Form 8-K

8-K — Aurinia Pharmaceuticals Inc.

Accession: 0001600620-26-000048

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001600620

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — auph-20260507.htm (Primary)

EX-99.1 (exhibit991_q12026earningsr.htm)

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8-K

8-K (Primary)

Filename: auph-20260507.htm · Sequence: 1

auph-20260507

0001600620FALSE00016006202025-11-042025-11-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2026

Aurinia Pharmaceuticals Inc.

(Exact name of registrant as specified in its charter)

Canada 001-36421 98-1231763

(State or Other Jurisdiction of Incorporation)

(Commission File No.)

(IRS Employer Identification No.)

#140, 14315 - 118 Avenue

Edmonton, Alberta

T5L 4S6

(250) 744-2487

(Address and telephone number of registrant's principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on which Registered

Common Shares, without par value AUPH The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition

On May 7, 2026, Aurinia Pharmaceuticals Inc. (Aurinia or the Company) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

The information in this Current Report on Form 8-K and the exhibit hereto are being furnished pursuant to this Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K and the exhibit hereto that is furnished pursuant to this Item 2.02 shall not be incorporated by reference in any of Aurinia's filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Description

99.1

Earnings release dated May 7, 2026

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 7, 2026

AURINIA PHARMACEUTICALS INC.

By: /s/ Michael Hearne

Name: Michael Hearne

Title:

Chief Financial Officer

EX-99.1

Filename: exhibit991_q12026earningsr.htm · Sequence: 2

Document

Exhibit 99.1

Aurinia Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2026 and Provides Update on Recent Business Progress

ROCKVILLE, Maryland and EDMONTON, Alberta – May 7, 2026 – Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three months ended March 31, 2026 and provided an update on recent business progress.

Financial Results

•Total Revenue: For the three months ended March 31, 2026, total revenue was $77.7 million, up 24% from $62.5 million in the same period of 2025.

–Net Product Sales: For the three months ended March 31, 2026, net product sales of LUPKYNIS, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, were $73.6 million, up 23% from $60.0 million in the same period of 2025.

–License, Collaboration and Royalty Revenue: For the three months ended March 31, 2026, license, collaboration and royalty revenue from Aurinia’s collaboration partner, Otsuka, was $4.1 million, up 64% from $2.5 million in the same period of 2025.

•Net Income: For the three months ended March 31, 2026, net income was $34.4 million, up 48% from $23.3 million in the same period of 2025.

•Diluted Earnings per Share: For the three months ended March 31, 2026, diluted earnings per share was $0.25, up 56% from $0.16 in the same period of 2025.

•Cash Flows from Operating Activities: For the three months ended March 31, 2026, cash flows from operating activities were $32.6 million, up 2408% from $1.3 million in the same period of 2025.

Cash Position

As of March 31, 2026, Aurinia had cash, cash equivalents, restricted cash and investments of $378.8 million, compared to $398.0 million at December 31, 2025. For the three months ended March 31, 2026, cash outflows from financing activities were $53.7 million, which included the repurchase of 2.5 million of the Company’s common shares for $36.2 million and tax withholding payments related to net settlements of equity awards of $14.6 million.

2026 Total Revenue and Net Product Sales Guidance

Aurinia reiterates its guidance for 2026 total revenue of $315 million to $325 million, up 11% to 15% compared to 2025, and 2026 net product sales of $305 million to $315 million, up 12% to 16% compared to 2025.

“Aurinia remains steadfast in its mission to become a leading company that benefits patients suffering from autoimmune diseases,” stated Kevin Tang, Chief Executive Officer. “LUPKYNIS is emerging as a standard-of-care treatment for lupus nephritis, and aritinercept, now in clinical development for three potential indications, has therapeutic potential across a wide range of autoimmune disorders.”

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 www.sedarplus.ca or the U.S. Securities and Exchange Commission’s Electronic Document Gathering and Retrieval System (EDGAR) website at www.sec.gov/edgar, and on Aurinia’s website at www.auriniapharma.com.

General Investor Inquiries

ir@auriniapharma.com

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

March 31, 2026 December 31, 2025

(Unaudited)

ASSETS

Current assets:

Cash, cash equivalents and restricted cash $ 41,008 $ 80,213

Short-term investments 337,775 317,784

Accounts receivable, net 49,175 41,454

Inventory 46,410 45,690

Prepaid expenses and deposits

4,119 5,746

Other current assets 1,757 1,080

Total current assets 480,244 491,967

Deferred tax assets, net

166,917 176,194

Finance right-of-use lease assets 69,508 73,865

Intangible assets, net 3,590 3,761

Operating right-of-use lease assets 1,659 3,596

Property and equipment, net 1,986 2,111

Other noncurrent assets 93 93

Total assets $ 723,997 $ 751,587

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable $ 2,661 $ 3,313

Accrued expenses 58,196 66,621

Finance lease liabilities, current portion 16,519 16,523

Deferred revenue 5,036 3,720

Operating lease liabilities, current portion 1,622 1,067

Other current liabilities 2,522 2,480

Total current liabilities 86,556 93,724

Finance lease liabilities, less current portion 48,181 52,322

Deferred revenue, less current portion 12,413 12,648

Deferred compensation and other noncurrent liabilities 6,903 6,662

Operating lease liabilities, less current portion 2,318 4,900

Total liabilities 156,371 170,256

Shareholders' equity

Common shares — no par value, unlimited shares authorized, 130,771 and 132,323 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1,086,650 1,120,035

Additional paid-in capital 96,869 111,263

Accumulated other comprehensive loss (880) (599)

Accumulated deficit (615,013) (649,368)

Total shareholders' equity 567,626 581,331

Total liabilities and shareholders' equity $ 723,997 $ 751,587

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

Three Months Ended

March 31,

2026 2025

Revenue

Net product sales

$ 73,563 $ 59,971

License, collaboration and royalty revenue

4,142 2,494

Total revenue

77,705 62,465

Operating expenses

Cost of revenue 6,505 8,574

Selling, general and administrative 22,029 20,339

Research and development 7,470 5,743

Restructuring — 1,533

Other expense, net 279 4,429

Total operating expenses 36,283 40,618

Income from operations 41,422 21,847

Interest income 3,515 3,569

Interest expense (1,012) (1,067)

Net income before income taxes 43,925 24,349

Income tax expense 9,570 1,005

Net income $ 34,355 $ 23,344

Earnings per share

Basic $ 0.26 $ 0.17

Diluted $ 0.25 $ 0.16

Shares used in computing earnings per share

Basic 132,375 138,917

Diluted 137,639 143,199

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

Three Months Ended

March 31,

2026 2025

Cash flows from operating activities:

Net income

$ 34,355 $ 23,344

Adjustments to reconcile net income to cash flows from operating activities:

Deferred income tax

9,277 —

Share-based compensation (866) (3,409)

Amortization and depreciation 4,816 4,856

Foreign exchange (gain) loss on revaluation of Monoplant finance lease liability (416) 1,812

Net amortization of premiums and discounts on investments (2,319) (2,656)

Other, net 581 2,325

Net changes in operating assets and liabilities:

Accounts receivable, net (7,721) (3,806)

Inventory

(720) (6,967)

Prepaid expenses and other current assets 950 6,033

Accounts payable (652) (974)

Accrued expenses and other liabilities (5,592) (23,405)

Deferred revenue 1,081 4,342

Operating lease liabilities (214) (195)

Cash flows from operating activities 32,560 1,300

Cash flows from investing activities:

Proceeds from the sale and maturities of investments 109,000 123,035

Purchases of investments (127,041) (91,986)

Purchases of property, equipment and intangible assets (39) (17)

Cash flows from investing activities (18,080) 31,032

Cash flows from financing activities:

Purchase of common shares under Share Repurchase Plan (36,165) (46,921)

Payments of principal portion of Monoplant finance lease liability

(3,653) (2,771)

Proceeds from issuance of common shares for equity awards

713 9,288

Tax withholding payments related to net settlements of equity awards (14,580) (8,933)

Cash flows from financing activities (53,685) (49,337)

Net decrease in cash, cash equivalents and restricted cash (39,205) (17,005)

Cash, cash equivalents and restricted cash, beginning of the period 80,213 83,433

Cash, cash equivalents and restricted cash, end of the period $ 41,008 $ 66,428

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