ROCKVILLE, Md. & EDMONTON, Alberta--(BUSINESS WIRE)--August 06, 2026--
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three and six months ended June 30, 2026 and provided an update on recent business progress.
Financial Results
-- Total Revenue: For the three and six months ended June 30, 2026, total
revenue was $83.2 million and $160.9 million, up 19% and 21%,
respectively, from $70.0 million and $132.5 million, respectively, in the
same periods of 2025.
-- Net Product Sales: For the three and six months ended June 30,
2026, net product sales of LUPKYNIS, the first FDA-approved oral
therapy for the treatment of adult patients with active lupus
nephritis, were $79.4 million and $153.0 million, up 19% and 21%,
respectively, from $66.6 million and $126.5 million, respectively,
in the same periods of 2025.
-- License, Collaboration and Royalty Revenue: For the three and
six months ended June 30, 2026, license, collaboration and royalty
revenue was $3.8 million and $8.0 million, up 12% and 36%,
respectively, from $3.4 million and $5.9 million, respectively, in
the same periods of 2025.
-- Net Income: For the three and six months ended June 30, 2026, net
income was $37.4 million and $71.8 million, up 74% and 60%, respectively,
from $21.5 million and $44.9 million, respectively, in the same periods
of 2025.
-- Diluted Earnings per Share: For the three and six months ended June 30,
2026, diluted earnings per share was $0.28 and $0.53, up 75% and 66%,
respectively, from $0.16 and $0.32 in the same periods of 2025.
-- Cash Flows from Operating Activities: For the three and six months
ended June 30, 2026, cash flows from operating activities were $52.5
million and $85.1 million, up 19% and 87%, respectively, from $44.2
million and $45.5 million in the same periods of 2025.
Cash Position
As of June 30, 2026, Aurinia had cash, cash equivalents, restricted cash and investments of $443.1 million, compared to $398.0 million at December 31, 2025. For the six months ended June 30, 2026, cash outflows from financing activities were $48.9 million, which included the repurchase of 5.0 million of the Company's common shares for $74.9 million, partially offset by proceeds from issuance of common shares for equity awards, net of tax withholding payments, of $32.7 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.
Recent Development Progress
LUPKYNIS
Aurinia has recently initiated PRESERVE, a Phase 4, multicenter study investigating the combination of LUPKYNIS and belimumab, obinutuzumab or anifrolumab in patients with lupus nephritis. Belimumab is a B cell-activating factor (BAFF) inhibitor indicated for the treatment of both systemic lupus erythematosus $(SLE)$ and lupus nephritis. Obinutuzumab is a CD20-directed cytolytic antibody indicated for the treatment of lupus nephritis. Anifrolumab is a type 1 interferon receptor antagonist indicated for the treatment of SLE. PRESERVE will investigate whether the multi-target approach of combining LUPKYNIS with these biologic agents improves outcomes in patients with lupus nephritis. Planned enrollment is approximately 150 patients across approximately 50 sites in the US. The Study's primary endpoint is the proportion of patients achieving complete renal response (CRR) at 6 months.
Aritinercept
Aritinercept is a dual inhibitor of B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL) for the potential treatment of autoimmune diseases. Aurinia has now initiated clinical development of aritinercept in four potential indications.
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 SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
2026 2025
----------- ----------------
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and
restricted cash $ 179,832 $ 80,213
Short-term investments 263,291 317,784
Accounts receivable, net 41,138 41,454
Inventory 45,151 45,690
Prepaid expenses and deposits 10,531 5,746
Other current assets 1,381 1,080
--------- ---------
Total current assets 541,324 491,967
--------- ---------
Deferred tax assets, net 178,935 176,194
Finance right-of-use lease assets 65,152 73,865
Intangible assets, net 3,378 3,761
Operating right-of-use lease assets 1,518 3,596
Property and equipment, net 1,862 2,111
Other noncurrent assets 93 93
--------- ---------
Total assets $ 792,262 $ 751,587
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,735 $ 3,313
Accrued expenses 64,112 66,621
Finance lease liabilities, current
portion 16,479 16,523
Deferred revenue 10,593 3,720
Operating lease liabilities,
current portion 1,705 1,067
Other current liabilities 5,269 2,480
--------- ---------
Total current liabilities 99,893 93,724
--------- ---------
Finance lease liabilities, less current
portion 43,943 52,322
Deferred tax benefits 23,128 --
Deferred revenue, less current portion 7,480 12,648
Operating lease liabilities, less
current portion 2,009 4,900
Other noncurrent liabilities 945 6,662
--------- ---------
Total liabilities 177,398 170,256
--------- ---------
Shareholders' equity
Common shares -- no par value,
unlimited shares authorized, 132,907
and 132,323 shares issued and
outstanding at June 30, 2026 and
December 31, 2025, respectively 1,117,248 1,120,035
Additional paid-in capital 76,192 111,263
Accumulated other comprehensive loss (977) (599)
Accumulated deficit (577,599) (649,368)
--------- ---------
Total shareholders' equity 614,864 581,331
--------- ---------
Total liabilities and shareholders'
equity $ 792,262 $ 751,587
========= =========
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ----------------------
2026 2025 2026 2025
--------- --------- --------- -----------
Revenue
Net product
sales $ 79,412 $ 66,574 $152,975 $126,545
License,
collaboration
and royalty
revenue 3,808 3,434 7,950 5,928
------- ------- ------- -------
Total revenue 83,220 70,008 160,925 132,473
------- ------- ------- -------
Operating expenses
Cost of revenue 6,555 7,115 13,060 15,689
Selling, general
and
administrative 23,508 26,018 45,537 46,357
Research and
development 13,050 7,432 20,520 13,175
Restructuring -- 114 -- 1,647
Other (income)
expense, net (6,234) 9,246 (5,955) 13,675
------- ------- ------- -------
Total operating
expenses 36,879 49,925 73,162 90,543
------- ------- ------- -------
Income from
operations 46,341 20,083 87,763 41,930
------- ------- ------- -------
Interest income 3,393 3,190 6,908 6,759
Interest expense (948) (1,117) (1,960) (2,184)
------- ------- ------- -------
Net income before
income taxes 48,786 22,156 92,711 46,505
Income tax expense 11,372 643 20,942 1,648
------- ------- ------- -------
Net income $ 37,414 $ 21,513 $ 71,769 $ 44,857
======= ======= ======= =======
Earnings per share
Basic $ 0.29 $ 0.16 $ 0.55 $ 0.33
======= ======= ======= =======
Diluted $ 0.28 $ 0.16 $ 0.53 $ 0.32
======= ======= ======= =======
Shares used in
computing earnings
per share
Basic 130,081 134,873 131,221 136,878
Diluted 133,530 137,526 135,518 140,193
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Six Months Ended June 30,
-------------------------------
2026 2025
--------------- --------------
Cash flows from operating
activities:
Net income $ 71,769 $ 44,857
Adjustments to reconcile net
income to cash flows from
operating activities:
Deferred income tax 20,387 --
Share-based compensation 1,973 2,031
Amortization and depreciation 9,650 9,720
Foreign exchange (gain) loss
on revaluation of Monoplant
finance lease liability (977) 9,265
Net amortization of premiums
and discounts on
investments (4,200) (5,219)
Other, net (2,082) 4,132
Net changes in operating
assets and liabilities:
Accounts receivable, net 316 (3,547)
Inventory 539 (7,275)
Prepaid expenses and other
current assets (5,031) 5,106
Other noncurrent operating
assets -- 730
Accounts payable (3,451) (1,875)
Accrued expenses and other
liabilities (5,031) (17,136)
Deferred revenue 1,705 5,147
Operating lease liabilities (441) (395)
---------- ----------
Cash flows from operating activities 85,126 45,541
---------- ----------
Cash flows from investing
activities:
Proceeds from the sale and
maturities of investments 209,000 255,285
Purchases of investments (150,805) (237,411)
Net cash and cash equivalents
acquired in acquisition of
Kezar 5,212 --
Purchases of property,
equipment and intangible
assets (39) (115)
---------- ----------
Cash flows from investing activities 63,368 17,759
---------- ----------
Cash flows from financing
activities:
Purchase of common shares under
Share Repurchase Plan (74,880) (89,485)
Payments of principal portion
of Monoplant finance lease
liability (7,058) (6,201)
Proceeds from issuance of
common shares for equity
awards 59,154 10,590
Proceeds from issuance of
common shares under ESPP 363 401
Tax withholding payments
related to net settlements of
equity awards (26,454) (9,036)
---------- ----------
Cash flows from financing activities (48,875) (93,731)
---------- ----------
Net increase (decrease) in cash, cash
equivalents and restricted cash 99,619 (30,431)
Cash, cash equivalents and restricted
cash, beginning of the period 80,213 83,433
---------- ----------
Cash, cash equivalents and restricted
cash, end of the period $ 179,832 $ 53,002
========== ==========
View source version on businesswire.com: https://www.businesswire.com/news/home/20260806708746/en/
CONTACT: Investor Inquiries
ir@auriniapharma.com
Comments