Aurinia Pharmaceuticals, a biopharmaceutical company, has reported its financial results for the three months ended March 31, 2025, in its latest 10-Q filing. The company's net product sales for this period were $60.0 million, representing a 25% increase from the same period in 2024 when net product sales were $48.1 million.
The company's cash flow provided by operating activities for the three months ended March 31, 2025, was $1.3 million, a significant improvement from the same period in 2024 when it was $(18.6) million. Excluding $11.1 million of cash payments made in connection with the November 2024 restructuring, cash flow generated from operations was $12.4 million for the three months ended March 31, 2025.
As of March 31, 2025, Aurinia had cash, cash equivalents, restricted cash, and investments of $312.9 million compared to $358.5 million at December 31, 2024. During the three months ended March 31, 2025, the company repurchased 5.8 million of its common shares for $47.4 million.
In terms of revenue, net product sales for the three months ended March 31, 2025, were $59.971 million, up from $48.073 million in the same period of 2024. License, collaboration, and royalty revenue for the same period was $2.494 million, up from $2.230 million in 2024.
Aurinia's operating expenses for the three months ended March 31, 2025, were $40.618 million, down from $63.556 million in the same period in 2024. The company reported income from operations of $21.847 million for the three months ended March 31, 2025, compared to a loss of $(13.253) million in the same period in 2024.
The company's gross margin for the three months ended March 31, 2025, was 86%, compared to 85% in the same period in 2024.
Aurinia's selling, general, and administrative (SG&A) expenses for the three months ended March 31, 2025, were $20.339 million, down from $47.695 million in the same period in 2024. The decrease in SG&A expenses was primarily due to lower employee-related costs and other overhead costs resulting from the company's strategic restructuring efforts in 2024.
Research and development (R&D) expenses for the three months ended March 31, 2025, were $5.743 million, compared to $5.551 million in the same period in 2024. The increase in R&D expenses was primarily due to clinical development for Aurinia's AUR200 program and post-approval obligations with the FDA related to LUPKYNIS.
Restructuring expenses for the three months ended March 31, 2025, were $1.533 million, down from $6.683 million in the same period in 2024.
Aurinia reported other expense (income), net of $4.429 million for the three months ended March 31, 2025, compared to $(4.125) million in the same period in 2024.
Based on its current operating plans and projections, the company expects to fund future operations with existing cash or cash generated from operations. Aurinia also stated that the amount and timing of additional future funding needs, if any, will depend on various factors, including the success of its commercialization efforts for LUPKYNIS and its ability to control expenses.
Aurinia Pharmaceuticals' latest 10-Q filing provides a detailed insight into its financial performance and outlook, showcasing its revenue growth, cost management efforts, and focus on funding future operations. The market has reacted to these announcements by moving the company's shares -1.36% to a price of $8.00. For more information, read the company's full 10-Q submission here.
