Aurinia Pharmaceuticals Reports Financial Results for the Three and Six Months Ended June 30, 2026 and Provides Update on Recent Business Progress
Financial Results
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Total Revenue: For the three and six months ended June 30, 2026, total revenue was
$83.2 million $160.9 million 19% and21% , respectively, from$70.0 million $132.5 million -
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 $153.0 million 19% and21% , respectively, from$66.6 million $126.5 million -
License, Collaboration and Royalty Revenue: For the three and six months ended June 30, 2026, license, collaboration and royalty revenue was
$3.8 million $8.0 million 12% and36% , respectively, from$3.4 million $5.9 million
-
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
-
Net Income: For the three and six months ended June 30, 2026, net income was
$37.4 million $71.8 million 74% and60% , respectively, from$21.5 million $44.9 million -
Diluted Earnings per Share: For the three and six months ended June 30, 2026, diluted earnings per share was
$0.28 $0.53 75% and66% , respectively, from$0.16 $0.32 -
Cash Flows from Operating Activities: For the three and six months ended June 30, 2026, cash flows from operating activities were
$52.5 million $85.1 million 19% and87% , respectively, from$44.2 million $45.5 million
Cash Position
As of June 30, 2026, Aurinia had cash, cash equivalents, restricted cash and investments of
2026 Total Revenue and Net Product Sales Guidance
Aurinia reiterates its guidance for 2026 total revenue of
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® (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
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
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June 30, 2026 |
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December 31, 2025 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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|
|
|
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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 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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|
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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 |
|
|
|
|
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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) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
|
June 30, |
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|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
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Revenue |
|
|
|
|
|
|
|
|
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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 |
|
|
|
|
|
|
|
|
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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 |
|
|
|
|
|
|
|
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Earnings per share |
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|
|
|
|
|
|
|
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Basic |
|
$ |
0.29 |
|
|
$ |
0.16 |
|
|
$ |
0.55 |
|
|
$ |
0.33 |
|
Diluted |
|
$ |
0.28 |
|
|
$ |
0.16 |
|
|
$ |
0.53 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
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Shares used in computing earnings per share |
|
|
|
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|
|
|
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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) |
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Six Months Ended June 30, |
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|
2026 |
|
2025 |
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Cash flows from operating activities: |
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|
|
|
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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/
Investor Inquiries
ir@auriniapharma.com
Source: Aurinia Pharmaceuticals Inc.