Aura Biosciences, Inc. · NASDAQ:AURA
Aura Biosciences — Investor Presentation (May 2026)
50 slides from Aura Biosciences's investor presentation, May 11, 2026
Slide 1: Innovating the future of cancer care to cure patients and preserve organ function
Innovating the future of cancer care to cure patients and preserve organ function May 2026 Exhibit 99.2
Slide 2: Legal disclosure
Legal disclosure This presentation contains forward-looking statements, all of which are qualified in their entirety by this cautionary statement. Many of the forward-looking statements contained herein can be identified by the use of forward-looking words such as "may", "anticipate", "believe", "co
Slide 3: Transforming early cancer treatment through disruptive innovation
1. Yu G-P et al. Am J Ophthalmol. 2003;135(6):800-6. 2. Triay E et al. Br J Ophthalmol. 2009;93(11):1524-8. 3. Newton R et al. Lancet. 1996;347(9013):1450-1. 4. Dalvin LA. Br J Ophthalmol. 2018;102(12):1728-1734. 5. Sun EC et al. Cancer Epidemiol Biomarkers Prev. 1997;6(2):73-7. 6. Epidemiology anal
Slide 4: Clinical pipeline across multiple solid tumor indications
a Virus-like drug conjugates (VDCs) bind to a subset of modified tumor associated glycosaminoglycans (GAGs) that are part of the heparan sulphate chain of heparan sulfate proteoglycans (HSPGs).1 1. Kines RC, and Schiller JT. Viruses. 2022;14(8):1656. mHSPG, modified heparan sulphate proteoglycan; NM
Slide 5: Virus-like drug conjugates have the potential to transform early cancer treatment
DLT, dose-limiting toxicity; MoA, mechanism of action; NMIBC, non-muscle-invasive bladder cancer; SAE, serious adverse event; VLP, virus-like particle. Virus-like drug conjugates have the potential to transform early cancer treatment 5 Positive clinical data in multiple early-stage local cancers Cho
Slide 6: Bel-sar has a novel dual mechanism of action
Bel-sar has a novel dual mechanism of action Disruption of the tumor cell membrane and pro-immunogenic cell death by necrosis leads to T cell activation and immune-mediated tumor cell killing Kines RC, et al. Int J Cancer. 2016;138(4):901–11. Kines RC, et al. Mol Cancer Ther. 2018;17(2):565–74. Kine
Slide 7: Bel-sar: a platform designed for therapeutic expansion into multiple cancers
CNS, central nervous system; cCR, clinical complete response; GI, gastrointestinal; IND, investigational new drug application; MIBC, muscle-invasive bladder cancer; NMIBC, non-muscle-invasive bladder cancer; SPA, special protocol assessment. Bel-sar: a platform designed for therapeutic expansion int
Slide 8: Ocular oncology
Ocular oncology Bel-sar target indications: Early choroidal melanoma | Metastases to the choroid | Ocular surface cancers
Slide 9: Ocular oncology: a large unmet need with no vision-preserving therapy
a Includes conjunctival melanoma, primary acquired melanosis, squamous cell carcinoma and ocular surface squamous neoplasia.1-5 1. Yu G-P et al. Am J Ophthalmol. 2003;135(6):800-6. 2. Triay E et al. Br J Ophthalmol. 2009;93(11):1524-8. 3. Newton R et al. Lancet. 1996;347(9013):1450-1. 4. Dalvin LA.
Slide 10: The current standard-of-care is radiotherapy that frequently leads to legal blindness
The current standard-of-care is radiotherapy – treatment that frequently leads to legal blindness4,5 1. Heiting, G. Iris/uvea of the eye. Available at: https://www.allaboutvision.com/en-gb/resources/uvea-iris-choroid/. Accessed Oct. 3, 2023. 2. Kaliki S and Shields CL. Eye (Lond). 2017;31(2):241-257
Slide 11: SoC radiotherapy: high morbidity and vision-threatening outcomes
a 75-80% of patients diagnosed with early-stage disease7. 2/3 of patients present with symptoms, 1/3 of patients diagnosed during routine exam.8 1. Kaliki S, Shields CL. Eye. 2017;31(2):241–257. 2. Jarczak J et al. Medicina (Kaunas). 2023;59(6):1131. 3. Tsui I, et al. Open Ophthalmol J. 2015;9:131–5
Slide 12: Bel-sar: pioneering frontline treatment for early choroidal melanoma
aEach figure represents ~250 persons. 1. Shields CL et al. Choroidal and ciliary body melanoma. Available at: https://eyewiki.aao.org/Choroidal_and_Ciliary_Body_Melanoma Accessed September 9, 2024. 2. Singh AD, et al. Ophthalmology. 2005;112(10):1784–89 (U.S. population). 3. Epidemiology analysis fo
Slide 13: Bel-sar is designed to treat cancer early and preserve vision
No radiation- related morbidity Vision preservation Local tumor control Reduce metastasis risk with early treatment Improve safety and quality of life In-office procedure Two injections (2 min. each) 30 min. apart 10-30 min. procedure Delivery via suprachoroidal injection Light activation with stand
Slide 14: Phase 2 trial results in early choroidal melanoma
One cycle = Doses on days 1, 8, and 15. a Early choroidal melanoma, small choroidal melanoma or indeterminate lesions. b 12 patients enrolled, 1 patient who discontinued after 1 cycle due to unrelated SAEs is not included in data analysis (n=11). c Cohort 2: 2 participants were planned; third partic
Slide 15: Efficient phase 3 design in a rare disease setting
Received fast track and orphan drug designations An SPA agreement indicates concurrence by the FDA that the design of the trial can adequately support a regulatory submission a Early choroidal melanoma, small choroidal melanoma or indeterminate lesions. b 40 µg bel-sar arm included for masking; excl
Slide 16: Strong phase 2 results support a highly-powered phase 3 study
Strong phase 2 results support a highly-powered phase 3 study aligned with FDA-endorsed SPA Kaplan-Meier analysis simulation of time-to-event using phase 2 data Study duration 12 months. Participants either had an event or were censored at the last visit; some had their Week 52 visit after 365 days.
Slide 17: Significant commercial opportunity in additional ocular oncology indications
aIncludes conjunctival melanoma, primary acquired melanosis, squamous cell carcinoma and ocular surface squamous neoplasia.2-6 1. Epidemiology analysis for choroidal melanoma and choroidal metastasis by ClearView Healthcare Partners and Putnam. 2. Yu G-P et al. Am J Ophthalmol. 2003;135(6):800-6. 3.
Slide 18: Urologic oncology
Urologic oncology Bel-sar target indications: Intermediate-risk NMIBC | High-risk NMIBC NMIBC, non-muscle-invasive bladder cancer.
Slide 19: Bladder cancer: high unmet medical need for organ-sparing therapies
1. GLOBOCAN 2022. Bladder. Available at: https://gco.iarc.who.int/media/globocan/factsheets/cancers/30-bladder-fact-sheet.pdf. Accessed October 24, 2025. 2. Sung H, et al. CA Cancer J Clin. 2021;71(3):209–49. 3. Clark O, et al. Pharmacoecon Open. 2024;8(6):837–45. 4. Burger M, et al. Eur Urol. 2013;
Slide 20: Bel-sar: potential first-in-class frontline therapy in bladder cancer
NIR, near-infrared. Bel-sar is a potential first-in-class frontline therapy designed to treat the tumor, activate durable anti-tumor immunity, and reduce recurrence risk Transformative clinical and commercial potential Current bladder cancer therapies are invasive and lack durable efficacy Patients
Slide 21: Purpose-built for urologists, simplifies delivery
Purpose-built for urologists, simplifies delivery, supports broader access, and strengthens commercial positioning BSL, biosafety level. AU-012 Stable at 2–8°C with simple refrigeration Convenient administration in urologist office anticipated No need for cold chain (–70°C) No need for biosafety (BS
Slide 22: Current treatment paradigm based on NMIBC risk
~80,000 ~20,000 Low grade – low & intermediate risk High-risk papillary disease High-risk CIS – BCG unresponsive BCG Intravesical chemotherapy ~4,000 TURBT recurrence Intravesical gene therapy Systemic immunotherapy TURBT recurrence Adjuvant therapy Adjuvant therapy Intravesical immunotherapy BCG In
Slide 23: Bel-sar is pioneering the neoadjuvant space in NMIBC
Bel-sar offers a first-line, tumor-directed approach designed for lasting benefit APCs, antigen-presenting cells; DAMPs, damage-associated molecular patterns; NIR, near infrared; NMIBC, non-muscle-invasive bladder cancer; TURBT, transurethral resection of bladder tumor. Bel-sar is pioneering the neo
Slide 24: Phase 1 safety and feasibility study design
SoC, standard-of-care; TURBT, transurethral resection of bladder tumor. Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Phase 1 safety and feasibility study: Bel-sar administered before scheduled biopsy and SoC TURBT Day 1 Cystoscopy + biopsy bel-sar injection Day 2 Cystoscopy laser light ac
Slide 25: Single dose of bel-sar produced clinical complete responses in NMIBC
For purposes of this analysis, cCR is defined as absence of tumor cells on histopathologic evaluation. a Immune response defined by immunocyte infiltration on post-treatment histopathology. b Safety data include all completed light-activated cohorts (A, B, and C), including two patients treated but
Slide 26: Case study: clinical complete response in a patient with recurrent disease
a Confirmed with histopathologic evaluation. BCG, Bacillus Calmette-Guerin; CIS, carcinoma in situ; TURBT, transurethral resection of bladder tumor. Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Data cutoff March 3, 2025. Case study: Clinical complete response confirmed in a patient with h
Slide 27: Bel-sar induced adaptive immune memory through tertiary lymphoid structures
Multiplex immunofluorescence images from Patient A4. cCR, clinical complete response; TLS, tertiary lymphoid structures. Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Note: 5 of 10 efficacy evaluable phase 1 patients selected for multiplex immunofluorescence analysis to further characteriz
Slide 28: Bel-sar converted cold tumor microenvironment to hot
cCR, clinical complete response; NK, natural killer; TME, tumor microenvironment. Clinicaltrials.gov identifier: NCT05483868; AU-011-102. Note: 5 of 10 efficacy evaluable phase 1 patients selected for multiplex immunofluorescence analysis to further characterize bel-sar’s mechanism of action in blad
Slide 29: Mechanism of action: Bel-sar in bladder cancer
Ag, antigen; APC, antigen-presenting cell; DAMPs, damage-associated molecular patterns; DC, dendritic cell; EOS, eosinophils; mΦ, macrophage; MDSC, myeloid-derived suppressor cells; NEU, neutrophil; NIR, near infrared; NK, natural killer cells; Tconv, conventional T cells; TEM, effector memory T cel
Slide 30: Bel-sar may disrupt the bladder cancer treatment paradigm
1. Based on Phase 1 multiplex immunofluorescence data. 5 of 10 efficacy evaluable phase 1 patients selected for multiplex immunofluorescence analysis to further characterize bel-sar’s mechanism of action in bladder cancer. TIL, tumor-infiltrating lymphocytes; TLS, tertiary lymphoid structures; TME,
Slide 31: Phase 1b/2 study design to evaluate dose and regimen in NMIBC
Dose per tumor, per treatment. Up to three tumors treated per visit. a+2-day window for injection in 2nd treatment cycle. DLT, dose-limiting toxicity; IT, intratumoral; NMIBC, non-muscle-invasive bladder cancer; TURBT, transurethral resection of bladder tumor; W, week. Clinicaltrials.gov identifier:
Slide 32: Bel-sar has the potential to transform frontline bladder cancer
NMIBC, non-muscle-invasive bladder cancer; TURBT, transurethral resection of bladder tumor. Bel-sar has the potential to transform frontline bladder cancer Treat the tumor upfront triggering durable immunity ahead of TURBT Create an opportunity for durable control and reduced treatment burden Enable
Slide 33: Company highlights
1. ClearView & Putnam & Assoc. Epidemiology Analysis Choroidal Melanoma and Choroidal Metastasis. FDA, United States Food and Drug Administration; NMIBC, non-muscle-invasive bladder cancer; SPA, special protocol assessment. Company highlights Current cash expected to fund operations into H2 2028 Exp
Slide 34: Appendix
Appendix
Slide 35: VDCs have potential advantages over oncolytic viruses
Virus-like drug conjugates (VDCs) have potential advantages over oncolytic viruses HSPG, heparan sulphate proteoglycans; VDC, virus-like drug conjugate. Broader and more specific tropism for binding over normal tissue No viral genes expressed to compete with tumor antigens for induction of cell-medi
Slide 36: Bel-sar's MoA has shown synergy with PD-1 mAb in pre-clinical models
Bel-sar’s MoA has shown synergy with PD-1 mAb in pre-clinical models Combination with anti-PD1 mAb has shown synergy in vivo and long-term durability of response Bel-sar’s MoA can transform the immune suppressive tumor microenvironment Bel-sar’s approach is mutation agnostic and can address the prob
Slide 37: Long-term tumor-free survival after a single bel-sar treatment
Preclinical studies in TC-1 murine tumor model. Kines RC, et al. Cancer Immunol Res. 2021;9(6):693–706. NIR, near-infrared (light). Preclinical studies demonstrated long-term tumor-free survival and induction of anti-tumor responses after a single bel-sar treatment Tumor-free survival after tumor re
Slide 38: CD4+ and CD8+ T-cells are key to long-term durability of response
Preclinical studies in TC-1 murine tumor model. Kines RC, et al. Cancer Immunol Res. 2021;9(6):693–706. NIR, near-infrared (light). CD4+ and CD8+ T-cells are key to long-term durability of response and protection from rechallenge with bel-sar Depletion of CD4+ and CD8+ T cells at the time of treatme
Slide 39: Robust pre-clinical activity as single agent and with anti-PD1
Robust pre-clinical activity both as a single agent and in combination with anti-PD1 Bel-sar treatment impacts primary and distant tumors, overall survival, and induction of durable immunological memory Treatment resulted in complete response and prevented tumor growth after rechallenge Syngeneic mo
Slide 40: Phase 2 trial of bel-sar for choroidal melanoma: trial design
Goal: To determine safety, optimal dose and therapeutic regimen with suprachoroidal administration One cycle = Doses on days 1, 8, and 15. a12 patients enrolled, 1 patient who discontinued after 1 cycle due to unrelated SAEs is not included in data analysis (n=11). bCohort 2: 2 participants were pla
Slide 41: Baseline characteristics
Baseline characteristics All study participants aHigh risk for vision loss defined as tumor edge within either 3 mm of foveal center or 3 mm of optic disc edge. Data on file, Aura Biosciences. All patients (n=22) Female (%) 54.5 White, not Hispanic or Latino (%) 100 Subretinal fluid at screening (%)
Slide 42: High local complete response rate at 12 months
High local complete response rate at 12 months follow-up 80% tumor control ratea at 12 months among the 10 phase 3-eligible patients in the 3-cycle cohorts aLocal complete response, or CR, in early-stage choroidal melanoma is described as tumor control and complete arrest of tumor growth by ocular o
Slide 43: Rate of tumor growth with bel-sar treatment
Rate of tumor growth ± SE, mm/yr P < 0.0001 Rate of tumor growth with bel-sar treatment In phase 3-eligible patients, the 3-cycle regimen resulted in cessation of growth among responders (N=8) Tumor thickness growth rates/slopes estimated using Mixed Models for Repeat Measures (MMRM); random interce
Slide 44: Visual acuity preserved in 90% of phase 3-eligible patients
Vision loss threshold (−15 letters) Populations Patients (n) Vision failuresb (n) Vision preservation rate (%) All dose cohorts All treated patients 22 1 95% Subtherapeutic ≤2 cycles 10 0 100% Therapeutic 3 cycles and phase 3-eligiblea 10 1 90% BCVA change from baseline (ETDRS letter score) Median c
Slide 45: Bel-sar treatment had a favorable safety profile
Bel-sar treatment had a favorable safety profile No posterior inflammation No treatment-related SAEs No grade 3–5 treatment-related AEs * Table presents participants with AEs related to bel-sar or laser by severity and overall; participants with >1 AE are counted in the highest severity group. Clini
Slide 46: Phase 2 data support phase 3 assumptions
ClinicalTrials.gov Identifier: NCT06007690; AU-011-301. Phase 2 data support phase 3 assumptions Phase 3 trial design P < 0.005 93% power (Δ20) Actual data (Δ60) >99% power P < 0.05 Robustness analysis of tumor control rates Overall rate in phase 2 2x “worse” than phase 2 2x “worse” than phase 2 Act
Slide 47: Metastases to the choroid: platform potential in multiple solid tumors
US/EU incidence. 1. Epidemiology analysis for choroidal melanoma and choroidal metastasis by ClearView Healthcare Partners and Putnam. 2. IARC Cancer Today. GLOBOCAN 2022 (version 1.1). Available at: Cancer Today. Accessed May 6, 2025. 3. Mathis T et al. Prog Ret Eye Res. 2019;68:144-176. CNS, centr
Slide 48: Metastases to the choroid: study expanded to any systemic solid tumor
Multiple sites activated Primary endpoint at one-month post-treatment; possibility to see tumor shrinkage and vision preservation/improvement a 3+3 Design. Each cohort to have a minimum of 3 and a maximum of 6 patients. b Simplified schema of study design. Metastases to the choroid: Study expanded t
Slide 49: Cancers of the ocular surface: planned phase 1 study
1. Yu G-P et al. Am J Ophthalmol. 2003;135(6):800-6. 2. Triay E et al. Br J Ophthalmol. 2009;93(11):1524-8. 3. Newton R et al. Lancet. 1996;347(9013):1450-1. 4. Dalvin LA. Br J Ophthalmol. 2018;102(12):1728-1734. 5. Sun EC et al. Cancer Epidemiol Biomarkers Prev. 1997;6(2):73-7. 6. Vora et al. Surv
Slide 50: Proof-of-concept phase 1 study of bel-sar for ocular surface tumors
IMAGE: Measure tumor BIOPSY: Main tumor Adjacent flat tumor TREATMENT #1: Inject bel-sar intratumorally Light activate only over main tumor Proof-of-concept phase 1 study of bel-sar for ocular surface tumors Assess safety, feasibility, and histopathologic response SoC, standard-of-care. Day 15 IMAGE