Aurinia Pharmaceuticals(US:AUPH)2024-05-02 10:07Financial Performance - Total net revenue for Q1 2024 was $50.3 million, a 46.2% increase from $34.4 million in Q1 2023[114]. - Net product revenue was $48.1 million in Q1 2024, up from $34.3 million in Q1 2023, driven by increased sales of LUPKYNIS[116]. - License, collaboration, and royalty revenue rose to $2.2 million in Q1 2024 from $0.1 million in Q1 2023, attributed to manufacturing services revenue from Otsuka[118]. - Interest income increased to $4.5 million in Q1 2024, up from $3.8 million in Q1 2023, attributed to higher yields on investments[127]. Patient Metrics - The number of patients on therapy increased to approximately 2,178 as of March 31, 2024, compared to 1,731 patients a year earlier[116]. - The 12-month persistency rate for LUPKYNIS improved to 56% in Q1 2024 from approximately 51% in Q1 2023[117]. Cost and Expenses - Cost of sales increased to $7.8 million in Q1 2024 from $0.4 million in Q1 2023, primarily due to higher sales of LUPKYNIS[119]. - Gross margin decreased to approximately 85% in Q1 2024 from 99% in Q1 2023, reflecting the rise in cost of sales[120]. - SG&A expenses decreased to $47.7 million in Q1 2024 from $50.1 million in Q1 2023[121]. - R&D expenses decreased to $5.6 million for the three months ended March 31, 2024, from $13.2 million in the same period of 2023, primarily due to reduced clinical supply costs and share-based compensation[123][125]. - Restructuring expenses amounted to approximately $6.7 million in Q1 2024, primarily for employee severance and contract termination[126]. Cash Flow and Liquidity - Cash, cash equivalents, and restricted cash totaled approximately $64.5 million as of March 31, 2024, compared to $48.9 million at December 31, 2023[128]. - The company reported a net cash used in operating activities of $18.6 million for Q1 2024, a decrease from $31.7 million in Q1 2023, due to increased cash receipts from sales of LUPKYNIS[132]. - Cash provided by investing activities was $49.2 million in Q1 2024, compared to $24.9 million in Q1 2023, primarily due to the timing of investment proceeds[133]. - Working capital decreased to $327.2 million as of March 31, 2024, from $347.6 million at December 31, 2023[128]. Shareholder Actions - A share repurchase program of up to $150 million was approved, reflecting the board's confidence in the company's growth prospects[106]. - The company initiated a share repurchase program of up to $150 million, with approximately 2.4 million shares repurchased for $13.4 million as of March 31, 2024[134]. Financial Liabilities - The company has an $81.2 million finance lease liability related to the monoplant, with a potential $8.1 million fluctuation in valuation from a 10% change in the Swiss Franc[141]. - The company has not recognized any allowance for credit losses related to credit risk for its customers during Q1 2024[145].