Reports Q1; Choroidal Melanoma Pivotal Data In H2:27; Add'l Readouts In 2026

Research evidence excerpt

Reports Q1; Choroidal Melanoma Pivotal Data In H2:27; Add'l Readouts In 2026

TD Cowen Aura Biosciences

Global Research May 11, 2026

Investment Thesis

Aura is a clinical stage biotechnology company focused on developing novel

therapies against a variety of ophthalmologic and urologic cancers. Aura was formed

around an innovative virus-like drug conjugate (VDC) platform licensed from the NIH

that is designed to bind specifically to modified heparin-sulfate proteoglycans on the

surface of cancer cells. Aura’s lead candidate utilizing the VDC platform, belzupacap

sarotalocan (bel-sar), carries a light- activated cytotoxic prodrug which, following

laser activation, triggers tumor necrosis and release of neoantigens. Aura is

developing bel-sar in choroidal melanoma, choroidal metastases, cancers of the

ocular surface, and bladder cancer (low-grade, intermediate risk NMIBC). In

choroidal melanoma, Aura conducted a Phase II trial in which suprachoroidal

delivery of bel-sar followed by light activation demonstrated tumor growth control,

preservation of visual acuity and a tolerable safety profile in patients with small

choroidal melanoma. Aura has received an SPA from the FDA and aligned with other

international regulatory authorities on the design of a pivotal Phase III trial in n=100

patients with early-stage choroidal melanoma that will examine a primary endpoint

of time to tumor progression and a key secondary composite endpoint of tumor

progression and visual acuity. Aura announced the first patient in the Ph III trial had

been dosed in December 2023. Enrollment has been progressing and Aura expects it

will complete during Mid:26. With a 15-month endpoint, Aura expects to release top-

line data in H2:27. Based on its demonstrated efficacy and ability to preserve vision,