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Aura Biosciences, Inc. (AURA)·Q2 2024 Earnings Summary

Executive Summary

  • Q2 2024 results were consistent with a clinical-stage profile: no product revenue, operating expenses of $22.8M, and net loss of $20.3M ($0.41 per share); cash, cash equivalents, and marketable securities totaled $187.4M, supporting runway into 2H 2026 .
  • R&D focus advanced across ocular and urologic oncology: Phase 3 CoMpass trial enrollment continued; Phase 2 end-of-study data in early-stage choroidal melanoma scheduled for Retina Society (Sep 11–15); early NMIBC Phase 1 data planned for an October urologic oncology investor event .
  • Guidance/timing updates: bladder cancer early data shifted from “mid-2024” to “October 2024,” while choroidal melanoma Phase 2 data moved forward to September; cash runway remained “into second half of 2026” .
  • Stock reaction catalysts: near-term clinical readouts (Retina Society Phase 2 end-of-study, October NMIBC early data) and continued Phase 3 enrollment under SPA design could drive narrative shifts in efficacy/vision-preservation potential and commercial opportunity .

What Went Well and What Went Wrong

What Went Well

  • Management reaffirmed strong cash position ($187.4M) and runway into 2H 2026, reducing near-term financing risk .
  • Ocular oncology execution: Phase 3 CoMpass trial enrollment continued with SPA alignment; Phase 2 data showed durable tumor control and high vision preservation in therapeutic regimen cohorts, supporting Phase 3 assumptions .
  • CEO tone confident on bladder cancer: “We are excited by the progress … in particular in our bladder cancer clinical trial … share early data in NMIBC [in October],” underscoring momentum across programs .

What Went Wrong

  • Operating spend remained elevated YoY: R&D rose to $16.9M (from $15.1M), G&A to $5.9M (from $5.2M), driving net loss to $20.3M (from $18.3M) as the company scales personnel and program activity .
  • Consensus comparisons unavailable: S&P Global EPS/revenue consensus for Q2 2024 could not be retrieved, limiting beat/miss assessment. The company also provided no financial revenue/EPS guidance, typical for pre-revenue biotechs .
  • Bladder cancer timing slipped: previously “early data mid-2024,” now “October 2024 investor event,” modestly delaying a near-term urologic oncology catalyst .

Financial Results

MetricQ2 2023Q1 2024Q2 2024
Revenues ($USD Millions)$0.0 (no revenue line disclosed) $0.0 (no revenue line disclosed) $0.0 (no revenue line disclosed)
Net Loss ($USD Millions)$18.3 $19.7 $20.3
Net Loss per Share ($USD)$0.48 $0.40 $0.41
Total Operating Expenses ($USD Millions)$20.3 $22.3 $22.8
Research & Development ($USD Millions)$15.1 $17.1 $16.9
General & Administrative ($USD Millions)$5.2 $5.3 $5.9
Interest Income ($USD Millions)$2.01 $2.69 $2.45
Weighted Avg Shares (Millions)37.86 49.45 49.55

KPIs (balance sheet liquidity)

MetricQ1 2024Q2 2024
Cash & Marketable Securities ($USD Millions)$202.9 $187.4
Cash & Equivalents ($USD Millions)$26.3 $30.1
Marketable Securities ($USD Millions)$176.6 $157.3

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCompany-level“Into second half of 2026” “Into second half of 2026” Maintained
NMIBC Phase 1 early data timingUrologic Oncology“Early data mid-2024” “Early data at October 2024 investor event” Pushed later
Phase 2 end-of-study data (choroidal melanoma)Ocular Oncology“Final results by year end 2024” “End-of-study data presentation Sep 11–15, 2024” Pulled forward
Phase 2 initiation (metastases to choroid)Ocular Oncology“On track to initiate 2024” “On track to initiate 2024” Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2023 and Q1 2024)Current Period (Q2 2024)Trend
R&D executionPhase 3 CoMpass enrolling; Phase 2 interim data showed 80% tumor control and 90% vision preservation in therapeutic regimen; bladder Phase 1 early data expected mid-2024 Continued Phase 3 enrollment; Phase 2 end-of-study set for Retina Society (Sep); NMIBC early data planned for October event Execution consistent; bladder data timing shifted later
Regulatory alignmentSPA agreement for Phase 3 design and endpoints with FDA SPA reiterated; trial design and endpoints unchanged Stable
Liquidity/runwayCash & marketable securities $202.9M; runway into 2H 2026 $187.4M; runway into 2H 2026 reaffirmed Maintained
Ocular oncology market rationaleVision-sparing need; multi-billion addressable market; Phase 2 safety favorable vs radiotherapy in cross-trial context Reinforced via corporate presentation; tumor control/vision preservation and safety emphasized Reinforced
Urologic oncology (bladder)Phase 1 design with histopathology endpoints; early signal of complete response in light-activated cohort October investor event to share early NMIBC data; Fast Track designation noted Building toward data readout

Management Commentary

  • “We are excited by the progress we made in the second quarter across all our clinical programs and in particular in our bladder cancer clinical trial. We look forward to our upcoming urologic oncology virtual event in October, where we plan to share early data in NMIBC.” — Elisabet de los Pinos, Ph.D., CEO .
  • “We are well-capitalized and remain focused on the execution of our ongoing clinical trials in ocular and urologic oncology, two areas where novel treatment options are needed that can provide effective local treatment while preserving organ function.” — Elisabet de los Pinos, Ph.D., CEO .
  • Phase 3 CoMpass: randomized superiority design under SPA; primary endpoint time to tumor progression at 15 months; global enrollment target ~100 patients .

Q&A Highlights

  • Q2 2024 earnings call transcript was not available in our document set; therefore no Q&A highlights or clarifications beyond the press release and corporate presentation can be provided [ListDocuments returned no Q2 earnings-call-transcript for AURA].

Estimates Context

  • Wall Street consensus (S&P Global Capital IQ) for Q2 2024 EPS and revenue was unavailable due to data access limitations; as a result, beat/miss analysis versus consensus cannot be performed at this time. Aura provided no financial guidance on revenue/EPS, consistent with a pre-revenue clinical-stage profile .

Key Takeaways for Investors

  • Liquidity is sufficient through major inflection points: $187.4M cash/marketable securities and runway into 2H 2026 mitigate near-term financing risk amid Phase 3 and Phase 2 development .
  • Near-term catalysts can shift narrative: Retina Society end-of-study Phase 2 data (September) and October NMIBC early data are pivotal for efficacy/vision preservation validation and platform extension into urology .
  • Clinical momentum continues: Phase 3 under SPA with durable Phase 2 signals (80% tumor control; 90% vision preservation in therapeutic regimen cohorts) supports probability of success assumptions .
  • Bladder timing adjustment: October event pushes the initial NMIBC data slightly later, but retained visibility on the readout and Fast Track status supports regulatory engagement .
  • Operating spend trending higher with scale: R&D/G&A growth YoY reflects personnel and program costs; expect continued investment pacing aligned to Phase 3/Phase 2 execution .
  • Pre-revenue profile persists: With no product revenue and limited ability to benchmark against consensus this quarter, trading may be catalyst-driven around upcoming data and enrollment updates .

Supporting documents and data:

  • Q2 2024 8-K and Exhibit 99.1 Press Release (financials and highlights) .
  • Q1 2024 8-K Exhibit 99.1 Press Release (comparatives, balance sheet/liquidity) .
  • Q4 2023 8-K Exhibit 99.1 Press Release (Phase 2 data, SPA, 2024 timing context) .
  • Corporate presentation (Phase 2/3 details, safety, market rationale) .