Tang Capital boosts Aurinia (AUPH) stake to 9.2% ownership

Rhea-AI Filing Summary

Tang Capital Management and affiliates have updated their ownership disclosure for Aurinia Pharmaceuticals Inc. common shares. As of this amendment, the reporting group beneficially owns 12,229,500 common shares, representing 9.2% of Aurinia’s outstanding stock based on 132,970,979 shares as of February 25, 2026.

Since March 4, 2025, the reporting persons spent approximately $26.3 million to purchase 2,200,000 Aurinia common shares in open‑market transactions in the ordinary course of business. Voting and dispositive power over these shares is shared among Tang Capital Management, Tang Capital Partners entities and Kevin Tang under a joint filing arrangement.

Insights

Equity ownership and activism analyst

Tang Capital lifts Aurinia stake to 9.2% via open‑market buys.

Tang Capital Management and related entities now report beneficial ownership of 12,229,500 Aurinia common shares, or 9.2% of shares outstanding as of February 25, 2026. This reflects an aggregate spend of about $26.3 million for 2,200,000 shares since March 4, 2025.

The filing emphasizes shared voting and dispositive power among the Tang entities and Kevin Tang, documented through a joint filing agreement. This structure centralizes decision-making on how the 9.2% position is voted and potentially traded, while remaining below 10% ownership.

Future company disclosures may show whether this sizable stake leads to governance engagement, board interaction, or remains a purely investment-focused holding, especially as subsequent Schedule 13D amendments or corporate communications provide more detail.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Aurinia Pharmaceuticals Inc.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

Kevin Tang
4747 Executive Drive, Suite 210
San Diego, CA, 92121
858-200-3830

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

02/27/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

TANG CAPITAL MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,229,500.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,229,500.00

11

Aggregate amount beneficially owned by each reporting person

12,229,500.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Tang Capital Management, LLC ("TCM") shares voting and dispositive power over such shares with Tang Capital Partners, LP ("TCP"), Tang Capital Partners International, LP ("TCPI") and Kevin Tang. The percentages used herein are based on 132,970,979 Common Shares outstanding as of February 25, 2026, as set forth in the Issuer's Annual Report filed on Form 10-K that was filed with the Securities and Exchange Commission on February 26, 2026.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

KEVIN TANG

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,229,500.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,229,500.00

11

Aggregate amount beneficially owned by each reporting person

12,229,500.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Kevin Tang shares voting and dispositive power over such shares with TCP, TCPI, and TCM.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

TANG CAPITAL PARTNERS, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,990,461.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,990,461.00

11

Aggregate amount beneficially owned by each reporting person

6,990,461.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.3 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

TCP shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

TANG CAPITAL PARTNERS INTERNATIONAL, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,239,039.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,239,039.00

11

Aggregate amount beneficially owned by each reporting person

5,239,039.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.9 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

TCPI shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

TANG CAPITAL PARTNERS III, INC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

TANG CAPITAL PARTNERS IV, INC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: Aurinia Pharmaceuticals Inc.
(c)	Address of Issuer's Principal Executive Offices: #140, 14315 - 118 Avenue, Edmonton, ALBERTA, CANADA , T5L 4S6.
Item 1 Comment: This Schedule 13D/A (this "Statement") amends the Schedule 13D (the "Original Schedule 13D") filed on September 12, 2024, as amended on March 4, 2025. Items 3, 5 and 7 of the Statement are hereby amended and supplemented to the extent hereinafter expressly set forth. Except as amended hereby, the original disclosure set forth in the Statement shall remain unchanged. All capitalized terms used and not expressly defined herein have the respective meanings ascribed to such terms in the Original Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Original Schedule 13D is hereby amended to add the following: Since March 4, 2025 the Reporting persons have expended an aggregate of approximately $26.3 million to purchase 2,200,000 of the Issuer's Common Shares through the open market. The Common Shares were acquired in the ordinary course of business.
Item 5.	Interest in Securities of the Issuer
(a)	The information previously provided in response to Item 5 is hereby amended and restated by replacing the text thereof in its entirety with the following: The information set forth in the cover pages of this Schedule 13D is hereby incorporated by reference into this Item 5. As of the date hereof the Reporting Persons beneficially own an aggregate of 12,229,500 of the Issuer's Common Shares, representing 9.2% of the outstanding shares.
(b)	See item 5(a) above.
(c)	Schedule A attached hereto as Exhibit 2 describes all transactions in the Issuer's Common Shares that were effected during the past 60 days by the Reporting Persons.
(d)	No person other than a Reporting Person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Common Shares beneficially owned by the Reporting Persons.
(e)	Not applicable
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1: Joint Filing Agreement by and among the Reporting Persons (filed as Exhibit 1 of the 13D filed on March 4, 2025 by the Reporting Persons with respect to the Common Shares of the Issuer). Exhibit 2: Schedule A: Transactions during the past 60 days (as amended).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

TANG CAPITAL MANAGEMENT, LLC

Signature:	/s/ Kevin Tang
Name/Title:	Manager
Date:	03/03/2026

KEVIN TANG

Signature:	/s/ Kevin Tang
Name/Title:	Self
Date:	03/03/2026

TANG CAPITAL PARTNERS, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	03/03/2026

TANG CAPITAL PARTNERS INTERNATIONAL, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	03/03/2026

TANG CAPITAL PARTNERS III, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	03/03/2026

TANG CAPITAL PARTNERS IV, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	03/03/2026

FAQ

How many Aurinia Pharmaceuticals (AUPH) shares does Tang Capital now own?

Tang Capital Management and its affiliates beneficially own 12,229,500 Aurinia common shares. This represents 9.2% of Aurinia’s outstanding stock, based on 132,970,979 shares outstanding as of February 25, 2026, as referenced in the company’s Form 10-K.

What percentage of Aurinia Pharmaceuticals (AUPH) is owned by Tang Capital?

Tang Capital’s reporting group holds 9.2% of Aurinia’s common shares. This percentage is calculated using 132,970,979 shares outstanding as of February 25, 2026, and corresponds to beneficial ownership of 12,229,500 shares disclosed in the amended Schedule 13D.

How much did Tang Capital spend to increase its Aurinia (AUPH) position?

Since March 4, 2025, the reporting persons spent approximately $26.3 million to buy 2,200,000 Aurinia common shares. These purchases were made through open‑market transactions and are described as being in the ordinary course of business in the amended filing.

Which entities are included in Tang Capital’s Aurinia (AUPH) reporting group?

The reporting group includes Tang Capital Management, LLC, Tang Capital Partners, LP, Tang Capital Partners International, LP, and Kevin Tang. Certain affiliated corporations report zero shares, while voting and dispositive power over 12,229,500 shares is shared among the core entities and Kevin Tang.

Did Tang Capital buy Aurinia (AUPH) shares in open-market transactions?

Yes. The amendment states the reporting persons purchased 2,200,000 Aurinia common shares for about $26.3 million through open‑market transactions since March 4, 2025. The shares were acquired in the ordinary course of business, with details of recent trades listed in an attached schedule.

What is the significance of the 9.2% Aurinia (AUPH) stake reported by Tang Capital?

A 9.2% beneficial ownership stake makes Tang Capital a major shareholder in Aurinia. The filing indicates shared voting and dispositive power over 12,229,500 shares, meaning this group can influence how those shares are voted and potentially how they are sold or retained.