Contradictions in LUPKYNIS and AUR200: Insights from the Latest Earnings Call

Revenue and Product Sales Growth:
- Aurinia Pharmaceuticals reported total revenue of $70 million for the 3 months ended June 30, 2025, and $132.5 million for the 6 months ended June 30, 2025, up 22% and 23%, respectively, from the same periods in 2024.
- The growth was primarily due to an increase in the number of LUPKYNIS cartons sold to specialty pharmacies, driven by further LN market penetration.

LUPKYNIS Sales Performance:
- Net product sales of LUPKYNIS for the 3 and 6 months ended June 30, 2025, were $66.6 million and $126.5 million, respectively, up 21% and 23% from the same periods in 2024.
- The increase was primarily due to an increase in the number of LUPKYNIS cartons sold to specialty pharmacies, driven by further LN market penetration.

Cash Flow and Financial Strength:
- Aurinia generated $45.5 million in cash flow from operations for the 6 months ended June 30, 2025, compared to a negative $2.8 million in the same period of 2024.
- This improvement was partly due to the company's strategic restructuring in 2024.

Aritinercept Clinical Progress:
- Aurinia reported positive results from its aritinercept Phase I single ascending dose study on June 30, 2025.
- The company is on track to initiate further clinical studies for aritinercept in at least two autoimmune diseases by the second half of 2025.