Cambridge biotech tracker · Boston
Aura Biosciences
Listed on Nasdaq as AURA, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $324M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $25.8M
- avg. operating cash flow, 4 qtrs
- Runway
- 3.1 yrs
- 3+ years
- Net loss
- $45.6M
- Q2 '26
- R&D expense
- $30.7M
- Q2 '26
- Raised, last 4 qtrs
- +$249M
- net financing cash flow
- Next readout
- Nov 2026
- Phase 2 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
3.1 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $8.6M a month.
Management’s own date
Into H1 2029
Jan–Jun 2029
That implies $9.0M to $10.8M a month, 1.0–1.3× the recent pace.
In line with the last year“We believe that our existing cash and cash equivalents and marketable securities will enable us to fund our operations into the first half of 2029.”
Cash against the calendar
What the runway has to reach.
Nov 2026estimated
Suprachoroidal Administration in Subjects With Metastases to the Choroid
Eye Cancer · Primary Cancer
NCT06643884 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 3.1 years
- Time to the date
- 3 weeks
It is about 3 weeks out. At the current burn there is roughly 37 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Nov 2026Phase 2Suprachoroidal Administration in Subjects With Metastases to the Choroid
- Mar 2027Phase 1A Phase 1, Open-label Trial of Belzupacap Sarotalocan (AU-011) in Bladder Cancer
- Nov 2027Phase 3A Phase 3 Randomized, Masked, Controlled Trial to Evaluate Efficacy and Safety of Belzupacap Sarotalocan (AU-011) Treatment Compared to Sham Control in Subjects With Primary Indeterminate Lesions or Small Choroidal Melanoma
Pipeline
3 active trials, through phase 3.
Phase 3 · 1Phase 1 · 1Phase 2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Phase 3 Randomized, Masked, Controlled Trial to Evaluate Efficacy and Safety of Belzupacap Sarotalocan (AU-011) Treatment Compared to Sham Control in Subjects With Primary Indeterminate Lesions or Small Choroidal MelanomaNCT06007690 · Choroidal Melanoma, Indeterminate LesionsPhase 3Nov 2027est. | Phase 3 | Active, not recruiting | ||
| Suprachoroidal Administration in Subjects With Metastases to the ChoroidNCT06643884 · Eye Cancer, Primary CancerPhase 2Nov 2026est. | Phase 2 | Recruiting | ||
| A Phase 1, Open-label Trial of Belzupacap Sarotalocan (AU-011) in Bladder CancerNCT05483868 · Non-muscle-invasive Bladder Cancer, NMIBCPhase 1Mar 2027est. | Phase 1 | Active, not recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 2 readout in Nov 2026, about 3 weeks out. That leaves roughly 37 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 3.1 years of runway
Cash and investments of $324M at Q2 '26 against an average operating cash burn of $25.8M per quarter over the last four reported quarters runs out around July 2029. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $149M since Q3 '24
Net financing inflows of $249M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $13.1M above cash burn
The Q2 '26 net loss of $45.6M includes non-cash charges, including $12.4M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
Accumulated deficit of $560M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $174M | −$15.3M | −$21.0M | $17.0M | $6.2M | — | $2.8M | $716K |
| Q4 '24 · Dec 31, 24 | $151M | −$24.0M | −$25.8M | $22.3M | $5.5M | — | $2.9M | $543K |
| Q1 '25 · Mar 31, 25 | $128M | −$23.4M | −$27.5M | $23.3M | $5.7M | — | $3.5M | $96K |
| Q2 '25 · Jun 30, 25 | $177M | −$20.8M | −$27.0M | $22.9M | $5.7M | — | $3.8M | $69.9M |
| Q3 '25 · Sep 30, 25 | $162M | −$20.1M | −$26.1M | $22.2M | $5.7M | — | $3.7M | $4.4M |
| Q4 '25 · Dec 31, 25 | $144M | −$20.5M | −$25.6M | $21.9M | $5.3M | — | $3.3M | $2.8M |
| Q1 '26 · Mar 31, 26 | $115M | −$29.9M | −$33.7M | $28.0M | $6.9M | — | $3.8M | $300K |
| Q2 '26 · Jun 30, 26 | $324M | −$32.5M | −$45.6M | $30.7M | $17.3M | — | $12.4M | $242M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.