November 4, 2025

Aurinia Pharmaceuticals Reports Financial Results for the Three and Nine Months Ended September 30, 2025 and Provides Update on Recent Business Progress

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ROCKVILLE, Maryland and EDMONTON, Alberta – November 4, 2025 – Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three and nine months ended September 30, 2025, and provided an update on recent business progress.

Financial Results

  • Total Revenue: For the three and nine months ended September 30, 2025, total revenue was $73.5 million and $205.9 million, up 8% and 17%, respectively, from $67.8 million and $175.3 million, respectively, for the same periods of 2024.
    • Net Product Sales: For the three and nine months ended September 30, 2025, net product sales of LUPKYNIS, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, were $70.6 million and $197.2 million, up 27% and 24%, respectively, from $55.5 million and $158.6 million, respectively, for the same periods of 2024.
    • License, Collaboration and Royalty Revenue: For the three and nine months ended September 30, 2025, license, collaboration and royalty revenue, which includes manufacturing services revenue from Aurinia’s collaboration partner, Otsuka, was $2.8 million and $8.8 million, respectively, compared to $12.3 million and $16.7 million, respectively, in the same periods of 2024. The 2024 periods included a milestone payment of $10.0 million associated with LUPKYNIS regulatory approval in Japan.
  • Net Income: For the three and nine months ended September 30, 2025, net income was $31.6 million and $76.4 million, up 119% and 1677%, respectively, compared to $14.4 million and $4.3 million, respectively, for the same periods of 2024.
  • Diluted Earnings per Share: For the three and nine months ended September 30, 2025, diluted earnings per share was $0.23 and $0.55, up 130% and 1733%, respectively, compared to $0.10 and $0.03, respectively, for the same periods of 2024.
  • Cash Flows from Operating Activities: For the three and nine months ended September 30, 2025, cash flows from operating activities were $44.5 million and $90.0 million, up 162% and 529%, respectively, compared to $17.0 million and $14.3 million, respectively, for the same periods of 2024.

Cash Position

As of September 30, 2025, Aurinia had cash, cash equivalents, restricted cash and investments of $351.8 million, compared to $358.5 million at December 31, 2024. For the nine months ended September 30, 2025, the Company repurchased 12.2 million of its common shares for $98.2 million.

Full Year 2025 Total Revenue and Net Product Sales Guidance

For 2025, Aurinia is increasing total revenue guidance from a range of $260 million to $270 million to a range of $275 million to $280 million and net product sales guidance from a range of $250 million to $260 million to a range of $265 million to $270 million.

“LUPKYNIS sales experienced continued momentum following last year’s update to the American College of Rheumatology lupus nephritis treatment guidelines, which recommend the incorporation of drugs like LUPKYNIS into first-line therapy in order to preserve kidney function,” stated Peter Greenleaf, President and Chief Executive Officer of Aurinia. “Additionally, we are excited about the positive results from our Phase 1 study of aritinercept, a dual inhibitor of B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL) and look forward to initiating clinical studies in two autoimmune diseases by the end of this year.”

Webcast & Conference Call Details

A webcast and conference call will be hosted today, November 4, at 8:30 a.m. ET. The link to the audio webcast is available here. To join the conference call, please dial 877-407-9170/+1 201-493-6756. A replay of the webcast will be available on Aurinia’s website.

About Aurinia

Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS® (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis. Aurinia is also developing aritinercept, a dual inhibitor of B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL) for the potential treatment of autoimmune diseases.

Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable Canadian securities law and forward-looking statements within the meaning of applicable U.S. securities law. We caution investors that forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and involve substantial risks and uncertainties that could cause the actual outcomes to differ materially from what we currently expect. These risks and uncertainties include, but are not limited to, those associated with: LUPKYNIS net product sales, the timing of clinical study results and other risks and uncertainties identified in our filings with the U.S. Securities and Exchange Commission. Forward-looking statements in this press release apply only as of the date made, and we undertake no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. Additional information related to Aurinia, including a detailed list of the risks and uncertainties affecting Aurinia and its business, can be found in Aurinia’s most recent Annual Report on Form 10-K and its other public available filings available by accessing the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedarplus.ca or the U.S. Securities and Exchange Commission’s Electronic Document Gathering and Retrieval System (EDGAR) website at www.sec.gov/edgar, and on Aurinia’s website at www.auriniapharma.com.

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, 2025 December 31, 2024
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and restricted cash $73,189 $83,433
Short-term investments 278,619 275,043
Accounts receivable, net 30,728 36,544
Inventory, net 44,793 39,228
Prepaid expenses and deposits 11,107 11,219
Other current assets 301 1,129
Total current assets 438,737 446,596
Finance right-of-use lease assets 78,813 92,072
Intangible assets, net 3,901 4,355
Operating right-of-use lease assets 3,718 4,068
Property and equipment, net 2,266 2,731
Other noncurrent assets 93 823
Total assets $527,528 $550,645
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,214 $5,187
Accrued expenses 49,536 64,971
Finance lease liabilities, current portion 16,309 14,046
Deferred revenue 4,602 11,002
Operating lease liabilities, current portion 1,057 1,026
Other current liabilities 2,502 1,531
Total current liabilities 76,220 97,763
Finance lease liabilities, less current portion 55,727 58,554
Deferred revenue, less current portion 12,249 1,699
Deferred compensation and other noncurrent liabilities 12,442 9,408
Operating lease liabilities, less current portion 5,119 5,743
Total liabilities 161,757 173,167
Shareholders' equity
Common shares - no par value, unlimited shares authorized, 131,841 and 140,883 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 1,116,797 1,187,696
Additional paid-in capital 109,885 126,999
Accumulated other comprehensive loss (749) (647)
Accumulated deficit (860,162) (936,570)
Total shareholders' equity 365,771 377,478
Total liabilities and shareholders' equity $527,528 $550,645
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Revenue
Net product sales $70,627 $55,503 $197,172 $158,604
License, collaboration and royalty revenue 2,841 12,268 8,769 16,662
Total revenue 73,468 67,771 205,941 175,266
Operating expenses
Cost of revenue 8,177 6,035 23,866 22,696
Selling, general and administrative 26,182 42,367 72,539 134,996
Research and development 8,435 3,047 21,610 12,678
Restructuring – – 1,647 7,755
Other expense, net 929 4,574 14,604 159
Total operating expenses 43,723 56,023 134,266 178,284
Income (loss) from operations 29,745 11,748 71,675 (3,018)
Interest income 3,316 4,267 10,075 12,982
Interest expense (1,099) (1,208) (3,283) (3,689)
Net income before income taxes 31,962 14,807 78,467 6,275
Income tax expense 411 457 2,059 1,952
Net income $31,551 $14,350 $76,408 $4,323
Earnings per share
Basic $0.24 $0.10 $0.57 $0.03
Diluted $0.23 $0.10 $0.55 $0.03
Shares used in computing earnings per share
Basic 131,808 143,051 135,163 143,353
Diluted 136,008 145,651 138,959 145,010
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Nine Months Ended September 30,
2025 2024
Cash flows from operating activities:
Net income $76,408 $4,323
Adjustments to reconcile net income to cash flows from operating activities:
Share-based compensation 7,950 22,650
Amortization and depreciation 14,585 14,583
Foreign exchange loss (gain) on revaluation of Monoplant finance lease liability 9,318 (718)
Net amortization of premiums and discounts on investments (7,844) (9,752)
Other, net 4,852 220
Net changes in operating assets and liabilities:
Accounts receivable, net 5,816 (12,394)
Inventory, net (5,565) 991
Prepaid expenses and other current assets 940 (6,001)
Other noncurrent operating assets 730 (12)
Accounts payable (2,973) 4,551
Accrued expenses and other liabilities (17,777) (4,139)
Deferred revenue 4,150 522
Lease liabilities (600) (550)
Cash flows from operating activities 89,990 14,274
Cash flows from investing activities:
Proceeds from the sale and maturities of investments 348,785 461,448
Purchases of investments (344,618) (461,140)
Purchases of property, equipment and intangible assets (180) (225)
Upfront lease payment – (44)
Cash flows from investing activities 3,987 39
Cash flows from financing activities:
Repurchase of common shares (98,156) (18,435)
Principal portion of finance lease payments (9,649) (8,959)
Proceeds from issuance of common shares from exercise of stock options and vesting of RSUs and performance awards 12,583 6,537
Proceeds from issuance of common shares under ESPP 401 703
Taxes paid related to net settlement of exercises of stock options and vesting of RSUs and performance awards (9,400) (5,892)
Cash flows from financing activities (104,221) (26,046)
Net decrease in cash, cash equivalents and restricted cash (10,244) (11,733)
Cash, cash equivalents and restricted cash, beginning of the period 83,433 48,875
Cash, cash equivalents and restricted cash, end of the period $73,189 $37,142
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