Aura Biosciences, Inc. (AURA): Business Model Canvas [Dec-2025 Updated]

You're looking at a clinical-stage play in rare eye cancer, and honestly, the business model hinges entirely on one shot: bel-sar. As an analyst who's seen a few of these roll the dice, the key takeaway from their current setup is the burn rate versus runway; they closed Q3 2025 with $161.9 million in the bank, funding significant Research and Development (R&D) spend like the $22.2 million reported for Q3 alone, all while still clocking $1.8 million in interest income. This proprietary Virus-Like Drug Conjugate (VDC) platform promises vision-sparing treatment for early choroidal melanoma, a massive unmet need, but the path to product revenue is still years out, projecting data in late 2027. It's a classic high-risk, high-reward biotech setup, and you need to see the full strategic architecture-from their key partnerships managing the global Phase 3 trial to their zero product revenue stream for FY 2025-to truly gauge the risk profile below.

Aura Biosciences, Inc. (AURA) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Aura Biosciences, Inc. (AURA) relies on to push bel-sar through late-stage development and toward potential commercialization. These aren't just vendors; they are essential extensions of their clinical and regulatory teams.

Contract Research Organizations (CROs) for global Phase 3 CoMpass trial execution

The progression of the global Phase 3 CoMpass trial is directly reflected in the Research and Development (R&D) spend, which includes significant outlays for CRO services to manage the multi-center execution. For the three months ended March 31, 2025, R&D expenses were $23.3 million, up from $17.1 million in the prior year period, with CRO costs cited as a primary driver. Similarly, R&D expenses for the three months ended June 30, 2025, were $22.9 million, again noting ongoing clinical and CRO costs. For the third quarter ended September 30, 2025, R&D expenses were $22.2 million, still primarily due to the progression of the Phase 3 trial and associated CRO costs.

The CoMpass trial itself, identified as NCT06007690, is a global Phase 3, randomized, masked, multi-center study.

Leading academic centers and research institutions for clinical trials and combination studies

Aura Biosciences, Inc. has deep roots in academic and governmental research, which forms a foundational partnership for their core technology.

• The Virus-like Drug Conjugate (VDC) technology platform is based on discoveries from NIH Distinguished Investigator Dr. John Schiller of the Center for Cancer Research at the National Cancer Institute (NCI).
• The lead program, bel-sar (AU-011) for ocular melanoma, is being developed under a CRADA (Cooperative Research and Development Agreement) with the National Cancer Institute (NCI), part of the National Institutes of Health.
• Dr. Carol Shields, Co-Director of the Ocular Oncology Service at Wills Eye Hospital in Philadelphia, is a member of Aura Biosciences' Clinical Advisory Board and was involved in dosing the first patient in an earlier Phase 1b trial.
• Aura Biosciences initiated a Phase 2 clinical trial in metastases to the choroid and activated sites with patients in prescreening in the United States.

Regulatory bodies (FDA, EMA) for Special Protocol Assessment (SPA) and Fast Track designations

Regulatory engagement is crucial, especially for a first-in-class therapy in a rare indication. Aura Biosciences has secured key designations from both the US and European regulators.

• The global Phase 3 CoMpass trial operates under a Special Protocol Assessment (SPA) agreement with the FDA for its overall design.
• Aura Biosciences received Orphan Drug Designation from both the FDA and the European Medicines Agency (EMA) for the treatment of early choroidal melanoma.
• The FDA granted Fast Track designation for bel-sar in early choroidal melanoma and for the indication of metastases to the choroid.
• The most recent reported FDA-related event occurred on March 24, 2025, involving 'Positive Data' from a completed Phase 1 window of opportunity trial in Non-Muscle Invasive Bladder Cancer (NMIBC).

Specialized manufacturing partners for VDC production and supply chain

While specific named partners for specialized manufacturing aren't detailed in the public filings reviewed, the financial commitment to this area is clear through R&D reporting.

Manufacturing and development costs for bel-sar contributed to the R&D expense increases reported in Q1 2025 ($23.3 million total R&D) and Q2 2025 ($22.9 million total R&D). The company also filed a patent application in Q1 2025 for a new formulation of bel-sar intended for use in urologic oncology.

Aura Biosciences, Inc. (AURA) - Canvas Business Model: Key Activities

You're looking at the core engine driving Aura Biosciences, Inc. (AURA) right now-the activities that consume the most resources and dictate near-term value inflection points. It's all about clinical execution and cash management as they push bel-sar toward potential approvals. Here's the breakdown of what they are actively doing, grounded in their late 2025 numbers.

Executing the global Phase 3 CoMpass trial for early choroidal melanoma

The primary focus remains the registration-enabling Phase 3 CoMpass trial. Enrollment has been a key operational hurdle, but measures implemented in 2025 have improved momentum.

• Enrollment completion guidance set for 2026.
• Topline data readout for the 15-month primary endpoint anticipated in Q4 2027.
• Trial design includes an enrichment strategy targeting approximately 100 patients with documented tumor growth.

The company is tracking patient identification closely. As of September 30, 2025, the current number of potentially eligible patients identified was 280. This trial is a global, Phase 3, randomized study comparing bel-sar against a sham control arm. It's defintely the most critical path activity.

Advancing clinical development of bel-sar in NMIBC and choroid metastases

Aura Biosciences is simultaneously advancing bel-sar across its urologic and secondary ocular oncology programs. The NMIBC trial is moving ahead on schedule, while the metastases trial is seeing expanded criteria to accelerate proof of concept.

Phase 1 data in NMIBC supported the advancement, showing four clinical complete responses among five intermediate-risk patients treated with light-activated bel-sar. That's a strong signal for a Phase 1 study.

Research and development (R&D) of the proprietary VDC platform

The Virus-like Drug Conjugates (VDCs) platform is the core technology. R&D spending reflects the ongoing clinical trial costs and manufacturing development for bel-sar.

Here are the recent quarterly R&D expenses:

• Three months ended September 30, 2025: $22.2 million.
• Three months ended June 30, 2025: $22.9 million.
• Three months ended March 31, 2025: $23.3 million.

These figures are primarily driven by clinical and Contract Research Organization (CRO) costs for the Phase 3 trial.

Securing and maintaining intellectual property for bel-sar and new formulations

Aura Biosciences relies on regulatory designations to support development in rare diseases and is working on formulation improvements for commercial readiness. They have secured key regulatory advantages for their lead indication.

• Orphan Drug Designation from the FDA and EMA for early-stage choroidal melanoma.
• Fast Track designation from the FDA for early-stage choroidal melanoma and metastases to the choroid.
• A new formulation is being developed to allow storage at refrigerated conditions, specifically 2-8 Celsius.

Raising capital to fund operations into the first half of 2027

Managing the cash burn to reach key data readouts is paramount. The company took action in Q2 2025 to bolster its balance sheet.

The net loss for the three months ended September 30, 2025, was $26.1 million.

Aura Biosciences, Inc. (AURA) - Canvas Business Model: Key Resources

You're looking at the core assets Aura Biosciences, Inc. (AURA) relies on to execute its strategy in the precision oncology space. These aren't just line items; they are the proprietary science and the financial runway that keep the Phase 3 trial moving forward. Here's the breakdown of what Aura Biosciences is holding onto right now.

Proprietary Technology and Product Assets

The foundation of Aura Biosciences, Inc.'s value is its science. The company is built around a novel targeted oncology platform that creates a new class of therapeutics.

• Proprietary Virus-Like Drug Conjugate (VDC) technology platform: This platform uses Virus-Like Particles (VLPs), which are derived from the human papillomavirus (HPV), to act as drug delivery vehicles. A single VDC can deliver hundreds of cytotoxic molecules conjugated to its capsid proteins.
• The VDC technology has a dual mechanism of action: it promotes cancer cell death through the delivery of a cytotoxic payload causing acute necrosis, and it activates a secondary immune-mediated response.
• Lead candidate, belzupacap sarapuldine (bel-sar; AU-011): This is the first VDC candidate, currently being developed for the first-line treatment of early-stage choroidal melanoma.
• Bel-sar (AU-011) for ocular melanoma (OM) has been granted Orphan Drug designation by the U.S. Food and Drug Administration (FDA).
• The company is also advancing bel-sar in other indications, including metastases to the choroid and bladder cancer.

Intellectual Property and Financial Strength

Protecting the science and having the cash to fund clinical development are critical resources for any clinical-stage company. Aura Biosciences, Inc. has secured IP and maintains a significant cash position as of late 2025.

The company's financial position as of the end of the third quarter provides operational runway.

The company also strengthened its position by raising approximately $69.9 million through a follow-on offering during 2025.

Regarding the protection of its assets:

• Intellectual property (IP) protecting the VDC platform and drug formulations: The company has a patent application filed with the U.S. Patent and Trademark Office for a new formulation of bel-sar for use in urologic oncology. If this patent is issued, it would provide patent coverage for this formulation into 2046.
• The Phase 3 CoMpass trial for bel-sar in early choroidal melanoma has enrollment completion guidance for 2026, with topline data readout anticipated in Q4 2027.

Human Capital

The team's specific expertise is a resource that de-risks the complex execution of late-stage trials and future commercial planning. Aura Biosciences, Inc. has focused on building a team with deep domain knowledge.

Experienced oncology and photodynamic therapy leadership team members include individuals with decades of relevant experience:

• Leadership has proven track records with multiple drug approvals.
• Specific expertise exists in ocular oncology, with advisors like Dr. Evangelos Gragoudas, a world authority on ocular tumors who pioneered the development of photodynamic therapy for macular degeneration.
• The team includes specialists with research interests and clinical practice focused on novel treatments for bladder cancer.
• The Chief Medical Officer has over 30 years of cross-sector experience in ophthalmology, spanning clinical care, academia, and industry.

Finance: draft 13-week cash view by Friday.

Aura Biosciences, Inc. (AURA) - Canvas Business Model: Value Propositions

You're looking at the core value Aura Biosciences, Inc. (AURA) offers to its customer segments, which is centered on its lead candidate, bel-sar (AU-011), a Virus-Like Drug Conjugate (VDC).

Vision-sparing treatment for early choroidal melanoma, a high unmet need

For early-stage choroidal melanoma, there are currently no drugs approved. Aura Biosciences, Inc. is addressing this with its Phase 3 CoMpass trial, which is the first registration-enabling study in this indication. The study is a global, Phase 3, randomized trial evaluating bel-sar against a sham control arm. It includes an enrichment strategy to enroll approximately 100 patients with documented tumor growth. Enrollment for this trial is expected to complete in 2026, with topline data for the 15-month primary endpoint anticipated in Q4 2027. Investigators have registered over 240 patients in the pre-screening tool as having met initial enrollment criteria globally since June 2024, highlighting the need. Aura Biosciences, Inc. has received Orphan Drug Designation from the FDA and EMA, plus Fast Track designation from the FDA for this treatment.

Precision therapy designed to selectively destroy tumor cells while preserving organ function

The value proposition is rooted in precision, aiming to preserve organ function, particularly vision, which is critical for ocular oncology patients. This precision approach is being extended beyond early choroidal melanoma into other ocular indications where approved therapies are also absent.

Aura Biosciences, Inc. is exploring bel-sar for metastases to the choroid, which affects approximately 20,000 patients annually in the United States and Europe, and for cancers of the ocular surface, which affect approximately 35,000 patients annually in the United States and Europe. These three ocular oncology indications represent a collective incidence of greater than 60,000 patients annually in the US and Europe.

The company's financial position as of September 30, 2025, included cash and marketable securities totaling $161.9 million, which the company believes is sufficient to fund operations into the first half of 2027. Research and development expenses for the three months ended September 30, 2025, were $22.2 million. The net loss for that same quarter was $26.13 million.

Novel dual mechanism of action: targeted cytotoxicity and anti-tumor immune activation

The therapy's mechanism is designed to be dual-acting. Immune profiling data from Phase 1 trials reinforce bel-sar's distinct dual mechanism, driving focal anti-tumor immune activation. This mechanism has the potential to convert 'Cold' to 'Hot' Tumors.

Potential frontline, organ-preserving therapy for Non-Muscle Invasive Bladder Cancer (NMIBC)

Aura Biosciences, Inc. is advancing bel-sar in a Phase 1b/2 trial for NMIBC. Data from this trial are expected in mid-2026. Immune profiling data support bel-sar's potential as a differentiated frontline, organ-preserving treatment across the bladder cancer spectrum.

Here's a quick look at the clinical development milestones supporting these value propositions:

The company also reported a basic loss per share from continuing operations of $0.40 for the third quarter ended September 30, 2025. They strengthened the balance sheet with a recent equity financing, raising approximately $69.9 million, which contributed to an increase in additional paid-in capital to $611.5 million.

You should review the latest cash burn rate against the cash runway extending into the first half of 2027.

Aura Biosciences, Inc. (AURA) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so your customer relationships are almost entirely focused on the clinical and financial communities that will validate your value proposition. For Aura Biosciences, Inc., this means intense focus on the investigators running the trials and the investors funding the journey.

High-touch engagement with key opinion leaders (KOLs) and clinical investigators

The relationship with clinical investigators is mission-critical, given that Aura Biosciences, Inc. is running its first registration-enabling study, the Phase 3 CoMpass trial, for early choroidal melanoma. This requires a highly involved, site-by-site engagement model to manage the unique enrollment criteria. The company noted that in 2025, they implemented measures to address operational challenges that had slowed enrollment.

The depth of engagement is reflected in the scale of the ongoing studies and the targeted patient populations. The CoMpass trial is designed to enroll approximately 100 patients with documented tumor growth. To support this, investigators registered over 240 patients in the pre-screening tool as having met initial enrollment criteria for the study as of the third quarter of 2025. This level of activity necessitates close, high-touch support for the sites managing these complex protocols.

Here's a quick look at the key clinical relationship milestones and the patient populations they address:

What this estimate hides is the constant need for scientific exchange to ensure protocol adherence and data integrity across global sites. It's defintely a relationship built on scientific partnership.

Direct communication with patient advocacy groups for rare oncology indications

For Aura Biosciences, Inc., patient advocacy groups are crucial partners because their lead candidate, bel-sar, targets rare oncology indications with high unmet medical needs. Direct communication helps ensure the clinical trial design aligns with patient priorities and addresses the urgency felt by these communities.

The focus areas represent significant, though rare, patient pools in the US and Europe:

• Early Choroidal Melanoma: An area with no approved drugs.
• Metastases to the Choroid: Affecting approximately 20,000 patients annually in the US and Europe.
• Cancers of the Ocular Surface: Affecting approximately 35,000 patients annually in the US and Europe.

The collective annual incidence for these three ocular oncology indications is greater than 60,000 patients in the United States and Europe. This focus on niche, underserved populations makes advocacy relationships a primary channel for awareness and potential future patient identification.

Investor relations and public disclosures for a clinical-stage company

As a clinical-stage company with no revenue, the relationship with the investment community is managed through rigorous, transparent financial and operational disclosures. The company's communication strategy centers on providing clear guidance on clinical milestones against its cash position.

Key figures from the third quarter ended September 30, 2025, frame the ongoing dialogue with investors:

The company highlighted that following a recent equity financing (reported in Q2 2025), the cash position was expected to support operations into the first half of 2027. Furthermore, the most recent analyst rating on the stock was a Buy with a $22.00 price target, showing a segment of the financial community is aligned with the near-term data catalysts.

Scientific and medical affairs support for clinical trial sites

The support provided to clinical trial sites is directly tied to the investment in research and development. This support ensures the scientific integrity of the data being generated, which is the ultimate value driver for Aura Biosciences, Inc.

The financial commitment underscores this support structure. Research and development expenses for the three months ended September 30, 2025, were $22.2 million. This spend primarily covers ongoing clinical and Clinical Research Organization (CRO) costs associated with the progression of the global Phase 3 trial and manufacturing/development costs for bel-sar. The relationship with CROs and site staff is therefore heavily subsidized by this operational expenditure, ensuring sites have the resources to execute the complex protocols for both the Phase 3 CoMpass trial and the Phase 1b/2 trial in NMIBC.

The company is focused on driving a cash-efficient operation to deliver data across its pipeline. Finance: draft 13-week cash view by Friday.

Aura Biosciences, Inc. (AURA) - Canvas Business Model: Channels

You're looking at how Aura Biosciences, Inc. gets its precision therapies, like bel-sar, to the specialized patient populations it targets. Since the company is still clinical-stage as of late 2025, the primary channels are centered on clinical execution and data dissemination, with commercial channels being strictly future planning.

Global network of specialized clinical trial sites (ophthalmology and urology)

The current channel for product validation relies entirely on a global network of clinical trial sites. For the lead indication, early-stage choroidal melanoma, the Phase 3 CoMpass trial is actively enrolling globally. To support this, investigators registered over 240 patients in a pre-screening tool as having met initial enrollment criteria for the study as of August 2025.

The NMIBC program uses a different channel structure for its Phase 1b/2 trial, which is actively enrolling approximately 26 intermediate and high-risk NMIBC patients. Furthermore, the Phase 2 trial in metastases to the choroid has activated sites with patients in prescreening in the United States. The company is planning to initiate a Phase 1 trial for cancers of the ocular surface in 2025.

Direct sales force to specialized ophthalmologists and urologists post-approval (future)

A dedicated direct sales force is a post-approval channel, so concrete numbers for that structure aren't public yet. However, you can see the investment in the personnel infrastructure that will support future commercialization. Research and development expenses, which include clinical costs, rose to $22.2 million for the three months ended September 30, 2025. General and administrative expenses, which cover corporate growth, were $5.7 million for the three months ended September 30, 2025, driven primarily by higher personnel expenses related to the growth of the Company.

The company's cash and marketable securities totaled $161.9 million as of September 30, 2025, which the company believes is sufficient to fund operations into the first half of 2027. This runway is critical for building out the necessary commercial infrastructure when approvals arrive.

Scientific publications and medical conferences for data dissemination

Dissemination of clinical data is a key channel for building scientific credibility and future market acceptance. Aura Biosciences, Inc. actively uses medical conferences to present its findings. Here's a look at the key dissemination events through late 2025:

Early proof-of-concept results from the metastases to the choroid and ocular surface trials are also expected in 2026.

Regulatory submission pathways (FDA, EMA) for market authorization

The regulatory pathway itself acts as a critical channel to market access. Aura Biosciences, Inc. has secured several designations that streamline this process for its lead candidate, bel-sar, in early-stage choroidal melanoma.

• Orphan Drug Designation received from the FDA.
• Orphan Drug Designation received from the European Medicines Agency (EMA).
• Fast Track designation from the FDA for early-stage choroidal melanoma.
• The CoMpass trial is under a Special Protocol Assessment (SPA) agreement with the FDA.
• FDA Fast Track designation received for metastases to the choroid indication.

Enrollment for the registration-enabling Phase 3 CoMpass trial is expected to complete in 2026, with topline 15-month primary endpoint data anticipated in the fourth quarter of 2027.

Finance: review Q4 2025 cash burn projections against the H1 2027 cash runway estimate by next Tuesday.

Aura Biosciences, Inc. (AURA) - Canvas Business Model: Customer Segments

You're looking at the specific patient populations Aura Biosciences, Inc. (AURA) is targeting with bel-sar, which is key to understanding their near-term commercial focus. The strategy centers on rare ocular cancers first, then expanding into urologic oncology.

Adult patients with Early-stage Choroidal Melanoma (primary focus)

This is the lead indication, where Aura Biosciences, Inc. (AURA) is running the global Phase 3 CoMpass trial. The need is clear, as there are no FDA-approved therapies for this condition.

• Annual incidence in the United States and Europe is approximately 11,000 patients.
• The target for first-line therapy includes small melanomas and indeterminate lesions, representing about 9,000 patients in the US/EU.
• The Phase 3 CoMpass trial uses an enrichment strategy targeting approximately 100 patients with documented tumor growth.
• Investigators registered over 240 patients in the pre-screening tool as meeting initial enrollment criteria as of Q2 2025.
• Enrollment completion for the CoMpass trial is projected for the end of 2025.

The Phase 2 data provides a concrete look at potential efficacy for this segment:

Patients with Non-Muscle Invasive Bladder Cancer (NMIBC) (Phase 1b/2)

Aura Biosciences, Inc. (AURA) is exploring bel-sar as a potential front-line treatment for NMIBC, which is a significant market opportunity, though secondary to the ocular focus right now. The Phase 1b/2 trial is actively enrolling.

• The ongoing Phase 1b/2 trial will evaluate approximately 26 intermediate and high-risk NMIBC patients.
• Phase 1 data showed that a single focal administration induced adaptive immune memory in 3/5 participants evaluated.
• Initial three-month clinical data from the Phase 1b/2 trial is expected in mid-2026.

Patients with Metastases to the Choroid

This is the second potential ocular indication being pursued via a Phase 2 clinical trial, which has an expanded inclusion criteria to cover various solid tumor metastases.

• This indication affects approximately 20,000 US/EU patients annually.
• Aura Biosciences, Inc. (AURA) initiated a Phase 2 clinical trial in this area.
• Initial proof of concept data from this trial is expected in 2026, following protocol amendments to broaden entry criteria.

Specialized oncologists and ophthalmologists treating rare ocular cancers

These are the key prescribers and decision-makers who manage patients across the ocular oncology pipeline indications. Their adoption is tied directly to the success of the Phase 3 CoMpass trial.

• The three ocular oncology indications (Early-stage CM, Metastases to the Choroid, Ocular Surface Cancers) have a collective incidence greater than 60,000 patients annually in the US and Europe.
• The company's cash position as of September 30, 2025, was $161.9 million, which supports the ongoing clinical operations necessary to engage these specialists.
• Research and development expenses for Q3 2025 were $22.2 million, reflecting the investment in trials that these specialists will eventually run or participate in.

Aura Biosciences, Inc. (AURA) - Canvas Business Model: Cost Structure

You're looking at a clinical-stage biotech, so the cost structure is almost entirely weighted toward getting that lead asset, bel-sar, across the finish line. This means heavy, non-negotiable spending on science and trials.

Heavy investment in Research and Development (R&D) and clinical trials is the defining characteristic here. This spending fuels the VDC platform advancement and the critical global Phase 3 CoMpass trial for early choroidal melanoma, plus the ongoing work in non-muscle invasive bladder cancer (NMIBC).

Here's the quick math on the latest reported period:

The R&D expenses were reported at $22.2 million for Q3 2025. That figure primarily reflects the ongoing clinical and contract research organization (CRO) costs associated with the progression of the Phase 3 trial, plus higher personnel expenses tied to company growth.

Manufacturing and supply chain costs for the VDC platform and bel-sar are embedded within R&D, but they represent a significant, lumpy cost. You saw these costs explicitly mentioned as a driver for R&D increases in prior periods, showing that preparing for potential commercial scale, even while still in trials, requires upfront investment in manufacturing processes and supply chain readiness for the Virus-Like Drug Conjugates (VDCs).

General and administrative (G&A) expenses, including personnel and professional fees, are the next largest bucket. For the three months ended September 30, 2025, G&A expenses were $5.7 million. This is actually a slight decrease from the $6.2 million reported in the same period last year, which management attributed to reduced professional fees, though personnel expenses related to company growth definitely factor in.

Costs associated with intellectual property maintenance and regulatory filings are necessary overhead for a company with a platform technology like Aura Biosciences, Inc. You see this commitment in action:

• Patent application filed with the U.S. Patent and Trademark Office for a new formulation of bel-sar for urologic oncology.
• If issued, this patent is designed to provide coverage for that formulation into the year 2046.
• These costs ensure the exclusivity of the VDC platform and bel-sar across indications.

Honestly, for a company with no revenue, every dollar spent is an investment in future value, and the current structure shows that investment is overwhelmingly directed toward clinical execution. Finance: draft 13-week cash view by Friday.

Aura Biosciences, Inc. (AURA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Aura Biosciences, Inc. (AURA) as of late 2025. Since the company is still firmly in the clinical-stage, the current revenue picture is lean, focusing mostly on non-operating income while the core value driver, bel-sar, moves through late-stage trials. Honestly, for a company like Aura Biosciences, the revenue streams are almost entirely prospective right now.

The primary financial inflow not tied to product sales is from their treasury. As of the third quarter ended September 30, 2025, Aura Biosciences reported interest income, including amortization and accretion income, of $1.8 million for that three-month period. This income is generated from their cash and marketable securities, which supports their ongoing operations while they await clinical milestones.

Here's a quick look at the current and near-term revenue components for Aura Biosciences:

The entire commercial revenue potential hinges on the success of bel-sar. You know the timeline; enrollment for the global Phase 3 CoMpass trial in early choroidal melanoma is expected to complete in 2026, leading to the critical topline data readout in Q4 2027. That readout is the gatekeeper for any future product sales revenue.

Beyond direct sales, Aura Biosciences has other potential, albeit currently unrealized, revenue avenues inherent to their business structure:

• Potential milestone payments from future licensing or partnership agreements.
• Royalties from future licensing or partnership agreements.

To be fair, these non-product revenue streams are speculative until a deal is signed, but they are a standard part of the business model for clinical-stage biotechs looking to share development costs or expand market reach. The current focus, reflected in the Q3 2025 operating expenses, is clearly on R&D to get bel-sar to that Q4 2027 data point.

Finance: draft 13-week cash view by Friday.