Aura Biosciences (AURA) Q1 2026 earnings summary

Executive summary

• Lead candidate bel-sar is in late-stage clinical development for early choroidal melanoma, with additional trials in ocular and bladder cancers underway.

• Phase 3 Compass trial for bel-sar is advancing toward enrollment completion, with topline data expected in 2H 2027.

• No product revenue to date; operations funded by equity offerings, raising $797.8M gross through May 2026.

• Net loss for Q1 2026 was $33.7M, up from $27.5M in Q1 2025, reflecting increased R&D and G&A expenses.

• Natalie Holles appointed CEO and President, succeeding the founder.

Financial highlights

• Q1 2026 operating expenses: $34.9M (R&D: $28.0M, G&A: $6.9M), up $5.8M year-over-year.

• Net loss per share: $(0.50) in Q1 2026 vs. $(0.55) in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled $114.7M as of March 31, 2026.

• Weighted average shares outstanding: 67.4M in Q1 2026.

• Stock-based compensation expense for Q1 2026 was $3.8M.

Outlook and guidance

• Cash and securities, including recent offering proceeds, expected to fund operations into the second half of 2028.

• Topline data from the Phase 3 Compass trial anticipated in 2H 2027.

• Early proof-of-concept data from Phase 2 choroidal metastases and Phase 1 ocular surface cancer trials expected in 2026.

• Initial 3-month data from bladder cancer trial expected mid-2026.

• Substantial additional funding will be needed to complete development and commercialization of bel-sar.