Aurinia Pharmaceuticals, Inc. Q3 FY2024 earnings call

• Strong third quarter performance with total net revenue up 24% y-o-y and net product revenue up 36% y-o-y. Cash flow from operations was $17 million in Q3 2024. - Commercial performance: added 364 PSFs and 146 new patients (total 510, 17% y-o-y growth), 25% growth in total patients on LUPKYNIS therapy. - Milestones: first participant dosed in Phase I study of AUR200; Japanese approval of LUPKYNIS for lupus nephritis triggered $10M milestone; 5 presentations on LUPKYNIS at ASN Kidney Week. - Restructuring: reducing workforce by ~45% to sharpen commercial and R&D efforts, expecting annualized cash-based operating expense savings >$40M.

For the third quarter of 2024, total net revenue was $67.8 million compared to $54.5 million in 2023, a 24% growth. Net product revenue was $55.5 million in Q3 2024 vs. $40.8 million in 2023, a 36% growth. For the first 9 months of 2024, total net revenue was $175.3 million vs. $130.4 million in 2023 (34% growth) and net product revenue was $158.6 million vs. $116.2 million in 2023 (36% growth). License, collaboration, and royalty revenue was $12.3 million in Q3 2024 vs. $13.7 million in 2023, and $16.7 million vs. $14.2 million for the first 9 months of 2024 vs. 2023, driven by milestones and manufacturing services from Otsuka.

• Reiterating net product revenue guidance range of $210 million to $220 million. - Confident in maintaining the guidance range, with a strong Q4 start but accounting for potential factors like year-end insurance changes and holidays.

Q: Stacy Ku asked about the restructuring, PSFs, patient restarts, and AUR200 disclosures.

A: Restructuring is a focus on growth drivers, PSFs combined with restarts and hospital sales are key, and AUR200 will have single-ascending and multi-ascending dose trial results with pharmacokinetic and biomarker data next year.

Q: Maurice Raycroft inquired about Q4 sales and if the guidance is conservative.

A: Maintaining the guidance range, and accounting for factors like year-end changes and holidays but confident in the range.

Q: Olivia Brayer asked about AUR200 dose levels and administration.

A: Will figure out dose levels and administration via ongoing trials, looking to develop an at-home administration product.

Q: Will Soghikian asked about LUPKYNIS PSFs and AUR200 differentiation.

A: PSFs combined with restarts and hospital sales are key, and AUR200 will be evaluated based on trial data before determining indications.