Aura Biosciences (AURA) Q3 2026 earnings summary

Executive summary

• Phase 3 Compass is fully enrolled at 108 participants; all treatment visits are complete, with topline data from the 15-month primary endpoint targeted for H2 2027.

• Bel-sar is being developed as a potential front-line, vision-preserving therapy for early choroidal melanoma, where no FDA-approved drug therapy currently exists.

• Q3 2026 net loss was $32.1M versus $26.1M YoY; quarter-end cash, cash equivalents and marketable securities totaled $297.2M.

Financial highlights

• Q3 operating expenses were $35.1M versus $27.9M YoY; R&D increased to $24.7M from $22.2M and G&A to $10.3M from $5.7M.

• Q3 net loss was $32.1M, or $0.29 per share, versus $26.1M, or $0.40 per share; interest income was $3.0M versus $1.8M.

• 9M operating expenses were $118.0M versus $85.6M YoY; net loss was $111.4M versus $80.6M, with no product revenue generated to date.

• 9M operating cash use was $88.8M; quarter-end cash and cash equivalents were $41.7M and marketable securities $255.6M.

Outlook and guidance

• Existing cash and marketable securities of $297.2M are expected to fund operations into H1 2029, based on current plans and assumptions that may prove inaccurate.

• Compass topline results from the 15-month primary endpoint are expected in H2 2027; all 108 participants completed treatment and entered 24-month follow-up.

• Updates on bel-sar programs in choroidal metastases and ocular-surface cancers, including disease burden, trial design and future readout timing, are expected in Q1 2027.

• Expenses and capital needs are expected to increase as clinical development, manufacturing and potential commercialization preparations advance; additional financing may be needed.