Aurinia Pharmaceuticals Reports Financial Results for the Three and Twelve Months Ended December 31, 2024 and Provides Update on Recent Corporate Progress
ROCKVILLE, Maryland and EDMONTON, Alberta – February 27, 2025 – 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.
Media and Investor Inquiries:
Andrea Christopher
Corporate Communications and Investor Relations
Aurinia Pharmaceuticals Inc.
achristopher@auriniapharma.com
General Investor Inquiries
ir@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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