ROCKVILLE, Maryland & EDMONTON, Alberta--(BUSINESS WIRE)--May 07, 2026--
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three months ended March 31, 2026 and provided an update on recent business progress.
Financial Results
-- Total Revenue: For the three months ended March 31, 2026, total revenue
was $77.7 million, up 24% from $62.5 million in the same period of 2025.
-- Net Product Sales: For the three months ended March 31, 2026,
net product sales of LUPKYNIS, the first FDA-approved oral therapy
for the treatment of adult patients with active lupus nephritis,
were $73.6 million, up 23% from $60.0 million in the same period
of 2025.
-- License, Collaboration and Royalty Revenue: For the three months
ended March 31, 2026, license, collaboration and royalty revenue
from Aurinia's collaboration partner, Otsuka, was $4.1 million, up
64% from $2.5 million in the same period of 2025.
-- Net Income: For the three months ended March 31, 2026, net income was
$34.4 million, up 48% from $23.3 million in the same period of 2025.
-- Diluted Earnings per Share: For the three months ended March 31, 2026,
diluted earnings per share was $0.25, up 56% from $0.16 in the same
period of 2025.
-- Cash Flows from Operating Activities: For the three months ended March
31, 2026, cash flows from operating activities were $32.6 million, up
2408% from $1.3 million in the same period of 2025.
Cash Position
As of March 31, 2026, Aurinia had cash, cash equivalents, restricted cash and investments of $378.8 million, compared to $398.0 million at December 31, 2025. For the three months ended March 31, 2026, cash outflows from financing activities were $53.7 million, which included the repurchase of 2.5 million of the Company's common shares for $36.2 million and tax withholding payments related to net settlements of equity awards of $14.6 million.
2026 Total Revenue and Net Product Sales Guidance
Aurinia reiterates its guidance for 2026 total revenue of $315 million to $325 million, up 11% to 15% compared to 2025, and 2026 net product sales of $305 million to $315 million, up 12% to 16% compared to 2025.
"Aurinia remains steadfast in its mission to become a leading company that benefits patients suffering from autoimmune diseases," stated Kevin Tang, Chief Executive Officer. "LUPKYNIS is emerging as a standard-of-care treatment for lupus nephritis, and aritinercept, now in clinical development for three potential indications, has therapeutic potential across a wide range of autoimmune disorders."
About Aurinia
Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS$(R)$ (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)
March 31, December 31,
2026 2025
------------ --------------
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and
restricted cash $ 41,008 $ 80,213
Short-term investments 337,775 317,784
Accounts receivable, net 49,175 41,454
Inventory 46,410 45,690
Prepaid expenses and deposits 4,119 5,746
Other current assets 1,757 1,080
---------- ----------
Total current assets 480,244 491,967
---------- ----------
Deferred tax assets, net 166,917 176,194
Finance right-of-use lease assets 69,508 73,865
Intangible assets, net 3,590 3,761
Operating right-of-use lease assets 1,659 3,596
Property and equipment, net 1,986 2,111
Other noncurrent assets 93 93
---------- ----------
Total assets $ 723,997 $ 751,587
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,661 $ 3,313
Accrued expenses 58,196 66,621
Finance lease liabilities,
current portion 16,519 16,523
Deferred revenue 5,036 3,720
Operating lease liabilities,
current portion 1,622 1,067
Other current liabilities 2,522 2,480
---------- ----------
Total current liabilities 86,556 93,724
---------- ----------
Finance lease liabilities, less
current portion 48,181 52,322
Deferred revenue, less current portion 12,413 12,648
Deferred compensation and other
noncurrent liabilities 6,903 6,662
Operating lease liabilities, less
current portion 2,318 4,900
---------- ----------
Total liabilities 156,371 170,256
---------- ----------
Shareholders' equity
Common shares -- no par value,
unlimited shares authorized, 130,771
and 132,323 shares issued and
outstanding at March 31, 2026 and
December 31, 2025, respectively 1,086,650 1,120,035
Additional paid-in capital 96,869 111,263
Accumulated other comprehensive loss (880) (599)
Accumulated deficit (615,013) (649,368)
---------- ----------
Total shareholders' equity 567,626 581,331
---------- ----------
Total liabilities and shareholders'
equity $ 723,997 $ 751,587
========== ==========
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
----------------------
2026 2025
--------- -----------
Revenue
Net product sales $ 73,563 $ 59,971
License, collaboration and royalty
revenue 4,142 2,494
------- -------
Total revenue 77,705 62,465
------- -------
Operating expenses
Cost of revenue 6,505 8,574
Selling, general and administrative 22,029 20,339
Research and development 7,470 5,743
Restructuring -- 1,533
Other expense, net 279 4,429
------- -------
Total operating expenses 36,283 40,618
------- -------
Income from operations 41,422 21,847
------- -------
Interest income 3,515 3,569
Interest expense (1,012) (1,067)
------- -------
Net income before income taxes 43,925 24,349
Income tax expense 9,570 1,005
------- -------
Net income $ 34,355 $ 23,344
======= =======
Earnings per share
Basic $ 0.26 $ 0.17
======= =======
Diluted $ 0.25 $ 0.16
======= =======
Shares used in computing earnings per share
Basic 132,375 138,917
Diluted 137,639 143,199
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
March 31,
-----------------------
2026 2025
---------- -----------
Cash flows from operating activities:
Net income $ 34,355 $ 23,344
Adjustments to reconcile net income
to cash flows from operating
activities:
Deferred income tax 9,277 --
Share-based compensation (866) (3,409)
Amortization and depreciation 4,816 4,856
Foreign exchange (gain) loss on
revaluation of Monoplant finance
lease liability (416) 1,812
Net amortization of premiums and
discounts on investments (2,319) (2,656)
Other, net 581 2,325
Net changes in operating assets
and liabilities:
Accounts receivable, net (7,721) (3,806)
Inventory (720) (6,967)
Prepaid expenses and other
current assets 950 6,033
Accounts payable (652) (974)
Accrued expenses and other
liabilities (5,592) (23,405)
Deferred revenue 1,081 4,342
Operating lease liabilities (214) (195)
-------- -------
Cash flows from operating activities 32,560 1,300
-------- -------
Cash flows from investing activities:
Proceeds from the sale and maturities
of investments 109,000 123,035
Purchases of investments (127,041) (91,986)
Purchases of property, equipment and
intangible assets (39) (17)
-------- -------
Cash flows from investing activities (18,080) 31,032
-------- -------
Cash flows from financing activities:
Purchase of common shares under Share
Repurchase Plan (36,165) (46,921)
Payments of principal portion of
Monoplant finance lease liability (3,653) (2,771)
Proceeds from issuance of common
shares for equity awards 713 9,288
Tax withholding payments related to
net settlements of equity awards (14,580) (8,933)
-------- -------
Cash flows from financing activities (53,685) (49,337)
-------- -------
Net decrease in cash, cash equivalents and
restricted cash (39,205) (17,005)
Cash, cash equivalents and restricted cash,
beginning of the period 80,213 83,433
-------- -------
Cash, cash equivalents and restricted cash,
end of the period $ 41,008 $ 66,428
======== =======
View source version on businesswire.com: https://www.businesswire.com/news/home/20260507497614/en/
CONTACT: General Investor Inquiries
ir@auriniapharma.com
(END) Dow Jones Newswires
May 07, 2026 08:00 ET (12:00 GMT)
Comments