Aura Biosciences, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing precision therapies for solid tumors, experienced a decrease in cash and cash equivalents, which fell to $25.4 million from $41.1 million at the end of 2023. Marketable securities also declined to $149.0 million from $185.1 million, contributing to a total asset reduction from $255.1 million to $205.3 million over the same period. Total current liabilities increased to $14.7 million, up from $12.4 million.
The company reported a net loss of $21.0 million for the third quarter of 2024, compared to a loss of $18.5 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $61.1 million, an increase from $54.3 million in the prior year. Operating expenses for the third quarter rose to $23.2 million, up from $20.5 million in 2023, driven by increased research and development costs, which reached $17.0 million, compared to $15.4 million in the previous year.
The company’s accumulated deficit increased to $348.4 million as of September 30, 2024, reflecting ongoing operational losses. Despite these challenges, Aura Biosciences raised $99.0 million in gross proceeds from a follow-on offering in November 2023, issuing 11 million shares at $9.00 each. The company also filed a new shelf registration statement in March 2024 for an aggregate offering price of $350.0 million.
Strategically, Aura is advancing its lead candidate, bel-sar, which is currently in a global Phase 3 trial for treating small choroidal melanoma. The trial aims to provide a vision-sparing option for patients and has received Orphan Drug Designation from the FDA. The company is also exploring bel-sar for additional indications, including bladder cancer, with a Phase 1 trial ongoing.
As of September 30, 2024, Aura had approximately $174.4 million in cash and marketable securities, which it expects will fund operations into the second half of 2026. However, the company anticipates substantial increases in expenses as it continues to develop bel-sar and other product candidates, with no revenue generated from product sales to date. The reliance on external funding remains critical for the company’s future operations and clinical development efforts.
About Aura Biosciences, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.