Aurinia Pharmaceuticals Reports Financial Results for the Three and Twelve Months Ended December 31, 2024 and Provides Update on Recent Corporate Progress

Rhea-AI Summary

Aurinia Pharmaceuticals (NASDAQ: AUPH) reported strong financial results for Q4 and full-year 2024. Q4 total revenue reached $59.9M (up 33% YoY), with LUPKYNIS net product sales of $57.6M (up 36% YoY). The company achieved Q4 net income of $1.4M, compared to a loss of $26.9M in Q4 2023.

Full-year 2024 showed total revenue of $235.1M (up 34% YoY) and net product sales of $216.2M (up 36% YoY). The company reported annual net income of $5.8M, improving from a $78M loss in 2023. Cash position stood at $358.5M as of December 31, 2024.

For 2025 guidance, Aurinia expects total revenue of $250-260M and net product sales of $240-250M. The company also initiated a Phase 1 study of AUR200, a dual inhibitor for autoimmune diseases, with initial results expected in Q2 2025.

Positive

• Q4 revenue up 33% YoY to $59.9M
• LUPKYNIS sales grew 36% YoY to $57.6M in Q4
• Achieved profitability with $5.8M net income in 2024
• Strong cash position of $358.5M
• Operating cash flow positive at $44.4M for 2024
• Projected revenue growth for 2025

Negative

• License and royalty revenue declined 18% in Q4
• Share repurchase program reduced cash by $41M

Insights

Financial Analyst

Aurinia Pharmaceuticals has delivered exceptional financial results for Q4 and full-year 2024, achieving a critical milestone by transitioning to profitability with $5.8 million in annual net income compared to a $78 million loss in 2023. The company's Q4 performance was particularly strong, posting a $1.4 million profit versus a $26.9 million loss in Q4 2023.

LUPKYNIS sales continue to drive growth, with Q4 net product revenue increasing 36% year-over-year to $57.6 million and full-year sales reaching $216.2 million. This performance has transformed Aurinia's cash flow profile, generating $44.4 million in operating cash flow for 2024 compared to consuming $33.5 million in 2023 – a nearly $78 million improvement that significantly enhances financial flexibility.

The company maintains a robust balance sheet with $358.5 million in cash and investments, which provides substantial runway for both commercial operations and pipeline development. This strong cash position enabled Aurinia to return capital to shareholders through the repurchase of 6.1 million shares for $41 million during 2024.

Looking ahead, management's 2025 guidance projects total revenue of $250-260 million, implying more modest growth of approximately 6.3% at the midpoint. This deceleration from 34% growth in 2024 suggests LUPKYNIS may be approaching a more mature phase in its commercial lifecycle or facing increased competitive pressures in the lupus nephritis market.

The advancement of AUR200 into clinical development represents a important pipeline expansion beyond LUPKYNIS. As a dual inhibitor of BAFF and APRIL cytokines with potential once-monthly dosing, AUR200 could address multiple autoimmune conditions, significantly expanding Aurinia's addressable market beyond lupus nephritis. Initial Phase 1 results expected in Q2 2025 will be a key catalyst to watch.

Biotechnology Expert

Aurinia's advancement of AUR200 into clinical development represents a strategic expansion beyond LUPKYNIS and targets a broader spectrum of autoimmune diseases. This dual BAFF/APRIL inhibitor offers a differentiated approach compared to existing single-target therapies like belimumab (Benlysta), which only blocks BAFF. By simultaneously inhibiting both cytokines, AUR200 could potentially deliver superior efficacy by blocking two critical B cell survival pathways that drive autoimmune pathology.

The preclinical profile showing potent inhibition of B cell proliferation and antibody production (IgA/IgM) with pharmacokinetics supporting once-monthly dosing is promising. However, Aurinia faces competition in this mechanistic space from programs like Merck KGaA's and Vera Therapeutics' atacicept, which also targets both BAFF and APRIL.

For context, BAFF and APRIL inhibition represents a clinically validated approach for autoimmune conditions. BAFF inhibition alone has proven effective in systemic lupus erythematosus (SLE) with GSK's Benlysta, but many patients still experience inadequate disease control. Dual inhibition could potentially address this efficacy gap while expanding into additional indications where B cell dysregulation drives pathology, including rheumatoid arthritis, Sjögren's syndrome, IgA nephropathy, and multiple sclerosis.

The Q2 2025 Phase 1 readout will provide critical initial safety data and potentially early biomarker evidence of target engagement. Given AUR200 is just entering clinical development, investors should recognize that even with successful trials, commercialization remains several years away. This pipeline advancement is strategically important for Aurinia's long-term growth, as it reduces reliance on LUPKYNIS, which will eventually face patent expiration and generic competition.

Meanwhile, LUPKYNIS continues to show strong commercial momentum with 36% year-over-year growth, suggesting the lupus nephritis market remains underpenetrated and that physicians are increasingly comfortable with its use as the first FDA-approved oral therapy for this condition.

ROCKVILLE, Md. & EDMONTON, Alberta--(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.

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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Media and Investor Inquiries:

Andrea Christopher

Corporate Communications and Investor Relations

Aurinia Pharmaceuticals Inc.

achristopher@auriniapharma.com



General Investor Inquiries

ir@auriniapharma.com

Source: Aurinia Pharmaceuticals Inc.

FAQ

What were Aurinia's (AUPH) Q4 2024 LUPKYNIS sales?

LUPKYNIS net product sales were $57.6 million in Q4 2024, representing a 36% increase from $42.3 million in Q4 2023.

How much cash does Aurinia (AUPH) have as of December 2024?

Aurinia had $358.5 million in cash, cash equivalents, restricted cash and investments as of December 31, 2024.

What is Aurinia's (AUPH) revenue guidance for 2025?

Aurinia expects total revenue between $250-260 million and net product sales of $240-250 million for 2025.

How many shares did Aurinia (AUPH) repurchase in 2024?

Aurinia repurchased 6.1 million common shares for $41.0 million during 2024.

When will Aurinia (AUPH) report Phase 1 results for AUR200?

Aurinia expects to report initial results from its Phase 1 study of AUR200 in the second quarter of 2025.