Aura Biosciences finished the second quarter with the single most important operational event in the company's history already in the rearview mirror: the global Phase 3 CoMpass trial of its lead oncology candidate bel-sar in early choroidal melanoma is now fully enrolled at 108 patients, exceeding the original target, and the 15-month primary-endpoint topline data are still on track for the second half of 2027. That is the load-bearing fact of the quarter - a one-asset, one-trial clinical-stage biotech in which the binary readout has just been pushed from "an event that could happen any quarter" to "an event that will happen on a defined date roughly 15 months out." Around that anchor, management used the print to redraw the strategic map: the NMIBC program is being deprioritized, resources are being funneled into ocular oncology, the workforce is being cut by roughly 20%, and the new operating plan extends the cash runway into the first half of 2029. The financial print itself is unrecognizable next to a year ago: net loss of $45.6M for the quarter, GAAP basic and diluted loss per share of $0.48, against a year-ago $27.0M / $0.47. The H1 2026 net loss of $79.3M was 45.5% wider than a year ago, and operating cash use ran to $62.4M for the half - the company is still consuming capital at exactly the rate one would expect a Phase 3-ready biotech to consume it. The whole point of the May $280.8M follow-on was to buy that runway, and it did: cash plus marketable securities ended the quarter at $323.8M against a year-ago $144.2M, with the runway now stated as 1H 2029. The question the rest of the year answers is whether the market is willing to mark the equity up between now and 2H 2027 on the read-through from the smaller ocular-surface and metastatic-choroid studies, or whether the stock will sit near cash until the binary event.