Aura Biosciences (AURA) Q4 2025 earnings summary

Executive summary

• Accelerated enrollment in the Phase 3 Compass trial for early choroidal melanoma, with completion expected by mid-2026 and topline data in 2H 2027.

• Initial 3-month clinical data from the Phase 1b/2 NMIBC trial anticipated mid-2026.

• Achieved 12-month stability for a new formulation targeting non-ocular solid tumors, starting with urologic oncology.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $144.2 million as of December 31, 2025, sufficient to fund operations into Q1 2027.

• Research and development expenses were $90.3 million for 2025, up from $73.3 million in 2024, driven by clinical trial progression and personnel growth.

• General and administrative expenses decreased to $22.5 million in 2025 from $22.8 million in 2024, mainly due to lower professional fees.

• Net loss for 2025 was $106.2 million, compared to $86.9 million in 2024.

• Net loss per share was $1.76 in 2025 versus $1.75 in 2024, with weighted average shares outstanding increasing to 60.3 million.

Outlook and guidance

• Compass trial enrollment completion expected by mid-2026, with topline data in the second half of 2027.

• Initial 3-month data from the NMIBC trial expected mid-2026; early data from choroidal metastases and ocular surface cancer trials anticipated in 2026.

• Cash runway projected into the first quarter of 2027.