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Aurinia Pharmaceuticals (AUPH)

Aurinia Pharmaceuticals is a fully integrated biopharmaceutical company focused on delivering therapies to treat targeted patient populations that are impacted by serious diseases with a high unmet medical need. The Company’s head office is in Victoria, British Columbia, its U.S. commercial hub is in Rockville, Maryland, and the Company focuses its development efforts globally.

Company profile

AUPH stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$19.50
Low target
$13.00
High target
$26.00
HC Wainwright & Co.
Maintains
Buy
$26.00
9 Aug 22
Oppenheimer
Maintains
Outperform
$13.00
8 Aug 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
11 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 151.63M 151.63M 151.63M 151.63M 151.63M 151.63M
Cash burn (monthly) (no burn) (no burn) 12M 13.08M 9.29M 11.73M
Cash used (since last report) n/a n/a 17.04M 18.57M 13.19M 16.66M
Cash remaining n/a n/a 134.6M 133.06M 138.44M 134.97M
Runway (months of cash) n/a n/a 11.2 10.2 14.9 11.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Aug 22 Volker Knappertz RSU Common Shares Grant Acquire A No No 0 152,812 0 152,812
1 Aug 22 Volker Knappertz Stock Option Common Stock Grant Acquire A No No 8.18 256,892 2.1M 256,892
1 Aug 22 Scott Michael Habig RSU Common Shares Grant Acquire A No No 0 137,531 0 137,531
1 Aug 22 Scott Michael Habig Stock Option Common Stock Grant Acquire A No No 8.18 231,203 1.89M 231,203
18 May 22 Brinda Balakrishnan Stock Option Common Stock Grant Acquire A No No 11.45 14,612 167.31K 14,612
18 May 22 Brinda Balakrishnan RSU Common Shares Grant Acquire A No No 0 8,733 0 8,733
33.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 187 191 -2.1%
Opened positions 32 52 -38.5%
Closed positions 36 32 +12.5%
Increased positions 67 58 +15.5%
Reduced positions 45 52 -13.5%
13F shares Current Prev Q Change
Total value 3.71B 18.45B -79.9%
Total shares 48.16M 44.2M +9.0%
Total puts 3.4M 4.5M -24.4%
Total calls 7.04M 7.19M -2.1%
Total put/call ratio 0.5 0.6 -22.7%
Largest owners Shares Value Change
FMR 6.45M $79.9M +12.7%
ILJIN SNT 5.71M $70.22M +0.8%
NEA Management 3.97M $49.15M +29.3%
MS Morgan Stanley 3.04M $37.67M -36.0%
BLVGF Bellevue 2.41M $29.78M NEW
Susquehanna International 1.92M $23.81M -43.3%
BLK Blackrock 1.83M $22.62M +0.4%
Renaissance Technologies 1.69M $20.97M +262.7%
SF Stifel Financial 1.42M $17.54M +93.0%
Citadel Advisors 1.15M $14.23M +60.2%
Largest transactions Shares Bought/sold Change
BLVGF Bellevue 2.41M +2.41M NEW
MS Morgan Stanley 3.04M -1.71M -36.0%
Susquehanna International 1.92M -1.47M -43.3%
Pictet Asset Management 0 -1.45M EXIT
Renaissance Technologies 1.69M +1.23M +262.7%
Melqart Asset Management 0 -916.32K EXIT
NEA Management 3.97M +900K +29.3%
Voloridge Investment Management 0 -880.58K EXIT
FMR 6.45M +725.64K +12.7%
Millennium Management 722.6K +722.6K NEW

Financial report summary

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Risks
  • Our business, results of operations, and future growth prospects could be materially and adversely affected by the COVID-19 pandemic.
  • We depend on a limited number of customers and an estimated number of patients for a significant amount of our total revenue, and if we lose any of our significant customers, or if our estimates as to the number of potential patients is wrong, our business could be harmed.
  • If we fail to comply with our reporting and payment obligations under the Medicaid Drug Rebate Program or other governmental pricing programs in the United States, we could be subject to additional reimbursement requirements, penalties, sanctions and fines, which could have a material adverse effect on our business, results of operations and financial condition.
  • Our proprietary rights may not adequately protect our intellectual property and product, and if we cannot obtain adequate protection of our intellectual property and product, we may not be able to successfully market our product.
  • We may need to license certain intellectual property from third parties, and such licenses may not be available on commercially reasonable terms.
  • We may become involved in lawsuits to protect or enforce our patents and other intellectual property rights, which could be expensive, time-consuming, and unsuccessful.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Not all of our trademarks are registered. Failure to secure those registrations could adversely affect our business.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed. Confidentiality agreements with employees and third parties may not prevent unauthorized disclosure of trade secrets or other proprietary information.
  • We expect to continue to have negative cash flow and we may never achieve or maintain profitability.
  • Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations or cause any guidance we may provide to be inaccurate.
  • Legislative actions, potential new accounting pronouncements, and higher insurance costs are likely to impact our future financial position or results of operations.
  • We are exposed to credit risks and market risks related to changes in interest rates and foreign currency exchange, each of which could affect the value of our current assets and liabilities.
  • We may not realize the anticipated benefits of acquisitions or product licenses and integration of these acquisitions and any products acquired or licensed may disrupt our business and management.
  • Our limited operating history may make it difficult for you to evaluate the success of our business to date and to assess our future viability.
  • Anticipated revenues may not be derived from licensing activities.
  • We may require additional financing to achieve our goals, and failure to obtain such when required could force us to delay, reduce or terminate our commercialization efforts.
  • We may not be successful in our efforts to build out a pipeline of product candidates.
  • We rely on third parties to conduct our clinical trials. If these third parties do not successfully carry out their contractual duties in compliance with regulations or meet expected deadlines, we might be subject to regulatory penalties or fines due to non-compliance with our post-marketing approval requirements.
  • If we are unable to establish and maintain our agreements with third parties to sell and distribute LUPKYNIS to patients, our results of operations and business could be adversely affected.
  • Our relationships with customers, healthcare providers, and third-party payors are subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, exclusion from government healthcare programs, contractual damages, reputational harm and diminished profits on future earnings.
  • The failure to comply with anti-bribery, anti-corruption, and anti-money laundering laws, including the FCPA and similar laws associated with our activities outside of the United States, could subject us to penalties and other adverse consequences.
  • Compliance with governmental regulation and other legal obligations related to privacy, data protection and information security could result in additional costs and liabilities to us or inhibit our ability to collect and process data, and the failure to comply with such requirements could have a material adverse effect on our business, financial condition or results of operations.
  • Our employees, principal investigators, CROs and consultants may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • We are dependent upon key personnel to achieve our business objectives.
  • We may not successfully manage our growth. Our success will depend upon the expansion of our operations and our ability to successfully manage our growth.
  • Interruptions in the availability of server systems or communications with Internet or cloud-based services, or failure to maintain the security, confidentiality, accessibility, or integrity of data stored on such systems, could harm our business.
  • Our business is exposed to the risks associated with litigation, investigations and regulatory proceedings.
  • Unstable markets and economic conditions may have harmful consequences to business, financial condition, and trading price of our common shares.
  • Actual or anticipated changes to the laws and regulations governing the health care system may have a negative impact on cost and access to health insurance coverage and reimbursement of healthcare items and services.
  • We may face substantial competition, which may result in others discovering, developing, or commercializing products before, or more successfully than we do.
  • Use of hazardous materials might expose us to risk in the form of damages.
  • Health and safety risks associated with producing a product for human ingestion cannot be eliminated and might expose us to substantial risk.
  • There is no assurance of a sufficient liquid trading market for our common shares in the future.
  • The price of our common shares could be subject to volatility related or unrelated to our operations.
  • We may be a passive foreign investment company for U.S. tax purposes, which may result in adverse tax consequences for U.S. investors.
  • You may be unable to enforce actions against us, or certain of our directors and officers under U.S. federal securities laws.
  • If securities or industry analysts do not publish, or cease publishing, research reports about us, our business, or our market, or if they change their recommendations regarding our common shares adversely, the trading price and trading volume of our common shares could decline.
  • Securities litigation or other litigation could result in substantial damages and may divert management’s time and attention from our business.
  • Our ability to use our net operating loss carryforwards and tax credit carryforwards to offset future taxable income may be subject to certain limitations. We may also be subject to other potential tax consequences.
Management Discussion
  • Total net revenue was $28.2 million and $6.6 million for the three months ended June 30, 2022 and June 30, 2021, respectively. Total revenue was $49.8 million and $7.5 million for the six months ended was June 30, 2022 and June 30, 2021, respectively. Our net revenues primarily consisted of product revenue, net of adjustments, for LUPKYNIS following FDA approval in late January 2021. Revenue growth is attributed to further progress in the launch of LUPKYNIS, driven predominantly by further
  • penetration in the lupus nephritis market. No product sales commenced and no product marketing was permitted prior to January 22, 2021.
  • Cost of sales were $1.6 million and $308 thousand for the three months ended June 30, 2022 and June 30, 2021, respectively. Cost of sales were $1.9 million and $356 thousand for the six months ended June 30, 2022 and June 30, 2021, respectively. The increase for both periods was primarily due to an increase in product related revenue, coupled with safety stock inventory reserves. No product sales commenced prior to January 22, 2021.

Content analysis

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H.S. freshman Avg
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