ROCKVILLE, Md. & EDMONTON, Alberta, February 27, 2025--(BUSINESS WIRE)--Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three and twelve months ended December 31, 2024 and provided an update on recent corporate progress.

Fourth Quarter 2024 Financial Results

Total Revenue: For the three months ended December 31, 2024, total revenue was $59.9 million, up 33% from $45.1 million in the same period of 2023.

– Net Product Sales: For the three months ended December 31, 2024, net product sales of LUPKYNIS, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, were $57.6 million, up 36% from $42.3 million in the same period of 2023.

– License, Collaboration and Royalty Revenue: For the three months ended December 31, 2024, license, collaboration and royalty revenue, which includes manufacturing services revenue and royalties from Aurinia’s collaboration partner, Otsuka, was $2.3 million, down 18% from $2.8 million in the same period of 2023.

Net Income (Loss): For the three months ended December 31, 2024, net income (loss) was $1.4 million, compared to $(26.9) million in the same period of 2023.

Cash Flow Provided by Operating Activities: For the three months ended December 31, 2024, cash flow provided by operating activities was $30.1 million, up 110% from $14.3 million in the same period of 2023.

Full Year 2024 Financial Results

Total Revenue: For the twelve months ended December 31, 2024, total revenue was $235.1 million, up 34% from $175.5 million in 2023.

– Net Product Sales: For the twelve months ended December 31, 2024, net product sales were $216.2 million, up 36% from $158.5 million in 2023.

– License, Collaboration and Royalty Revenue: For the twelve months ended December 31, 2024, license, collaboration and royalty revenue, which includes a milestone payment, manufacturing services revenue and royalties from Otsuka, was $18.9 million, up 11% from $17.0 million in 2023.

Net Income (Loss): For the twelve months ended December 31, 2024, net income (loss) was $5.8 million, compared to $(78.0) million in 2023.

Cash Flow Provided by (Used in) Operating Activities: For the twelve months ended December 31, 2024, cash flow provided by (used in) operating activities was $44.4 million, compared to $(33.5) million in 2023.

Cash Position

As of December 31, 2024, Aurinia had cash, cash equivalents, restricted cash and investments of $358.5 million, compared to $350.7 million at December 31, 2023. For the year ended December 31, 2024, the Company repurchased 6.1 million of its common shares for $41.0 million.

Story Continues

Full Year 2025 Total Revenue and Net Product Sales Guidance

For 2025, Aurinia expects total revenue in the range of $250 million to $260 million and net product sales in the range of $240 million to $250 million.

Research and Development Update

In September 2024, Aurinia initiated a Phase 1 study of AUR200, its potentially best-in-class dual inhibitor of B cell activating factor (BAFF) and a proliferation inducing ligand (APRIL). BAFF and APRIL are cytokines that stimulate B cell proliferation and activity and are upregulated in many autoimmune diseases. In preclinical studies, AUR200 potently inhibited B cell proliferation and production of IgA and IgM antibodies and exhibited pharmacokinetic and pharmacodynamic properties consistent with once-monthly dosing. Aurinia expects to report initial results from its Phase 1 study of AUR200 in the second quarter of 2025.

"We are pleased to have delivered strong LUPKYNIS sales growth in 2024," stated Peter Greenleaf, President and Chief Executive Officer of Aurinia. "We expect 2025 to be an exciting year for Aurinia. We remain focused on increasing LUPKYNIS’s adoption among the many lupus nephritis patients who could benefit from this important treatment, while, at the same time, advancing our important pipeline product, AUR200, which has the potential to treat a wide range of autoimmune diseases."

Webcast & Conference Call Details

A webcast and conference call will be hosted today, February 27th, 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 SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands)  December 31, 2024  December 31, 2023 ASSETS  Current assets:  Cash, cash equivalents and restricted cash  $ 83,433   $ 48,875  Short-term investments   275,043    301,614  Accounts receivable, net   36,544    24,089  Inventory, net   39,228    39,705  Prepaid expenses and deposits   11,219    9,486  Other current assets   1,129    1,031  Total current assets   446,596    424,800  Finance right-of-use lease assets   92,072    108,715  Intangible assets, net   4,355    4,977  Operating right-of-use lease assets   4,068    4,498  Property and equipment, net   2,731    3,354  Long-term investments   —    201  Other noncurrent assets   823    1,517  Total assets  $ 550,645   $ 548,062   LIABILITIES AND SHAREHOLDERS' EQUITY  Current liabilities:  Accounts payable  $ 5,187   $ 4,327  Accrued expenses   64,971    50,062  Finance lease liabilities, current portion   14,046    14,609  Deferred revenue   11,002    4,813  Operating lease liabilities, current portion   1,026    989  Other current liabilities   1,531    2,388  Total current liabilities   97,763    77,188  Finance lease liabilities, less current portion   58,554    75,479  Deferred compensation and other noncurrent liabilities   11,107    10,911  Operating lease liabilities, less current portion   5,743    6,530  Total liabilities   173,167    170,108  Shareholders' equity  Common shares - no par value, unlimited shares authorized, 140,883 and 143,833 shares issued and outstanding at December 31, 2024 and 2023, respectively   1,187,696    1,200,218  Additional paid-in capital   126,999    120,788  Accumulated other comprehensive loss   (647 )   (730 ) Accumulated deficit   (936,570 )   (942,322 ) Total shareholders' equity   377,478    377,954  Total liabilities and shareholders’ equity  $ 550,645   $ 548,062

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)  Three months ended  Years ended December
31, 2024  December
31, 2023  December
31, 2024  December
31, 2023 (unaudited)  Revenue  Net product sales  $ 57,582   $ 42,315   $ 216,186   $ 158,533  License, collaboration and royalty revenue   2,285    2,780    18,947    16,980  Total revenue   59,867    45,095    235,133    175,513  Operating expenses  Cost of revenue   5,552    5,395    28,248    14,148  Selling, general and administrative   37,032    50,072    172,028    195,036  Research and development   8,107    10,228    20,785    49,641  Restructuring   15,351    —    23,106    —  Other (income) expense, net   (4,506 )   9,074    (4,347 )   8,379  Total operating expenses   61,536    74,769    239,820    267,204  Loss from operations   (1,669 )   (29,674 )   (4,687 )   (91,691 ) Interest income   3,988    4,568    16,970    16,997  Interest expense   (1,146 )   (1,310 )   (4,835 )   (2,775 ) Net income (loss) before income taxes   1,173    (26,416 )   7,448    (77,469 ) Income tax (benefit) expense   (256 )   459    1,696    551  Net income (loss)  $ 1,429   $ (26,875 )  $ 5,752   $ (78,020 ) Basic  $ 0.01   $ (0.19 )  $ 0.04   $ (0.54 ) Diluted  $ 0.01   $ (0.19 )  $ 0.04   $ (0.54 )  Shares used in computing earnings (loss) per share  Basic   142,179    142,927    143,057    143,236  Diluted   147,675    142,927    146,194    143,236

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Years ended December 31, 2024    2023    2022  Cash flows from operating activities:  Net income (loss)  $ 5,752   $ (78,020 )  $ (108,180 ) Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:  Share-based compensation   31,596    45,311    32,300  Amortization and depreciation   19,445    11,647    2,706  Foreign exchange (gain) loss on revaluation of finance lease liability (Monoplant)   (5,910 )   5,949    —  Net amortization of premiums and discounts on investments   (12,731 )   (12,141 )   (1,572 ) Non-cash write-down of inventory   —    916    3,646  Other, net   788    (1,515 )   (1,612 ) Net changes in operating assets and liabilities:  Accounts receivable, net   (12,455 )   (10,606 )   1,927  Inventory, net   477    (15,869 )   (9,072 ) Prepaid expenses and other current assets   (1,834 )   4,399    (2,404 ) Other noncurrent operating assets   31    (16 )   (363 ) Accounts payable   860    1,240    (792 ) Accrued expenses and other liabilities   13,330    12,154    1,491  Deferred revenue   5,789    3,763    3,048  Operating lease liabilities   (750 )   (673 )   (652 ) Net cash provided by (used in) operating activities   44,388    (33,461 )   (79,529 ) Cash flows from investing activities:  Proceeds from the sale and maturities of investments   585,418    529,376    464,316  Purchases of investments   (545,832 )   (523,500 )   (523,993 ) Upfront lease payments   (43 )   (11,864 )   (663 ) Purchases of property, equipment and intangible assets   (281 )   (718 )   (292 ) Net cash provided by (used in) investing activities   39,262    (6,706 )   (60,632 ) Cash flows from financing activities:  Repurchase of common shares   (40,239 )   —    —  Principal portion of finance lease payments   (11,989 )   (10,025 )   —  Proceeds from issuance of common shares from exercise of stock options and vesting of RSUs   8,186    5,324    1,561  Proceeds from issuance of common shares under ESPP   1,084    1,850    1,912  Taxes paid related to net settlement of exercises of stock options and vesting of RSUs   (6,134 )   (2,279 )   (1,040 ) Net cash (used in) provided by financing activities   (49,092 )   (5,130 )   2,433  Net increase (decrease) in cash, cash equivalents and restricted cash   34,558    (45,297 )   (137,728 ) Cash, cash equivalents and restricted cash, beginning of the period   48,875    94,172    231,900  Cash, cash equivalents and restricted cash, end of the period  $ 83,433   $ 48,875   $ 94,172

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Contacts

Media and Investor Inquiries: 
Andrea Christopher
Corporate Communications and Investor Relations
Aurinia Pharmaceuticals Inc.
[email protected] 

General Investor Inquiries 
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