Free cash flow burn has accelerated to a quarterly outflow of $30.0 million in 2026Q1, highlighting a critical dependence on external capital to fund ongoing clinical operations.
| Cash from Operations | -91.28M | -84.74M | -79.81M | -63.85M | -54.6M | -32.41M | -24.32M | -20.67M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -74.15% | -6.19% | -24.99% | -16.93% | -68.47% | -33.26% | -17.69% | - |
| Net Income | -112.39M | -106.19M | -86.92M | -76.41M | -58.76M | -35.25M | -22.21M | -24.2M |
| Depreciation & Amortization | 1.11M | 1.13M | 1.22M | 1.29M | 1.18M | 831K | 831K | 509K |
| Stock-Based Compensation | 10.8M | 14.32M | 11.72M | 8.77M | 6.41M | 2.31M | 736K | 507K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 14K | 0 | 0 |
| Other Non-Cash Items | 4.08M | 32K | -3.19M | -1.95M | -325K | 4K | -3K | 54K |
| Working Capital Changes | 5.12M | 5.97M | -2.64M | 4.44M | -3.1M | -315K | -3.68M | 2.46M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 476K | -846K | 482K | -1.04M | 340K | 1.05M | -1.72M | 1.04M |
| Cash from Investing | 60.68M | 35.59M | 68.82M | -113.96M | -67.87M | -2.13M | -771K | -2.22M |
| Capital Expenditures | -362K | -447K | -1.25M | -709K | -1.09M | -2.13M | -771K | -2.22M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 66.78K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -66.78K | 0 | 0 | 0 |
| Cash from Financing | 77.36M | 77.16M | 1.59M | 97.29M | 95.63M | 166.26M | 10.04M | 39.73M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -34K | -37K |
| Equity Issued (Net) | 76.28M | 77.16M | 1.59M | 95.79M | 95.2M | 165.93M | 9.91M | 39.71M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13K |
| Other Financing | 1.08M | 0 | 0 | 1.5M | 430K | 334K | 163K | 57K |
| Net Change in Cash | 46.57M | 27.82M | -9.39M | -80.52M | -26.84M | 131.72M | -15.06M | 16.84M |
| Free Cash Flow | -91.64M | -85.19M | -81.06M | -64.56M | -55.7M | -34.53M | -25.09M | -22.89M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -14.47% | -5.1% | -25.56% | -15.91% | -61.27% | -37.63% | -9.63% | - |
| FCF per Share | -1.36 | -1.41 | -1.63 | -1.63 | -1.86 | -1.18 | -0.86 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.80x | 0.92x | 0.84x | 0.93x | 0.92x | 1.10x | 0.85x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
According to quarterly financial data, AURA's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.73 and 1.24, highlighting the persistent cash burn inherent in the company's current pre-revenue clinical development phase as it advances its lead VDC candidate.
The gap between net income and operating cash flow suggests that non-cash expenses, primarily stock-based compensation, are providing a modest buffer to the headline burn rate. Investors should monitor this conversion closely, as the reliance on non-cash adjustments to mitigate cash outflows may become less effective as clinical trial intensity increases.
As reported in recent filings, AURA's free cash flow has remained deeply negative, reaching a quarterly outflow of $30.0 million in 2026Q1, which underscores the company's total dependence on external capital to fund its ongoing Phase 3 CoMpass trial and broader pipeline development.
The trajectory of free cash flow indicates a clear trend of escalating capital consumption as the company moves toward pivotal clinical milestones. This persistent negative cash flow profile suggests that the firm lacks the internal self-funding mechanisms required to sustain operations without recurring equity dilution.
Based on historical cash flow statements, working capital changes have been erratic, swinging from a $6.8 million outflow in 2024Q1 to a $3.4 million inflow in 2024Q3, reflecting the timing of clinical trial vendor payments and the lumpiness of research-related accruals.
These fluctuations in working capital appear to be driven by the timing of clinical site payments and CRO milestones rather than operational efficiency. Analysts should interpret these swings as a byproduct of trial-related activity rather than a signal of underlying improvements in cash management.
Financial disclosures reveal that stock-based compensation, which reached $3.8 million in 2025Q2, serves as a significant non-cash add-back that obscures the true economic cost of retaining the specialized scientific talent required to execute the company's complex VDC platform development.
While SBC is a standard tool for talent retention in biotechnology, its consistent use effectively masks the true cash burn required to maintain the company's R&D engine. Investors should be wary of the dilution impact, as this non-cash expense represents a real cost to shareholders that is not captured in the headline operating cash flow figures.
Quick answers to the most common questions about buying AURA stock.
Aura Biosciences, Inc. (AURA) generated $-84.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aura Biosciences, Inc. (AURA) reported negative free cash flow of $85.2M in 2025, indicating capital requirements exceeded cash from operations.
Aura Biosciences, Inc. (AURA) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.