Tang Capital reports 10% stake in Aurinia Pharma

Rhea-AI Filing Summary

Tang Capital Management, Kevin Tang and affiliated entities amended their Schedule 13D to update their stake in Aurinia Pharmaceuticals Inc. The reporting group now beneficially owns 13,044,106 common shares, representing 10.0% of Aurinia’s outstanding common shares, based on 129,991,655 shares outstanding as of June 3, 2026.

The filing confirms Kevin Tang as Aurinia’s Chief Executive Officer and a board member, and describes multiple Tang Capital vehicles sharing voting and dispositive power over the position. The group also has potential obligations to purchase 1,000,000 additional common shares under put option contracts expiring on January 15, 2027 with a strike price of $15.00 per share, highlighting further potential exposure to Aurinia’s equity.

Insights

Equity ownership & activism analyst

Tang Capital’s group reports a 10% Aurinia stake plus sizable equity-linked exposure.

The amended Schedule 13D shows Tang Capital Management, Kevin Tang, and affiliated funds collectively beneficially owning 13,044,106 Aurinia common shares, or 10.0% of shares outstanding as of June 3, 2026. Kevin Tang is also the company’s CEO and a director, concentrating influence.

The filing characterizes the holdings as for investment purposes and states the group may buy or sell securities depending on market conditions and the issuer’s prospects. It also discloses put option contracts covering 1,000,000 shares with a $15.00 strike price expiring on January 15, 2027, which could require additional share purchases, increasing exposure if exercised.

Key Figures

Beneficial ownership: 13,044,106 shares Ownership percentage: 10.0% Shares outstanding baseline: 129,991,655 shares +4 more

7 metrics

Beneficial ownership 13,044,106 shares Aggregate Aurinia common shares beneficially owned by reporting persons

Ownership percentage 10.0% Portion of Aurinia common shares outstanding as of June 3, 2026

Shares outstanding baseline 129,991,655 shares Aurinia common shares outstanding as of June 3, 2026

TCP holding 7,205,442 shares Aurinia shares beneficially owned by Tang Capital Partners, LP

TCPI holding 5,239,039 shares Aurinia shares beneficially owned by Tang Capital Partners International, LP

Put option notional 1,000,000 shares Common shares subject to put option obligations

Put option strike $15.00 per share Strike price on put option contracts expiring January 15, 2027

Key Terms

beneficially own, Schedule 13D, put option contracts, voting and dispositive power, +1 more

5 terms

beneficially own financial

"As of the date hereof the Reporting Persons beneficially own an aggregate of 13,044,106"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

Schedule 13D regulatory

"This /A (this "Statement") amends the (the "Original ") filed on September 12, 2024"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

put option contracts financial

"potential obligations to purchase 1,000,000 of the Issuer's Common Shares pursuant to put option contracts"

A put option contract gives its buyer the right, but not the obligation, to sell a specified quantity of an underlying asset at a pre-agreed price (the strike) on or before a set expiration date, in exchange for a premium paid to the seller. It matters to investors because it can serve like insurance against a drop in an asset’s price or as a way to profit if the asset falls in value, similar to locking in a resale price or placing a bet against a declining market.

voting and dispositive power financial

"shares voting and dispositive power over such shares with Tang Capital Partners"

joint filing agreement regulatory

"Exhibit 1: Joint Filing Agreement by and among the Reporting Persons"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much of Aurinia Pharmaceuticals Inc. (AUPH) does Tang Capital currently beneficially own?

Tang Capital Management, Kevin Tang, and affiliated entities beneficially own 13,044,106 Aurinia common shares, representing 10.0% of the outstanding shares. This percentage is calculated using 129,991,655 common shares outstanding as of June 3, 2026, as stated in the filing.

Which entities are included as reporting persons in the Aurinia (AUPH) Schedule 13D/A amendment?

The reporting persons are Tang Capital Management, LLC, Kevin Tang, Tang Capital Partners, LP, Tang Capital Partners International, LP, Tang Capital Partners III, Inc., and Tang Capital Partners IV, Inc.. These entities share voting and dispositive power over the reported Aurinia common shares.

What derivative exposure to Aurinia (AUPH) does the Tang group disclose in this Schedule 13D/A?

The reporting persons disclose put option contracts giving them potential obligations to purchase 1,000,000 Aurinia common shares. These puts have a $15.00 strike price and expire on January 15, 2027, meaning they may need to buy shares if the options are exercised.

What is the stated purpose of Tang Capital’s investment in Aurinia Pharmaceuticals (AUPH)?

The filing states the acquisition of Aurinia securities was made for investment purposes. It notes the reporting persons may buy more or sell some or all of their securities in the open market or otherwise, depending on market conditions, Aurinia’s business and prospects, and other factors.

How are voting and dispositive powers over Aurinia (AUPH) shares allocated among the Tang entities?

The filing shows no sole voting or dispositive power for the reporting persons, only shared powers. For example, Tang Capital Management and Kevin Tang each report 13,044,106 shares with shared voting and dispositive power, while individual funds report shared power over their respective share blocks.

What share count did the Tang group use to calculate its 10.0% ownership of Aurinia (AUPH)?

The reported 10.0% ownership is based on 129,991,655 Aurinia common shares outstanding as of June 3, 2026. This outstanding share figure is used by the reporting persons to compute their beneficial ownership percentage in the amended Schedule 13D.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/04/2026 - 06:44 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Aurinia Pharmaceuticals Inc.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

05156V102

(CUSIP Number)

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)

06/02/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 05156V102

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 13,044,106.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 13,044,106.00

11

Aggregate amount beneficially owned by each reporting person

13,044,106.00

12

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

13

Percent of class represented by amount in Row (11)

10.0 %

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"), Tang Capital Partners III, Inc. ("TCP III"), Tang Capital Partners IV, Inc. ("TCP IV") and Kevin Tang. The percentages used herein are based on 129,991,655 Common Shares outstanding as of June 3, 2026.

SCHEDULE 13D

CUSIP Number(s): 05156V102

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 13,044,106.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 13,044,106.00

11

Aggregate amount beneficially owned by each reporting person

13,044,106.00

12

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

13

Percent of class represented by amount in Row (11)

10.0 %

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, TCP III, TCP IV and TCM.

SCHEDULE 13D

CUSIP Number(s): 05156V102

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 7,205,442.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,205,442.00

11

Aggregate amount beneficially owned by each reporting person

7,205,442.00

12

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

13

Percent of class represented by amount in Row (11)

5.6 %

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): 05156V102

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)

4.0 %

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): 05156V102

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 324,814.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 324,814.00

11

Aggregate amount beneficially owned by each reporting person

324,814.00

12

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

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

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

SCHEDULE 13D

CUSIP Number(s): 05156V102

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 274,811.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 274,811.00

11

Aggregate amount beneficially owned by each reporting person

274,811.00

12

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

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

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

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, March 3, 2026 and March 25, 2026. Item 2, 4, 5, 6 and 7 of the Statement is 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 2.	Identity and Background
(a)	The information previously provided in response to Item 2 is hereby amended and restated by replacing the text thereof in its entirety with the following: This Statement is voluntarily filed by TCM, a Delaware limited liability company that is the general partner of TCP; Kevin Tang, a United States citizen who is the manager of TCM and a member of the Board of Directors and Chief Executive Officer of the Issuer; TCP, a Delaware limited partnership engaged in capital management; TCP III, a Nevada corporation that is indirectly wholly owned by TCP and TCP IV, a Nevada corporation that is indirectly wholly owned by TCP (collectively with TCM, Kevin Tang, TCP and TCP III the "Reporting Persons").
(b)	The address of TCM, Kevin Tang, TCP and TCPI is 4747 Executive Drive, Suite 210, San Diego, CA 92121. The address of TCP III and TCP IV is 400 S. 4th Street, 3rd Floor, Las Vegas, NV 89101.
(c)	Kevin Tang is the manager of TCM. Kevin Tang is the sole director and Chief Executive Officer of TCP III and TCP IV.
(d)	During the past five years, none of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the past five years, none of the Reporting Persons have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	See Item 2(a) above
Item 4.	Purpose of Transaction
	Item 4 of the Original Schedule 13D is hereby amended and restated by replacing the text thereof in its entirety with the following: The Reporting Persons' acquisition was made for investment purposes. In accordance with applicable securities laws, the Reporting Persons may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of the Issuer in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Issuer and other relevant factors.
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 13,044,106 of the Issuer's Common Shares, representing 10.0% 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 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information previously provided in response to Item 6 is hereby amended and restated by replacing the text thereof in its entirety with the following: The Reporting Persons have potential obligations to purchase 1,000,000 of the Issuer's Common Shares pursuant to put option contracts that expire on January 15, 2027 with a strike price of $15.00.
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:	06/04/2026

KEVIN TANG

Signature:	/s/ Kevin Tang
Name/Title:	Self
Date:	06/04/2026

TANG CAPITAL PARTNERS, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	06/04/2026

TANG CAPITAL PARTNERS INTERNATIONAL, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	06/04/2026

TANG CAPITAL PARTNERS III, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	06/04/2026

TANG CAPITAL PARTNERS IV, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	06/04/2026