As of December 31, 2025, Aura held $144.2 million in cash, cash equivalents and marketable securities, sufficient to fund operations into the first quarter of 2027. Research and development expenses rose to $21.9 million in Q4 and $90.3 million for the full year, driven by global Phase 3 trial costs, while general and administrative expenses modestly declined to $5.3 million in Q4.

The global, randomized CoMpass trial in early choroidal melanoma is on track to complete enrollment by mid-2026, targeting a 15-month primary endpoint with topline data anticipated in the second half of 2027. The study benefits from Orphan Drug and Fast Track designations and operates under a Special Protocol Assessment agreement with the FDA.

The bladder cancer trial evaluating bel-sar in intermediate- and high-risk NMIBC is proceeding as planned, with initial 3-month clinical data expected mid-2026 across immune ablative and neoadjuvant designs. Separately, Aura achieved 12-month stability for a new formulation intended for non-ocular solid tumors, supported by a patent application that could extend coverage into 2046.

Enrollment continues in the Phase 2 study of choroidal metastases with early proof-of-concept data targeted in 2026, addressing an annual incidence of about 20,000 patients in the US and Europe. A Phase 1 ocular surface proof-of-concept trial in Australia has also been initiated, with safety and tumor response assessments planned for later in 2026.