Aura Biosciences Reports $27.5 Million Net Loss in Q1 2025, Increases R&D Spending

Aura Biosciences, Inc. reported a net loss of $27.5 million for the first quarter of 2025, an increase from a net loss of $19.7 million in the same period of the previous year. The company's total operating expenses rose to $29.0 million, compared to $22.3 million in the first quarter of 2024, primarily driven by increased research and development costs associated with its lead candidate, bel-sar, which is in late-stage clinical trials for treating choroidal melanoma. Research and development expenses alone surged to $23.3 million from $17.1 million year-over-year, reflecting ongoing clinical trial costs and manufacturing development.

In terms of financial position, Aura's total assets decreased to $155.4 million as of March 31, 2025, down from $182.5 million at the end of 2024. The decline was attributed to a reduction in cash and cash equivalents, which increased to $38.2 million from $31.7 million, while marketable securities fell significantly from $119.4 million to $89.8 million. The company's accumulated deficit also widened to $401.7 million, up from $374.2 million at the end of 2024.

Strategically, Aura has made significant progress with its bel-sar program, which is currently undergoing a global Phase 3 trial for early-stage choroidal melanoma. The company is also expanding its clinical development efforts to include additional indications such as metastases to the choroid and bladder cancer. The Phase 2 trial for metastases has been initiated, and initial data is expected in 2025. Furthermore, Aura's recent financing activities included a follow-on offering in November 2023, which raised approximately $92.6 million in net proceeds, bolstering its cash reserves for ongoing operations.

Operationally, the company has not generated any revenue to date, and its future financial viability hinges on the successful development and commercialization of its product candidates. As of March 31, 2025, Aura had cash, cash equivalents, and marketable securities totaling $128.0 million, which management believes will be sufficient to fund operations into the second half of 2026. However, the company acknowledges the need for additional capital to support its growth strategy and ongoing clinical trials, emphasizing the uncertainty surrounding future funding and operational sustainability.

Looking ahead, Aura Biosciences remains focused on advancing its clinical programs and expanding its research pipeline. The company anticipates increased expenses as it progresses through clinical trials and seeks regulatory approvals for its product candidates. The management has indicated that while the current financial resources are expected to sustain operations for the near term, the need for substantial additional funding remains critical to achieving its long-term objectives.