Aura Biosciences is a clinical-stage biotech company with a single drug candidate, bel-sar, targeting solid tumors with a focus on preserving organ function. Bel-sar is a virus-like drug conjugate (VDC) — a novel drug class in which modified HPV capsid proteins are conjugated to a light-activated cytotoxic molecule. Bel-sar binds selectively to proteins expressed on tumor cell surfaces, and is then activated by a laser to destroy those cells. Without light activation, bel-sar has no effect on surrounding healthy tissue. Beyond direct tumor killing, bel-sar also triggers an immune response that may provide longer-term antitumor protection. Aura's lead indication is early choroidal melanoma — small tumors in the eye — where there are no FDA-approved therapies and the current standard of care (radiation or eye removal) leaves most patients with significant vision loss. Aura is developing bel-sar as a vision-sparing first-line therapy, delivered via injection behind the eye followed by laser activation. Bel-sar is also in development for cancers spreading to the eye, cancers of the ocular surface, and non-muscle-invasive bladder cancer (NMIBC). The most advanced program is a global Phase 3 trial for early choroidal melanoma, with topline data expected in the second half of 2027. If approved, Aura plans to commercialize bel-sar independently, targeting the roughly 100 ocular oncologists in the U.S. and Europe — a narrow enough call point to make an independent sales force feasible.