Aurinia Pharmaceuticals Reports Financial Results for the Three and Nine Months Ended September 30, 2025 and Provides Update on Recent Business Progress
ROCKVILLE, Md. & EDMONTON, Alberta--( BUSINESS WIRE)--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
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
Nine Months Ended
September 30,
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