Aura Biosciences(AURA) - 2024 Q3 - Quarterly Results

Financial Performance - The net loss for Q3 2024 was $21.0 million, an increase from $18.5 million in Q3 2023[23]. - Net loss for the three months ended September 30, 2024, was $21,042,000, compared to a net loss of $18,512,000 for the same period in 2023, representing a 27.3% increase in losses[27]. - Total comprehensive loss for the three months ended September 30, 2024, was $(20,252,000), compared to $(18,423,000) for the same period in 2023, an increase of 9.0%[27]. - Net loss per common share for the three months ended September 30, 2024, was $(0.42), an improvement from $(0.48) in the same period of 2023[27]. Cash and Assets - As of September 30, 2024, the company had cash and cash equivalents totaling $174.4 million, sufficient to fund operations into the second half of 2026[20]. - Cash and cash equivalents decreased to $25,407,000 as of September 30, 2024, down from $41,063,000 at the end of 2023, indicating a decline of 38.0%[28]. - Total assets decreased to $205,340,000 as of September 30, 2024, from $255,075,000 at the end of 2023, a reduction of 19.5%[28]. - Total liabilities increased to $30,672,000 as of September 30, 2024, compared to $29,227,000 at the end of 2023, reflecting a rise of 4.9%[28]. Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $23,232,000, an increase of 13.5% compared to $20,488,000 for the same period in 2023[27]. - General and administrative expenses rose to $6.2 million for Q3 2024, compared to $5.1 million in Q3 2023, driven by higher personnel and corporate expenses[22]. - Research and development expenses increased to $17.0 million for Q3 2024, up from $15.4 million in Q3 2023, primarily due to manufacturing and development costs for bel-sar[21]. - Research and development expenses rose to $17,036,000 for the three months ended September 30, 2024, up from $15,428,000, reflecting a 10.4% increase year-over-year[27]. Clinical Trials and Development - The Phase 2 trial of bel-sar in early-stage choroidal melanoma showed an 80% tumor control rate (8 out of 10 patients) and 90% visual acuity preservation at 12 months[8]. - The ongoing Phase 3 CoMpass trial aims to enroll 100 patients with documented growth, with pre-screening identifying over 100 patients since June 2024[6]. - The company plans to initiate a Phase 2 trial for bel-sar in metastases to the choroid, targeting approximately 20,000 patients annually in the U.S. and Europe[11]. - Bel-sar is also being explored for cancers of the ocular surface, affecting around 35,000 patients annually in the U.S. and Europe[12]. - The company is focusing on bladder cancer development, particularly low-grade, intermediate-risk NMIBC patients, with plans for trial expansion[16]. - The safety profile of bel-sar was favorable, with no serious adverse events reported in the ongoing trials[9]. Shareholder Information - Weighted average common stock outstanding for the three months ended September 30, 2024, was 49,663,532, compared to 38,185,197 for the same period in 2023, indicating a 30.0% increase in shares outstanding[27]. - Interest income for the three months ended September 30, 2024, was $2,258,000, up from $1,981,000, marking a 14.0% increase year-over-year[27].