May 12, 2025

Aurinia Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2025

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ROCKVILLE, Md. & EDMONTON, Alberta--(BUSINESS WIRE)-- Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three months ended March 31, 2025.

First Quarter 2025 Financial Results

  • Total Revenue: For the three months ended March 31, 2025, total revenue was $62.5 million, up 24% from $50.3 million in the same period of 2024.
    • Net Product Sales: For the three months ended March 31, 2025, net product sales of LUPKYNIS, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, were $60.0 million, up 25% from $48.1 million in the same period of 2024.
    • License, Collaboration and Royalty Revenue: For the three months ended March 31, 2025, license, collaboration and royalty revenue, which includes manufacturing services revenue from Aurinia’s collaboration partner, Otsuka, was $2.5 million, up 14% from $2.2 million in the same period of 2024.
  • Net Income (Loss): For the three months ended March 31, 2025, net income (loss) was $23.3 million, compared to $(10.7) million in the same period of 2024.
  • Cash Flow Provided by (Used in) Operating Activities: For the three months ended March 31, 2025, cash flow provided by (used in) operating activities was $1.3 million, compared to $(18.6) million in the same period of 2024. Excluding $11.1 million of cash payments made in connection with the November 2024 restructuring, cash flow generated from operations was $12.4 million for the three months ended March 31, 2025.

Cash Position

As of March 31, 2025, Aurinia had cash, cash equivalents, restricted cash and investments of $312.9 million, compared to $358.5 million at December 31, 2024. For the three months ended March 31, 2025, the Company repurchased 5.8 million of its common shares for $47.4 million.

Full Year 2025 Total Revenue and Net Product Sales Guidance

For 2025, Aurinia is reiterating its established total revenue guidance in the range of $250 million to $260 million and net product sales guidance in the range of $240 million to $250 million.

“We are pleased to report continued positive growth and momentum for LUPKYNIS in the first quarter of 2025 and are looking forward to a strong performance this year,” stated Peter Greenleaf, President and Chief Executive Officer of Aurinia. “Following the recent update to the American College of Rheumatology lupus nephritis treatment guideline, which recommends the incorporation of drugs like LUPKYNIS into first-line therapy, our commercial organization is focused on educating rheumatologists about the benefits of initiating LUPKYNIS earlier in the treatment paradigm. We also remain on track to report initial results from our Phase 1 study of AUR200, a dual inhibitor of B cell activating factor (BAFF) and a proliferation inducing ligand (APRIL), later this quarter.”

Webcast & Conference Call Details

A webcast and conference call will be hosted today, May 12, 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 AUR200, 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)
March 31,
2025 		December 31,
2024
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and restricted cash $ 66,428 $ 83,433
Short-term investments 246,473 275,043
Accounts receivable, net 40,350 36,544
Inventory, net 46,195 39,228
Prepaid expenses and deposits 5,535 11,219
Other current assets 781 1,129
Total current assets 405,762 446,596
Finance right-of-use lease assets 87,577 92,072
Intangible assets, net 4,158 4,355
Operating right-of-use lease assets 3,954 4,068
Property and equipment, net 2,576 2,731
Other noncurrent assets 823 823
Total assets $ 504,850 $ 550,645
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,220 $ 5,187
Accrued expenses 42,353 64,971
Finance lease liabilities, current portion 14,508 14,046
Deferred revenue 4,594 11,002
Operating lease liabilities, current portion 1,036 1,026
Other current liabilities 1,695 1,531
Total current liabilities 68,406 97,763
Finance lease liabilities, less current portion 56,828 58,554
Deferred revenue, less current portion 12,450 1,699
Deferred compensation and other noncurrent liabilities 11,438 9,408
Operating lease liabilities, less current portion 5,538 5,743
Total liabilities 154,660 173,167
Shareholders' equity
Common shares - no par value, unlimited shares authorized, 137,747 and 140,883 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 1,163,262 1,187,696
Additional paid-in capital 100,979 126,999
Accumulated other comprehensive loss (825 ) (647 )
Accumulated deficit (913,226 ) (936,570 )
Total shareholders' equity 350,190 377,478
Total liabilities and shareholders' equity $ 504,850 $ 550,645
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
Three months ended
March 31,
2025 2024
Revenue
Net product sales $ 59,971 $ 48,073
License, collaboration and royalty revenue 2,494 2,230
Total revenue 62,465 50,303
Operating expenses
Cost of revenue 8,574 7,752
Selling, general and administrative 20,339 47,695
Research and development 5,743 5,551
Restructuring 1,533 6,683
Other expense (income), net 4,429 (4,125 )
Total operating expenses 40,618 63,556
Income (loss) from operations 21,847 (13,253 )
Interest income 3,569 4,526
Interest expense (1,067 ) (1,283 )
Net income (loss) before income taxes 24,349 (10,010 )
Income tax expense 1,005 739
Net income (loss) $ 23,344 $ (10,749 )
Earnings (loss) per share
Basic $ 0.17 $ (0.07 )
Diluted $ 0.16 $ (0.07 )
Shares used in computing earnings (loss) per share
Basic 138,917 144,013
Diluted 143,199 144,013
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended March 31,
2025 2024
Cash flows from operating activities:
Net income (loss) $ 23,344 $ (10,749 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share-based compensation (3,409 ) 5,737
Amortization and depreciation 4,856 4,847
Foreign exchange loss (gain) on revaluation of finance lease liability (Monoplant) 1,812 (6,025 )
Net amortization of premiums and discounts on investments (2,656 ) (3,206 )
Other, net 2,325 1,559
Net changes in operating assets and liabilities:
Accounts receivable, net (3,806 ) (4,820 )
Inventory, net (6,967 ) (56 )
Prepaid expenses and other current assets 6,033 873
Other noncurrent operating assets — 17
Accounts payable (974 ) 1,345
Accrued expenses and other liabilities (23,405 ) (7,936 )
Deferred revenue 4,342 (3 )
Operating lease liabilities (195 ) (181 )
Net cash provided by (used in) operating activities 1,300 (18,598 )
Cash flows from investing activities:
Proceeds from the sale and maturities of investments 123,035 170,505
Purchases of investments (91,986 ) (121,260 )
Purchase of property, equipment and intangible assets (17 ) (12 )
Net cash provided by investing activities 31,032 49,233
Cash flows from financing activities:
Repurchase of common shares (46,921 ) (12,301 )
Principal portion of finance lease payments (2,771 ) (2,778 )
Proceeds from issuance of common shares from exercise of stock options and vesting of RSUs and performance awards 9,288 5,524
Taxes paid related to net settlement of exercises of stock options and vesting of RSUs and performance awards (8,933 ) (5,496 )
Net cash used in financing activities (49,337 ) (15,051 )
Net (decrease) increase in cash, cash equivalents and restricted cash (17,005 ) 15,584
Cash, cash equivalents and restricted cash, beginning of the period 83,433 48,875
Cash, cash equivalents and restricted cash, end of the period $ 66,428 $ 64,459
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