Aura Biosciences Q2 revenue down 36%, cash to fund ops into H1 2027.

• Aura Biosciences reports Q2 2025 financial results • Continued clinical program execution in Phase 3 CoMpass trial and Phase 1b/2 trial • Strengthened balance sheet with $75M equity financing • Cash position expected to fund operations into H1 2027 • Focus on precision therapies for solid tumors • Preserving organ function in clinical trials

Aura Biosciences (NASDAQ: AURA) has reported its financial results for the second quarter ended June 30, 2025, along with significant updates on its clinical programs. The company's equity financing of $75 million has extended its cash runway into the first half of 2027, bolstering its financial position. The current cash position stands at $177.3 million, providing substantial capital to support ongoing clinical trials and operational expenses.

Aura's clinical portfolio is advancing with notable progress. The ongoing global Phase 3 CoMpass trial in early choroidal melanoma, which is the first registration-enabling study for this indication, is actively enrolling. Over 240 patients have been registered for pre-screening, suggesting potential completion by the end of 2025. This trial addresses a significant unmet need in early choroidal melanoma treatment.

The company is also advancing a Phase 1b/2 trial in non-muscle invasive bladder cancer (NMIBC) and expanding its ocular oncology program to include metastases to the choroid and cancers of the ocular surface. These efforts reflect Aura's strategic focus on precision therapies for solid tumors designed to preserve organ function.

The Q2 2025 financials show increased R&D expenses of $22.9 million compared to $16.9 million in Q2 2024, reflecting investments in the Phase 3 trial and manufacturing development. General and administrative (G&A) expenses decreased slightly to $5.7 million from $5.9 million in Q2 2024. However, the net loss widened to $27.0 million compared to $20.3 million in Q2 2024, indicating a 33% increase in cash burn rate. This expansion in losses is attributed to strategic investments in late-stage clinical programs.

Aura's recent equity financing provides a critical runway extension during a pivotal clinical development period. The company's current cash position is expected to fund operations into the first half of 2027, providing approximately two years of operating capital. This extended runway appears strategically timed to potentially carry the company through the completion of its Phase 3 CoMpass trial in early choroidal melanoma, where enrollment might finish by late 2025.

The company's quarterly R&D expenses increased 35.5% to $22.9 million versus $16.9 million in Q2 2024, driven by the Phase 3 trial progression and manufacturing costs for its lead candidate bel-sar. While G&A expenses decreased slightly, stock-based compensation within G&A increased to $1.8 million from $1.6 million, representing over 31% of total G&A expenses.

Aura's clinical portfolio expansion strategy across multiple ocular oncology indications and bladder cancer represents significant market potential but also increased development complexity and costs. The recent patent application for a new bladder cancer formulation could extend IP protection to 2046, potentially creating long-term commercial value if clinical trials succeed.

Investors should monitor the burn rate acceleration, as additional financing might be required if trials extend beyond current timelines or if the company begins pre-commercial activities ahead of potential approval. The extended runway does, however, provide negotiating leverage should they seek partnerships or additional financing in coming quarters.

References:
[1] https://www.stocktitan.net/news/AURA/aura-biosciences-reports-second-quarter-2025-financial-results-and-03ttf9v0vcgq.html