Detailed financial statements for Aura Biosciences, Inc. (AURA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Headquartered in Cambridge, Massachusetts, Aura Biosciences, Inc. is a biotechnology firm established in 2009 that specializes in pioneering cancer treatments. The company leverages its proprietary virus-like drug conjugate (VDC) technology platform to address tumors with significant unmet medical needs, specifically in ocular (eye) and urologic oncology.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $6.73, AURA has negative trailing earnings (P/E not meaningful) and an ROE of -73.18%. Market capitalisation stands at $696M.
Balance sheet quality for AURA: current ratio of 8.1, net cash position of $126.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $509000 | 0 | 0 | 0 | $1.3M | 0 | 0 |
| Gross Profit | -$509000 | 0 | 0 | 0 | -$1.3M | 0 | 0 |
| Research & Development | $19.1M | $18.0M | $25.2M | $42.2M | $63.9M | $73.3M | $90.3M |
| Selling, General & Admin | $4.5M | $4.2M | $10.1M | $18.1M | $19.8M | $22.8M | $22.5M |
| Operating Expenses | $23.6M | $22.2M | $35.2M | $60.3M | $83.7M | $96.1M | $112.8M |
| Operating Income | -$24.1M | -$22.2M | -$35.2M | -$60.3M | -$85.0M | -$96.1M | -$112.8M |
| EBITDA | -$23.7M | -$21.4M | -$34.4M | -$57.6M | -$75.0M | -$85.6M | -$105.0M |
| Interest Expense | $5000 | $3000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$24.2M | -$22.2M | -$35.3M | -$58.8M | -$76.3M | -$86.8M | -$106.1M |
| Income Tax | 0 | 0 | 0 | 0 | $137000 | $112000 | $108000 |
| Net Income | -$24.2M | -$22.2M | -$35.3M | -$58.8M | -$76.4M | -$86.9M | -$106.2M |
| EPS | $-0.01 | $-1.03 | $-1.58 | $-1.96 | $-1.93 | $-1.75 | $-1.76 |
| EPS (Diluted) | $-0.01 | $-1.03 | $-1.58 | $-1.96 | $-1.93 | $-1.75 | $-1.76 |
| Shares Outstanding (Diluted) | $2.92B | $29.2M | $29.2M | $29.9M | $39.6M | $49.7M | $60.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$27.9M | -$27.2M | -$34.9M | -$48.1M |
| EBITDA | -$25.8M | -$25.3M | -$32.5M | -$48.1M |
| Net Income | -$26.1M | -$25.6M | -$33.7M | -$45.6M |
| EPS | $-0.40 | $-0.40 | $-0.50 | $-0.48 |
| EPS (Diluted) | $-0.40 | $-0.40 | $-0.50 | $-0.48 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $32.5M | $17.4M | $149.1M | $121.6M | $41.1M | $31.7M | $59.5M |
| Short-term Investments | 0 | 0 | 0 | $67.2M | $185.1M | $119.4M | $84.7M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $33.3M | $18.5M | $153.7M | $196.7M | $231.8M | $160.6M | $149.7M |
| Property, Plant & Equipment | $3.6M | $3.6M | $6.2M | $26.0M | $22.0M | $20.6M | $18.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $37.1M | $22.1M | $160.0M | $223.9M | $255.1M | $182.5M | $169.4M |
| Accounts Payable | $2.3M | $611000 | $2.4M | $2.9M | $1.8M | $2.3M | $1.5M |
| Short-term Debt | 0 | $15000 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $6.1M | $2.7M | $7.4M | $10.5M | $12.4M | $14.9M | $18.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $14.1M |
| Total Liabilities | $6.3M | $2.7M | $7.7M | $28.4M | $29.2M | $30.5M | $32.5M |
| Retained Earnings | -$94.7M | -$116.9M | -$152.1M | -$210.9M | -$287.3M | -$374.2M | -$480.4M |
| Total Equity | $30.8M | $19.4M | $152.3M | $195.6M | $225.8M | $152.0M | $136.9M |
| Total Debt | $49000 | $15000 | $975000 | $20.9M | $19.6M | $18.8M | $17.4M |
| Net Debt | -$32.4M | -$17.4M | -$148.1M | -$168.0M | -$206.6M | -$132.3M | -$126.9M |
| Working Capital | $27.2M | $15.8M | $146.3M | $186.2M | $219.4M | $145.7M | $131.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $47.6M | $59.5M | $84.8M | $67.8M |
| Total Assets | $190.0M | $169.4M | $137.7M | $348.1M |
| Total Liabilities | $33.4M | $32.5M | $30.4M | $32.9M |
| Total Equity | $156.7M | $136.9M | $107.2M | $315.3M |
| Total Debt | $17.8M | $17.4M | $17.0M | $16.6M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$24.2M | -$22.2M | -$35.3M | -$58.8M | -$76.4M | -$86.9M | -$106.2M |
| Depreciation & Amortization | $509000 | $831000 | $831000 | $1.2M | $1.3M | $1.2M | $1.1M |
| Stock-based Compensation | $507000 | $736000 | $2.3M | $6.4M | $8.8M | $11.7M | $14.3M |
| Change in Working Capital | $2.5M | -$3.7M | -$315000 | -$3.1M | $4.4M | -$2.6M | $6.0M |
| Operating Cash Flow | -$20.7M | -$24.3M | -$32.4M | -$54.6M | -$63.8M | -$79.8M | -$84.7M |
| Capital Expenditure | -$2.2M | -$771000 | -$2.1M | -$1.1M | -$709000 | -$1.3M | -$447000 |
| Acquisitions | 0 | 0 | 0 | $66775 | 0 | 0 | 0 |
| Stock Repurchased | -$13000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$22.9M | -$25.1M | -$34.5M | -$55.7M | -$64.6M | -$81.1M | -$85.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$20.1M | -$20.5M | -$29.9M | -$31.8M |
| Capital Expenditure | -$45000 | -$176000 | -$102000 | -$21000 |
| Free Cash Flow | -$20.2M | -$20.6M | -$30.0M | -$31.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.7M | $3.3M | $3.8M | $12.4M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +8.2% | -58.7% | -66.7% | -30.0% | -13.8% | -22.2% |
| EPS Growth (YoY) | | -12309.6% | -53.4% | -24.1% | +1.5% | +9.3% | -0.6% |
| Shares Change (YoY) | | -99.0% | -0.0% | +2.5% | +32.3% | +25.3% | +21.5% |
| FCF Growth (YoY) | | -9.6% | -37.6% | -61.3% | -15.9% | -25.6% | -5.1% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.2% | -0.1% | -0.1% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.01 | $-0.86 | $-1.18 | $-1.86 | $-1.63 | $-1.63 | $-1.41 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.92B | $29.2M | $29.2M | $29.9M | $39.6M | $49.7M | $60.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -73.18% |
| Return on Invested Capital | -41.61% |
| Return on Assets | -37.63% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 16.82 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 0.83 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -1783.13 | -14.37 | -10.75 | -5.36 | -4.59 | -4.70 | -3.10 |
| P/B | 1405.75 | 22.33 | 3.26 | 1.61 | 1.55 | 2.69 | 2.40 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |