Aurinia Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2026 and Provides Update on Recent Business Progress

ROCKVILLE, Maryland & EDMONTON, Alberta--(BUSINESS WIRE)--Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three months ended March 31, 2026 and provided an update on recent business progress.

Financial Results

• Total Revenue: For the three months ended March 31, 2026, total revenue was $77.7 million, up 24% from $62.5 million in the same period of 2025.
  • Net Product Sales: For the three months ended March 31, 2026, net product sales of LUPKYNIS, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, were $73.6 million, up 23% from $60.0 million in the same period of 2025.
  • License, Collaboration and Royalty Revenue: For the three months ended March 31, 2026, license, collaboration and royalty revenue from Aurinia’s collaboration partner, Otsuka, was $4.1 million, up 64% from $2.5 million in the same period of 2025.
• Net Income: For the three months ended March 31, 2026, net income was $34.4 million, up 48% from $23.3 million in the same period of 2025.
• Diluted Earnings per Share: For the three months ended March 31, 2026, diluted earnings per share was $0.25, up 56% from $0.16 in the same period of 2025.
• Cash Flows from Operating Activities: For the three months ended March 31, 2026, cash flows from operating activities were $32.6 million, up 2408% from $1.3 million in the same period of 2025.

Cash Position

As of March 31, 2026, Aurinia had cash, cash equivalents, restricted cash and investments of $378.8 million, compared to $398.0 million at December 31, 2025. For the three months ended March 31, 2026, cash outflows from financing activities were $53.7 million, which included the repurchase of 2.5 million of the Company’s common shares for $36.2 million and tax withholding payments related to net settlements of equity awards of $14.6 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.

“Aurinia remains steadfast in its mission to become a leading company that benefits patients suffering from autoimmune diseases,” stated Kevin Tang, Chief Executive Officer. “LUPKYNIS is emerging as a standard-of-care treatment for lupus nephritis, and aritinercept, now in clinical development for three potential indications, has therapeutic potential across a wide range of autoimmune disorders.”

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 SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
	March 31, 2026			December 31, 2025
	(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$	41,008		$	80,213
Short-term investments		337,775			317,784
Accounts receivable, net		49,175			41,454
Inventory		46,410			45,690
Prepaid expenses and deposits		4,119			5,746
Other current assets		1,757			1,080
Total current assets		480,244			491,967
Deferred tax assets, net		166,917			176,194
Finance right-of-use lease assets		69,508			73,865
Intangible assets, net		3,590			3,761
Operating right-of-use lease assets		1,659			3,596
Property and equipment, net		1,986			2,111
Other noncurrent assets		93			93
Total assets	$	723,997		$	751,587
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	2,661		$	3,313
Accrued expenses		58,196			66,621
Finance lease liabilities, current portion		16,519			16,523
Deferred revenue		5,036			3,720
Operating lease liabilities, current portion		1,622			1,067
Other current liabilities		2,522			2,480
Total current liabilities		86,556			93,724
Finance lease liabilities, less current portion		48,181			52,322
Deferred revenue, less current portion		12,413			12,648
Deferred compensation and other noncurrent liabilities		6,903			6,662
Operating lease liabilities, less current portion		2,318			4,900
Total liabilities		156,371			170,256
Shareholders' equity
Common shares — no par value, unlimited shares authorized, 130,771 and 132,323 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		1,086,650			1,120,035
Additional paid-in capital		96,869			111,263
Accumulated other comprehensive loss		(880	)		(599	)
Accumulated deficit		(615,013	)		(649,368	)
Total shareholders' equity		567,626			581,331
Total liabilities and shareholders' equity	$	723,997		$	751,587

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
	Three Months Ended
	March 31,
	2026			2025
Revenue
Net product sales	$	73,563		$	59,971
License, collaboration and royalty revenue		4,142			2,494
Total revenue		77,705			62,465
Operating expenses
Cost of revenue		6,505			8,574
Selling, general and administrative		22,029			20,339
Research and development		7,470			5,743
Restructuring		—			1,533
Other expense, net		279			4,429
Total operating expenses		36,283			40,618
Income from operations		41,422			21,847
Interest income		3,515			3,569
Interest expense		(1,012	)		(1,067	)
Net income before income taxes		43,925			24,349
Income tax expense		9,570			1,005
Net income	$	34,355		$	23,344
Earnings per share
Basic	$	0.26		$	0.17
Diluted	$	0.25		$	0.16
Shares used in computing earnings per share
Basic		132,375			138,917
Diluted		137,639			143,199

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
	Three Months Ended March 31,
	2026			2025
Cash flows from operating activities:
Net income	$	34,355		$	23,344
Adjustments to reconcile net income to cash flows from operating activities:
Deferred income tax		9,277			—
Share-based compensation		(866	)		(3,409	)
Amortization and depreciation		4,816			4,856
Foreign exchange (gain) loss on revaluation of Monoplant finance lease liability		(416	)		1,812
Net amortization of premiums and discounts on investments		(2,319	)		(2,656	)
Other, net		581			2,325
Net changes in operating assets and liabilities:
Accounts receivable, net		(7,721	)		(3,806	)
Inventory		(720	)		(6,967	)
Prepaid expenses and other current assets		950			6,033
Accounts payable		(652	)		(974	)
Accrued expenses and other liabilities		(5,592	)		(23,405	)
Deferred revenue		1,081			4,342
Operating lease liabilities		(214	)		(195	)
Cash flows from operating activities		32,560			1,300
Cash flows from investing activities:
Proceeds from the sale and maturities of investments		109,000			123,035
Purchases of investments		(127,041	)		(91,986	)
Purchases of property, equipment and intangible assets		(39	)		(17	)
Cash flows from investing activities		(18,080	)		31,032
Cash flows from financing activities:
Purchase of common shares under Share Repurchase Plan		(36,165	)		(46,921	)
Payments of principal portion of Monoplant finance lease liability		(3,653	)		(2,771	)
Proceeds from issuance of common shares for equity awards		713			9,288
Tax withholding payments related to net settlements of equity awards		(14,580	)		(8,933	)
Cash flows from financing activities		(53,685	)		(49,337	)
Net decrease in cash, cash equivalents and restricted cash		(39,205	)		(17,005	)
Cash, cash equivalents and restricted cash, beginning of the period		80,213			83,433
Cash, cash equivalents and restricted cash, end of the period	$	41,008		$	66,428