# EDGAR Filing Document

**Accession Number:** 0001501796
**File Stem:** 0001193125-25-278810
**Filing Date:** 2025-11
**Character Count:** 75280
**Document Hash:** 0dda3b20929d2b63cbcb455f900648a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-278810.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001193125-25-278810

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20251113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aura Biosciences, Inc.
- **CENTRAL INDEX KEY:** 0001501796
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 320271970
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40971
- **FILM NUMBER:** 251475357

**BUSINESS ADDRESS:**
- **STREET 1:** 80 GUEST STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02135
- **BUSINESS PHONE:** (617)500-8864

**MAIL ADDRESS:**
- **STREET 1:** 80 GUEST STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02135

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** November 13, 2025<br>

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Aura Biosciences, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-40971 | 32-0271970 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 80 Guest Street |  |  |
| Boston**,** Massachusetts |  | 02135 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 617 500-8864<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.00001 par value per share | AURA | The Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On November 13, 2025, Aura Biosciences, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

## Item 8.01 Other Events.
On November 13, 2025, the Company updated its corporate presentation for use in meetings with investors, analysts, and others. A copy of the corporate presentation is filed as Exhibit 99.2 for purposes of Section 18 of the Exchange Act.

*<u>Cautionary Note Regarding Forward Looking Statements</u>* 

Statements contained under this Item 8.01 and in certain of the materials filed herewith regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements about the initiation, timing, progress, results, and cost of the Company's research and development programs and the Company's current and future preclinical studies and clinical trials, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available, and the Company's research and development programs; statements regarding the Company's expectations for an improved quality of life of patients after treatment with bel-sar and changes to the treatment paradigm for patients; the Company's ability to efficiently develop existing product candidates and discover new product candidates; the Company's ability to successfully manufacture its drug substances and product candidates for preclinical use, for clinical trials and on a larger scale for commercial use, if approved; the ability and willingness of the Company's third-party strategic collaborators to continue research and development activities relating to the Company's development candidates and product candidates; the Company's ability to commercialize its products, if approved; the Company's ability to obtain funding for its operations necessary to complete further development and commercialization of its product candidates; the Company's ability to obtain and maintain regulatory approval of its product candidates; statements regarding the Company's beliefs and expectations for the high unmet medical need for an effective local treatment in ocular and urologic oncology to preserve organ function; the size and growth potential of the markets for the Company's product candidates, and the Company's ability to serve those markets; the Company's financial performance; the Company's expected cash runway into the first half of 2027; and the implementation of the Company's business model, including strategic plans for its business and product candidates.

Any forward-looking statements are neither promises nor guarantees, and investors should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including, without limitation, uncertainties inherent in clinical trials and in the availability and timing of data from ongoing clinical trials; the expected timing for submissions for regulatory approval or review by governmental authorities; the risk that the results of the Company's preclinical and clinical trials may not be predictive of future results in connection with future clinical trials; the risk that interim data from ongoing clinical trials may not be predictive of final data from completed clinical trials; the risk that governmental authorities may disagree with the Company's clinical trial designs even where the Company has obtained agreement with governmental authorities on the design of such trials, such as the Phase 3 Special Protocol agreement with the United States Food and Drug Administration; whether the Company will receive regulatory approvals to conduct trials or to market products; whether the Company's cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital expenditure requirements; the Company's ongoing and planned preclinical activities; and the Company's ability to initiate, enroll, conduct or complete ongoing and planned clinical trials. These risks, uncertainties, and other factors include those risks and uncertainties described under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the United States Securities and Exchange Commission ("SEC") and in subsequent filings made by the Company with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, the Company disclaims any intention or responsibility for updating or revising any forward-looking statements contained under this Item 8.01 or in the materials filed herewith in the event of new information, future developments or otherwise. These forward-looking statements are based on the Company's current expectations and speak only as of the date hereof and no representations or warranties (express or implied) are made about the accuracy of any such forward-looking statements.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No**. | **Description** |
| 99.1 | [<u>Press Release Dated November 13, 2025.</u>](aura-ex99_1.htm) |
| 99.2 | [<u>Corporate Presentation of the Company.</u>](aura-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Aura Biosciences, Inc.** |
| Date: | November 13, 2025 | By:  | /s/ Elisabet de los Pinos |
|  |  |  | **Elisabet de los Pinos<br> President and Chief Executive Officer**<br>**(Principal Executive Officer)** |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img28679202_0.jpg](img28679202_0.jpg)

**Aura Biosciences Reports Third Quarter 2025 Financial Results and Business Highlights** 

*Aura Provides Phase 3 CoMpass Trial Completion Guidance: 2026 Enrollment Completion and Q4 2027 Topline Data Readout for the 15-Month Primary Endpoint*

*Immune Profiling Data Reveal Bel-sar's Potential to Convert 'Cold' to 'Hot' Tumors, Supporting a Frontline Therapy Across the Bladder Cancer Spectrum; Phase 1b/2 Trial is on Track for Data Mid-2026* 

**BOSTON, MA – November 13, 2025** – Aura Biosciences, Inc. (NASDAQ: AURA), a clinical-stage biotechnology company developing precision therapies for solid tumors designed to preserve organ function, today reported financial results for the third quarter ended September 30, 2025, and provided recent business highlights.

"In the third quarter, we remained focused on clinical execution in both our global Phase 3 CoMpass trial in early choroidal melanoma and our Phase 1b/2 trial in NMIBC," said Elisabet de los Pinos, Ph.D., Chief Executive Officer of Aura Biosciences. "Enrollment has taken longer than we expected in early choroidal melanoma due to the requirement to document active tumor growth prior to patient enrollment and other unique enrollment challenges with the first Phase 3 trial in this rare indication. In 2025, we implemented measures to address these operational challenges and have experienced improved enrollment in recent months. We believe we are now in a position to provide guidance regarding the topline data readout for the study."

"Our NMIBC trial remains on track, with data expected in mid-2026. Recently presented Phase 1 trial immune profiling data reinforce bel-sar's distinct dual mechanism, driving focal anti-tumor immune activation. We believe these findings highlight bel-sar's potential as a differentiated frontline, organ-preserving treatment to deliver durable responses across the bladder cancer spectrum and in other solid tumors."

**<u>Recent Pipeline Developments</u>** 

***Early Choroidal Melanoma***

**Ongoing Phase 3 CoMpass Trial:** CoMpass is the first registration-enabling trial in early choroidal melanoma. The trial is a global, Phase 3, randomized trial evaluating bel-sar treatment against a sham control arm utilizing an enrichment strategy to enroll approximately 100 patients with documented tumor growth. We believe the study enrollment has been slower than expected due to the operational challenges of implementing the first Phase 3 trial in this rare indication across global sites and the requirement of active growth in our inclusion criteria, which often requires sites to follow patients for variable periods of time until they demonstrate required growth.

Approximately 90% of targeted clinical sites are now activated, and we have implemented measures to address multiple operational challenges. Our patient identification tool has shown strong growth, with more than 400 patients having been entered since June 2024, and the current number of potentially eligible patients having increased to 280. We believe this highlights the enrollment opportunity and the significant unmet need.

------

Based on trial activity in recent months and the growing number of potentially eligible patients, the Company currently expects that it can complete CoMpass enrollment in 2026 and provide topline data readout for the 15-month primary endpoint in the fourth quarter of 2027. This estimate assumes enrollment rates that are generally consistent with the rates experienced in recent months.

Currently, there are no approved vision-preserving therapies for patients with early choroidal melanoma. The standard of care remains radiotherapy, which frequently results in irreversible vision loss. Bel-sar has the potential to become the first frontline vision-preserving therapy in this setting. The Company previously received Orphan Drug Designation from the FDA and the European Medicines Agency and Fast Track designation from the FDA for the treatment of early choroidal melanoma. The CoMpass trial is under a Special Protocol Assessment agreement with the FDA.

***Bladder Cancer*** 

**Additional Phase 1 Biological Activity Data Presented at the 45th Congress of the Société Internationale d'Urologie (SIU):** Multiplex immune fluorescence data from the Phase 1 trial of bel-sar demonstrating robust induction of adaptive immune memory in patients with non-muscle invasive bladder cancer (NMIBC) were presented by Seth P. Lerner, M.D., Professor of Urology at Baylor College of Medicine at SIU, held October 29–November 1, 2025, in Edinburgh, United Kingdom: <u>link</u>. These multiplex immune fluorescence data (n=5 patients from the Phase 1 trial) further characterize the previously announced results from the Company's completed Phase 1 clinical trial of bel-sar in patients with NMIBC.

These data revealed that a single focal administration of bel-sar induced adaptive immune memory through generation of *de novo* mature tertiary lymphoid structures (TLS) in 3/5 participants evaluated. Bel-sar also generated innate and adaptive effectors regardless of immune environment and converted immune-cold or exhausted lesions into active, immune-hot microenvironments. In treated lesions, natural killer cell density increased up to 40x, CD4+ cytolytic T cell density increased up to 7x, and CD4+ and CD8+ memory T cells were observed after bel-sar treatment.

This biological activity profile reinforces bel-sar's potential as a frontline therapy designed to treat the tumor, activate durable anti-tumor immunity, and reduce recurrence risk across the bladder cancer spectrum.

**Ongoing Phase 1b/2 Trial:** This trial will evaluate additional doses and cycles of bel-sar in approximately 26 intermediate and high-risk NMIBC patients. Patients will be monitored for response assessments and recurrence at 3, 6, 9, and 12 months. This trial is actively enrolling and remains on track, with initial three-month clinical data expected in mid-2026.

**Metastases to the Choroid**

The Company has dosed the first patient in an ongoing Phase 2 clinical trial in metastases to the choroid. A protocol amendment has now been implemented to expand the entry criteria to include all metastases arising from different solid tumors to facilitate enrollment into the study and broaden the proof of concept for bel-sar in this indication. This approach is supported by preclinical models that demonstrate robust efficacy across multiple primary solid tumors. The Company is evaluating further expansion of the inclusion criteria for this trial to address the high unmet medical need. With a four-week efficacy endpoint, the Company expects early proof of concept data from this trial in 2026.

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Metastases to the choroid is an indication with high unmet medical need and no approved therapies with an incidence of 20,000 patients annually in the United States and Europe. Bel-sar has the potential to treat a wide variety of tumor types in the choroid that metastasize from various primary tumors. The Company previously received FDA Fast Track designation for bel-sar in this indication.

**Cancers of the Ocular Surface**

The Company is planning to initiate a Phase 1 proof-of-concept trial to assess safety, feasibility and tumor response through histopathologic evaluation at a 2–4-week time point. Development activities for this program remain on track, with early proof of concept data from Australian clinical sites expected in 2026.

Cancers of the ocular surface affect approximately 35,000 patients in the United States and Europe annually and are associated with a particularly high incidence in regions such as Australia. There are currently no approved therapies for these tumors.

**<u>Third Quarter 2025 Financial Results</u>** 

• As of September 30, 2025, the Company had cash and cash equivalents and marketable securities totaling $161.9 million. The Company believes its current cash and cash equivalents and marketable securities are sufficient to fund its operations into the first half of 2027. The Company remains focused on driving a cash-efficient operation to deliver data across its pipeline.

• Research and development expenses increased to $22.2 million for the three months ended September 30, 2025 from $17.0 million for the three months ended September 30, 2024, primarily due to ongoing clinical and clinical research organization (CRO) costs associated with the progression of our global Phase 3 trial of bel-sar in early choroidal melanoma and higher personnel expenses related to growth of our Company.

• General and administrative expenses decreased to $5.7 million for the three months ended September 30, 2025 from $6.2 million for the three months ended September 30, 2024. General and administrative expenses include $1.7 million and $1.6 million of stock-based compensation for the three months ended September 30, 2025 and 2024, respectively. The decrease was primarily driven by reduced professional fees.

• Net loss for the three months ended September 30, 2025 was $26.1 million compared to $21.0 million for the three months ended September 30, 2024.

**About Aura Biosciences**

Aura Biosciences is a clinical-stage biotechnology company focused on developing precision therapies for solid tumors that aim to preserve organ function. Our lead candidate, bel-sar (AU-011), is currently in late-stage development for early choroidal melanoma and in early-stage development in other ocular oncology indications and bladder cancer. Aura Biosciences is headquartered in Boston, MA. Our mission is to grow as an innovative global oncology company that positively transforms the lives of patients.

For more information, visit aurabiosciences.com. Follow us on X (formerly Twitter) @AuraBiosciences and visit us on LinkedIn.

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**Forward-Looking Statements** 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other federal securities laws. Any statements that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "may," "will," "could," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "seeks," "endeavor," "potential," "continue" or the negative of such words or other similar expressions can be used to identify forward-looking statements. These forward-looking statements include express or implied statements regarding Aura's future expectations, plans and prospects, including, without limitation, statements regarding the therapeutic potential of bel-sar for the treatment of multiple cancers; statements regarding Aura's plans and expectations for its ongoing and future clinical trials of bel-sar in multiple oncology indications, including with respect to clinical trial initiations; statements regarding the timing and plans for the Company's Phase 3 CoMpass trial in early choroidal melanoma, including enrollment projections and the timing of topline data; statements regarding the timing and plans for data with respect to its Phase 2 clinical trial of bel-sar for the treatment of metastases to the choroid, Phase 1b/2 clinical trial of bel-sar for the treatment of NMIBC and Phase 1 proof-of-concept study of bel-sar for the treatment of cancers of the ocular surface; statements regarding Aura's expectations for an improved quality of life of patients after treatment with bel-sar and changes to the treatment paradigm for patients; statements regarding Aura's expectations for the estimated patient populations and related market opportunities for bel-sar; and statements regarding the Company's expected cash runway.

The forward-looking statements in this press release are neither promises nor guarantees, and investors should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors, many of which are beyond Aura's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including, without limitation, uncertainties inherent in clinical trials and in the availability and timing of data from ongoing clinical trials; the expected timing for submissions for regulatory approval or review by governmental authorities; the risk that the results of Aura's preclinical and clinical trials may not be predictive of future results in connection with future clinical trials; the risk that early or interim data from ongoing clinical trials may not be predictive of final data from completed clinical trials; the risk that governmental authorities may disagree with Aura's clinical trial designs, even where Aura has obtained agreement with governmental authorities on the design of such trials, such as the Phase 3 special protocol assessment agreement with the U.S. Food and Drug Administration; whether Aura will receive regulatory approvals to conduct trials or to market products; whether Aura's cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital expenditure requirements; Aura's ongoing and planned preclinical activities; and Aura's ability to initiate, enroll, conduct or complete ongoing and planned clinical trials. These risks, uncertainties and other factors include those risks and uncertainties described under the heading "Risk Factors" in Aura's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the United States Securities and Exchange Commission (SEC) and in subsequent filings made by Aura with the SEC, which are available on the SEC's website at www.sec.gov/. Except as required by law, Aura disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Aura's current expectations and speak only as of the date hereof and no representations or warranties (express or implied) are made about the accuracy of any such forward-looking statements.

**Investor and Media Relations Contact:**

Alex Dasalla

Head of Investor Relations and Corporate Communications

IR@aurabiosciences.com

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**Aura Biosciences, Inc.**

**Condensed Consolidated Statements of Operations and Comprehensive Loss**

**(Unaudited)**

**(in thousands, except share and per share amounts)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operating Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | $22178 | $17036 | $68403 | $50968 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 5728 | 6196 | 17151 | 17341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 27906 | 23232 | 85554 | 68309 |
| Total operating loss | (27906) | (23232) | (85554) | (68309) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, including amortization and accretion income | 1815 | 2258 | 5087 | 7395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | (13) | (25) | (72) | (83) |
| Total other income | 1802 | 2233 | 5015 | 7312 |
| Loss before income taxes | (26104) | (20999) | (80539) | (60997) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision, net | (26) | (43) | (93) | (88) |
| Net loss | $(26130) | $(21042) | $(80632) | $(61085) |
| Net loss per common share—basic and diluted | $(0.40) | $(0.42) | $(1.39) | $(1.23) |
| Weighted average common stock outstanding—basic and diluted | 65936672 | 49663532 | 58084093 | 49554930 |
| Comprehensive loss: |  |  |  |  |
| Net loss | $(26130) | $(21042) | $(80632) | $(61085) |
| Other comprehensive items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on marketable securities | 57 | 790 | (168) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustment | (13) |  | (26) |  |
| Total other comprehensive gain (loss) | 44 | 790 | (194) | 68 |
| Total comprehensive loss | $(26086) | $(20252) | $(80826) | $(61017) |

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**Aura Biosciences, Inc.**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

**(in thousands, except share and per share amounts)**

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $47553 | $31693 |
| Marketable securities | 114313 | 119401 |
| Prepaid expenses and other current assets | 8254 | 9529 |
| Total current assets | 170120 | 160623 |
| Restricted cash and deposits | 768 | 768 |
| Right-of-use assets - operating lease | 16230 | 17379 |
| Other long-term assets | 277 | 518 |
| Property and equipment, net | 2629 | 3215 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $190024 | $182503 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| Accounts payable | 1888 | 2304 |
| Short-term operating lease liability | 3220 | 3149 |
| Accrued expenses and other current liabilities | 13715 | 9460 |
| Total current liabilities | 18823 | 14913 |
| Long-term operating lease liability | 14534 | 15620 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 33357 | 30533 |
| **Commitments and Contingencies** |  |  |
| **Stockholders' Equity:** |  |  |
| Common stock, $0.00001 par value, 150,000,000 authorized at September 30, 2025 and December 31, 2024, and 62,985,569 and 49,998,279 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively |  |  |
| Additional paid-in capital | 611457 | 525934 |
| Accumulated deficit | (454859) | (374227) |
| Accumulated other comprehensive income | 69 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | 156667 | 151970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Stockholders' Equity** | $190024 | $182503 |

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## Exhibit 99.2

![Slide 1](aura-ex99_2s1.jpg)

Innovating the future of cancer care to cure patients and preserve organ function November 2025 Exhibit 99.2

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![Slide 2](aura-ex99_2s2.jpg)

Legal disclosure This presentation contains forward-looking statements, all of which are qualified in their entirety by this cautionary statement. Many of the forward-looking statements contained herein can be identified by the use of forward-looking words such as "may", "anticipate", "believe", "could', "expect", "should", "plan", "intend", "estimate", "will", "potential" and "ongoing", among others, although not all forward-looking statements contain these identifying words. These forward-looking statements include statements about the initiation, timing, progress, results and cost of our research and development programs and our current and future nonclinical, preclinical studies and clinical trials, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available and our research and development programs; our ability to efficiently develop our existing product candidates and discover new product candidates; our ability to successfully manufacture our drug substances and product candidates for preclinical use, for clinical trials and on a larger scale for commercial use, if approved; the ability and willingness of our third-party strategic collaborators to continue research and development activities relating to our development candidates and product candidates; our ability to commercialize our products, if approved; our ability to obtain funding for our operations necessary to complete further development and commercialization of our product candidates; our ability to obtain and maintain regulatory approval of our product candidates; statements regarding our beliefs and expectations for the high unmet medical need for an effective local treatment in ocular and urologic oncology to preserve organ function; the size and growth potential of the markets for our product candidates and our ability to serve those markets; our financial performance; our expected cash runway into the first half of 2027; and the implementation of our business model, including strategic plans for our business and product candidates. Except as otherwise noted, these forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to update or revise any of such statements to reflect events or circumstances occurring after this presentation. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC), as well as discussions of potential risks, uncertainties, and other important factors in our other subsequent filings with the SEC, which are available on the SEC's website at www.sec.gov. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. We caution you not to place undue reliance on the forward-looking statements contained in this presentation. This presentation discusses product candidates that are under preclinical or clinical evaluation and that have not yet been approved for marketing by the U.S. Food and Drug Administration (FDA) or any other regulatory authority. Until finalized in a clinical study report, clinical trial data presented herein remain subject to adjustment as a result of clinical site audits and other review processes. No representation is made as to the safety or effectiveness of these product candidates for the use for which such product candidates are being studied. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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![Slide 3](aura-ex99_2s3.jpg)

1. Yu G-P et al. Am J Ophthalmol. 2003;135(6):800-6. 2. Triay E et al. Br J Ophthalmol. 2009;93(11):1524-8. 3. Newton R et al. Lancet. 1996;347(9013):1450-1. 4. Dalvin LA. Br J Ophthalmol. 2018;102(12):1728-1734. 5. Sun EC et al. Cancer Epidemiol Biomarkers Prev. 1997;6(2):73-7. 6. Epidemiology analysis for choroidal melanoma and choroidal metastasis by ClearView Healthcare Partners and Putnam. 7. American Cancer Society. Key statistics for retinoblastoma. Available at: https://www.cancer.org/cancer/types/retinoblastoma/about/key-statistics.html. Accessed Sept 5, 2024. 8. Bladder cancer. Putnam & Assoc. Epidemiology Analysis.Early choroidal melanoma, small choroidal melanoma or indeterminate lesions; FDA, United States Food and Drug Administration; SPA, special protocol assessment; VDC, virus-like drug conjugate, MoA, mechanism of action; NMIBC, non-muscle-invasive bladder cancer. Transforming early cancer treatment through disruptive innovation VDCs have the potential to transform early cancer treatment Novel MoA: direct tumor cell killing and immune cell activation Novel class of drugs: virus-like drug conjugates Positive phase 2 data in early choroidal melanoma with phase 3 ongoing under FDA SPA agreement Multiple clinical complete responses with single low dose in phase 1 trial in NMIBC Positive clinical data in multiple indications Ocular oncology ~66,000 patients/yr (US/EU)1–7 Urologic oncology ~500,000 patients/yr (globally)8 Large market opportunity in areas of unmet need Complete enrollment in the phase 3 trial in early choroidal melanoma and phase 1b/2 trial in NMIBC Current cash expected to fundoperations into 1H 2027 Key upcoming milestones

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a Virus-like drug conjugates (VDCs) bind to a subset of modified tumor associated glycosaminoglycans (GAGs) that are part of the heparan sulphate chain of heparan sulfate proteoglycans (HSPGs).11. Kines RC, and Schiller JT. Viruses. 2022;14(8):1656. mHSPG, modified heparan sulphate proteoglycan; NMIBC, non-muscle-invasive bladder cancer; PoC, proof of concept. Clinical pipeline across multiple solid tumor indications Program Preclinical Phase 1 Phase 2 Phase 3 Planned 2026 milestones Ocular oncology Early choroidal melanoma Complete phase 3 enrollment Metastases to the choroid Phase 2 PoC data Ocular surface cancers Phase 1 PoC data Urologic oncology Non-muscle-invasive bladder cancer (NMIBC) Phase 1b/2 data Other mHSPGa expressing tumors Undisclosed

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DLT, dose-limiting toxicity; MoA, mechanism of action; NMIBC, non-muscle-invasive bladder cancer; SAE, serious adverse event; VLP, virus-like particle. Virus-like drug conjugates have the potential to transform early cancer treatment 5 Positive clinical data in multiple early-stage local cancers Choroidal melanoma: Positive phase 2 end of study data; phase 3 ongoing NMIBC: Positive phase 1 data; phase 1b/2 ongoing Favorable safety profile Unique tumor selectivity Dual MoA Targets a key receptor molecule expressed in the early stages of malignant tumor transformation Targeted cytotoxicity and immune activation; potential to generate lasting anti-tumor T-cell memory Tumor and mutation-agnostic High potency >100 cell lines >15 animal tumor models ~200 cytotoxic molecules per VLP; demonstrated picomolar efficacy in multiple animal tumor models No treatment-related SAEs and no DLTs reported in phase 2 choroidal melanoma trial or phase 1 data readout in NMIBC trial

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Bel-sar has a novel dual mechanismof action Disruption of the tumorcell membrane andpro-immunogenic cell deathby necrosis leads to T cell activation and immune-mediated tumor cell killing Kines RC, et al. Int J Cancer. 2016;138(4):901–11. Kines RC, et al. Mol Cancer Ther. 2018;17(2):565–74. Kines RC, et al. Cancer Immunol Res. 2021;9:693–706. Bel-sar, belzupacap sarotalocan; DAMPs, damage-associated molecular patterns; HSPG, heparan sulfate proteoglycan; VDC, virus-like drug conjugate. Bel-sar (AU-011) is an investigational product candidate. The effectiveness and safety of bel-sar have not been established, and bel-sar is not approved for use in any jurisdiction. Release of DAMPs induces anti-tumor immunity Bel-sar treatment is designed to be cytopathic to resident suppressor cells, reducing the immune-suppressive microenvironment and contributing to anti-tumor immunity Reactive oxygen species disrupts cell membrane and organelles Targeted cytotoxicity and long-term anti-tumor immune memory

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CNS, central nervous system; cCR, clinical complete response; GI, gastrointestinal; IND, investigational new drug application; MIBC, muscle-invasive bladder cancer; NMIBC, non-muscle-invasive bladder cancer; SPA, special protocol assessment. Bel-sar: a platform designed for therapeutic expansion into multiple cancers Urologic oncology Other cancers Bladder cancer NMIBC/MIBC Positive phase 1 data in NMIBC Multiple cCRs with single dose Phase 1b/2 ongoing Potential to expand to MIBC Other urologic cancers Next-generation combination strategies CNS cancers GI cancers Head and neck cancer Breast cancer Lung cancer Cutaneous melanoma Ocular oncology - Rare oncology Choroidal melanoma Ongoing phase 3 with SPA Based on positive phase 2 clinical data Metastases to the choroid Phase 2 ongoing Cancers of the ocular surface Pre-clinical Retinoblastoma (pediatric) Pre-clinical

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Ocular oncology Bel-sar target indications: Early choroidal melanoma \| Metastases to the choroid \| Ocular surface cancers

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a Includes conjunctival melanoma, primary acquired melanosis, squamous cell carcinoma and ocular surface squamous neoplasia.1-5 1. Yu G-P et al. Am J Ophthalmol. 2003;135(6):800-6. 2. Triay E et al. Br J Ophthalmol. 2009;93(11):1524-8. 3. Newton R et al. Lancet. 1996;347(9013):1450-1. 4. Dalvin LA. Br J Ophthalmol. 2018;102(12):1728-1734. 5. Sun EC et al. Cancer Epidemiol Biomarkers Prev. 1997;6(2):73-7. 6. Epidemiology analysis for choroidal melanoma and choroidal metastasis by ClearView Healthcare Partners and Putnam. 7. American Cancer Society. Key statistics for retinoblastoma. Available at: https://www.cancer.org/cancer/types/retinoblastoma/about/key-statistics.html. Accessed Sept 5, 2024. Ocular surface cancers Ocular oncology: a large unmet need with no vision-preserving therapy ~35,000/yra,1–5 Choroidal melanoma ~11,000/yr6 Metastases to the choroid ~20,000/yr6 Retinoblastoma ~500/yr7 Bel-sar opportunities in ocular oncology represent a highly targeted multi-billion-dollar addressable market Bel-sar has the potential to become the new standard of care with no competition in clinical development for our patient populations ~66,000 patients/year Ocular oncology franchise total addressable market (US/EU)

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The current standard-of-care is radiotherapy – treatment that frequently leads to legal blindness4,5 1. Heiting, G. Iris/uvea of the eye. Available at: https://www.allaboutvision.com/en-gb/resources/uvea-iris-choroid/. Accessed Oct. 3, 2023. 2. Kaliki S and Shields CL. Eye (Lond). 2017;31(2):241-257. 3. Epidemiology analysis for choroidal melanoma and choroidal metastasis by ClearView Healthcare Partners and Putnam. 4. Jarczak J, Karska-Basta I, Romanowska-Dixon B. Medicina (Kaunas). 2023;59(6):1131. 5. Tsui I, Beardsley RM, McCannel TA, Oliver SC, et al. Open Ophthalmol J. 2015;9:131-5. Choroid is 90% of the uvea1 Uvea: Choroid, ciliary body and iris Ciliary body Iris Choroidal melanoma is the most common primary intraocular cancer in adults2,3 50% of patients develop metastasis within 15 years (metastatic uveal melanoma)2 ~80% of patients diagnosed with early-stage disease3 Choroidal melanoma ~11,000/yr3 Early choroidal melanoma is a rare disease that has no approved therapies Opportunity to transform early-stage treatment intervention

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a 75-80% of patients diagnosed with early-stage disease7. 2/3 of patients present with symptoms, 1/3 of patients diagnosed during routine exam.81. Kaliki S, Shields CL. Eye. 2017;31(2):241–257. 2. Jarczak J et al. Medicina (Kaunas). 2023;59(6):1131. 3. Tsui I, et al. Open Ophthalmol J. 2015;9:131–5. 4. Shields CL, et al. Arch Ophthalmol. 2000;118(9):1219–1228. 5. Peddada KV, et al. J Contemp Brachytherapy. 2019;11(4):392–397. 6. Shields CL et al. Curr Opin Ophthalmol. 2019;30(3):206–214. AE, adverse event; CM, choroidal melanoma; SoC, standard-of-care. SoC radiotherapy: high morbidity and vision-threatening outcomes Observation'Watch-and-wait' SoC radiotherapy Regular monitoring for risk factors/growth6 Treat early and risk vision loss;Delay treatment and risk metastasis1 Diagnosis of early CMa Frequent AEs; up to 87% become legally blind in the treated eye1–6 Radiation retinopathy >40% Surgeries secondary to AEs >40% Dry eye syndrome ~20% Enucleation/eye loss ~10–15% Neovascular glaucoma ~10% 'Watch-and-wait' is the standard approach in early choroidal melanoma Bel-sar has the potential to be used early, with the opportunity to preserve vision and improve patient outcomes

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aEach figure represents ~250 persons. 1. Shields CL et al. Choroidal and ciliary body melanoma. Available at: https://eyewiki.aao.org/Choroidal_and_Ciliary_Body_Melanoma Accessed September 9, 2024. 2. Singh AD, et al. Ophthalmology. 2005;112(10):1784–89 (U.S. population). 3. Epidemiology analysis for choroidal melanoma and choroidal metastasis by ClearView Healthcare Partners and Putnam. CM, choroidal melanoma; Enuc., enucleation. Bel-sar: pioneering frontline treatment for early choroidal melanoma Indeterminate lesions Small melanomas Risk factors Growth Small CM Observation Incidence: patients US/EUa Local – early (~8,000) Local – late (~2,300) Metastatic (~2,000) SIZE (mm): Small Medium Large Metastatic Radiotherapy Radiotherapy 1 2.5 – 3 >10 Enuc. Systemic chemotherapy (KIMMTRAK®) Prevalence of choroidal nevi ranges from 4.6–7.9% in Caucasians2 Early choroidal melanoma Current treatment landscape for choroidal melanoma1-3

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No radiation-related morbidity Visionpreservation Local tumor control Reduce metastasisrisk with early treatment Improve safetyand quality of life In-office procedure Two injections (2 min. each) 30 min. apart 10-30 min. procedure Delivery viasuprachoroidal injection Light activation with standard ophthalmic laser Suprachoroidal Bel-sar is designed to treat cancer early and preserve vision Bel-sar has the potential to be the first-in-class vision-preserving therapy Targeting initial adoption by ocular oncologists post approval Expansion to retina specialists who currently monitor patients for progression

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One cycle = Doses on days 1, 8, and 15. a Early choroidal melanoma, small choroidal melanoma or indeterminate lesions. b 12 patients enrolled, 1 patient who discontinued after 1 cycle due to unrelated SAEs is not included in data analysis (n=11). c Cohort 2: 2 participants were planned; third participant was additionally enrolled due to dose error in 1 participant. d Phase 3-eligible patients receiving therapeutic regimen (3 cycles) (n=10; one participant receiving a therapeutic regimen with a circumpapillary tumor that did not meet phase 3 criteria is not included). Local complete response, or CR, in early choroidal melanoma is described as tumor control and complete arrest of tumor growth by ocular oncologists.AE, adverse event; QW, every week; SAE, serious adverse event; SC, suprachoroidal.ClinicalTrials.gov Identifier, NCT04417530: AU-011-202. Data on file, Aura Biosciences. Phase 2 data validate bel-sar's potential in early choroidal melanoma Results at 12-months follow-up: Patients with early choroidal melanomaa (n=22) Safety Favorable safety profile; no treatment-related SAEs and no grade 3-5 treatment-related AEs Tumor control 80% tumor control rated Complete cessation of growth among respondersd Visual acuity Visual acuity preservation in 90% of patientsd Route of administration Initial safety and efficacy data support SC administration 1 dose:20 μg x 1 laser 1 dose:40 μg x 1 laser 1 dose:40 μg x 2 lasers 2 doses:40 μg x 2 lasers QW x 2 9 doses:80 μg x 2 lasers QW x 3,3 cycles Subtherapeutic regimens (N=10) 1–2 doses (n=9); 2 cycles (6 doses; n=1) Therapeutic regimen (N=12)b 3 cycles (9 doses) Cohort 1 (n=1) Cohort 2(n=3c) Cohort 3 (n=2) Cohort 4 (n=3) Cohort 5 (n=3) Cohort 6 (n=10) 6–9 doses:40 μg x 2 lasers QW x 3,up to 3 cycles (20 µg) (40 µg) (40 µg) (80 µg) (240–360 µg) (720 µg) Total intended dose Open-label, dose-escalation with suprachoroidal administration

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Received fast track and orphan drug designations An SPA agreement indicates concurrence by the FDA that the design of the trial can adequately support a regulatory submission a Early choroidal melanoma, small choroidal melanoma or indeterminate lesions. b 40 µg bel-sar arm included for masking; excluded from statistical analysis. BCVA, best-corrected visual acuity; CM, choroidal melanoma; ETDRS, Early Treatment Diabetic Retinopathy Study; FDA, United State Food and Drug Administration; LBD, largest basal diameter; SPA, special protocol assessment.ClinicalTrials.gov Identifier: NCT06007690; AU-011-301. Efficient phase 3 design in a rare disease setting 80 µg bel-sar (n=40) 40 µg bel-sarb (n=20) Sham control (n=40) First key secondary endpoint Primary endpoint Time to tumor progression Increase in tumor thickness ≥0.5 mm or ≥1.5 mm in LBD Time to composite endpoint: Tumor progression or visual acuity failure ≥15 decrease in ETDRS-BCVA letter score from baseline Increase in tumor thickness ≥0.5 mm or ≥1.5 mm in LBD OR Randomization 2:1:2 Participants with early choroidal melanomaa Target enrollment ~100 participants globally Sites in North America, Europe, Middle East andAsia-Pacific Regions Goal: Determine efficacy and safety of bel-sar vs sham control for treatment of early choroidal melanoma 15-month primary efficacy analysis

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Strong phase 2 results support a highly-powered phase 3 study aligned with FDA-endorsed SPA Kaplan-Meier analysis simulation of time-to-event using phase 2 data Study duration 12 months. Participants either had an event or were censored at the last visit; some had their Week 52 visit after 365 days. Any events at the final visit are assigned to the actual time of that visit. Log-rank test p-value based on unsimulated original Kaplan-Meier curves.BCVA, best-corrected visual acuity; ETDRS, early treatment diabetic retinopathy study; FDA, United States Food and Drug Administration; LBD, largest basal diameter; SPA, special protocol assessment. ClinicalTrials.gov Identifiers: NCT04417530; AU-011-202 (phase 2); NCT06007690; AU-011-301 (phase 3).Data on file, Aura Biosciences. Survival probability P = 0.0005 Time to tumor progression Time to composite endpoint Change from baseline in thickness ≥0.5 mm; or in LBD ≥1.5 mm confirmed by at least onerepeat assessment Therapeuticn=10 Subtherapeutic n=10 Time to tumor progression orvision acuity failure (≥15 letter loss in ETDRS-BCVA), whicheveroccurs earlier 0.0 0.2 0.4 0.6 0.8 1.0 + Censored 0.0 0.2 0.4 0.6 0.8 1.0 0 100 200 300 400 500 P = 0.0008 Survival probability 0 100 200 300 400 500 + Censored Treatment duration (days) Treatment duration (days)

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Strong clinical demand and high investigator interest in ongoing phase 3 trial More than 400 total patients pre-identified for study participation since June 2024 280 patients currently being followed with potential to be enrolled Hakan Demirci, MD Kellogg Eye Center "If the results from Phase 2 are replicated in Phase 3, I will definitely use it. I think the indication will be not only for the growing lesions, also the ones that have all risks factors or what we call suspicious lesions. They will also be the candidate for this type of a treatment. Hopefully this will provide opportunity to make an impact in the life of these patients." Mandeep Sagoo, MB, PhD, FRCS (Ed), FRCOPTH Moorfields Eye Hospital "The design of the study is such that with the enrichment group should make it give a clean data and robust set of results. But the reality will be that these very suspicious lesions, the ones that have clinical features on imaging, for example, that are indicative of melanomas, I think we would just treat them upfront without waiting for growth." Carol Shields, MD Wills Eye Hospital "We would love to use this medication for all those high-risk lesions…we may create a world where the risk for metastasis from melanoma drops significantly just by applying this medication. And I think all of us know the risk factors and all of us apply them. And wouldn't it be a great world if we could prevent obvious melanoma from developing."

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aIncludes conjunctival melanoma, primary acquired melanosis, squamous cell carcinoma and ocular surface squamous neoplasia.2-6 1. Epidemiology analysis for choroidal melanoma and choroidal metastasis by ClearView Healthcare Partners and Putnam. 2. Yu G-P et al. Am J Ophthalmol. 2003;135(6):800-6. 3. Triay E et al. Br J Ophthalmol. 2009;93(11):1524-8. 4. Newton R et al. Lancet. 1996;347(9013):1450-1. 5. Dalvin LA. Br J Ophthalmol. 2018;102(12):1728-1734. 6. Sun EC et al. Cancer Epidemiol Biomarkers Prev. 1997;6(2):73-7. Bel-sar has a significant commercial opportunity to expand into additional ocular oncology indications ~35,000/yr Bel-sar has the potential to transform the ocular oncology field as a vision-preserving therapy that alleviates patient burden and potentially reduces local recurrence and risk of metastasis with early treatment Addressable market (US/EU) ~20,000/yr Early choroidal melanoma1 Metastases to the choroid1 ANTICIPATED EXPEDITED TIMELINE FOR SUBSEQUENT INDICATIONS ~11,000/yr Bel-sar's potential value drivers Highly favorable competitive landscape Regulatory and manufacturing synergies Focused call point (~100 ocular oncologists in US/EU) with potential expansion to retina specialists Same centers Small (<20) field-based team Buy-and-bill reimbursement Ocular surface cancersa,2–6

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Urologic oncology Bel-sar target indications: Intermediate-risk NMIBC \| High-risk NMIBC NMIBC, non-muscle-invasive bladder cancer.

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1. GLOBOCAN 2022. Bladder. Available at: https://gco.iarc.who.int/media/globocan/factsheets/cancers/30-bladder-fact-sheet.pdf. Accessed October 24, 2025. 2. Sung H, et al. CA Cancer J Clin. 2021;71(3):209–49. 3. Clark O, et al. Pharmacoecon Open. 2024;8(6):837–45. 4. Burger M, et al. Eur Urol. 2013;63(2):234–41. 5. Lamm DL, et al. J Urol. 2000;163(4):1124–9. 6. Shalata AT, et al. Cancers (Basel). 2022;14(20):5019. 7. Gurbani CM, et al. Bladder Cancer. 2025;11(2):1–21. 8. Shore ND, et al. Urol Oncol. 39(10):642–63. 9. Patel VG, et al. CA Cancer J Clin. 2020;70(5):404–23. BCG, Bacillus Calmette-Guerin; HR, high risk; MIBC, muscle-invasive bladder cancer; NMIBC, non-muscle-invasive bladder cancer; SAE, serious adverse event; TURBT, transurethral resection of bladder tumor. Bladder cancer: High unmet medical need for function-preserving organ-sparing therapies 20 20 Bladder cancer 9th most commoncancer worldwide1 >600,000 cases/year globally1 614,298 diagnosed in 20221(>7% increase from 2020)1,2 >$6 billion Annual costof treatment in US3 Conventional adjuvant treatments are suboptimal Bladder cancer is a significant patient and financial burden globally One of the highest lifetime treatment costs of all cancers Significant treatment burden Side effects often lead to treatment discontinuation Inadequate efficacy leads to recurrence Risk of disease progression/metastasis Loss of bladder/cystectomy 84% do not complete a full course of BCG treatment5 ~75% with NMIBC develop recurrence after treatment6 >60% with HR NMIBC are at risk of recurrence within 1 year7 20% with HR NMIBC may progress to MIBC within 4 years of diagnosis8 50% with MIBC may progress to metastatic disease9 Majority of patients present with NMIBC4

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NIR, near-infrared. Bel-sar is a potential first-in-class frontline therapy designed to treat the tumor, activate durable anti-tumor immunity, and reduce recurrence risk Transformative clinical and commercial potential Current bladder cancer therapies are invasive and lack durable efficacy Patients often face multiple recurrences and cumulative treatment burden Bel-sar targets and destroys the tumor while triggering 'immune activation' within the tumor microenvironment Positioned as a frontline, off-the-shelf therapy with potential use across disease spectrum Addresses a major unmet need 1 z First tumor specific focal immune therapy 2 Transformative clinical and commercial potential 3 Elicits a durable, adaptive, anti-tumor immunity without systemic toxicity z NIR light Bel-sar injection Localized Immune Activation z AU-012 In-office administration supports broad patient access and complements existing standards

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Purpose-built for urologists, simplifies delivery, supports broader access, and strengthens commercial positioning BSL, biosafety level. AU-012 Stable at 2–8°C with simple refrigeration Convenient administration in urologist office anticipated No need for cold chain (–70°C) No need for biosafety (BSL-2) No need for general anesthesia <20-minute procedure No special delivery or handling expected Adjusted volume and concentration New formulation delivers a differentiated product optimized for urology practice

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~80,000 ~20,000 Low grade – low & intermediate risk High-risk papillary disease High-risk CIS – BCG unresponsive BCG Intravesical chemotherapy ~4,000 TURBT recurrence Intravesical gene therapy Systemic immunotherapy TURBT recurrence Adjuvant therapy Adjuvant therapy Intravesical immunotherapy BCG Intravesical chemotherapy Adjuvant therapy Cystectomy Disease progression Recurrencea Prevalence (US patients)1–3 a42–84% of low-grade intermediate-risk patients develop recurrence.4,5 1. Holzbeierlein JM et al. J Urol. 2024;212(1):3–10. 2. Holzbeierlein JM et al. J Urol. 2024 Apr;211(4):533–58. 3. Internal Aura epidemiology of market size; data on file. 4. Shalata AT, et al. Cancers (Basel). 2022;14(20):5019. 5. van Rhijn BWG, et al. Eur Urol. 2009;56(3):430–42. BCG, Bacillus Calmette-Guérin; CIS, carcinoma in situ; TURBT, transurethral resection of bladder tumor. Current treatment paradigm based on upfront resection leads to recurrence Front line Front line High recurrence rate leads to multiple surgeries and burdensome adjuvant treatment intervention

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Bel-sar offers a first-line, tumor-directed approach designed for lasting benefit APCs, antigen-presenting cells; DAMPs, damage-associated molecular patterns; NIR, near infrared; NMIBC, non-muscle-invasive bladder cancer; TURBT, transurethral resection of bladder tumor. Bel-sar is pioneering the neoadjuvant space in NMIBC NIR light bel-sar injection Necrotic tumor cells DAMPS and neoantigens Activation of APCs Presentation of neoantigens to T cells T cell trafficking and proliferation Bel-sar's directed anti-tumor immune response TURBT +/-single instillation No tumor cells + immune surveillance 1 2 3 Treatment goals Durability of response Reduced recurrence Reduced risk of progression Reduced subsequent treatment burden withfewer interventions In-office administration of bel-sar supports potential broad patient access and scalability, driving adoption and differentiation – complementing, not replacing, existing standards

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SoC, standard-of-care; TURBT, transurethral resection of bladder tumor.Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Phase 1 safety and feasibility study:Bel-sar administered before scheduled biopsy and SoC TURBT Day 1 Cystoscopy + biopsy bel-sar injection Day 2 Cystoscopy laser light activation Day 9 ± 1 (Cohort A)Day 14+7 (Cohort B+C) Day 56 ± 7 End of follow-up Treatment phase: Feasibility and mechanism of action Follow-up phase: Safety Clinical response data up to 21 days; safety data up to 56 days Final cystoscopy Pathology specimen SoC TURBT Pathology specimen Final efficacy evaluation Final safety evaluation

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For purposes of this analysis, cCR is defined as absence of tumor cells on histopathologic evaluation. a Immune response defined by immunocyte infiltration on post-treatment histopathology. b Safety data include all completed light-activated cohorts (A, B, and C), including two patients treated but not efficacy evaluable (n=12), plus the drug-only cohort that received no light activation (n=5). Safety data cutoff date of July 28, 2025.cCR, clinical complete response; DLT, dose-limiting toxicity; NMIBC, non-muscle invasive bladder cancer; SAE, serious adverse event; TEAE, treatment-emergent adverse event.Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Data cutoff March 3, 2025. Single dose of bel-sar produced clinical complete responses in intermediate- and high-risk NMIBC Intermediate risk (n=5) 4/5 treated tumors achieved cCR, while the fifth treated tumor showed visual tumor shrinkage 3/5 patients demonstrated cCR in at least oneuntreated tumor Visual changes on cystoscopy identified in 4/5 patients 100% of treated and untreated tumors demonstrated immune responsea High risk (n=5) 3/5 treated tumors demonstrated visual tumor shrinkage 1/5 patients achieved cCR in both the treated tumor and an untreated tumor Visual changes on cystoscopy identified in 4/5 patients 100% of treated and untreated tumors demonstrated immune responsea <10% of patients experienced Grade 1 TEAEs related to study drug No Grade 2/3 TEAEs related to study drug No SAEs or DLTs Favorable safety profile observed (n=17)b

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a Confirmed with histopathologic evaluation. BCG, Bacillus Calmette-Guerin; CIS, carcinoma in situ; TURBT, transurethral resection of bladder tumor. Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Data cutoff March 3, 2025. Case study: Clinical complete response confirmed in a patient with highly recurrent disease Clinical complete response visualized at time of TURBTa Biopsy bel-sar injection Cohort A:72-year-old male Single dose bel-sar+ light activation Multiple Ta low-grade tumors, intermediate risk (no CIS) History of Ta high-grade (<3cm), intermediate risk Multiple prior TURBT surgery (x6) Prior BCG induction and maintenance Tumor pre-injection/pre-biopsy Post-injection edema and ecchymosis at injection site

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Multiplex immunofluorescence images from Patient A4. cCR, clinical complete response; TLS, tertiary lymphoid structures.Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Note: 5 of 10 efficacy evaluable phase 1 patients selected for multiplex immunofluorescence analysis to further characterize bel-sar's mechanism of action in bladder cancer. Bel-sar induced adaptive immune memory through generation of de novo mature tertiary lymphoid structures (TLS) Pre-treatment Post-treatment In 5/5 participants, mature TLS were present in target lesions(3 formed TLS de novo) In 2/5 participants, mature TLS were also present innon-target lesions, supporting potential for a urothelial field effect CD3+CD20+CD23+PanCK+PNAd+ Non-target lesion (Patient A4) Target lesion (Patient A4) cCR cCR

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cCR, clinical complete response; NK, natural killer; TME, tumor microenvironment.Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Note: 5 of 10 efficacy evaluable phase 1 patients selected for multiplex immunofluorescence analysis to further characterize bel-sar's mechanism of action in bladder cancer. Bel-sar generated innate and adaptive effectors regardless of immune environment; Converted "cold" TME to "hot", and reversed dysfunction in exhausted tumors Pre-treatment Post-treatment In treated lesions: Natural killer cell density increased up to 40x CD4+ cytolytic T cell density increased up to 7x In 5/5 participants, CD4+ and CD8+ memory T cells were observed after bel-sar treatment Target lesion(Patient A4) Target lesion (Patient A3) cCR cCR Yellow = Memory CD4 T-cells CD45RO+CD4+ PanCK+ 250 μm DAPI NK cells: CD45+ CD56+ 500 μm DAPI NK cells: CD45+ CD56+

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Ag, antigen; APC, antigen-presenting cell; DAMPs, damage-associated molecular patterns; DC, dendritic cell; EOS, eosinophils; mΦ, macrophage; MDSC, myeloid-derived suppressor cells; NEU, neutrophil; NIR, near infrared; NK, natural killer cells; Tconv, conventional T cells; TEM, effector memory T cells; TLS, tertiary lymphoid structure; TME, tumor microenvironment.Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Mechanism of action: Bel-sar in bladder cancer INNATE IMMUNE RESPONSE ADAPTIVE IMMUNE RESPONSE IMMUNOSURVEILLANCE RESOLUTION & REPAIR TREATMENT NIR light bel-sar injection DAMPs Tumor necrosis Potential to treat future recurrence Mature TLS Ongoing active immunosurveillance mΦ DC NK cell killing Granulocytes sense necrotic tumor death NK EOS NEU Some tumormay remain APCs pick up tumor Ag Ongoing anti-tumor response NK NK-secreted cytokines/chemokines recruit CD4+ T cells CD4+ T cell killing EOS Tconv TEM Develop memory/early TLS NK APC EOS Tumor T cells, B cells Memory/TLS Time Recruitment into bladder Months mΦ MDSC MDSC & mΦ clear debris and remodel/repair tissue Mature TLS Clinical complete response EOS Illustrative Bladder Immunogenicity Profile

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1. Based on Phase 1 multiplex immunofluorescence data. 5 of 10 efficacy evaluable phase 1 patients selected for multiplex immunofluorescence analysis to further characterize bel-sar's mechanism of action in bladder cancer. TIL, tumor-infiltrating lymphocytes; TLS, tertiary lymphoid structures; TME, tumor microenvironment.Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Bel-sar may disrupt the bladder cancer treatment paradigm with an in-office frontline treatment approach Generate unspecific cytotoxicity without primary modification of immune landscape Work best in "hot" tumors Majority rely on acute, innate immune response Show little evidence of inducing long-term adaptive immune memory Current adjuvant therapies 31 Immune "hot" TIL-rich Immune "cold" or exhausted TIL-poor Colder tumor = harder to treat Induced adaptive immune memory through generation of mature TLS and memory T cell infiltration Generated innate and adaptive effectors regardless of immune environment Converted "cold" TME to "hot", and reverses dysfunction in exhausted tumors Bel-sar's unique frontline approach1 Bel-sar

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Conclusions from phase 1 study of bel-sar in NMIBC Efficacy Data In both IR and HR NMIBC participants, focal administration of a single, low-dose of bel-sar induced clinical complete responses through rapid tumor necrosis, effector cell infiltration, localized immune memory, and a urothelial field effect Safety Data Only grade 1 drug-related adverse events Immune Response1 Bel-sar induced adaptive immune memory through generation of de novo mature tertiary lymphoid structures (TLS) in 3/5 participants Bel-sar generated innate and adaptive effectors regardless of immune environment; converted "cold" TME to "hot", and reversed dysfunction in exhausted tumors in 4/5 participant with pre-treatment specimens 1. 5 of 10 efficacy evaluable phase 1 patients selected for multiplex immunofluorescence analysis to further characterize bel-sar's mechanism of action in bladder cancer. Pre-treatment innate and adaptive effectors evaluated in 4/5 participants with pre-treatment specimens. IR, intermediate risk; HR, high risk; NMIBC, non-muscle invasive bladder cancer; TLS, tertiary lymphoid structure; TME, tumor microenvironment.Clinicaltrials.gov identifier: NCT05483868; AU-011-102.

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Dose per tumor, per treatment. Up to three tumors treated per visit. a+2-day window for injection in 2nd treatment cycle. DLT, dose-limiting toxicity; IT, intratumoral; NMIBC, non-muscle-invasive bladder cancer; TURBT, transurethral resection of bladder tumor; W, week.Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Note: Simplified schema of study design. The Company has two optional cohorts H and I. Phase 1b/2 study design to evaluate dose and regimen in NMIBC 33 Immune-ablative Cycle 1 Cycle 2 8W Response assessments up to Month 12 Neoadjuvant Cycle 1 Cycle 2 2W Response assessments up to Month 12 TURBT Safety review conducted after 3 participants have completed the DLT period for a given cohort (14 days post-laser application in last treatment cycle) 200 µg IT 2-cycle immune-ablative Cohort D n=6 400 µg IT 2-cycle immune-ablative Cohort E n=5 400 µg IT 2-cycle neoadjuvant (Prior to TURBT) Cohort G n=5(+5) 400 µg IT 2-cycle neoadjuvant (Prior to TURBT) Cohort F n=5(+5) Intermediate-risk NMIBC High-risk NMIBC Bel-sar injection Laser Dose finding as a single agent Efficacy as a neoadjuvant treatment Study assessments 3 months 12 months

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NMIBC, non-muscle-invasive bladder cancer; TURBT, transurethral resection of bladder tumor. Bel-sar has the potential to transform frontline bladder cancer Treat the tumor upfront triggering durable immunity ahead of TURBT Create an opportunity for durable control and reduced treatment burden Enable combination and sequencing therapies with a favorable safety profile Potential to establish a new model across bladder and other urology diseases With no current approved neoadjuvant NMIBC therapies, Bel-sar is pioneering the frontline treatment space

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1. ClearView & Putnam & Assoc. Epidemiology Analysis Choroidal Melanoma and Choroidal Metastasis. FDA, United States Food and Drug Administration; NMIBC, non-muscle-invasive bladder cancer; SPA, special protocol assessment. Company highlights Current cash expected to fund operations into 1H 2027 Experienced leadership team across functions Corporate Ocular oncology therapeutic area Early choroidal melanoma Global phase 3 CoMpass trial actively enrolling; 2026 enrollment completion and Q4 2027 topline data readout anticipated Special protocol assessment (SPA) agreement with FDA Metastases to the choroid High unmet need with no drugs approved1 Phase 2 proof-of-concept data expected in 2026 Urologic oncology therapeutic area Bel-sar converted "cold" to "hot" tumors in phase 1 trial in NMIBC, supporting a potential front-line therapy across the bladder cancer spectrum Phase 1b/2 trial evaluating additional doses and cycles in intermediate and high-risk NMIBC patients on track with data expected mid-2026 Cancers of the ocular surface Phase 1 proof-of-concept data expected in 2026 One of the largest ocular oncology indications

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Appendix

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Virus-like drug conjugates (VDCs) have potential advantages over oncolytic viruses HSPG, heparan sulphate proteoglycans; VDC, virus-like drug conjugate. Broader and more specific tropism for binding over normal tissue No viral genes expressed to compete with tumor antigens for induction of cell-mediated immunity Killing mechanism promotes induction of cell-mediated immunity to tumor antigens Evolution of escape mutants less likely;unlike virus cell surface and uptake receptors, HSPG modifications appear to be drivers of oncogenesis

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Bel-sar's MoA has shown synergy with PD-1 mAb in pre-clinical models Combination with anti-PD1 mAb has shown synergy in vivo and long-term durability of response Bel-sar's MoA can transform the immune suppressive tumor microenvironment Bel-sar's approach is mutation agnostic and can address the problem of intratumor heterogeneity MoA, mechanism of action; mAb, monoclonal antibody.

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Preclinical studies in TC-1 murine tumor model. Kines RC, et al. Cancer Immunol Res. 2021;9(6):693–706.NIR, near-infrared (light). Preclinical studies demonstrated long-term tumor-free survival and induction of anti-tumor responses after a single bel-sar treatment Tumor-free survival after tumor re-challenge Long-term protection from tumor re-challenge Long-term tumor-free survival Tumor-free survival after single dose of bel-sar Day 10: bel-sar single-dose

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Preclinical studies in TC-1 murine tumor model. Kines RC, et al. Cancer Immunol Res. 2021;9(6):693–706.NIR, near-infrared (light). CD4+ and CD8+ T-cells are key to long-term durability of response and protection from rechallenge with bel-sar Depletion of CD4+ and CD8+ T cells at the time of treatment Depletion of CD4+ and CD8+ T cells at time of rechallenge Isotype Anti-CD4 Anti-CD8 Isotype Anti-CD4 Anti-CD8 Naïve Long-term protection from tumor re-challenge depends on CD4+ and CD8+ T cells Long-term tumor-free survival depends on CD4+ and CD8+ T cells 9 11 Day: 0 100 Implant TC-1 tumor cells Tumor volume: 50mm3 7 10 13 20 +1 Day: -100 0 Implant TC-1 tumor cells Rechallenge with TC-1 tumor cells Tumor volume: 50mm3 -93 -90 -87 +10 -1 +17 +3 Depleting or matched isotype Intravenous bel-sar NIR treatment

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Robust pre-clinical activity both as a single agent and in combination with anti-PD1 Bel-sar treatment impacts primary and distant tumors, overall survival, and induction of durable immunological memory Treatment resulted in complete response and prevented tumor growth after rechallenge Syngeneic mouse tumor model TC-1 model in C57BL/6 mice N = 8–10/group Anti-PD-1 100 µg administered once every 3 days (IP) AU-011 100 µg as a single dose (IV) All groups treated with NIR (50 J/cm2) All animals that survived the first treatment were rechallenged and survival was evaluated up to 100 days after rechallenge IP, intraperitoneal; IV, intravenous; NIR, near-infrared (light). Days post tumor implantation Days post tumor re-challenge

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US/EU incidence. 1. Epidemiology analysis for choroidal melanoma and choroidal metastasis by ClearView Healthcare Partners and Putnam. 2. IARC Cancer Today. GLOBOCAN 2022 (version 1.1). Available at: Cancer Today. Accessed May 6, 2025. 3. Mathis T et al. Prog Ret Eye Res. 2019;68:144-176. CNS, central nervous system. Metastases to the choroid: Evaluating metastases from multiple tumor types may provide valuable insights into bel-sar's utility in non-ocularsolid tumors Treat metastases to the choroid Multiple tumor types metastasize to the eye3 Platform potential in multiple solid tumors Choroidal melanoma Choroidal metastasis Ocular surface cancers Retinoblastoma CNS cancers Head and Neck cancer Breast cancer Lung cancer Cutaneous melanoma Colon cancer Renal cancer Ovarian cancer Cervical cancer Urothelial carcinoma Prostate cancer Fibrosarcoma ~20,000/yr1 Breast ~832,000/yr2 Prostate ~703,000/yr2 Colon~448,000/yr2 Lung~710,000/yr2 ~2,693,000/yr2

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Multiple sites activated Primary endpoint at one-month post-treatment; possibility to see tumor shrinkage and vision preservation/improvement a 3+3 Design. Each cohort to have a minimum of 3 and a maximum of 6 patients.b Simplified schema of study design. Metastases to the choroid: Study expanded to include patients with any systemic carcinoma Studypopulation Studyobjectives Safety/dose-limiting toxicity Efficacy Change in tumor size Change in vision letter score Patients with unilateral, unifocal metastases to the choroid Any systemic carcinoma (previously breast or lung only) No changes in concurrent systemic medications planned Study design (n=12)a,b Cohort 1 (N=3) 80µg 1 cycle Cohort 2 (N=3) 160µg 1 cycle Cohort 3 (N=3) 200µg 1 cycle Cohort 4 (N=3) 200µg 2 cycles

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1. Yu G-P et al. Am J Ophthalmol. 2003;135(6):800-6. 2. Triay E et al. Br J Ophthalmol. 2009;93(11):1524-8. 3. Newton R et al. Lancet. 1996;347(9013):1450-1. 4. Dalvin LA. Br J Ophthalmol. 2018;102(12):1728-1734. 5. Sun EC et al. Cancer Epidemiol Biomarkers Prev. 1997;6(2):73-7. 6. Vora et al. Surv Ophthalmol. 2017;62(1):26-42. 7. Alvarez et al. BMJ Open Ophthalmol. 2021;6(1):e000842. PAM, primary acquired melanosis; OSSN, ocular surface squamous neoplasia. Cancers of the ocular surface: Planned phase 1 safety and feasibility study with histopathologic evaluation Treatment6,7 Surgery/excision Neoadjuvant and/or adjuvant local chemotherapy No drugs specifically approved for conjunctival tumors Exenteration (removal of eye and entire orbital contents) High recurrence rate Mortality & morbidity6,7 Mortality: ~25% (for conjunctival melanoma) with maximal treatment Morbidity: ocular irritation/pain, dry eye, vision loss, loss of eye ~30,000 Conjunctival melanoma & othermelanocytic tumors (PAM)1–5 ~5,000 Conjunctival squamous cell carcinoma/OSSN1–5

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IMAGE: Measure tumor BIOPSY: Main tumor Adjacent flat tumor TREATMENT #1: Inject bel-sar intratumorally Light activate only over main tumor Planned proof-of-concept phase 1 study of bel-sar for ocular surface tumors Assess safety, feasibility, and histopathologic response SoC, standard-of-care. TREATMENT #2: Inject bel-sar intratumorally Light activate only over main tumor Day 8 Day 15 IMAGE: Measure tumor SoC EXCISION: Main tumor Map biopsiesnear previous biopsy sites Day 1