Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three and nine months ended September 30, 2026 and provided an update on recent business progress.
Financial Results
- Total Revenue: For the three and nine months ended September 30, 2026, total revenue was $83.7 million and $244.6 million, up 14% and 19%, respectively, from $73.5 million and $205.9 million, respectively, in the same periods of 2025.
- Net Product Sales: For the three and nine months ended September 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 $232.4 million, up 12% and 18%, respectively, from $70.6 million and $197.2 million, respectively, in the same periods of 2025.
- License, Collaboration and Royalty Revenue: For the three and nine months ended September 30, 2026, license, collaboration and royalty revenue was $4.3 million and $12.2 million, up 54% and 39%, respectively, from $2.8 million and $8.8 million, respectively, in the same periods of 2025.
- Net Income: For the three and nine months ended September 30, 2026, net income before taxes was $38.7 million and $131.4 million, up 21% and 67%, respectively, from $32.0 million and $78.5 million, respectively, in the same periods of 2025. For the three and nine months ended September 30, 2026, net income was $31.7 million and $103.5 million, flat and up 35%, respectively, from $31.6 million and $76.4 million, respectively, in the same periods of 2025.
- Diluted Earnings per Share: For the three and nine months ended September 30, 2026, diluted earnings per share was $0.23 and $0.76, flat and up 38%, respectively, from $0.23 and $0.55, respectively, in the same periods of 2025.
- Cash Flows from Operating Activities: For the three and nine months ended September 30, 2026, cash flows from operating activities were $46.4 million and $131.5 million, up 4% and 46%, respectively, from $44.5 million and $90.0 million, respectively, in the same periods of 2025.
Cash Position
As of September 30, 2026, Aurinia had cash, cash equivalents, restricted cash and investments of $486.9 million, compared to $398.0 million at December 31, 2025. For the nine months ended September 30, 2026, cash outflows from financing activities were $53.2 million, which primarily 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 $35.9 million.
2026 Total Revenue and Net Product Sales Guidance
Aurinia is increasing its total revenue guidance for 2026 from a range of $315 million to $325 million to a range of $325 million to $330 million. Aurinia is narrowing its net product sales guidance for 2026 from a range of $305 million to $315 million to a range of $310 million to $315 million.
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.
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 CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | ||||||||
September 30, 2026 | December 31, 2025 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash, cash equivalents and restricted cash | $ | 46,145 | $ | 80,213 | ||||
Short-term investments | 440,735 | 317,784 | ||||||
Accounts receivable, net | 47,414 | 41,454 | ||||||
Inventory | 43,728 | 45,690 | ||||||
Prepaid expenses and deposits | 5,915 | 5,746 | ||||||
Other current assets | 3,949 | 1,080 | ||||||
Total current assets | 587,886 | 491,967 | ||||||
Deferred tax assets, net | 170,652 | 176,194 | ||||||
Finance right-of-use lease assets | 60,795 | 73,865 | ||||||
Intangible assets, net | 3,169 | 3,761 | ||||||
Property and equipment, net | 1,737 | 2,111 | ||||||
Operating right-of-use lease assets | 1,372 | 3,596 | ||||||
Other noncurrent assets | 93 | 93 | ||||||
Total assets | $ | 825,704 | $ | 751,587 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,014 | $ | 3,313 | ||||
Accrued expenses | 63,299 | 66,621 | ||||||
Finance lease liabilities, current portion | 16,150 | 16,523 | ||||||
Deferred revenue | 10,413 | 3,720 | ||||||
Operating lease liabilities, current portion | 1,808 | 1,067 | ||||||
Other current liabilities | 1,321 | 2,480 | ||||||
Total current liabilities | 96,005 | 93,724 | ||||||
Finance lease liabilities, less current portion | 39,028 | 52,322 | ||||||
Deferred tax benefits | 23,128 | — | ||||||
Deferred revenue, less current portion | 7,157 | 12,648 | ||||||
Operating lease liabilities, less current portion | 1,677 | 4,900 | ||||||
Other noncurrent liabilities | 1,190 | 6,662 | ||||||
Total liabilities | 168,185 | 170,256 | ||||||
Shareholders' equity | ||||||||
Common shares — no par value, unlimited shares authorized, 133,995 and 132,323 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 1,127,503 | 1,120,035 | ||||||
Additional paid-in capital | 77,044 | 111,263 | ||||||
Accumulated other comprehensive loss | (1,132 | ) | (599 | ) | ||||
Accumulated deficit | (545,896 | ) | (649,368 | ) | ||||
Total shareholders' equity | 657,519 | 581,331 | ||||||
Total liabilities and shareholders' equity | $ | 825,704 | $ | 751,587 | ||||
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenue | ||||||||||||||||
Net product sales | $ | 79,418 | $ | 70,627 | $ | 232,393 | $ | 197,172 | ||||||||
License, collaboration and royalty revenue | 4,281 | 2,841 | 12,231 | 8,769 | ||||||||||||
Total revenue | 83,699 | 73,468 | 244,624 | 205,941 | ||||||||||||
Operating expenses | ||||||||||||||||
Cost of revenue | 8,306 | 8,177 | 21,366 | 23,866 | ||||||||||||
Selling, general and administrative | 24,684 | 26,182 | 70,221 | 72,539 | ||||||||||||
Research and development | 16,613 | 8,435 | 37,133 | 21,610 | ||||||||||||
Restructuring | — | — | — | 1,647 | ||||||||||||
Other (income) expense, net | (1,267 | ) | 929 | (7,222 | ) | 14,604 | ||||||||||
Total operating expenses | 48,336 | 43,723 | 121,498 | 134,266 | ||||||||||||
Income from operations | 35,363 | 29,745 | 123,126 | 71,675 | ||||||||||||
Interest income | 4,219 | 3,316 | 11,127 | 10,075 | ||||||||||||
Interest expense | (867 | ) | (1,099 | ) | (2,827 | ) | (3,283 | ) | ||||||||
Net income before income taxes | 38,715 | 31,962 | 131,426 | 78,467 | ||||||||||||
Income tax expense | 7,012 | 411 | 27,954 | 2,059 | ||||||||||||
Net income | $ | 31,703 | $ | 31,551 | $ | 103,472 | $ | 76,408 | ||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.24 | $ | 0.24 | $ | 0.78 | $ | 0.57 | ||||||||
Diluted | $ | 0.23 | $ | 0.23 | $ | 0.76 | $ | 0.55 | ||||||||
Shares used in computing earnings per share | ||||||||||||||||
Basic | 133,434 | 131,808 | 131,967 | 135,163 | ||||||||||||
Diluted | 135,173 | 136,008 | 135,346 | 138,959 | ||||||||||||
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) | ||||||||
Nine Months Ended September 30, | ||||||||
2026 | 2025 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 103,472 | $ | 76,408 | ||||
Adjustments to reconcile net income to cash flows from operating activities: | ||||||||
Deferred income tax | 28,670 | — | ||||||
Share-based compensation | 8,097 | 7,950 | ||||||
Amortization and depreciation | 14,491 | 14,585 | ||||||
Foreign exchange (gain) loss on revaluation of Monoplant finance lease liability | (2,605 | ) | 9,318 | |||||
Net amortization of premiums and discounts on investments | (6,141 | ) | (7,844 | ) | ||||
Other, net | (1,498 | ) | 4,852 | |||||
Net changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | (5,960 | ) | 5,816 | |||||
Inventory | 1,962 | (5,565 | ) | |||||
Prepaid expenses and other current assets | (2,983 | ) | 940 | |||||
Other noncurrent operating assets | — | 730 | ||||||
Accounts payable | (2,172 | ) | (2,973 | ) | ||||
Accrued expenses and other liabilities | (4,372 | ) | (17,777 | ) | ||||
Deferred revenue | 1,202 | 4,150 | ||||||
Operating lease liabilities | (670 | ) | (600 | ) | ||||
Cash flows from operating activities | 131,493 | 89,990 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from the sale and maturities of investments | 297,650 | 348,785 | ||||||
Purchases of investments | (415,164 | ) | (344,618 | ) | ||||
Net cash and cash equivalents acquired in acquisition of Kezar | 5,212 | — | ||||||
Purchases of property, equipment and intangible assets | (63 | ) | (180 | ) | ||||
Cash flows from investing activities | (112,365 | ) | 3,987 | |||||
Cash flows from financing activities: | ||||||||
Purchase of common shares under Share Repurchase Plan | (74,880 | ) | (98,156 | ) | ||||
Payments of principal portion of Monoplant finance lease liability | (10,902 | ) | (9,649 | ) | ||||
Proceeds from issuance of common shares for equity awards | 69,559 | 12,583 | ||||||
Payment of Net Cash Excess CVR to legacy Kezar shareholders | (3,696 | ) | — | |||||
Proceeds from issuance of common shares under ESPP | 363 | 401 | ||||||
Tax withholding payments related to net settlements of equity awards | (33,640 | ) | (9,400 | ) | ||||
Cash flows from financing activities | (53,196 | ) | (104,221 | ) | ||||
Net decrease in cash, cash equivalents and restricted cash | (34,068 | ) | (10,244 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of the period | 80,213 | 83,433 | ||||||
Cash, cash equivalents and restricted cash, end of the period | $ | 46,145 | $ | 73,189 | ||||
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