Financial Data and Key Metrics Changes - For Q4 2024, total revenue was $59.9 million, up 33% from $45.1 million in Q4 2023 [8][16] - For the full year 2024, total revenue was $235.1 million, up 34% from $175.5 million in 2023 [8][16] - Net product sales of LUPKYNIS for Q4 2024 were $57.6 million, up 36% from $42.3 million in Q4 2023 [9] - For the full year 2024, net product sales were $216.2 million, up 36% from $158.5 million in 2023 [9] - Cash flow from operations for Q4 2024 was $30.1 million, compared to $14.3 million in Q4 2023 [10] - Cash flow from operations for the full year 2024 was $44.4 million, compared to cash flow used in operations of $33.5 million in 2023 [10] - As of December 31, 2024, cash, cash equivalents, restricted cash, and investments totaled $358.5 million [11][17] - Gross margin for Q4 2024 was 91%, compared to 88% in Q4 2023; for the full year 2024, gross margin was 88%, down from 92% in 2023 [20] Business Line Data and Key Metrics Changes - The increase in net product sales of LUPKYNIS was primarily due to an increase in the number of cartons sold to specialty pharmacies [9] - Cost of revenue for Q4 2024 was $5.6 million, compared to $5.4 million in Q4 2023; for the full year 2024, cost of revenue was $28.2 million, up from $14.1 million in 2023 [19] Company Strategy and Development Direction - The company has a commercial strategy focused on four key growth drivers: expanding business at academic medical centers, targeting key rheumatology prescriber segments, leveraging new ACR lupus nephritis treatment guidelines, and improving continuity of care for lupus nephritis patients [12][13] - The company expects total revenue for 2025 to be in the range of $250 million to $260 million and net product sales in the range of $240 million to $250 million [14] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of LUPKYNIS, citing a strong sales growth of 36% in 2024 and a solid position to start 2025 [12][14] - Management noted that historical financial results provide sufficient insight into the health of the business for projecting future results [11][58] Other Important Information - The company initiated a Phase 1 study for AUR200 in September 2024, with initial results expected in Q2 2025 [14][15] - The company has repurchased approximately 9.7 million common shares for about $70 million since the launch of the share repurchase program in Q1 2024 [18] Q&A Session Summary Question: Details on maximizing LUPKYNIS opportunity with current sales force - Management highlighted a focus on high prescribing rheumatology offices and the importance of the new ACR guidelines for early diagnosis and treatment [25][30] Question: Expectations for AUR200 data in Q2 - Management indicated that normal pharmacodynamics and pharmacokinetic data are expected, which will inform the next steps in the study [26][32] Question: Growth expectations for LUPKYNIS beyond 2025 - Management refrained from providing long-term guidance but emphasized historical trends as a basis for future projections [36][38] Question: Initial two months of 2025 and commercial outlook - Management stated that the guidance range is based on current market observations and historical financial results [46][49] Question: Decision to stop reporting PSS metrics - Management explained that after five years on the market, historical results provide sufficient insight for future projections [54][58] Question: Impact of ACR treatment guidelines on prescriber behavior - Management noted that over 50% of prescriptions come from rheumatologists, with expectations for gradual improvement in treatment behaviors [65][70] Question: Timeline for AUR200 studies - Management indicated that timelines will be clearer after the completion of the single-ascending dose study [66][72]