Aurinia Pharmaceuticals(AUPH) - 2025 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2025, net product sales were $60.0 million, up 25% from $48.1 million in the same period of 2024[66]. - Total revenue for the three months ended March 31, 2025, was $62.5 million, an increase of 24% from $50.3 million in the same period of 2024[69]. - Gross margin for the three months ended March 31, 2025, was 86%, compared to 85% in the same period of 2024[78]. Cash Flow and Position - Cash flow provided by operating activities was $1.3 million for the three months ended March 31, 2025, compared to $(18.6) million in the same period of 2024[67]. - As of March 31, 2025, the cash position was $312.9 million, down from $358.5 million at December 31, 2024[68]. - Excluding restructuring payments, cash flow generated from operations was $12.4 million for the three months ended March 31, 2025[88]. - Future operations are expected to be funded by existing cash or cash generated from operations[89]. - Additional capital may be raised through equity or debt financings if necessary, but favorable terms are not guaranteed[90]. Expenses - Selling, general and administrative (SG&A) expenses decreased to $20.3 million for the three months ended March 31, 2025, from $47.7 million in the same period of 2024[80]. - Research and development (R&D) expenses increased to $5.7 million for the three months ended March 31, 2025, compared to $5.6 million in the same period of 2024[83]. - Restructuring expenses were $1.5 million for the three months ended March 31, 2025, down from $6.7 million in the same period of 2024[86]. - The company expects SG&A expenses to remain low in 2025 as it realizes the benefits of strategic restructuring efforts[81]. - The company anticipates an increase in R&D expenses as it advances the AUR200 program through clinical development[84]. Share Repurchase - The company repurchased 5.8 million common shares for $47.4 million during the three months ended March 31, 2025[88]. Accounting Policies - There have been no material changes to critical accounting policies or market risk disclosures since the Annual Report for the year ended December 31, 2024[91][94].