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Aurinia Pharmaceuticals Reports Financial Results for the Three and Six Months Ended June 30, 2026 and Provides Update on Recent Business Progress
Aurinia Pharmaceuticals Reports Financial Results for the Three and Six Months Ended June 30, 2026 and Provides Update on Recent Business Progress
ROCKVILLE, Md. & EDMONTON, Alberta--(BUSINESS WIRE)--Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three and six months ended June 30, 2026 and provided an update on recent business progress.
Financial Results
- Total Revenue: For the three and six months ended June 30, 2026, total revenue was $83.2 million and $160.9 million, up 19% and 21%, respectively, from $70.0 million and $132.5 million, respectively, in the same periods of 2025. 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 and $153.0 million, up 19% and 21%, respectively, from $66.6 million and $126.5 million, respectively, in the same periods of 2025. License, Collaboration and Royalty Revenue: For the three and six months ended June 30, 2026, license, collaboration and royalty revenue was $3.8 million and $8.0 million, up 12% and 36%, respectively, from $3.4 million and $5.9 million, respectively, in the same periods of 2025.
- Net Income: For the three and six months ended June 30, 2026, net income was $37.4 million and $71.8 million, up 74% and 60%, respectively, from $21.5 million and $44.9 million, respectively, in the same periods of 2025.
- Diluted Earnings per Share: For the three and six months ended June 30, 2026, diluted earnings per share was $0.28 and $0.53, up 75% and 66%, respectively, from $0.16 and $0.32 in the same periods of 2025.
- Cash Flows from Operating Activities: For the three and six months ended June 30, 2026, cash flows from operating activities were $52.5 million and $85.1 million, up 19% and 87%, respectively, from $44.2 million and $45.5 million in the same periods of 2025.
Cash Position
As of June 30, 2026, Aurinia had cash, cash equivalents, restricted cash and investments of $443.1 million, compared to $398.0 million at December 31, 2025. For the six months ended June 30, 2026, cash outflows from financing activities were $48.9 million, which included the repurchase of 5.0 million of the Company’s common shares for $74.9 million, partially offset by proceeds from issuance of common shares for equity awards, net of tax withholding payments, of $32.7 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.
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.
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
June 30, 2****026
December 31, 2****025
(Unaudited)
ASSETS
Current assets:
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
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
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
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)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Revenue
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
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
Earnings per share
Basic
$
0.29
$
0.16
$
0.55
$
0.33
Diluted
$
0.28
$
0.16
$
0.53
$
0.32
Shares used in computing earnings per share
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)
Six Months Ended June 30,
2026
2025
Cash flows from operating activities:
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
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