AURA · Aura Biosciences, Inc.

Aura Biosciences' Q1 2026 results reflect accelerated investment in its lead asset bel-sar (AU-011), with R&D expenses rising 20% year-over-year to $28.0 million, primarily from global Phase 3 CoMpass trial costs in early choroidal melanoma and manufacturing scale-up. G&A expenses increased 21% to $6.9 million due to personnel growth and professional fees amid company expansion. The resulting GAAP net loss widened to $33.7 million ($0.50 per share) from $27.5 million ($0.55 per share) last year, partially offset by higher interest income. Balance sheet strengthened dramatically post-quarter via oversubscribed $299 million equity offering, yielding $280.8 million net proceeds after expenses and $39 million stock repurchase from Matrix Capital, extending cash runway into 2H 2028 without dilution concerns. CEO Natalie Holles, appointed April 30 succeeding founder Elisabet de los Pinos, emphasized execution on CoMpass trial milestones: mid-2026 enrollment completion under FDA Special Protocol Assessment, supporting 2H 2027 topline for 15-month primary endpoint. Pipeline progress includes ongoing Phase 2 choroidal metastases (2026 data), Phase 1 ocular surface cancers (2026 PoC), and Phase 1b/2 NMIBC (mid-2026 data), positioning bel-sar as potential first vision-preserving therapy in ocular oncology.