Belimumab

EDMONTON, Alberta--(BUSINESS WIRE)--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 or the U.S. Securities and Exchange Commission’s Electronic Document Gathering and Retrieval System (EDGAR) website at , and on Aurinia’s website at . AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) September 30, 2 026 December 31, 2 025 (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 S eptember 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 Contacts Investor Inquiries ir@auriniapharma.com