- Total net revenue was $45.1 million and $175.5 million, and net
product revenue was $42.3 million and $158.5 million, for the
fourth quarter and full year 2023, respectively
- $350.7 million of cash, cash equivalents, restricted cash and
investments as of December 31, 2023
- Reaffirms 2024 net product revenue guidance of $200 - $220
million
- Announces conclusion of strategic review and details
operational changes that are expected to drive savings of
approximately $50 - $55 million annually
- Initiates a share repurchase program of up to $150 million (the
maximum amount of which is subject to receipt of regulatory
approval in Canada)
Conference call to be hosted today at 8:30 a.m.
ET
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) (Aurinia or the
Company) today provided an update on its 2023 fourth quarter and
full year business performance, as well as a corporate update
regarding the Company’s strategic review. This includes corporate
actions designed to enhance shareholder value, including an
exclusive focus on driving commercial execution of the LUPKYNIS®
(voclosporin) business, and a significant share repurchase
program.
Effective immediately, Aurinia will discontinue its future
development of AUR200 and AUR300 research and development programs
and prioritize resource allocation. This will result in a one-time
charge in the first quarter of 2024 of approximately $11 - $15
million and expected operational cost savings of approximately $50
- $55 million annually, with approximately 75% of the savings being
recognized in 2024 excluding the one-time restructuring charge in
the first quarter of 2024.
Aurinia’s Board of Directors (the “Board”) also approved a share
repurchase program of up to $150 million common shares of the
Company (each, a “Common Share”), affirming its confidence in the
Company’s growth prospects. The maximum amount of the share
repurchase program is subject to receipt of regulatory approval in
Canada.
“Our strong performance and growth for LUPKYNIS throughout 2023
demonstrates the ongoing success of our commercial strategy. We
will continue to focus on driving the upward trajectory of
LUPKYNIS, while significantly reducing expenses and providing
increased cash flow for 2024 and beyond. With our deeply
experienced and dedicated team, we have built a strong foundation
for Aurinia’s growth that will lead us into another high performing
year. We are confident in the actions we have taken to drive
increased shareholder value and will continue to act with urgency
for the benefit of shareholders,” said Peter Greenleaf, President
and CEO of Aurinia.
2023 Fourth Quarter and Full Year Results
Net product revenue was $42.3 million for the quarter ended
December 31, 2023, a 49% increase from $28.3 million for the same
period in 2022. Net product revenue was $158.5 million for the full
year, a 53% increase from $103.5 million for the same period in
2022. The Company is also reaffirming its 2024 net product revenue
guidance of $200 - $220 million.
Total net revenue was $45.1 million for the quarter ended
December 31, 2023, and $28.4 million for the same period in 2022,
representing growth of approximately 59%. Total net revenue was
$175.5 million for the year and $134.0 million for the same period
in 2022, representing growth of approximately 31%.
The Company had cash, cash equivalents, restricted cash and
investments of approximately $350.7 million as of December 31,
2023.
Fourth Quarter 2023 Highlights and LUPKYNIS® (voclosporin)
Product Performance
- There were approximately 2,066 patients on LUPKYNIS therapy as
of December 31, 2023, compared to 1,525 at the end of 2022.
- There were approximately 438 patient start forms (PSFs) in the
fourth quarter of December 31, 2023, compared to 406 PSFs in the
fourth quarter of 2022.
- In addition to the 438 PSFs in the fourth quarter of December
31, 2023, there were approximately 101 new patients added in the
quarter who were either restarting LUPKYNIS or receiving it through
a hospital pharmacy.
- From January 1 through the end of December 2023, the Company
recorded 1,791 PSFs, compared to 1,650 in the prior year.
- From January 1, 2024 through February 9, 2024, the Company
added approximately 191 PSFs and approximately 40 new patients from
restarts and the hospital channel.
- Conversion rates were sustained, with approximately 85% of PSFs
converted to patients on therapy.
- Time to convert has improved to an all-time high with
approximately 63% of patients on therapy by 20 days.
- The overall adherence rate remained high at 86% through the
fourth quarter of 2023.
- Persistency at 12 months was 55% and remained stable, with 49%
of patients remaining on therapy at 15 months and 44% at 18
months.
Aurinia Corporate Strategy Update
The Board initiated a robust strategic review at the end of June
2023 to review all strategic options for the Company. Together with
management, JP Morgan, the Company’s financial advisor in the
strategic review process, engaged with more than 60 parties,
receiving only one non-binding expression of interest, which
included a due diligence process, but did not result in a formal
offer.
Aurinia also explored potentially acquiring or licensing other
entities or assets during this time. After assessing a range of
alternatives over the last seven months, the Board elected to
conclude Aurinia’s strategic review process. The Board ultimately
determined that none of the explored opportunities that were
available to it to pursue were in the best near-term interests of
the Company to execute on, and that the best path forward is for
management to streamline its operations as it announced today and
focus on the Company’s commercial execution.
Additionally, in 2018, the Company under previous management and
at the Board’s discretion, engaged a leading investment bank to
conduct a confidential strategic review process. During the 2018
process, the Company received only one non-binding expression of
interest to acquire the Company, which included a due diligence
process, but did not result in a formal offer.
Outside of these two expressions of interest, the Company has
never received an offer of any kind to acquire the Company. The
Board and management remain open to exploring opportunities that
are in the best interests of the Company and are open to
considering any bona fide offers that the Company receives.
“The Board and management conducted a wide-ranging review of
strategic alternatives for our business and determined that the
ongoing commercial transformation provides the best means for
enhancing near-term value for shareholders and other stakeholders.
As the most recent performance update indicates, Aurinia is
financially strong and is continuing to achieve commercial success
with LUPKYNIS. With a clear plan to strengthen short and long-term
performance and generate free cash flow by the end of this year,
the Board is fully confident the Company’s current approach is in
the best interests of the Company,” said Dr. Daniel Billen,
Chairman of the Board of Aurinia.
The Company is reaffirming its commitment to enhancing value by
driving LUPKYNIS growth, while maintaining a sharp focus on
operating efficiencies and maximizing cash flows. As a result, the
Company is ceasing future development efforts on AUR200 and its
pre-clinical asset AUR300. Correspondingly, the Company expects to
take a restructuring charge of approximately $11 - $15 million in
the first quarter of 2024. The Company anticipates reducing
employee headcount by at least 25% by the end of the first quarter
of 2024. There is no planned reduction in headcount in commercial
or commercial supporting roles.
The charge will primarily be made up of severance costs,
contract termination costs and other costs associated with
terminating the programs. The Company expects to recognize cost
savings of approximately $50 - $55 million annually, with
approximately 75% of the savings being recognized in 2024 excluding
the one-time restructuring charge in the first quarter of 2024,
with no impact on commercial investment.
In addition, the Board has approved a share repurchase program
of up to $150 million of Common Shares, reflecting confidence in
Aurinia’s growth prospects. Aurinia has submitted an exemptive
relief application to applicable Canadian securities regulators
which, if granted, would permit Aurinia to purchase up to 15% of
the issued and outstanding Common Shares of the Company in any
12-month period for 36 months (the “Exemptive Relief”). There is no
assurance the Exemptive Relief will be granted on the terms applied
for or at all. If the Exemptive Relief is not granted, the maximum
the Company may purchase under this share repurchase program in
reliance on the normal course issuer bid exemption under applicable
Canadian securities regulation is 5% of its current issued and
outstanding Common Shares (being 7,230,888 Common Shares).
Purchases under the share repurchase program will commence on or
around February 21, 2024. The expiry date of the share repurchase
program is not currently known. This program may be implemented
through open market or privately negotiated purchases, including
under a plan intended to benefit from the affirmative defense under
Rule 10b5-1, Rule 10b-18 or an automatic securities purchase plan,
an accelerated share repurchase program, or other mechanisms. The
timing and amount of repurchase transactions will be determined by
the Company’s management based on its evaluation of market
conditions, share price, legal requirements, including applicable
blackout period restrictions, and other factors. The purchase price
of any Common Shares will be determined in accordance with
applicable U.S. securities laws and subject to receiving the
Exemptive Relief, the value of the consideration offered per Common
Share will not exceed the market price of the Common Shares
calculated pursuant to applicable Canadian securities
regulation.
“We have a very healthy balance sheet that enables a disciplined
capital deployment policy to support Aurinia’s growth, while also
increasing returns to shareholders,” said Joe Miller, Chief
Financial Officer of Aurinia.
Financial Results for the Quarter and Year Ended December 31,
2023
Total net revenue was $45.1 million and $28.4 million for the
quarters ended December 31, 2023 and December 31, 2022,
respectively. Total net revenue was $175.5 million and $134.0
million for the years ended December 31, 2023 and December 31,
2022, respectively. Product Revenue, net was $42.3 million and
$28.3 million for the quarters ended December 31, 2023 and 2022,
respectively. Product Revenue, net was $158.5 million and $103.5
million for the years ended December 31, 2023 and 2022,
respectively. The Company currently has two main customers for U.S.
commercial sales of LUPKYNIS and a collaboration partnership with
Otsuka for sales of semi-finished product and license,
collaboration and royalty revenue in Otsuka Territories. The
increase in both periods is primarily due to an increase in
LUPKYNIS sales to our two main customers, driven predominantly by
further penetration of the LN market.
The market penetration can be demonstrated, in part, by 1,791
additional patient start forms (PSFs) received during the year
ended December 31, 2023. Additionally, during the fourth quarter of
2023, the Company added approximately 101 new patients, which
includes, restarts (patients coming back onto therapy who do not
require a PSF) and an estimate of new patients beginning therapy in
the hospital channel. Patient restarts and estimated patients
coming through the hospital channel are newly reported in the
fourth quarter since they have achieved numerical significance for
the first time. Lastly, the Company’s 12-month persistency rate has
increased from approximately 50% at December 31, 2022 to
approximately 55% at December 31, 2023. These factors have
contributed to an increase in patients on therapy with
approximately 2,066 patients on LUPKYNIS therapy at December 31,
2023, compared with 1,525 at December 31, 2022.
License, collaboration and royalty revenue was $2.8 million and
$0.1 million for the quarters ended December 31, 2023 and 2022,
respectively. License, collaboration and royalty revenue was $17.0
million and $30.6 million for the years ended December 31, 2023 and
2022, respectively. For the year ended December 31, 2023, license,
collaboration and royalty revenue included a $10.0 million pricing
and reimbursement milestone in September 2023 and additional
collaboration and manufacturing services revenue from Otsuka. For
the year ended December 31, 2022, license, collaboration and
royalty revenue was primarily due to the recognition of a $30.0
million regulatory milestone from Otsuka following the EC marketing
authorization of LUPKYNIS in September 2022.
Total cost of sales and operating expenses for the quarters
ended December 31, 2023 and December 31, 2022 were $74.8 million
and $56.5 million, respectively. Total cost of sales and operating
expenses were $267.2 million and $245.5 million for the years ended
December 31, 2023 and December 31, 2022, respectively. Further
breakdown of operating expenses drivers and fluctuations are
highlighted in the following paragraphs.
Cost of sales were $5.4 million and $1.4 million for the
quarters ended December 31, 2023 and December 31, 2022,
respectively. Cost of sales were $14.1 million and $5.7 million for
the years ended December 31, 2023 and December 31, 2022,
respectively. The increase in both periods was primarily due to an
increase in sales of LUPKYNIS, coupled with the amortization of the
monoplant finance lease right-of-use asset, which was placed into
service in late June 2023.
Gross margin for the quarters ended December 31, 2023 and
December 31, 2022 was approximately 88% and 95% respectively. Gross
margin for the years ended December 31, 2023 and December 31, 2022
was approximately 92% and 96%, respectively.
Selling, general and administrative (SG&A) expenses,
inclusive of share-based compensation expense, were $50.1 million
and $47.5 million for the quarters ended December 31, 2023 and
December 31, 2022, respectively. The increase in total SG&A
expense was primarily due to an increase in share-based
compensation expense. SG&A expenses, inclusive of share-based
compensation expense, were $195.0 million and $196.4 million for
the years ended December 31, 2023 and December 31, 2022,
respectively. The decrease was primarily due to a reduction in
expenses associated with corporate legal matters and insurance.
Non-cash SG&A share-based compensation expense were $9.5
million and $7.0 million for the quarters ended December 31, 2023
and December 31, 2022, respectively. Non-cash SG&A share-based
compensation expense was $36.5 million and $28.4 million for the
years ended December 31, 2023 and December 31, 2022,
respectively.
Research and Development (R&D) expenses, inclusive of
share-based compensation expense, were $10.2 million and $9.9
million for the quarters ended December 31, 2023 and December 31,
2022, respectively. R&D expenses, inclusive of share-based
compensation expense, were $49.6 million and $45.0 million for the
years ended December 31, 2023 and December 31, 2022, respectively.
The primary driver for the increase in R&D expenses for both
periods was due to the increase in share-based compensation
expense.
Non-cash R&D share-based compensation expense and income was
$1.9 million and $(0.3) million for quarters ended December 31,
2023 and December 31, 2022, respectively. Non-cash R&D
share-based compensation expense was $7.5 million and $3.3 million
for the years ended December 31, 2023 and December 31, 2022,
respectively.
Other expense (income), net was $9.1 million and $(2.2) million
for the quarters ended December 31, 2023 and December 31, 2022,
respectively. Other expense (income), net was $8.4 million and
$(1.5) million for the years ended December 31, 2023 and December
31, 2022, respectively. The increase in expense for both periods is
primarily due to an increase in the foreign exchange loss related
to the revaluation of the monoplant finance lease liability, which
commenced in June 2023 and is denominated in CHF.
Interest income was $4.6 million and $2.9 million for the
quarters ended December 31, 2023 and December 31, 2022,
respectively. Interest income was $17.0 million and $5.1 million
for the years ended December 31, 2023 and December 31, 2022,
respectively. The increase for the quarter and full year was mainly
due to higher yields on our investments as a result of increasing
interest rates.
For the quarter ended December 31, 2023, Aurinia recorded a net
loss of $26.9 million or $0.19 net loss per common share, as
compared to a net loss of $26.0 million or $0.18 net loss per
common share for the quarter ended December 31, 2022. For the year
ended December 31, 2023, Aurinia recorded a net loss of $78.0
million or $0.54 net loss per common share as compared to a net
loss of $108.2 million or $0.76 net loss per common share for the
previous period.
Financial Liquidity at December 31, 2023
As of December 31, 2023, Aurinia had cash, cash equivalents and
restricted cash and investments of $350.7 million, compared to
$389.4 million at December 31, 2022. The decrease is primarily
related to the continued investment in commercialization activities
and post approval commitments of our approved drug, LUPKYNIS,
inventory purchases, advancement of Aurinia’s pipeline and
monoplant payments, partially offset by an increase in cash
receipts from sales of LUPKYNIS.
Aurinia believes that it has sufficient financial resources to
fund its operations, which include funding commercial activities,
including FDA related post approval commitments, manufacturing and
packaging commercial drug supply, funding its commercial
infrastructure, advancing its LUPKYNIS (voclosporin) related
R&D programs and funding its working capital obligations for at
least the next few years.
This press release is intended to be read in conjunction with
the Company’s consolidated financial statements and Management's
Discussion and Analysis for the year ended December 31, 2023 in the
Company’s Annual Report on Form 10-K, which will be accessible on
Aurinia's website at www.auriniapharma.com, on SEDAR+ at
www.sedarplus.ca or on EDGAR at www.sec.gov/edgar.
Conference Call Details
Aurinia will host a conference call and webcast today, Thursday,
February 15, 2024 at 8:30 a.m. ET to discuss the financial results
for the quarter and year ended December 31, 2023. The link to the
audio webcast is available here or on Aurinia’s corporate website
at www.auriniapharma.com under "News/Events” through the
“Investors” section. To join the conference call, please dial
+1-877-407-9170 / + 201-493-6756 (Toll-free U.S. & Canada). A
replay of the webcast will be available on Aurinia’s website.
About LUPKYNIS®
LUPKYNIS® (voclosporin) is the first U.S. Food and Drug
Administration and European Commission approved oral medicine for
the treatment of adult patients with active lupus nephritis (LN).
LUPKYNIS® is a second generation calcineurin inhibitor (CNI) with a
dual mechanism of action, acting as an immunosuppressant through
inhibition of T-cell activation and cytokine production and
promoting podocyte stability in the kidney. The AURORA Clinical
Program, comprised of the AURORA 1 pivotal trial and AURORA 2
extension trial, demonstrated the importance of LUPKYNIS® plus
standard of care to preserve kidney health in patients with active
LN without reliance on chronic high-dose glucocorticoids. It is
the only clinical program to include three years of LN treatment
and follow-up with mycophenolate mofetil (MMF) and steroids.
About Lupus Nephritis
Lupus Nephritis (LN) is a serious manifestation of systemic
lupus erythematosus (SLE), a chronic and complex autoimmune
disease. LN affects approximately 120,000 people in the U.S. and
disproportionately affects women and people of color. People living
with LN have high unmet needs and often face significant barriers
to optimal care. If poorly controlled, LN can lead to permanent and
irreversible tissue damage within the kidney. Medical guidelines
recommend that all SLE patients receive routine LN screenings at
every visit. Guidelines also note that delaying LN diagnosis has
profound prognostic repercussions. Yet, research shows that
approximately 50% of SLE patients are not screened for LN and 77%
of people with LN go untreated. Aurinia is committed to improving
health outcomes for people living with LN by educating patients and
providers on the critical need for routine screening and
transformative therapies that can help improve health outcomes.
About Aurinia
Aurinia Pharmaceuticals is a fully integrated 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 dedicated to the treatment of adult
patients with active lupus nephritis. The Company’s head office is
in Edmonton, Alberta, its U.S. commercial office is in Rockville,
Maryland. The Company focuses its development efforts globally.
Forward-Looking Statements
Certain statements made in this press release may constitute
forward-looking information within the meaning of applicable
Canadian securities law and forward-looking statements within the
meaning of applicable United States securities law. These
forward-looking statements or information include but are not
limited to statements or information with respect to: Aurinia’s
estimates as to annual net product revenue in the range of $200 -
$220 million in 2024 and that it will have a high performing year;
the estimated costs and benefits of Aurinia’s restructuring
program, including the timing for the financial recognition;
Aurinia’s estimates as to the amount and type of headcount
reductions resulting from the restructuring; Aurinia’s belief that
the corporate actions announced in this press release will enhance
shareholder value; Aurinia’s belief that it can significantly
reduce expenses and provide increased cash flow for 2024 and
beyond; Aurinia’s estimates as to the number of patients with SLE
in the U.S. and the proportion of those persons who will develop
LN; Aurinia being confident that it is poised for growth and
product expansion; and Aurinia’s belief that it has sufficient
financial resources to fund its current plans for at least the next
few years; the timing of the Company obtaining free cash flow from
operations; the size, timing and terms upon which the share
repurchase program is conducted; and the Company successfully
obtaining the Exemptive Relief. It is possible that such results or
conclusions may change. Words such as “anticipate”, “will”,
“believe”, “estimate”, “expect”, “intend”, “target”, “plan”,
“goals”, “objectives”, “may” and other similar words and
expressions, identify forward-looking statements. We have made
numerous assumptions about the forward-looking statements and
information contained herein, including among other things,
assumptions about: the accuracy of reported data from third party
studies and reports; the number, and timing of receipt, of PSFs and
their rate of conversion into patients on therapy; assumptions
relating to net revenue per patient for LUPKYNIS assumptions that
Aurinia’s intellectual property rights are valid and do not
infringe the intellectual property rights of third parties;
Aurinia’s assumptions relating to the capital required to fund
operations; assumptions relating to the timing and ability to
execute on Aurinia’s restructuring plans; assumptions relating to
the costs, benefits and scope of Aurinia’s restructuring plans; the
assumption that Aurinia’s current good relationships with its
suppliers, service providers and other third parties will be
maintained; assumptions relating to the burn rate of Aurinia’s cash
for operations; assumptions related to fluctuations in the market
price of the common shares; assumptions related to timing of
interactions with regulatory bodies; assumptions relating to the
terms of the Exemptive Relief once granted; and assumptions related
to Aurinia’s third party service providers will comply with their
contractual obligations. Even though the management of Aurinia
believes that the assumptions made, and the expectations
represented by such statements or information are reasonable, there
can be no assurance that the forward-looking information will prove
to be accurate.
Forward-looking information by their nature are based on
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance, or
achievements of Aurinia to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking information. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in forward-looking statements or information. Such risks,
uncertainties and other factors include, among others, the
following: Aurinia’s actual future financial and operational
results may differ from its expectations; difficulties Aurinia may
experience executing its restructuring program; difficulties
Aurinia may experience executing its share repurchase program;
difficulties Aurinia may experience in completing the
commercialization of voclosporin; the market for the LN business
may not be as estimated; Aurinia may have to pay unanticipated
expenses; Aurinia may not be able to obtain sufficient supply to
meet commercial demand for voclosporin in a timely fashion; unknown
impact and difficulties imposed by widespread health concerns on
Aurinia’s business operations including nonclinical, clinical,
regulatory and commercial activities; risks arising from
shareholder activism; the results from Aurinia’s clinical studies
and from third party studies and reports may not be accurate;
Aurinia’s third party service providers may not, or may not be able
to, comply with their obligations under their agreements with
Aurinia; regulatory bodies may not grant approvals on conditions
acceptable to Aurinia and its business partners, or at all; and
Aurinia’s assets or business activities may be subject to disputes
that may result in litigation or other legal claims. Although
Aurinia has attempted to identify factors that would cause actual
actions, events, or results to differ materially from those
described in forward-looking statements and information, there may
be other factors that cause actual results, performances,
achievements, or events to not be as anticipated, estimated or
intended. Also, many of the factors are beyond Aurinia’s control.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, you should not place undue reliance on
forward-looking statements or information.
All forward-looking information contained in this press release
is qualified by this cautionary statement. 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 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, 2023
December 31, 2022
ASSETS
Current assets:
Cash, cash equivalents and restricted
cash
$
48,875
$
94,172
Short-term investments
301,614
295,218
Accounts receivable, net
24,089
13,483
Inventories, net
39,705
24,752
Prepaid expenses
9,486
13,580
Other current assets
1,031
1,334
Total current assets
424,800
442,539
Non-current assets:
Long-term investments
201
—
Other non-current assets
1,517
13,339
Property and equipment, net
3,354
3,650
Acquired intellectual property and other
intangible assets, net
4,977
6,425
Finance right-of-use asset, net
108,715
—
Operating right-of-use assets, net
4,498
4,907
Total assets
$
548,062
$
470,860
LIABILITIES
Current liabilities:
Accounts payable and accrued
liabilities
54,389
39,990
Deferred revenue
4,813
3,148
Other current liabilities (of which $0.8
million in 2023 is due to a related party)
2,388
2,033
Finance lease liability
14,609
—
Operating lease liabilities
989
936
Total current liabilities
77,188
46,107
Non-current liabilities:
Finance lease liability
75,479
—
Operating lease liabilities
6,530
7,152
Deferred compensation and other
non-current liabilities (of which $7.6 million in 2023 is due to a
related party)
10,911
12,166
Total liabilities
170,108
65,425
SHAREHOLDERS' EQUITY
Common shares - no par value, unlimited
shares authorized, 143,833 and 142,268 shares issued and
outstanding at December 31, 2023 and 2022, respectively
1,200,218
1,185,309
Additional paid-in capital
120,788
85,489
Accumulated other comprehensive loss
(730
)
(1,061
)
Accumulated deficit
(942,322
)
(864,302
)
Total shareholders' equity
377,954
405,435
Total liabilities and shareholders’
equity
$
548,062
$
470,860
AURINIA PHARMACEUTICALS INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per
share data)
Three months ended
Years ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
(unaudited)
Revenue:
Product revenue, net
$
42,315
$
28,326
$
158,533
$
103,468
License, collaboration and royalty
revenue
2,780
109
16,980
30,562
Total revenue, net
45,095
28,435
175,513
134,030
Operating expenses
Cost of sales
5,395
1,362
14,148
5,664
Selling, general and administrative
50,072
47,473
195,036
196,371
Research and development
10,228
9,870
49,641
44,988
Other expense (income), net
9,074
(2,170
)
8,379
(1,523
)
Total cost of sales and operating
expenses
74,769
56,535
267,204
245,500
Loss from operations
(29,674
)
(28,100
)
(91,691
)
(111,470
)
Interest expense
(1,310
)
—
(2,775
)
—
Interest income
4,568
2,909
16,997
5,118
Net loss before income taxes
(26,416
)
(25,191
)
(77,469
)
(106,352
)
Income tax expense
459
855
551
1,828
Net loss
$
(26,875
)
$
(26,046
)
$
(78,020
)
$
(108,180
)
Basic and diluted loss per share
$
(0.19
)
$
(0.18
)
$
(0.54
)
$
(0.76
)
Weighted-average common shares outstanding
used in computation of basic and diluted loss per share
142,927
141,909
143,236
141,915
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240215560250/en/
Media and Investor Inquiries: Andrea Christopher
Corporate Communications and Investor Relations, Aurinia
achristopher@auriniapharma.com ir@auriniapharma.com
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