Aura Biosciences (AURA) Corporate presentation summary

Transformative approach to early cancer treatment

• Virus-like drug conjugates (VDCs) offer a novel, dual mechanism: direct tumor cell killing and immune activation, with demonstrated efficacy in multiple animal models and early clinical trials.

• VDCs target a key receptor expressed early in malignant transformation, are tumor and mutation-agnostic, and show high potency with favorable safety profiles.

• Bel-sar, the lead candidate, is being developed for ocular and urologic oncology, with ongoing trials in early choroidal melanoma and non-muscle-invasive bladder cancer (NMIBC).

Ocular oncology: clinical progress and market opportunity

• Early choroidal melanoma has no approved vision-preserving therapies; current standard-of-care radiotherapy often leads to blindness.

• Phase 2 data in early choroidal melanoma showed 80% tumor control and 90% visual acuity preservation at 12 months, with no serious adverse events.

• A global phase 3 trial (COMPASS) is enrolling, with primary endpoints focused on tumor progression and vision preservation; topline data expected H2 2027.

• The addressable market in ocular oncology is estimated at over 66,000 patients/year in the US/EU, representing a multi-billion-dollar opportunity.

Urologic oncology: addressing unmet needs in bladder cancer

• NMIBC represents a high unmet need, with high recurrence rates and significant treatment burden; current therapies are invasive and often discontinued.

• Bel-sar demonstrated clinical complete responses in both intermediate- and high-risk NMIBC after a single dose, with favorable safety and immune activation in phase 1.

• The therapy is designed for in-office administration, supporting broad access and scalability, and is being evaluated in a phase 1b/2 trial with data expected mid-2026.