0000950170-24-125428 | 10-Q | XBRL Viewer

Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

6. Marketable Securities

Marketable securities consist of the following (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government agencies	$	148,363	$	607	$	—		$	148,970
Total	$	148,363	$	607	$	—		$	148,970


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	9,144	$	—	$	(7	)	$	9,137
Corporate bonds		6,186		3		(2	)		6,187
U.S. Government agencies		165,453		563		(14	)		166,002
Yankee bonds		2,985		—		(3	)		2,982
Asset-backed securities		780		—		(1	)		779
Total	$	184,548	$	566	$	(27	)	$	185,087

As of September 30, 2024, the Company had no marketable securities with unrealized losses. The current credit ratings are all within the guidelines of the investment policy of the Company and the Company does not expect the issuers to settle any security at a price less than the amortized cost basis of the investment. The Company does not intend to sell the investments and it is not probable that the Company will be required to sell the investments before recovery of their amortized cost basis.

As of September 30, 2024, no marketable securities with contractual maturities of one year or less were in an unrealized loss position.

As of September 30, 2024, the Company had marketable securities with a fair value of $30.1 million that had maturities of one to two years.

There were no impairments of the Company’s assets measured and carried at fair value during the nine months ended September 30, 2024.

Subsequent Events	9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Subsequent events have been evaluated through the date of filing of the unaudited condensed consolidated financial statements. The Company has identified no subsequent events that require disclosure.

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

Subsequent events have been evaluated through the date of filing of the unaudited condensed consolidated financial statements. The Company has identified no subsequent events that require disclosure.

Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (21,042)	$ (20,337)	$ (19,706)	$ (18,512)	$ (18,299)	$ (17,466)	$ (61,085)	$ (54,277)
Denominator:
Weighted average common stock outstanding - basic	49,663,532			38,185,197			49,554,930	37,943,139
Weighted average common stock outstanding - diluted	49,663,532			38,185,197			49,554,930	37,943,139
Net loss per common share - basic	$ (0.42)			$ (0.48)			$ (1.23)	$ (1.43)
Net loss per common share - diluted	$ (0.42)			$ (0.48)			$ (1.23)	$ (1.43)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (61,085)	$ (54,277)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	932	971
Accretion on marketable securities	(3,890)	(2,853)
Stock-based compensation expense	8,785	6,169
Other	(5)	1
Non-cash lease expense	1,110	1,122
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(3,479)	3,059
Other long-term assets	486	(262)
Accounts payable	172	(1,497)
Accrued expenses and other liabilities	1,594	1,796
Operating lease liabilities	(473)	(689)
Net cash used in operating activities	(55,853)	(46,460)
Cash flows from investing activities:
Purchases of property and equipment	(954)	(392)
Purchase of marketable securities	(59,103)	(88,847)
Maturities of marketable securities	99,183	65,396
Net cash provided by (used in) investing activities	39,126	(23,843)
Cash flows from financing activities:
Proceeds from exercise of stock options	875	1,007
Proceeds from issuance of common stock under ATM facility, net of issuance costs	0	3,170
Proceeds from ESPP purchase	177	128
Net cash provided by financing activities	1,052	4,305
Net decrease in cash, cash equivalents and restricted cash	(15,675)	(65,998)
Cash, cash equivalents and restricted cash at beginning of period	41,850	122,370
Cash, cash equivalents and restricted cash at end of period	26,175	56,372
Supplemental disclosure of cash flow information:
Purchases of property and equipment in accounts payable and accrued expenses and other liabilities	152	65
Initial measurement of right-of-use assets and lease liabilities for operating lease	$ 0	$ 20

Commitment and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Lease Commitments

The Company has historically entered into lease arrangements for its facilities. The Company has one operating lease for its office and laboratory facility with required future minimum payments as of September 30, 2024.

On May 16, 2022, the Company entered into an office and laboratory lease in Boston, Massachusetts with an initial 10-year term and one renewal option to extend the lease for an additional seven years. The lease commenced on August 1, 2022, and estimated payments due under the initial term total $35.2 million. The lease requires a letter of credit totaling $0.8 million which is classified as long-term restricted cash and deposits on the consolidated balance sheet. The landlord will reimburse the Company up to $0.5 million for certain costs related to expansion of the laboratory space. As of September 30, 2024, the Company has completed the expansion and has incurred and been fully reimbursed for $0.5 million of expenses.

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s leases for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease Cost
Operating lease costs	$	867	$	880	$	2,642	$	2,641
Variable lease costs		272		221		912		664
Short-term lease costs		—		2		—		6
Total lease costs	$	1,139	$	1,103	$	3,554	$	3,311


Cash paid for amounts included in the measurement of lease liabilities—operating leases	$	2,005		$	2,209
Weighted-average remaining lease term—operating leases (years)		7.84			8.84
Weighted-average discount rate—operating leases		10.71	%		10.71	%

The following table reconciles the future minimum commitments to the Company’s operating lease liabilities at September 30, 2024 (in thousands):


	Operating lease payments as of September 30, 2024
2024	$	816
2025		3,306
2026		3,405
2027		3,507
2028		3,611
Thereafter		13,823
Total lease payments		28,468
Less: interest		(9,384	)
Total lease liabilities at September 30, 2024		19,084
Less: current portion of lease liabilities		3,126
Lease liabilities, net of current portion	$	15,958

License Agreements

The Company has entered into the following key agreements that relate to the core technology under development:

Rakuten License and Supply Agreement

In May 2024, the Company received notice from LI-COR, Inc., or LI-COR, that as of April 16, 2024, LI-COR assigned, and Rakuten Medical, Inc., or Rakuten, assumed, the 2014 Exclusive Agreement and the 2014 Non-Exclusive Agreement (each described below), each originally entered into by and between the Company and LI-COR. The 2014 Exclusive Agreement and 2014 Non-Exclusive Agreement were not otherwise modified by this assignment and assumption and remain in effect.

2014 Exclusive Agreement

In January 2014, the Company entered into an Exclusive License and Supply Agreement, or the 2014 Exclusive Agreement, with LI-COR for the license of IRDye 700DC and related licensed patent (now expired) for the treatment and diagnosis of ocular cancers in humans, as amended in January 2016, July 2017, April 2018 and April 2019. The 2014 Exclusive Agreement required a one-time upfront license issue fee of $0.1 million and aggregate milestone payments of up to $0.2 million upon certain regulatory and development milestones. The Company is also required to pay Rakuten low-single digit royalties on net sales. The term of the 2014 Exclusive Agreement expires on a country-by-country basis, until the longer of (i) ten years from the first commercial sale of a licensed product in such country and (ii) the last to expire valid claim in such country.

The Company recognized no expenses related to this agreement and related amendments for the nine months ended September 30, 2024 and 2023, respectively.

2014 Non-Exclusive Agreement

In December 2014, the Company entered into a Non-Exclusive License Agreement, or the 2014 Non-Exclusive Agreement, with LI-COR for the supply of IRDye 700DX to the Company for the treatment and diagnosis of non-ocular solid tumor cancers in humans. Under the 2014 Non-Exclusive Agreement, the Company paid a license issue fee of $0.03 million on the effective date. The Company must also pay Rakuten a non-refundable, non-creditable fee of $0.03 million per each licensed product upon pre-IND designation, as defined of such licensed product, aggregate milestone payments of up to $0.3 million upon certain regulatory and development milestones; and during the term, the Company must pay Rakuten a low-single digit percentage royalty on net sales. Rakuten receives 10% of all sublicensee income within 30 days of the Company’s receipt from the sublicensee. The 2014 Non-Exclusive Agreement also required the Company to make certain payments upon the achievement of specified development and commercial milestones of up to $0.4 million in aggregate. During the nine months ended September 30, 2024 and 2023, the Company recognized no milestones related to this agreement.

Life Technologies Corporation License Agreements

In December 2014, the Company entered into a non-exclusive, perpetual license agreement with Life Technologies Corporation, or the Life Technologies, which allows for five licensed products. Under this agreement the Company is required to pay an initial license fee of $0.1 million for each product. An annual development fee of $0.1 million is due within a year from payment of the initial license fee and due annually or earlier of (i) payment of a commercialization fee or (ii) all development work is terminated. The commercialization fee is a one-time, non-refundable, non-creditable fee of $0.3 million due upon receipt of approval of a licensed product. In the event of a change of control, there will be a change of control fee of $0.2 million.

In January 2022, the Company entered into the First Amendment to the non-exclusive, perpetual license agreement with Life Technologies for use of the license in an additional indication. The cost of this amendment was a one-time fee of $0.05 million. During the nine months ended September 30, 2024 and 2023, the Company recognized no expenses related to this agreement.

Effective in September 2022, the Company entered into a new non-exclusive, perpetual license agreement with Life Technologies for licensed products. Under this agreement, the Company is required to pay an initial license fee of $0.4 million for the first licensed product and $0.5 million for each additional licensed product. In addition, the agreement allows the Company the right to sublicense which would lead to a $0.2 million payment for each sublicense per licensed product and a $0.03 million payment for use of the cell line document package. In the event of a change of control, there will be a change of control fee of $0.5 million. During the nine months ended September 30, 2024 and 2023, the Company recognized no expenses related to this agreement.

National Institute of Health (NIH)-Collaboration Research and Development Agreement

In July 2011, the Company entered into a Collaboration Research and Development Agreement, or CRADA, with Dr. John Schiller at the NIH, for a period of two years with the rights to an exclusive license to all technology generated within the collaboration. Under this agreement, the Company is required to make annual payments of $0.03 million to fund the research activities, the first payment of which was paid within 30 days of the effective date. Subsequent payments are due within 30 days of the anniversary of the effective date. This agreement was first amended in 2012, 2013, 2014, 2015, 2016, 2018 and in September of 2020. During the nine months ended September 30, 2024 and 2023, the Company paid no research collaboration fees related to this agreement.

A seventh amendment was made in October 2020, requiring payment of $0.04 million within 30 days of October 1, 2020, and another $0.03 million within 30 days of the 10th anniversary of the CRADA, which was paid in July 2021. This seventh amendment extended the term of the CRADA to September 30, 2022. The Company recognized no milestones related to this agreement and related amendments for the nine months ended September 30, 2024 and 2023.

An eighth amendment was effective in September 2022, requiring payment of $0.04 million within 30 days of November 1, 2022, and payment of another $0.03 million within 30 days of the 12th anniversary of the CRADA, which was in August 2023. This eighth amendment extended the term of the CRADA to September 30, 2024. During the nine months ended September 30, 2024 and 2023, the Company recognized $0 million and $0.03 million of expenses, respectively, related to this agreement.

National Institute of Health (NIH)-Exclusive Patent License Agreement

In September 2013, the Company entered into an exclusive patent license agreement, or the NIH Exclusive License Agreement, with the NIH, that required the Company to pay a license issue royalty of $0.1 million and reimburse the NIH for any patent expenses incurred. Under the agreement, the Company is required to make low single-digit percentage royalty payments based on specified levels of annual net sales of licensed products subject to certain specified reductions. The Company is required to make development and regulatory milestone payments of up to $0.7 million in aggregate and sales milestone payments up to $0.6 million in the aggregate. The Company is also required to pay the NIH a mid-single to low teen-digit percentage of any sublicensing revenue the Company receives. Additionally, the Company’s payment obligations to the NIH are subject to an annual minimum royalty payment of low five figures. The Company recognized no patent licensing fees for the nine months ended September 30, 2024 and 2023, respectively.

In 2015, 2018 and 2019, the Company amended its exclusive patent license to include updates on the status of the commercial development and update/expand the list of licensed patents and patent applications. Each of those amendments required a $0.03 million payment that the Company paid.

Inserm-Transfert License Agreement

In November 2009, the Company entered into an exclusive, royalty-bearing patent license agreement with Inserm-Transfert of France. The agreement expires on a country by country basis based on the last to expire any patent encompassed within the scope of the patent rights or 10 years from the date of the first commercial sales by the Company, whichever is later. The IND filing milestone of €0.01 million was accrued in 2016 and paid in 2017 by the Company. The milestones for the successful Phase I, II and III clinical trials are based on receiving a final report and achieving the primary endpoints defined in that trial; the Phase I and Phase II milestones have been achieved as of September 30, 2024. Upon the sublicense by the Company of a product for which royalties are payable under the agreement, low- to mid-single-digit royalty payments would be due by the Company. The non-milestone payments in this agreement are subject to an anti-stacking clause. The Company incurred approximately $0.1 million and $0 million in expenses related to milestones in the nine months ended September 30, 2024 and 2023, respectively.

Clearside License Agreement

In July 2019, the Company entered into an exclusive license agreement, or the Clearside License Agreement, with Clearside Biomedical, Inc., or Clearside, for the license of Clearside’s Suprachoroidal Microneedle Technology for use in the treatment of indeterminate lesions and choroidal tumors. Upon execution of the Clearside License Agreement, the Company paid Clearside an upfront payment of $0.1 million which was expensed as incurred. Under the Clearside License Agreement, the Company is required to pay milestones up to $21.0 million in the aggregate upon the achievement of specified regulatory and development milestones, and upon the achievement of certain commercial sales milestones. The Company is also required to pay low to mid-single digit royalties on net sales. If the Company sublicenses a product for which royalties are payable, then the Company is required to pay the greater of 20% received or low single digit royalties on net sales.

The Clearside License Agreement expires on a country-by-country basis upon the later of the last to expire patent or ten years from the date of the first commercial sale of a product.

The Company recognized $0 million and $0.4 million in expenses related to this agreement and related amendments for the nine months ended September 30, 2024 and 2023, respectively.

Net Loss Per Share - Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	7,398,425	5,597,325
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	5,746,441	4,732,590
Restricted Stock Units that Vest into Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	1,639,298	852,049
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	12,686	12,686

Description of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 27, 2024	Nov. 09, 2023	Nov. 01, 2022	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Description Of Business [Line Items]
Aggregate offering price	$ 350.0		$ 250.0
At-the-Market Offering
Description Of Business [Line Items]
Sale of common stock through agreement			$ 75.0
Proceeds from issuance of common stock						$ 3.3
Common Stock \| Follow-On Offering
Description Of Business [Line Items]
Shares issued and sold		11,000,000
Share price		$ 9
Proceeds from issuance of common stock		$ 99.0
Net proceeds from follow-on offering		$ 92.6
Common Stock \| At-the-Market Offering
Description Of Business [Line Items]
Shares issued and sold				0	0	261,807
Share price						$ 12.49
Common Stock \| 2023 Follow-On Offering
Description Of Business [Line Items]
Shares issued and sold		11,000,000
Share price		$ 9
Aggregate gross proceeds from follow-on offering		$ 99.0
Net proceeds from follow-on offering		$ 92.6

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

2018 Stock Option and Incentive Plan

On December 12, 2018, the Company adopted the Aura Biosciences, Inc. 2018 Equity Incentive Plan, or the 2018 Plan. The 2018 Plan will expire in 2028. Under the 2018 Plan, Aura may grant incentive stock options, non-qualified stock options, restricted and unrestricted stock awards and stock rights. The Board of Directors, or the Board, has determined not to make any further awards under the 2018 Plan as of November 2, 2021. However, the 2018 Plan will continue to govern outstanding equity awards granted thereunder.

2021 Stock Option and Incentive Plan

The 2021 Stock Option and Incentive Plan, or the 2021 Plan, was adopted by the Board on October 7, 2021, approved by the Company’s stockholders on October 22, 2021 and became effective on November 1, 2021. The 2021 Plan permits the granting of both options to purchase common stock intended to qualify as incentive stock options under Section 422 of the Code and options that do not so qualify. The number of shares initially reserved for issuance under the 2021 Plan was 3,352,166, which increased on January 1, 2022 and will continue to increase each January 1 thereafter, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation committee. The maximum number of shares of common stock that may be issued in the form of incentive stock options shall not exceed the initial limit, cumulatively increased on January 1, 2022 and on each January 1 thereafter by the lesser of the annual increase for such year or 3,352,166 shares of common stock. On January 1, 2024, the shares reserved for issuance was increased to 9,414,162 shares. With the transfer of the available options from the 2018 Plan to the 2021 Plan, there were 4,109,828 options and restricted stock units available for grant under the 2021 Plan at September 30, 2024.

2021 Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan, or the ESPP, was adopted by the Board on October 7, 2021, approved by the Company’s stockholders on October 22, 2021 and became effective on November 1, 2021. A total of 335,217 shares of common stock were initially reserved for issuance under this plan, which increased on January 1, 2022 and will continue to increase each January 1 thereafter through January 1, 2031, by the least of (i) 335,217 shares of common stock, (ii) 1% of the outstanding number of shares of common stock on the immediately preceding December 31 or (iii) such lesser number of shares of common stock as determined by the administrator of the ESPP. On January 1, 2024, the shares reserved for issuance was increased to 1,282,856 shares. The purchase price of the shares under the ESPP are at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the purchase date. As of September 30, 2024, 1,258,379 shares were available to be issued under the ESPP. The Company recognized $0.01 million share-based compensation expense related to the ESPP for the three months ended September 30, 2024. The Company recognized $0.06 million share-based compensation expense related to the ESPP for the nine months ended September 30, 2024.

Stock Options

The Board is authorized to administer the 2021 Plan. In accordance with the provisions of the 2021 Plan, the Board determines the terms of Aura options and other awards issued pursuant thereto, including the following:

▪

which employees, directors and consultants shall be granted awards;

▪

the number of shares of common stock subject to options and other awards;

▪

the exercise price of each option, which generally shall not be less than fair market value of the common stock on the date of grant;

▪

the termination or cancellation provisions applicable to options;

▪

the terms and conditions of other awards, including conditions for repurchase, termination or cancellation, issue price and repurchase price; and

▪

all other terms and conditions upon which each award may be granted in accordance with the 2021 Plan.

In addition, the Board may award restricted shares of common stock and restricted stock units to participants subject to such conditions and restrictions as it may determine. The Board or any committee to which the Board delegates authority may, with the consent of the affected plan participants, re-price or otherwise amend outstanding awards consistent with the terms of the 2021 Plan.

The following table summarizes stock option activity under the 2018 Plan and 2021 Plan for the nine months ended September 30, 2024:


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		5,030,351		$	8.46		7.54	$	10,353
Granted		1,446,630			7.74
Exercised		(202,858	)		4.32
Cancelled/Forfeited		(527,682	)		10.86
Outstanding at September 30, 2024		5,746,441		$	8.20		7.22	$	11,033
Exercisable at September 30, 2024		3,189,078		$	7.74		5.96	$	8,671

The weighted-average grant date fair value of stock options granted during the nine months ended September 30, 2024 and 2023 was $5.85 and $7.81 per share, respectively. The fair value of options vested during the nine months ended September 30, 2024 and 2023 was $6.4 million and $4.8 million, respectively. The total intrinsic value of options exercised was $0.8 million and $1.0 million for the nine months ended September 30, 2024 and 2023, respectively.

The fair value of the stock options issued for the three and nine months ended September 30, 2024 and 2023 was measured with the following weighted-average assumptions:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Risk-free interest rate		3.89	%		4.22	%		3.93	%		3.68	%
Expected term (years)		6.08			6.08			6.05			6.03
Expected volatility of the underlying stock		88.82	%		87.35	%		88.61	%		85.38	%
Expected dividend rate		—	%		—	%		—	%		—	%

Restricted Stock Units

The Company has granted restricted stock units with service-based vesting conditions. Unvested restricted stock units may not be sold or transferred by the holder.

A summary of the restricted stock units activity during the nine months ended September 30, 2024 is as follows:


	Restricted Stock Units			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2023		1,093,402		$	10.27
Granted		976,345			7.74
Vested/Released		(200,738	)		10.40
Forfeited		(229,711	)		10.15
Unvested at September 30, 2024		1,639,298		$	8.77

As a result of the 2021 Plan, the Company granted restricted stock units which vest in increments of 25% annually over a period of four years. For the nine months ended September 30, 2024, 200,738 restricted stock units vested with a fair value of $2.1 million.

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,175	$	1,090	$	4,194	$	2,565
General and administrative		1,575		1,235		4,591		3,604
Total	$	2,750	$	2,325	$	8,785	$	6,169

As of September 30, 2024, there was $14.8 million of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.57 years.

As of September 30, 2024, there was $11.6 million of unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.96 years.

Marketable Securities - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) Security	Dec. 31, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of marketable securities \| Security	0
Unrealized losses of marketable securities	$ 0	$ 27,000
Marketable securities fair value, maturities of one to two years	30,100,000
Impairments of asset	$ 0

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Prepaid insurance	$	353	$	1,817
Prepaid research and development expenses		5,333		1,399
Other		3,418		2,409
Prepaid expenses and other current assets	$	9,104	$	5,625

Commitments and Contingencies- Summary of Future Minimum Commitments of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating lease payments
2024	$ 816
2025	3,306
2026	3,405
2027	3,507
2028	3,611
Thereafter	13,823
Total lease payments	28,468
Less: interest	(9,384)
Total lease liabilities at March 31, 2024	19,084
Less: current portion of lease liabilities	3,126	$ 2,687
Lease liabilities, net of current portion	$ 15,958	$ 16,870

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Accrued research and development expenses	$	4,169	$	3,445
Accrued compensation		4,368		3,503
Other		1,060		935
Accrued expenses and other current liabilities	$	9,597	$	7,883

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	September 30, 2024			December 31, 2023
Assets under construction	$	518		$	391
IT equipment		307			289
Leasehold improvements		471			—
Lab equipment		7,996			7,506
	$	9,292		$	8,186
Less—accumulated depreciation		(5,967	)		(5,036	)
Property and equipment, net	$	3,325		$	3,150

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	None of our directors or officers, as defined in Rule 16a-1(f) under the Securities Act, adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as defined in Item 408(c) of Regulation S-K, during the quarter ended September 30, 2024.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jan. 01, 2024	Nov. 01, 2021	Jan. 01, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of stock options granted			$ 5.85	$ 7.81
Fair value of options vested			$ 6,400	$ 4,800
Total intrinsic value of options exercised			800	1,000
Unrecognized compensation expense related to stock options	$ 14,800		$ 14,800
Unrecognized compensation expense weighted average period			2 years 6 months 25 days
Share-based compensation expense	2,750	$ 2,325	$ 8,785	$ 6,169
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to stock options	$ 11,600		$ 11,600
Unrecognized compensation expense weighted average period			2 years 11 months 15 days
Restricted stock units vesting increments			25.00%
Restricted stock units vesting duration			4 years
Number of awards vested			200,738
Restricted stock units vested with fair value			$ 2,100
2021 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	4,109,828		4,109,828
Number of shares reserved for issuance					9,414,162	3,352,166
Common stock outstanding percentage	5.00%		5.00%
Cumulative increase in shares of common stock	3,352,166		3,352,166
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	1,258,379		1,258,379		1,282,856		335,217
Share-based compensation expense	$ 10		$ 60
Percentage of the lower of the fair market value of common stock	85.00%		85.00%
Common stock outstanding percentage	1.00%		1.00%

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Accounting standards update [extensible list]	us-gaap:AccountingStandardsUpdate201613Member

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 4,169	$ 3,445
Accrued compensation	4,368	3,503
Other	1,060	935
Accrued expenses and other current liabilities	$ 9,597	$ 7,883

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Prepaid insurance	$	353	$	1,817
Prepaid research and development expenses		5,333		1,399
Other		3,418		2,409
Prepaid expenses and other current assets	$	9,104	$	5,625

Fair Value of Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

3. Fair Value of Assets and Liabilities

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of September 30, 2024 and December 31, 2023 (in thousands):


Description	September 30, 2024		Quoted prices active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other observable inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	24,896	$	24,896	$	—	$	—
Marketable securities:
U.S. Government agencies		148,970		—		148,970		—
Total financial assets	$	173,866	$	24,896	$	148,970	$	—


Description	December 31, 2023		Quoted prices active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other observable inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	40,551	$	40,551	$	—	$	—
Marketable securities:
Commercial paper		9,137		—		9,137		—
Corporate bonds		6,187		—		6,187		—
U.S. Government agencies		166,002		—		166,002		—
Yankee bonds		2,982		—		2,982		—
Asset-backed securities		779		—		779		—
Total financial assets	$	225,638	$	40,551	$	185,087	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Combined Stock Option Activity under 2018 Plan and 2021 Plan

The following table summarizes stock option activity under the 2018 Plan and 2021 Plan for the nine months ended September 30, 2024:


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		5,030,351		$	8.46		7.54	$	10,353
Granted		1,446,630			7.74
Exercised		(202,858	)		4.32
Cancelled/Forfeited		(527,682	)		10.86
Outstanding at September 30, 2024		5,746,441		$	8.20		7.22	$	11,033
Exercisable at September 30, 2024		3,189,078		$	7.74		5.96	$	8,671

Schedule of Fair Value of Stock Options, Valuation Assumptions

The fair value of the stock options issued for the three and nine months ended September 30, 2024 and 2023 was measured with the following weighted-average assumptions:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Risk-free interest rate		3.89	%		4.22	%		3.93	%		3.68	%
Expected term (years)		6.08			6.08			6.05			6.03
Expected volatility of the underlying stock		88.82	%		87.35	%		88.61	%		85.38	%
Expected dividend rate		—	%		—	%		—	%		—	%

Schedule of Nonvested Restricted Stock Units Activity

A summary of the restricted stock units activity during the nine months ended September 30, 2024 is as follows:


	Restricted Stock Units			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2023		1,093,402		$	10.27
Granted		976,345			7.74
Vested/Released		(200,738	)		10.40
Forfeited		(229,711	)		10.15
Unvested at September 30, 2024		1,639,298		$	8.77

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,175	$	1,090	$	4,194	$	2,565
General and administrative		1,575		1,235		4,591		3,604
Total	$	2,750	$	2,325	$	8,785	$	6,169

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,750	$ 2,325	$ 8,785	$ 6,169
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,175	1,090	4,194	2,565
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,575	$ 1,235	$ 4,591	$ 3,604

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

13. Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss per common share by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is the same as basic net loss per share for the periods presented since the effects of potentially dilutive securities are antidilutive given the net loss of the Company.

The Company has calculated basic and diluted net loss per share for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(21,042	)	$	(18,512	)	$	(61,085	)	$	(54,277	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		49,663,532			38,185,197			49,554,930			37,943,139
Net loss per common share—basic and diluted	$	(0.42	)	$	(0.48	)	$	(1.23	)	$	(1.43	)

The following potentially dilutive securities were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been antidilutive:


	Nine Months Ended September 30,
	2024		2023
Stock options to purchase common stock		5,746,441		4,732,590
Restricted stock units that vest into common stock		1,639,298		852,049
Warrants to purchase common stock		12,686		12,686
Total potential dilutive shares		7,398,425		5,597,325

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	49,778,861	49,350,788
Common stock, shares outstanding	49,778,861	49,350,788

Commitments and Contingencies - Additional Information (Details) € in Thousands		1 Months Ended									3 Months Ended		9 Months Ended
	May 16, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)	Oct. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)	Dec. 31, 2014 USD ($) LicensedProduct	Jan. 31, 2014 USD ($)	Sep. 30, 2013 USD ($)	Jul. 31, 2011 USD ($)	Nov. 30, 2009 EUR (€)	Sep. 30, 2024 USD ($) OperatingLease	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) OperatingLease	Sep. 30, 2023 USD ($)
Lessee Lease Description [Line Items]
Estimated payments due											$ 28,468,000		$ 28,468,000
Operating lease liabilities											19,084,000		19,084,000
Research and development expenses											$ 17,036,000	$ 15,428,000	50,968,000	$ 44,952,000
National Institute of Health
Lessee Lease Description [Line Items]
License issue royalty fee								$ 100,000
Sales milestone payments								600,000
Development and regulatory milestone payments								$ 700,000
Patent licensing reimbursement fees													30,000.00
Expenses for patent licensing fees													0	0
Royalty Bearing Patent License Agreement
Lessee Lease Description [Line Items]
Expenses													100,000	0
License agreement term										10 years
Royalty Bearing Patent License Agreement \| IND Filings
Lessee Lease Description [Line Items]
Potential milestone payments \| €										€ 10
Clearside
Lessee Lease Description [Line Items]
Expenses													0	400,000
Upfront payment					$ 100,000
Royalties on net sales					20.00%
License agreement expiration period					10 years
Clearside \| Maximum
Lessee Lease Description [Line Items]
Aggregate milestones payment					$ 21,000,000
LI-COR, Inc. \| 2014 Exclusive Agreement
Lessee Lease Description [Line Items]
One-time upfront license issuance fee							$ 100,000
Research and development expenses													0	0
License agreement term							10 years
LI-COR, Inc. \| 2014 Exclusive Agreement \| Maximum
Lessee Lease Description [Line Items]
Aggregate milestone payments							$ 200,000
LI-COR, Inc. \| 2014 Non- Exclusive Agreement
Lessee Lease Description [Line Items]
License issue fee						$ 30,000.00
Milestone payments													0	0
LI-COR, Inc. \| 2014 Non- Exclusive Agreement \| Maximum
Lessee Lease Description [Line Items]
Payments for development and commercial milestones						$ 400,000
Life Technologies
Lessee Lease Description [Line Items]
Number of licensed products \| LicensedProduct						5
Initial license fee						$ 100,000
Initial license fee for first licensed product		$ 400,000
Initial license fee for additional licensed product		500,000
Payment for sublicense		200,000
Payment for use of cell line document package		30,000.00
Annual development fee						100,000
Non-refundable, Non- creditable fee						300,000
Change of control fees		500,000				200,000
One time perpetual license agreement fee			$ 50,000.00
Expenses													0	0
Expense related to agreement including sublicense													0	0
Dr. John Schiller \| 2014 Non- Exclusive Agreement
Lessee Lease Description [Line Items]
Required amendment payment		$ 40,000.00
Required amendment payment due period		30 days
Dr. John Schiller \| Collaboration Research and Development Agreement
Lessee Lease Description [Line Items]
Annual development fee									$ 30,000.00
Agreement term									2 years
First payment due									30 days
Subsequent payments due									30 days
Research collaboration fees													0	0
Required amendment payment				$ 40,000.00
Required amendment payment due period				30 days
Dr. John Schiller \| Collaboration Research and Development Agreement \| 10th Anniversary
Lessee Lease Description [Line Items]
Required amendment payment		$ 30,000.00		$ 30,000.00
Required amendment payment due period		30 days		30 days
Dr. John Schiller \| Collaboration Research and Development Agreement \| Eighth Amendment
Lessee Lease Description [Line Items]
Expenses													$ 0	$ 30,000.00
Rakuten \| 2014 Non- Exclusive Agreement
Lessee Lease Description [Line Items]
License issue fee						30,000.00
Rakuten \| 2014 Non- Exclusive Agreement \| Maximum
Lessee Lease Description [Line Items]
License issue fee						$ 300,000
Office and Laboratory Facility
Lessee Lease Description [Line Items]
Number of operating lease \| OperatingLease											1		1
Estimated payments due	$ 35,200,000
Lease commencement date	Aug. 01, 2022
Operating lease, option to extend term	7 years
Letters of credit	$ 800,000
Maximum reimbursement cost	$ 500,000
Incurred of expenses related to expansion													$ 500,000

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Expenses:
Research and development	$ 17,036	$ 15,428	$ 50,968	$ 44,952
General and administrative	6,196	5,060	17,341	15,256
Total operating expenses	23,232	20,488	68,309	60,208
Total operating loss	(23,232)	(20,488)	(68,309)	(60,208)
Other income (expense):
Interest income, including amortization and accretion income	2,258	1,981	7,395	5,981
Other expense	(25)	(5)	(83)	(50)
Total other income	2,233	1,976	7,312	5,931
Loss before income taxes	(20,999)	(18,512)	(60,997)	(54,277)
Income tax provision, net	(43)		(88)	0
Net loss	$ (21,042)	$ (18,512)	$ (61,085)	$ (54,277)
Net loss per common share - basic	$ (0.42)	$ (0.48)	$ (1.23)	$ (1.43)
Net loss per common share - diluted	$ (0.42)	$ (0.48)	$ (1.23)	$ (1.43)
Weighted average common stock outstanding - basic	49,663,532	38,185,197	49,554,930	37,943,139
Weighted average common stock outstanding - diluted	49,663,532	38,185,197	49,554,930	37,943,139
Comprehensive loss:
Net loss	$ (21,042)	$ (18,512)	$ (61,085)	$ (54,277)
Other comprehensive items:
Unrealized gain (loss) on marketable securities	790	89	68	(62)
Total other comprehensive income (loss)	790	89	68	(62)
Total comprehensive loss	$ (20,252)	$ (18,423)	$ (61,017)	$ (54,339)

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance \| shares	1,093,402
Granted \| shares	976,345
Vested/Released \| shares	(200,738)
Forfeited \| shares	(229,711)
Ending Balance \| shares	1,639,298
Unvested, Weighted -Average Grant Date Fair Value \| $ / shares	$ 10.27
Granted, Weighted-Average Grant Date Fair Value \| $ / shares	7.74
Vested/Released,Weighted-Average Grant Date Fair Value \| $ / shares	10.4
Forfeited, Weighted -Average Grant Date Fair Value \| $ / shares	10.15
Unvested, Weighted -Average Grant Date Fair Value \| $ / shares	$ 8.77

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Summary of Lease Costs


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease Cost
Operating lease costs	$	867	$	880	$	2,642	$	2,641
Variable lease costs		272		221		912		664
Short-term lease costs		—		2		—		6
Total lease costs	$	1,139	$	1,103	$	3,554	$	3,311


Cash paid for amounts included in the measurement of lease liabilities—operating leases	$	2,005		$	2,209
Weighted-average remaining lease term—operating leases (years)		7.84			8.84
Weighted-average discount rate—operating leases		10.71	%		10.71	%

Summary of Future Minimum Commitments of Operating Lease Liabilities

The following table reconciles the future minimum commitments to the Company’s operating lease liabilities at September 30, 2024 (in thousands):


	Operating lease payments as of September 30, 2024
2024	$	816
2025		3,306
2026		3,405
2027		3,507
2028		3,611
Thereafter		13,823
Total lease payments		28,468
Less: interest		(9,384	)
Total lease liabilities at September 30, 2024		19,084
Less: current portion of lease liabilities		3,126
Lease liabilities, net of current portion	$	15,958

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 9,292	$ 8,186
Less—accumulated depreciation	(5,967)	(5,036)
Property and equipment, net	3,325	3,150
Assets Under Construction
Property Plant And Equipment [Line Items]
Property and equipment, gross	518	391
IT Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	307	289
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	471
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,996	$ 7,506

Compensation - Additional Information (Details) - 401(k) Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Contribution Plan Disclosure [Line Items]
Matching contribution by employer, percentage			100.00%
Employer matching contribution, percent of employees contribution			6.00%
Matching contributions from employer	$ 0.2	$ 0.2	$ 0.7	$ 0.6

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 07, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	AURA BIOSCIENCES, INC.
Entity Central Index Key	0001501796
Entity File Number	001-40971
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0271970
Entity Address, Address Line One	80 Guest Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02135
City Area Code	617
Local Phone Number	500-8864
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	AURA
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		49,951,466

Compensation

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Compensation

11. Compensation

In January 2012, the Company adopted the Aura Biosciences 401(k) Profit Sharing Plan and Trust (the “401(k) Plan”) for its employees, which is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to the 401(k) Plan within statutory and 401(k) Plan limits. The Company makes matching contributions of 100% of the first 6% of employee contributions. The Company made matching contributions in the amount of $0.2 million for each of the three months ended September 30, 2024 and 2023. The Company made matching contributions in the amount of $0.7 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

7. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Accrued research and development expenses	$	4,169	$	3,445
Accrued compensation		4,368		3,503
Other		1,060		935
Accrued expenses and other current liabilities	$	9,597	$	7,883

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

For the nine months ended September 30, 2024 and 2023, the Company recorded an income tax provision of $0.1 million and $0 million, resulting in an effective tax rate of 0.1% and 0%, respectively. The income tax provision for the nine months ended September 30, 2024 is attributable to state income taxes. The difference in the statutory rate and the effective tax rate is primarily the result of the valuation allowance recorded against the Company’s net deferred tax assets.

Due to the Company’s history of losses since inception, there is not enough positive evidence at this time to support a position that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company does not currently believe that realization of its deferred tax assets is more likely than not.

As of September 30, 2024, the Company had no unrecognized income tax benefits that would reduce the Company’s effective tax rate if recognized.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate		0.10%	0.00%
Income tax provision	$ 43,000	$ 88,000	$ 0
Unrecognized income tax benefits that would reduce effective tax rate if recognized	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - Reconciliation of Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents, end of period	$ 25,407	$ 55,584
Short-term restricted cash, end of period	0	20
Long-term restricted cash, end of period	768	768
Cash, cash equivalents and restricted cash at end of period	$ 26,175	$ 56,372

Common Stock Warrants - Additional Information (Details) - Series B Warrants - Common Stock Warrants - $ / shares	1 Months Ended
	May 31, 2015	Feb. 28, 2015	Sep. 30, 2024	Nov. 02, 2021	Jun. 30, 2021
Class Of Warrant Or Right [Line Items]
Number of Warrants converted				12,686
Exercise price of warrants				$ 17.03
Warrants outstanding			12,686		173,827
Series B Convertible Preferred Stock
Class Of Warrant Or Right [Line Items]
Number of warrants issued	887,536	1,650,098
Exercise price of warrants	$ 1.24235	$ 1.24235
Warrants expiration period	10 years	10 years

Stock-Based Compensation - Summary of stock option activity under the 2018 Plan to 2021 Plan (Details) - 2021 Plan $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options Outstanding, Beginning balance \| shares	5,030,351
Options, Granted \| shares	1,446,630
Options, Exercised \| shares	(202,858)
Options, Cancelled/Forfeited \| shares	(527,682)
Options Outstanding, Ending balance \| shares	5,746,441	5,030,351
Options, Exercisable at September 30, 2024 \| shares	3,189,078
Weighted Average Exercise Price, Beginning balance \| $ / shares	$ 8.46
Weighted Average Exercise Price, Granted \| $ / shares	7.74
Weighted Average Exercise Price, Exercised \| $ / shares	4.32
Weighted Average Exercise Price, Cancelled/Forfeited \| $ / shares	10.86
Weighted Average Exercise Price, Ending balance \| $ / shares	8.2	$ 8.46
Weighted Average Exercise Price, Exercisable at September 30, 2024 \| $ / shares	$ 7.74
Weighted Average Remaining Contractual Term (years)	7 years 2 months 19 days	7 years 6 months 14 days
Weighted Average Remaining Contractual Term (years), Exercisable at September 30, 2024	5 years 11 months 15 days
Aggregate Intrinsic Value, Outstanding \| $	$ 11,033	$ 10,353
Aggregate Intrinsic Value, Exercisable at September 30, 2024 \| $	$ 8,671

Fair Value of Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Financial assets	$ 173,866	$ 225,638
Money Market Funds
Assets
Financial assets	24,896	40,551
Commercial Paper
Assets
Financial assets		9,137
Corporate Bonds
Assets
Financial assets		6,187
U.S. Government Agencies
Assets
Financial assets	148,970	166,002
Yankee Bonds
Assets
Financial assets		2,982
Asset-Backed Securities
Assets
Financial assets		779
Level 1
Assets
Financial assets	24,896	40,551
Level 1 \| Money Market Funds
Assets
Financial assets	24,896	40,551
Level 2
Assets
Financial assets	148,970	185,087
Level 2 \| Commercial Paper
Assets
Financial assets		9,137
Level 2 \| Corporate Bonds
Assets
Financial assets		6,187
Level 2 \| U.S. Government Agencies
Assets
Financial assets	$ 148,970	166,002
Level 2 \| Yankee Bonds
Assets
Financial assets		2,982
Level 2 \| Asset-Backed Securities
Assets
Financial assets		$ 779

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Share

The Company has calculated basic and diluted net loss per share for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(21,042	)	$	(18,512	)	$	(61,085	)	$	(54,277	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		49,663,532			38,185,197			49,554,930			37,943,139
Net loss per common share—basic and diluted	$	(0.42	)	$	(0.48	)	$	(1.23	)	$	(1.43	)

Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following potentially dilutive securities were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been antidilutive:


	Nine Months Ended September 30,
	2024		2023
Stock options to purchase common stock		5,746,441		4,732,590
Restricted stock units that vest into common stock		1,639,298		852,049
Warrants to purchase common stock		12,686		12,686
Total potential dilutive shares		7,398,425		5,597,325

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 25,407	$ 41,063
Marketable securities	148,970	185,087
Restricted cash and deposits	0	19
Prepaid expenses and other current assets	9,104	5,625
Total current assets	183,481	231,794
Restricted cash and deposits, net of current portion	768	768
Right of use assets - operating lease	17,744	18,854
Other long-term assets	22	509
Property and equipment, net	3,325	3,150
Total Assets	205,340	255,075
Current liabilities:
Accounts payable	1,991	1,787
Short-term operating lease liability	3,126	2,687
Accrued expenses and other current liabilities	9,597	7,883
Total current liabilities	14,714	12,357
Long-term operating lease liability	15,958	16,870
Total Liabilities	30,672	29,227
Commitments and Contingencies (Note 12)
Stockholders Equity:
Common stock, $0.00001 par value, 150,000,000 authorized at September 30, 2024 and December 31, 2023, and 49,778,861 and 49,350,788 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
Additional paid-in capital	522,454	512,617
Accumulated deficit	(348,393)	(287,308)
Accumulated other comprehensive income	607	539
Total Stockholders' Equity	174,668	225,848
Total Liabilities and Stockholders Equity	$ 205,340	$ 255,075

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 27, 2024	Nov. 09, 2023	Nov. 01, 2022	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized				150,000,000	150,000,000	150,000,000
Common stock, par value				$ 0.00001	$ 0.00001	$ 0.00001
Common stock, shares issued				49,778,861	49,778,861	49,350,788
Common stock, shares outstanding				49,778,861	49,778,861	49,350,788
Preferred stock, shares authorized				10,000,000	10,000,000	10,000,000
Preferred stock, par value				$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, shares issued				0	0	0
Preferred stock, shares outstanding				0	0	0
Aggregate offering price	$ 350.0		$ 250.0
At-the-Market Offering
Class of Stock [Line Items]
Proceeds from issuance of common stock						$ 3.3
Sale of common stock through agreement			$ 75.0
Common Stock \| Follow-On Offering
Class of Stock [Line Items]
Shares issued and sold		11,000,000
Share price		$ 9
Proceeds from issuance of common stock		$ 99.0
Net proceeds from follow-on offering		$ 92.6
Common Stock \| At-the-Market Offering
Class of Stock [Line Items]
Shares issued and sold				0	0	261,807
Share price						$ 12.49

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 300	$ 400	$ 932	$ 971

Stock-Based Compensation - Schedule of Fair Value of Stock Options, Valuation Assumptions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.89%	4.22%	3.93%	3.68%
Expected term (years)	6 years 29 days	6 years 29 days	6 years 18 days	6 years 10 days
Expected volatility of the underlying stock	88.82%	87.35%	88.61%	85.38%
Expected dividend rate	0.00%	0.00%	0.00%	0.00%

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	September 30, 2024			December 31, 2023
Assets under construction	$	518		$	391
IT equipment		307			289
Leasehold improvements		471			—
Lab equipment		7,996			7,506
	$	9,292		$	8,186
Less—accumulated depreciation		(5,967	)		(5,036	)
Property and equipment, net	$	3,325		$	3,150

Depreciation expense was $0.3 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively. In addition, depreciation expense was $0.9 million and $1.0 million for the nine months ended September 30, 2024 and 2023, respectively.

Commitments and Contingencies - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease costs	$ 867	$ 880	$ 2,642	$ 2,641
Variable lease costs	272	221	912	664
Short-term lease costs	0	2	0	6
Total lease costs	$ 1,139	$ 1,103	3,554	3,311
Cash paid for amounts included in the measurement of lease liabilities--operating leases			$ 2,005	$ 2,209
Weighted-average remaining lease term—operating leases (years)	7 years 10 months 2 days	8 years 10 months 2 days	7 years 10 months 2 days	8 years 10 months 2 days
Weighted-average discount rate—operating leases	10.71%	10.71%	10.71%	10.71%

Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis


Description	September 30, 2024		Quoted prices active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other observable inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	24,896	$	24,896	$	—	$	—
Marketable securities:
U.S. Government agencies		148,970		—		148,970		—
Total financial assets	$	173,866	$	24,896	$	148,970	$	—


Description	December 31, 2023		Quoted prices active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other observable inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	40,551	$	40,551	$	—	$	—
Marketable securities:
Commercial paper		9,137		—		9,137		—
Corporate bonds		6,187		—		6,187		—
U.S. Government agencies		166,002		—		166,002		—
Yankee bonds		2,982		—		2,982		—
Asset-backed securities		779		—		779		—
Total financial assets	$	225,638	$	40,551	$	185,087	$	—

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 353	$ 1,817
Prepaid research and development expenses	5,333	1,399
Other	3,418	2,409
Prepaid expenses and other current assets	$ 9,104	$ 5,625

Marketable Securities - Summary of Marketable Securities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Marketable securities [Line items]
Amortized Cost	$ 148,363,000	$ 184,548,000
Unrealized Gains	607,000	566,000
Unrealized Losses	0	(27,000)
Fair Value	148,970,000	185,087,000
Commercial Paper
Marketable securities [Line items]
Amortized Cost		9,144,000
Unrealized Losses		(7,000)
Fair Value		9,137,000
Corporate Bonds
Marketable securities [Line items]
Amortized Cost		6,186,000
Unrealized Gains		3,000
Unrealized Losses		(2,000)
Fair Value		6,187,000
U.S. Government Agencies
Marketable securities [Line items]
Amortized Cost	148,363,000	165,453,000
Unrealized Gains	607,000	563,000
Unrealized Losses		(14,000)
Fair Value	$ 148,970,000	166,002,000
Yankee Bonds
Marketable securities [Line items]
Amortized Cost		2,985,000
Unrealized Losses		(3,000)
Fair Value		2,982,000
Asset-Backed Securities
Marketable securities [Line items]
Amortized Cost		780,000
Unrealized Losses		(1,000)
Fair Value		$ 779,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,042)	$ (20,337)	$ (19,706)	$ (18,512)	$ (18,299)	$ (17,466)	$ (61,085)	$ (54,277)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2024 and 2023 are also unaudited. The unaudited condensed results of operations are not necessarily indicative of the operating results that may occur for the full fiscal year ending December 31, 2024. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the United States Securities and Exchange Commission, or the SEC. Management believes that the disclosures provided here are adequate to make the information presented not misleading when these unaudited condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K.
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023, in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024. There have been no changes to the Company’s significant accounting policies except as noted below.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which was subsequently amended in November 2018 through ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses.” ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. ASU No. 2018-19 further clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment from receivables of operating leases should be accounted for in accordance with Topic 842, Leases. As per the latest ASU 2020-02, FASB deferred the timelines for certain small public and private entities, thus the new guidance was adopted by the Company for the annual reporting period beginning January 1, 2023, including interim periods within that annual reporting period. The standard will apply as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company adopted this standard on January 1, 2023 and the standard did not have a material impact on its results of operations, financial condition, and financial statement disclosures.

Common Stock Warrants

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Common Stock Warrants

10. Common Stock Warrants

In February 2015 and May 2015, the Company issued warrants to purchase 1,650,098 and 887,536 shares of Series B convertible preferred stock, respectively, at an exercise price of $1.24235 per share (the “Series B Warrants”). Each Series B Warrant was immediately exercisable and expires ten years from the original date of issuance. Pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity, the Series B Warrants were classified as a liability and were re-measured to fair value at each balance sheet date. A total of 173,827 of the Series B Warrants were outstanding and were converted into warrants to purchase 12,686 shares of common stock with an exercise price of $17.03 upon the completion of the IPO in November 2021. As a result, the 12,686 common stock warrants were converted into equity instruments and remain outstanding as of September 30, 2024.

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

Marketable securities consist of the following (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government agencies	$	148,363	$	607	$	—		$	148,970
Total	$	148,363	$	607	$	—		$	148,970


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	9,144	$	—	$	(7	)	$	9,137
Corporate bonds		6,186		3		(2	)		6,187
U.S. Government agencies		165,453		563		(14	)		166,002
Yankee bonds		2,985		—		(3	)		2,982
Asset-backed securities		780		—		(1	)		779
Total	$	184,548	$	566	$	(27	)	$	185,087

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	ATM	Common Stock	Common Stock ATM	Additional Paid-in Capital	Additional Paid-in Capital ATM	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss) Amount
Beginning Balance at Dec. 31, 2022	$ 195,583				$ 406,555		$ (210,900)	$ (72)
Beginning Balance, Shares at Dec. 31, 2022			37,771,918
Stock-based compensation expense	1,913				1,913
Employee Stock Purchase Plan issuance	$ 56
Employee Stock Purchase Plan issuance ,Shares	6,635
Stock option exercises	$ 145				145
Stock option exercises, Shares			21,549
Unrealized gain (loss) on marketable securities	27							27
Net loss	(17,466)						(17,466)
Ending Balance at Mar. 31, 2023	180,258				408,669		(228,366)	(45)
Ending Balance, Shares at Mar. 31, 2023			37,800,102
Beginning Balance at Dec. 31, 2022	195,583				406,555		(210,900)	(72)
Beginning Balance, Shares at Dec. 31, 2022			37,771,918
Unrealized gain (loss) on marketable securities	(62)
Net loss	(54,277)
Ending Balance at Sep. 30, 2023	151,718				417,029		(265,177)	(134)
Ending Balance, Shares at Sep. 30, 2023			38,216,717
Beginning Balance at Dec. 31, 2022	195,583				406,555		(210,900)	(72)
Beginning Balance, Shares at Dec. 31, 2022			37,771,918
Ending Balance at Dec. 31, 2023	225,848				512,617		(287,308)	539
Ending Balance, Shares at Dec. 31, 2023			49,350,788
Beginning Balance at Mar. 31, 2023	180,258				408,669		(228,366)	(45)
Beginning Balance, Shares at Mar. 31, 2023			37,800,102
Stock-based compensation expense	1,931				1,931
Issuance of common stock		$ 2,065				$ 2,065
Issuance of common stock, Shares				169,200
Stock option exercises	660				660
Stock option exercises, Shares			117,304
Unrealized gain (loss) on marketable securities	(178)							(178)
Net loss	(18,299)						(18,299)
Ending Balance at Jun. 30, 2023	166,437				413,325		(246,665)	(223)
Ending Balance, Shares at Jun. 30, 2023			38,086,606
Stock-based compensation expense	2,325				2,325
Employee Stock Purchase Plan issuance	72				72
Employee Stock Purchase Plan issuance ,Shares			8,276
Issuance of common stock		$ 1,105				$ 1,105
Issuance of common stock, Shares				92,607
Stock option exercises	202				202
Stock option exercises, Shares			29,228
Unrealized gain (loss) on marketable securities	89							89
Net loss	(18,512)						(18,512)
Ending Balance at Sep. 30, 2023	151,718				417,029		(265,177)	(134)
Ending Balance, Shares at Sep. 30, 2023			38,216,717
Beginning Balance at Dec. 31, 2023	225,848				512,617		(287,308)	539
Beginning Balance, Shares at Dec. 31, 2023			49,350,788
Stock-based compensation expense	2,909				2,909
Employee Stock Purchase Plan issuance	95				95
Employee Stock Purchase Plan issuance ,Shares			12,314
Stock option exercises	158				158
Stock option exercises, Shares			51,180
Vesting of restricted stock, Shares			90,123
Unrealized gain (loss) on marketable securities	(521)							(521)
Net loss	(19,706)						(19,706)
Ending Balance at Mar. 31, 2024	208,783				515,779		(307,014)	18
Ending Balance, Shares at Mar. 31, 2024			49,504,405
Beginning Balance at Dec. 31, 2023	225,848				512,617		(287,308)	539
Beginning Balance, Shares at Dec. 31, 2023			49,350,788
Unrealized gain (loss) on marketable securities	68
Net loss	(61,085)
Ending Balance at Sep. 30, 2024	174,668				522,454		(348,393)	607
Ending Balance, Shares at Sep. 30, 2024			49,778,861
Beginning Balance at Mar. 31, 2024	208,783				515,779		(307,014)	18
Beginning Balance, Shares at Mar. 31, 2024			49,504,405
Stock-based compensation expense	3,126				3,126
Stock option exercises	83				83
Stock option exercises, Shares			24,245
Vesting of restricted stock, Shares			54,708
Unrealized gain (loss) on marketable securities	(201)							(201)
Net loss	(20,337)						(20,337)
Ending Balance at Jun. 30, 2024	191,454				518,988		(327,351)	(183)
Ending Balance, Shares at Jun. 30, 2024			49,583,358
Stock-based compensation expense	2,750				2,750
Employee Stock Purchase Plan issuance	82				82
Employee Stock Purchase Plan issuance ,Shares			12,163
Stock option exercises	634				634
Stock option exercises, Shares			127,433
Vesting of restricted stock, Shares			55,907
Unrealized gain (loss) on marketable securities	790							790
Net loss	(21,042)						(21,042)
Ending Balance at Sep. 30, 2024	$ 174,668				$ 522,454		$ (348,393)	$ 607
Ending Balance, Shares at Sep. 30, 2024			49,778,861

Description of Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

Aura Biosciences, Inc., or the Company or Aura, is a clinical-stage biotechnology company developing precision therapies to treat solid tumors designed to preserve organ function. Within these unaudited condensed consolidated financial statements, unless the context otherwise requires, references to the Company or Aura refer to Aura Biosciences, Inc. and its subsidiaries on a consolidated basis. The Company’s proprietary platform is designed to enable the targeting of a broad range of solid tumors using Virus-Like Particles, or VLPs, that can be conjugated with drugs or loaded with nucleic acids to create Virus-Like Drug Conjugates, or VDCs. VDCs are a novel class of drugs with a dual mechanism of action that promote cancer cell death by both the delivery of the cytotoxic payload to generate acute necrosis and activation of a secondary immune mediated response. The Company’s initial focus is in ocular and urologic oncology, both areas of high unmet medical need where local targeted therapies may enable early intervention. The Company is evaluating the safety and efficacy of its lead candidate, bel-sar, as a potential vision-sparing therapy in an ongoing global Phase 3 CoMpass trial for the first-line treatment of adult patients with small choroidal melanoma and indeterminate lesions, or early-stage choroidal melanoma. Bel-sar is also being explored for metastases to the choroid and cancers of the ocular surface and is in Phase 1 clinical development in bladder cancer. The Company envisions the potential for development of bel-sar in additional therapeutic areas. Aura’s headquarters are located in Boston, Massachusetts.

The Company’s operations to date have consisted primarily of conducting research and development and raising capital.

The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, the successful development and commercialization of products, fluctuations in operating results and financial risks, need for additional financing or alternative means of financial support or both to fund its current operating plan, protection of proprietary technology and patent risks, compliance with government regulations, dependence on key personnel, collaborative partners, contract development and manufacturing organizations and other third-parties, competition, customer demand, management of growth, and the effectiveness of marketing by the Company.

Liquidity

Through September 30, 2024, the Company has funded its operations primarily with proceeds from the initial and additional closings of its convertible preferred stock financings, and through its initial public offering, or IPO, follow-on offerings and at-the-market offering, or ATM. On November 9, 2023, the Company issued and sold 11,000,000 shares of common stock at a price to the public of $9.00 per share for aggregate gross proceeds of $99.0 million, or the 2023 Follow-On Offering. The Company received approximately $92.6 million in net proceeds from the 2023 Follow-On Offering after deducting underwriting discounts and commissions and offering expenses. On November 1, 2022, the Company filed a shelf registration statement on Form S-3, or the 2022 Shelf, with the SEC in relation to the registration of up to an aggregate offering price of $250.0 million of common stock, preferred stock, debt securities, warrants and units or any combination thereof. The Company also simultaneously entered into the Open Market Sale AgreementSM, or Sales Agreement, with Jefferies LLC, or the Sales Agent, to provide for the offering, issuance and sale by the Company of up to an aggregate of $75.0 million of common stock from time to time in the ATM under the 2022 Shelf and subject to the limitations thereof. In connection with the 2023 Follow-On Offering, on November 6, 2023, the Company delivered written notice to Jefferies that the Company was suspending and terminating the prospectus related to the shares issuable in the ATM pursuant to the terms of the Sales Agreement. On March 27, 2024, the Company filed a new shelf registration statement on Form S-3, or the 2024 Shelf, with the SEC in relation to the registration of up to an aggregate offering price of $350.0 million of common stock, preferred stock, debt securities, warrants and units or any combination thereof, which superseded the 2022 Shelf. The 2024 Shelf included a prospectus supplement to provide for offerings in the ATM under the Sales Agreement. The Company issued no shares of common stock during the three and nine months ended September 30, 2024 under the ATM.

As of the issuance date of these unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024, the Company expects that its cash and cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance of these consolidated financial statements. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations.

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

8. Stockholders' Equity

The Company had 150,000,000 authorized shares of common stock, par value $0.00001 per share, of which 49,778,861 and 49,350,788 shares were issued and outstanding at September 30, 2024 and December 31, 2023, respectively.

In addition, the Company had 10,000,000 authorized shares of preferred stock, par value $0.00001 per share, all of which shares of preferred stock are undesignated. No authorized shares of preferred stock were issued and outstanding at September 30, 2024 and December 31, 2023.

Financings

On March 27, 2024, the Company filed the 2024 Shelf with the SEC in relation to the registration of up to an aggregate offering price of $350.0 million of common stock, preferred stock, debt securities, warrants and units or any combination thereof, which superseded the 2022 Shelf. The 2024 Shelf included a prospectus supplement to provide for offerings in the ATM under the Sales Agreement. The Company issued no shares of common stock during the nine months ended September 30, 2024 under the ATM.

On November 9, 2023, the Company issued and sold 11,000,000 shares of common stock at a price to the public of $9.00 per share for aggregate gross proceeds of $99.0 million in the 2023 Follow-On Offering. The Company received approximately $92.6 million in net proceeds from the 2023 Follow-On Offering after deducting underwriting discounts and commissions and offering expenses.

On November 1, 2022, the Company filed the 2022 Shelf with the SEC in relation to the registration of up to an aggregate offering price of $250.0 million of common stock, preferred stock, debt securities, warrants and units or any combination thereof. The Company also simultaneously entered into the Sales Agreement with the Sales Agent to provide for the offering, issuance and sale by the Company of up to an aggregate of $75.0 million of common stock from time to time in the ATM under the 2022 Shelf and subject to the limitations thereof. The Company issued 261,807 shares of common stock at an average price of $12.49 for aggregate gross proceeds of $3.3 million during the year ended December 31, 2023 under the ATM.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2024 and 2023 are also unaudited. The unaudited condensed results of operations are not necessarily indicative of the operating results that may occur for the full fiscal year ending December 31, 2024. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the United States Securities and Exchange Commission, or the SEC. Management believes that the disclosures provided here are adequate to make the information presented not misleading when these unaudited condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023, in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024. There have been no changes to the Company’s significant accounting policies except as noted below. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which was subsequently amended in November 2018 through ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses.” ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. ASU No. 2018-19 further clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment from receivables of operating leases should be accounted for in accordance with Topic 842, Leases. As per the latest ASU 2020-02, FASB deferred the timelines for certain small public and private entities, thus the new guidance was adopted by the Company for the annual reporting period beginning January 1, 2023, including interim periods within that annual reporting period. The standard will apply as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company adopted this standard on January 1, 2023 and the standard did not have a material impact on its results of operations, financial condition, and financial statement disclosures.