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Aurinia (NASDAQ: AUPH) boosts Q1 profit, cash flow and reaffirms 2026 outlook

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(Moderate)
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(Neutral)
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8-K

Rhea-AI Filing Summary

Aurinia Pharmaceuticals reported strong results for the three months ended March 31, 2026. Total revenue reached $77.7 million, up 24% from $62.5 million a year earlier, driven mainly by LUPKYNIS net product sales of $73.6 million, up 23%.

Net income was $34.4 million, a 48% increase from $23.3 million, with diluted earnings per share rising to $0.25 from $0.16. Operating cash flow improved sharply to $32.6 million from $1.3 million, while cash, cash equivalents, restricted cash and investments totaled $378.8 million as of March 31, 2026.

The company repurchased 2.5 million common shares for $36.2 million during the quarter and reaffirmed 2026 guidance, targeting total revenue of $315–$325 million and LUPKYNIS net product sales of $305–$315 million.

Positive

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Insights

Aurinia posts robust Q1 growth, strong cash and reaffirms 2026 outlook.

Aurinia Pharmaceuticals delivered double-digit growth with Q1 2026 revenue of $77.7M, up 24%, led by LUPKYNIS net product sales of $73.6M, up 23%. Net income rose 48% to $34.4M, and diluted EPS increased to $0.25 from $0.16.

Cash flows from operating activities jumped to $32.6M versus $1.3M a year earlier, while the company ended March 31, 2026 with $378.8M in cash, cash equivalents, restricted cash and investments. Aurinia also spent $36.2M repurchasing 2.5M shares under its share repurchase plan.

Management reiterated 2026 total revenue guidance of $315M–$325M and LUPKYNIS net product sales guidance of $305M–$315M, implying low- to mid-teens percentage growth over 2025. Future filings may provide additional detail on aritinercept’s clinical progress across its indications.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total revenue Q1 2026 $77.7 million Three months ended March 31, 2026; up 24% from $62.5 million in 2025
LUPKYNIS net product sales $73.6 million Three months ended March 31, 2026; up 23% from $60.0 million in 2025
Net income $34.4 million Three months ended March 31, 2026; up from $23.3 million in 2025
Diluted EPS $0.25 per share Three months ended March 31, 2026; up from $0.16 in 2025
Operating cash flow $32.6 million Three months ended March 31, 2026; up from $1.3 million in 2025
Cash and investments $378.8 million Cash, cash equivalents, restricted cash and investments as of March 31, 2026
Share repurchases $36.2 million Repurchase of 2.5 million common shares during three months ended March 31, 2026
2026 total revenue guidance $315–$325 million Management outlook for 2026; 11–15% growth versus 2025
lupus nephritis medical
"LUPKYNIS, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis"
Lupus nephritis is a condition in which a person’s immune system attacks the kidneys, causing inflammation and damage to the organs’ filtering function and leading to blood or protein in the urine and, in severe cases, kidney failure. For investors, it defines a specific, medically serious patient group and treatment need: success or failure of therapies, clinical trials, regulatory approvals, and pricing decisions for drugs aimed at this condition can meaningfully change a biotech or pharma company’s revenue prospects — like fixing a costly, central leak in a building that determines the value of the whole property.
net product sales financial
"net product sales of LUPKYNIS ... were $73.6 million, up 23% from $60.0 million"
Revenue a company earns from selling its products after subtracting returns, discounts, rebates and other allowances; it shows the actual money kept from product sales rather than the raw invoices. Investors watch net product sales because they reveal true customer demand and how much sales translate into cash that can drive profit, much like a shopowner counting money left after refunds and coupons to judge how well items are selling.
share repurchase plan financial
"Purchase of common shares under Share Repurchase Plan ... (36,165)"
A share repurchase plan is when a company uses cash to buy its own stock from the market, reducing the number of shares available to investors. This matters because fewer shares can make each remaining share represent a larger piece of ownership and boost earnings-per-share—like slicing a pizza into fewer pieces so each slice is bigger—and it can signal management thinks the stock is undervalued, though it also means cash won’t be used for other purposes.
deferred revenue financial
"Deferred revenue ... 5,036 ... 12,413, less current portion"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
forward-looking statements regulatory
"This press release contains forward-looking information within the meaning of applicable Canadian securities law and forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
share-based compensation financial
"Share-based compensation ... (866) ... (3,409)"
Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.
Revenue $77.7 million 24% year-over-year
Net income $34.4 million 48% year-over-year
Diluted EPS $0.25 56% year-over-year
Operating cash flow $32.6 million 2,408% year-over-year
Guidance

For 2026, Aurinia expects total revenue of $315–$325 million and LUPKYNIS net product sales of $305–$315 million, representing low- to mid-teens percentage growth over 2025.

Understanding 8-K Material Events →
0001600620FALSE00016006202025-11-042025-11-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
Aurinia Pharmaceuticals Inc.
(Exact name of registrant as specified in its charter)
Canada 001-36421 98-1231763
(State or Other Jurisdiction of Incorporation)
 
(Commission File No.)
 
(IRS Employer Identification No.)

#140, 14315 - 118 Avenue
Edmonton, Alberta
T5L 4S6
(250) 744-2487
(Address and telephone number of registrant's principal executive offices)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class 
Trading Symbol(s)
 
Name of Each Exchange on which Registered
Common Shares, without par value AUPH The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐


Item 2.02
Results of Operations and Financial Condition
On May 7, 2026, Aurinia Pharmaceuticals Inc. (Aurinia or the Company) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information in this Current Report on Form 8-K and the exhibit hereto are being furnished pursuant to this Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K and the exhibit hereto that is furnished pursuant to this Item 2.02 shall not be incorporated by reference in any of Aurinia's filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.
Item 9.01Financial Statements and Exhibits
(d) Exhibits.
Exhibit No.Description
99.1
Earnings release dated May 7, 2026
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 7, 2026

AURINIA PHARMACEUTICALS INC.
By:/s/ Michael Hearne
Name:Michael Hearne
Title:
Chief Financial Officer




Exhibit 99.1
auphlogoregistereda.jpg
Aurinia Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2026 and Provides Update on Recent Business Progress
ROCKVILLE, Maryland and EDMONTON, Alberta – May 7, 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® (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.
1

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.
General Investor Inquiries
ir@auriniapharma.com
2

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

March 31, 2026December 31, 2025
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and restricted cash$41,008 $80,213 
Short-term investments337,775 317,784 
Accounts receivable, net49,175 41,454 
Inventory46,410 45,690 
Prepaid expenses and deposits
4,119 5,746 
Other current assets1,757 1,080 
Total current assets480,244 491,967 
Deferred tax assets, net
166,917 176,194 
Finance right-of-use lease assets69,508 73,865 
Intangible assets, net3,590 3,761 
Operating right-of-use lease assets1,659 3,596 
Property and equipment, net1,986 2,111 
Other noncurrent assets93 93 
Total assets$723,997 $751,587 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable$2,661 $3,313 
Accrued expenses58,196 66,621 
Finance lease liabilities, current portion16,519 16,523 
Deferred revenue5,036 3,720 
Operating lease liabilities, current portion1,622 1,067 
Other current liabilities2,522 2,480 
Total current liabilities86,556 93,724 
Finance lease liabilities, less current portion48,181 52,322 
Deferred revenue, less current portion12,413 12,648 
Deferred compensation and other noncurrent liabilities6,903 6,662 
Operating lease liabilities, less current portion2,318 4,900 
Total liabilities156,371 170,256 
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, respectively1,086,650 1,120,035 
Additional paid-in capital96,869 111,263 
Accumulated other comprehensive loss(880)(599)
Accumulated deficit(615,013)(649,368)
Total shareholders' equity567,626 581,331 
Total liabilities and shareholders' equity$723,997 $751,587 
3

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
20262025
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 revenue6,505 8,574 
Selling, general and administrative22,029 20,339 
Research and development7,470 5,743 
Restructuring— 1,533 
Other expense, net279 4,429 
Total operating expenses36,283 40,618 
Income from operations41,422 21,847 
Interest income3,515 3,569 
Interest expense(1,012)(1,067)
Net income before income taxes43,925 24,349 
Income tax expense9,570 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
Basic132,375 138,917 
Diluted137,639 143,199 
4

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
March 31,
20262025
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 depreciation4,816 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, net581 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 assets950 6,033 
Accounts payable(652)(974)
Accrued expenses and other liabilities(5,592)(23,405)
Deferred revenue1,081 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 investments109,000 123,035 
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 period80,213 83,433 
Cash, cash equivalents and restricted cash, end of the period$41,008 $66,428 
5

Source: View Original Filing on SEC EDGAR

FAQ

How did Aurinia Pharmaceuticals (AUPH) perform in Q1 2026?

Aurinia reported strong Q1 2026 results, with total revenue of $77.7 million, up 24% year over year. Net income rose to $34.4 million and diluted EPS reached $0.25, reflecting improved profitability and higher LUPKYNIS sales.

What were Aurinia Pharmaceuticals (AUPH) LUPKYNIS net product sales in Q1 2026?

LUPKYNIS net product sales were $73.6 million in Q1 2026, increasing 23% from $60.0 million a year earlier. This growth shows continued adoption of LUPKYNIS as an oral treatment for adult patients with active lupus nephritis.

What is Aurinia Pharmaceuticals (AUPH) cash position after Q1 2026?

As of March 31, 2026, Aurinia held $378.8 million in cash, cash equivalents, restricted cash and investments. This compares with $398.0 million at December 31, 2025, after funding share repurchases and other financing outflows.

Did Aurinia Pharmaceuticals (AUPH) repurchase shares in Q1 2026?

Yes. Aurinia repurchased 2.5 million of its common shares for $36.2 million during the three months ended March 31, 2026. These buybacks were executed under the company’s share repurchase plan as part of its capital allocation strategy.

What 2026 revenue guidance did Aurinia Pharmaceuticals (AUPH) provide?

Aurinia reaffirmed 2026 total revenue guidance of $315–$325 million, up 11–15% versus 2025. It also guided for 2026 LUPKYNIS net product sales of $305–$315 million, implying 12–16% growth compared to 2025 levels.

How did Aurinia Pharmaceuticals (AUPH) operating cash flow change in Q1 2026?

Operating cash flow improved significantly to $32.6 million in Q1 2026, compared with $1.3 million in Q1 2025. The increase reflects higher profitability and working capital movements supporting the growing LUPKYNIS business.

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