Aura Biosciences(AURA) - 2024 Q4 - Annual Results

Financial Performance - Aura Biosciences reported a net loss of $86.9 million for the full year ended December 31, 2024, compared to a net loss of$76.4 million in 2023, representing a 13.5% increase in losses[22] - Total current assets decreased from $231,794 million in 2023 to$160,623 million in 2024, a decline of approximately 30.7%[24] - Cash and cash equivalents dropped from $41,063 million in 2023 to$31,693 million in 2024, representing a decrease of about 22.8%[24] - Total liabilities increased slightly from $29,227 million in 2023 to$30,533 million in 2024, an increase of approximately 4.5%[24] - Stockholders' equity decreased significantly from $225,848 million in 2023 to$151,970 million in 2024, a decline of around 32.6%[24] - The accumulated deficit widened from $287,308 million in 2023 to$374,227 million in 2024, indicating a deterioration in financial health[24] - Additional paid-in capital increased from $512,617 million in 2023 to$525,934 million in 2024, reflecting a growth of about 2.6%[24] - Total assets decreased from $255,075 million in 2023 to$182,503 million in 2024, a reduction of approximately 28.5%[24] - Current liabilities rose from $12,357 million in 2023 to$14,913 million in 2024, an increase of about 20.6%[24] - Long-term operating lease liability decreased from $16,870 million in 2023 to$15,620 million in 2024, a decline of approximately 7.4%[24] - Right-of-use assets for operating lease decreased from $18,854 million in 2023 to$17,379 million in 2024, a reduction of about 7.8%[24] Research and Development - Research and development expenses increased to $73.3 million for the full year 2024, up from$65.2 million in 2023, reflecting ongoing clinical trial costs[22] - The Phase 3 CoMpass trial for early-stage choroidal melanoma is actively enrolling, with over 175 patients registered in pre-screening since June 2024[6] - Positive data from the Phase 1 trial in non-muscle invasive bladder cancer (NMIBC) demonstrated clinical complete responses and robust cell-mediated immunity across the disease spectrum[11] - The company has initiated a Phase 2 clinical trial for metastases to the choroid, with initial data expected in 2025[8] Regulatory and Market Position - The company received Orphan Drug Designation and Fast Track designation from the FDA for early-stage choroidal melanoma, indicating significant regulatory support[4] - The collective incidence of ocular oncology indications being targeted by bel-sar exceeds 60,000 patients annually in the U.S. and Europe[7] - The company anticipates that bel-sar could transform treatment paradigms for multiple rare oncology indications, starting with ocular cancers[3] General and Administrative Expenses - General and administrative expenses rose to $22.8 million for the full year 2024, compared to$19.8 million in 2023, driven by personnel and corporate expenses[22]