Janus Henderson reports beneficial ownership of 5,207,011 shares of Protara Therapeutics common stock, representing 9.6% of the class. The amount is reported as shared voting and dispositive power exercised by its Asset Managers.
Are these shares held directly by Janus Henderson or for clients?
The shares are held by multiple Asset Managers on behalf of client Managed Portfolios. The filing states the Asset Managers exercise investment and voting discretion for those accounts and disclaim rights to dividends or sale proceeds for most portfolios.
Which fund holds dividend or proceeds rights for over 5%?
The filing identifies Janus Henderson Biotech Innovation Master Fund Ltd. as the only Managed Portfolio with the right to receive dividends from, or proceeds from the sale of, more than 5% of Protara Therapeutics common stock.
What powers does Janus Henderson claim over the shares?
Janus Henderson reports shared power to vote and shared power to dispose of 5,207,011 shares. It reports no sole voting or sole dispositive power for these shares in the schedule.
When was this Schedule 13G/A amendment signed?
The amendment is signed by Kristin Mariani as Head of North America Compliance on 5/15/2026, and the cover lists an effective date of 03/31/2026 associated with the filing header.
