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Aurinia Pharmaceuticals Inc (AUPH-0.97%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net product revenue to $55.5 million from $40.8 million in the same quarter the previous year. The increase is attributed to higher sales of LUPKYNIS.
Total revenue, net for the quarter was $67.8 million, compared to $54.5 million in the previous year, reflecting both product and collaboration revenues.
Cost of sales for the quarter was $6.0 million, compared to $6.8 million in the same quarter of the previous year. This decrease is primarily due to inventory write downs in the previous year.
Selling, general, and administrative expenses decreased to $42.4 million from $47.8 million, primarily due to lower employee-related costs following a reduction in headcount.
Research and development expenses were $3.0 million, down from $13.6 million, reflecting reduced spending on the AUR300 program and lower employee costs.
The company reported a net income of $14.4 million for the quarter, compared to a net loss of $13.4 million in the previous year.
Cash provided by operating activities was $14.3 million, while cash used in financing activities was $26.0 million, primarily due to share repurchases.
Aurinia had cash, cash equivalents, and restricted cash of $37.1 million as of September 30, 2024. Investments totaled $311.6 million.
The filing also details a strategic restructuring announced on November 7, 2024, which includes a workforce reduction of approximately 45% and a focus on LUPKYNIS growth and AUR200 development.
The company is developing AUR200, a potential therapy for autoimmune diseases, and has commenced a Phase 1 study with data expected in the first half of 2025.
Aurinia does not anticipate any material impact from legal proceedings currently underway, as noted in the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aurinia Pharmaceuticals Inc quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.