Aura Biosciences sets terms for $75 million public offering

BOSTON - Aura Biosciences Inc. (NASDAQ:AURA), a biotech firm specializing in precision therapies for solid tumors, has announced the pricing of its public offering. The company, currently valued at $246 million, is offering over 11.7 million shares of common stock, along with warrants to purchase approximately 2.9 million additional shares. According to InvestingPro data, while the company maintains a strong liquidity position with a current ratio of 10.77, it has been rapidly burning through cash, making this offering crucial for its operations. Additionally, Aura is providing pre-funded warrants to purchase up to 3.57 million shares of common stock to certain investors, accompanied by warrants for about 892,858 shares.

Each share of common stock and accompanying warrant is priced at $4.90, with the pre-funded warrants and accompanying warrants priced just below at $4.89999. The warrants are immediately exercisable and will expire five years from issuance. The offering price represents a significant discount from the stock’s 52-week high of $12.38, reflecting the challenging market conditions that have led to a 48% decline in share price over the past six months. Aura expects to raise gross proceeds of $75 million before deductions for underwriting discounts and other expenses, with the offering anticipated to close on May 16, 2025, subject to standard closing conditions.

The proceeds from the offering are earmarked for advancing Aura’s clinical programs, which include treatments for early-stage choroidal melanoma, metastases to the choroid, cancers of the ocular surface, and non-muscle invasive bladder cancer. Funds will also support general corporate purposes.

Leerink Partners and Evercore ISI are serving as joint bookrunning managers for the offering, with LifeSci Capital also acting as a bookrunning manager. Citizens Capital Markets and Scotiabank are co-managers.

The offering is based on a shelf registration statement filed with the Securities and Exchange Commission (SEC) on March 27, 2024, and declared effective on April 5, 2024. The offering is made solely by means of a written prospectus and prospectus supplement forming part of the registration statement. A preliminary prospectus supplement and accompanying prospectus were filed with the SEC on May 15, 2025.

Aura Biosciences, headquartered in Boston, MA, is committed to developing treatments that preserve organ function while targeting solid tumors. Their lead candidate, bel-sar (AU-011), is in late-stage development for primary choroidal melanoma and in early-stage development for other ocular oncology indications and bladder cancer. Wall Street analysts remain optimistic about the company’s prospects, with a consensus target price range of $19-25, suggesting significant upside potential. InvestingPro subscribers can access 8 additional key insights about Aura’s financial health and market position, along with detailed analyst forecasts and valuation metrics.

This news is based on a press release statement, and Aura Biosciences has made forward-looking statements regarding the use of proceeds and the timing and completion of the offering. These statements are subject to risks and uncertainties that could cause actual results to differ materially.

In other recent news, Aura Biosciences has reported promising results from a Phase 1 trial of its investigational drug bel-sar for non-muscle invasive bladder cancer (NMIBC). The trial demonstrated that bel-sar was well-tolerated, with some patients showing complete responses and significant tumor shrinkage. Additionally, Aura Biosciences is advancing its lead candidate bel-sar through late-stage development for primary choroidal melanoma. The company has enrolled over 175 patients in its Phase 3 CoMpass trial for uveal melanoma, with a focus on patients with documented tumor growth. Analyst Jonathan Wolleben from JMP Securities reiterated a Market Outperform rating for Aura Biosciences, although he adjusted the price target to $19.00 from $21.00. Meanwhile, H.C. Wainwright raised its price target for Aura Biosciences to $25, maintaining a Buy rating, citing the progress in bel-sar’s development for early-stage choroidal melanoma. In corporate news, Aura Biosciences has expanded its Board of Directors with the addition of Teresa Bitetti, who brings significant experience from her role at Takeda’s Global Oncology Business Unit. These developments highlight Aura Biosciences’ ongoing efforts to advance its clinical programs and strengthen its leadership team.

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