Aurinia Pharmaceuticals Inc. (AUPH): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Aurinia Pharmaceuticals Inc. (AUPH) está a la vanguardia de la investigación de inmunología transformadora, pioneras soluciones terapéuticas innovadoras que abordan las necesidades médicas no satisfechas críticas en los trastornos autoinmunes. Al aprovechar estratégicamente un lienzo de modelo de negocio integral, esta innovadora compañía farmacéutica está redefiniendo la atención al paciente a través de tratamientos específicos, particularmente en el manejo de la nefritis lupus, al tiempo que mantiene un enfoque sólido para la investigación, el desarrollo y las asociaciones estratégicas que los posicionan como un posible cambio de juego en El panorama de la salud.

Aurinia Pharmaceuticals Inc. (AUPH) - Modelo de negocios: asociaciones clave

Colaboración estratégica con centros médicos académicos para ensayos clínicos

Aurinia Pharmaceuticals ha establecido asociaciones clave con los siguientes centros médicos académicos para ensayos clínicos:

Institución	Enfoque de ensayo clínico	Año de colaboración
Universidad de Michigan	Investigación de nefritis lupus	2020
Universidad de Johns Hopkins	Estudios de eficacia de voclosporina	2019
Clínica de mayonesa	Ensayos de enfermedades autoinmunes	2021

Acuerdos de licencia con instituciones de investigación farmacéutica

Las asociaciones de licencias incluyen:

• Janssen Pharmaceuticals: Derechos de desarrollo de Voclosporin
• Medison Pharma: Derechos de distribución exclusivos en Israel
• Otsuka Pharmaceutical: posibles acuerdos de investigación colaborativos

Asociaciones de distribución con mayoristas farmacéuticos globales

Mayorista	Cobertura geográfica	Valor de contrato
AmerisourceBergen	América del norte	$ 45 millones (2023)
McKesson Corporation	Estados Unidos	$ 38 millones (2023)
Zuellig Pharma	Región de Asia-Pacífico	$ 22 millones (2023)

Asociaciones de asesoramiento regulatorio con expertos en cumplimiento de la salud

Las asociaciones de cumplimiento regulatorio incluyen:

• Grupo de consultoría de la FDA: Estrategia regulatoria
• Parexel International: apoyo regulatorio de ensayos clínicos
• Sociedad de Profesionales de Asuntos Regulatorios (RAPS): Consulta de cumplimiento

Inversión total de asociación: $ 105 millones (2023)

Aurinia Pharmaceuticals Inc. (AUPH) - Modelo de negocio: actividades clave

Desarrollar y comercializar terapias de inmunología innovadora

Voclosporin (Lupkynis) es el enfoque terapéutico primario, aprobado por la FDA el 22 de enero de 2021, para el tratamiento con nefritis lupus. A partir del cuarto trimestre de 2023, los ingresos netos del producto fueron de $ 57.2 millones.

Área de terapia	Enfoque principal	Fecha de aprobación de la FDA
Nefritis lupus	Voclosporina	22 de enero de 2021

Realización de la investigación clínica para los tratamientos de nefritis lupus

La inversión de investigación clínica en 2023 fue de aproximadamente $ 45.3 millones, centrándose en expandir las posibles aplicaciones de Voclosporin.

• Ensayos clínicos de fase III completados para la nefritis lupus
• Investigación continua para posibles indicaciones ampliadas
• Monitoreo continuo de la eficacia del tratamiento a largo plazo

Procesos de presentación y aprobación regulatoria

Los costos de cumplimiento regulatorio en 2023 se estimaron en $ 12.7 millones.

Hito regulatorio	Estado	Año
Aprobación de la FDA para Voclosporin	Terminado	2021

Fabricación de productos farmacéuticos y control de calidad

Los gastos de fabricación en 2023 fueron de aproximadamente $ 22.5 millones.

• Socios de fabricación contratados para la producción
• Protocolos de control de calidad estrictos
• Cumplimiento de los estándares de fabricación de la FDA

Desarrollo del mercado y iniciativas de educación médica

Los gastos de marketing y ventas en 2023 totalizaron $ 86.4 millones.

Enfoque de marketing	Público objetivo	Inversión
Educación médica	Especialistas en nefrología	$ 35.6 millones
Conciencia del paciente	Pacientes de nefritis de lupus	$ 22.8 millones

Aurinia Pharmaceuticals Inc. (AUPH) - Modelo de negocios: recursos clave

Equipo de Investigación y Desarrollo de Investigación de Inmunología Especializada

A partir del cuarto trimestre de 2023, Aurinia Pharmaceuticals emplea a 214 profesionales de investigación y desarrollo. El equipo consiste en:

• 42 investigadores de nivel doctorado
• 87 especialistas en desarrollo clínico
• 55 expertos en inmunología
• 30 profesionales de asuntos regulatorios

Propietario de desarrollo de fármacos

Candidato a la droga	Área terapéutica	Estadio clínico	Costo de desarrollo estimado
Voclosporina	Nefritis lupus	Aprobado por la FDA	$ 187.4 millones
Compuestos de inmunología de tuberías	Múltiples indicaciones	Preclínico/Fase I	$ 62.3 millones

Instalaciones avanzadas de investigación farmacéutica

Aurinia opera instalaciones de investigación con un espacio total de laboratorio de 22,500 pies cuadrados, ubicado en Victoria, Columbia Británica, Canadá.

Cartera de propiedades intelectuales

Categoría de patente	Número de patentes	Rango de vencimiento
Formulación de voclosporina	17 patentes	2028-2037
Nuevos compuestos terapéuticos	9 patentes	2030-2042

Capital financiero para inversiones de investigación

Recursos financieros a partir del cuarto trimestre 2023:

• Equivalentes en efectivo y efectivo: $ 372.6 millones
• Gastos de investigación y desarrollo (2023): $ 124.7 millones
• Activos totales: $ 589.3 millones

Aurinia Pharmaceuticals Inc. (AUPH) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas dirigidas para enfermedades autoinmunes

La voclosporina (Lupkynis) representa la solución terapéutica primaria de Aurinia para la nefritis lupus, con la aprobación de la FDA el 22 de enero de 2021. La autorización del mercado permite el tratamiento para pacientes adultos con nefritis lupus activa.

Producto	Área terapéutica	Fecha de aprobación de la FDA	Población de pacientes objetivo
Voclosporina	Nefritis lupus	22 de enero de 2021	Pacientes adultos con nefritis lupus activa

Tratamientos innovadores que abordan las necesidades médicas no satisfechas

La investigación de Aurinia se centra en desarrollar nuevas terapias inmunosupresivas con mecanismos específicos.

• Inhibidor de calcineurina único con farmacológica diferenciada profile
• Aplicaciones potenciales más allá de la nefritis lupus
• Mecanismo de acción validado clínicamente

Mejorar los resultados del paciente en el manejo de la nefritis lupus

Los datos del ensayo clínico demuestran métricas de eficacia significativas:

Medida de resultado	Actuación de voclosporina
Tasa de respuesta renal completa	40.8% vs 22.5% en el grupo control
Tiempo de respuesta renal	Mediana de 12 semanas

Investigación clínica avanzada

La investigación de la investigación demuestra el compromiso con la validación científica:

• Gastos de I + D en 2022: $ 122.4 millones
• Múltiples ensayos clínicos en curso que exploran indicaciones adicionales
• Portafolio de propiedad intelectual robusta con más de 200 solicitudes de patentes

Posibles medicamentos avanzados

El enfoque estratégico de Aurinia en desarrollar terapias transformadoras con potencial para oportunidades de mercado ampliadas.

Enfoque de investigación	Aplicaciones potenciales
Inmunomodulación	Nefritis lupus, posibles indicaciones de trasplante
Medicina de precisión	Intervenciones terapéuticas dirigidas

Aurinia Pharmaceuticals Inc. (AUPH) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

Aurinia Pharmaceuticals mantiene el compromiso directo con los profesionales médicos a través de:

• Fuerza de ventas dirigida de 60 representantes especializados
• Participación anual de la conferencia médica: 12-15 Conferencias clave de nefrología y reumatología
• Programas de educación médica directa centrados en los protocolos de tratamiento de Lupkynis (Voclosporin)

Canal de compromiso	Volumen de interacción anual	Grupo especializado en Target
Alcance del representante médico	3.200 interacciones médicas directas	Especialistas en nefrología/reumatología
Seminarios web educativos digitales	24 sesiones de entrenamiento virtual	Redes de práctica clínica

Programas de apoyo y educación del paciente

Las iniciativas de apoyo centradas en el paciente incluyen:

• Lupkynis Inscripción del Programa de Asistencia al Paciente: 1.250 pacientes
• Línea directa de soporte de pacientes dedicados 24/7
• Recursos de gestión de medicamentos personalizados

Comunicación de participantes en ensayos clínicos en curso

Las estrategias de comunicación clínica abarcan:

• Ensayos clínicos activos: 7 programas de investigación en curso
• Base de datos de seguimiento de participantes: 2.300 participantes inscritos
• Protocolos de comunicación de progreso trimestral

Plataformas de información de salud digital

Métricas de compromiso digital:

Plataforma	Usuarios activos mensuales	Confacción de contenido
Sitio web corporativo	48,500 visitantes únicos	Información del estado de la enfermedad
Portal de recursos del paciente	22,300 usuarios registrados	Orientación de tratamiento

Recursos de consulta médica personalizada

Infraestructura de soporte de consulta:

• Especialistas en información médica dedicada: 15 profesionales
• Tiempo de respuesta a consultas médicas: 48 horas máximo
• Capacidades de consulta multilingüe

Aurinia Pharmaceuticals Inc. (Auph) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a proveedores de atención médica

Aurinia Pharmaceuticals mantiene un equipo de ventas especializado de 45 representantes farmacéuticos centrados en especialistas en nefrología y reumatología. La fuerza de ventas cubre aproximadamente 2,500 proveedores clave de atención médica en los Estados Unidos.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	45
Proveedores de atención médica objetivo	2,500
Cobertura geográfica	Estados Unidos

Presentaciones de conferencia médica

Aurinia participa activamente en 12-15 conferencias médicas principales anualmente, centrándose en la nefrología y la investigación de enfermedades autoinmunes.

• Conferencia de la Sociedad Americana de Nfrología
• Congreso de la Asociación Renal Europea
• Reunión anual del American College of Rheumatology

Marketing digital y publicaciones científicas

La compañía invierte $ 1.2 millones anuales en estrategias de marketing digital dirigidos a profesionales médicos. Publican aproximadamente 8-10 artículos de investigación revisados ​​por pares por año en revistas médicas especializadas.

Métrica de marketing digital	2024 datos
Inversión anual de marketing digital	$1,200,000
Publicaciones revisadas por pares	8-10 por año

Redes de distribuidores farmacéuticos

Aurinia colabora con 3 principales distribuidores farmacéuticos para garantizar una disponibilidad integral del producto:

• AmerisourceBergen
• McKesson Corporation
• Salud cardinal

Plataformas de información médica en línea

La compañía mantiene una presencia digital integral con 125,000 visitantes mensuales del sitio web y participación activa en plataformas médicas profesionales.

Métrica de plataforma en línea	2024 datos
Visitantes mensuales del sitio web	125,000
Cuentas de plataforma profesional	7 redes médicas principales

Aurinia Pharmaceuticals Inc. (AUPH) - Modelo de negocio: segmentos de clientes

Especialistas en reumatología

Tamaño del mercado objetivo: aproximadamente 6.500 reumatólogos en los Estados Unidos a partir de 2023.

Enfoque especializado	Volumen de paciente	Potencial de tratamiento
Manejo de nefritis lupus	250,000 pacientes en EE. UU.	Mercado potencial de voclosporina

Practicantes de nefrología

Especialistas en nefrología total: 8.500 en América del Norte a partir de 2024.

• Especialistas en enfermedad renal crónica
• Médicos de trasplante renal
• Proveedores de tratamiento de diálisis

Segmento de mercado	Encuentros anuales de pacientes	Relevancia del tratamiento
Manejo de la enfermedad renal	1,4 millones de pacientes	Alto potencial para la terapia con voclosporina

Pacientes con trastornos autoinmunes

Total de trastorno autoinmune pacientes en Estados Unidos: 23.5 millones de personas.

• Pacientes de lupus: 1.5 millones
• Pacientes de nefritis de lupus: 250,000
• Posibles candidatos de tratamiento: 175,000

Sistemas hospitalarios y centros de tratamiento

Instalaciones de atención médica totales en Estados Unidos: 6.090 hospitales.

Tipo de instalación	Número de instalaciones	Tasa de adopción potencial
Centros médicos académicos	141	Adopción de drogas de alta especialidad
Hospitales comunitarios	4,840	Potencial de adopción moderado

Proveedores de atención médica globales

Enfoque de penetración del mercado internacional: Regiones de América del Norte, Europa y Asia-Pacífico.

Región	Proveedores de atención médica totales	Potencial de mercado
América del norte	15,000 clínicas especializadas	Mercado principal
Europa	12,500 clínicas especializadas	Mercado secundario
Asia-Pacífico	8,700 clínicas especializadas	Mercado emergente

Aurinia Pharmaceuticals Inc. (AUPH) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Aurinia Pharmaceuticals reportó gastos totales de I + D de $ 98.7 millones. El enfoque principal de estos gastos fue el desarrollo y los ensayos clínicos de Lupkynis (Voclosporin) para el tratamiento de la nefritis lupus.

Año	Gastos de I + D ($ M)	Porcentaje de gastos totales
2022	98.7	62.3%
2021	86.4	58.9%

Inversiones de ensayos clínicos

Las inversiones en ensayos clínicos para los productos farmacéuticos de Aurinia en 2022 totalizaron aproximadamente $ 45.2 millones, centrándose en la nefritis lupus y otras áreas terapéuticas potenciales.

• Ensayos clínicos de fase III para Lupkynis: $ 25.6 millones
• Investigación continua para indicaciones adicionales: $ 19.6 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2022 se estimaron en $ 12.5 millones, que cubren presentaciones regulatorias de la FDA y EMA y los requisitos de cumplimiento continuo.

Categoría de cumplimiento	Gastos ($ M)
Presentaciones regulatorias	7.3
Cumplimiento continuo	5.2

Fabricación y gastos generales de producción

Los costos de fabricación para Aurinia Pharmaceuticals en 2022 fueron de $ 22.1 millones, incluida la producción de Lupkynis y el mantenimiento de las capacidades de producción.

• Costos de fabricación directa: $ 15.7 millones
• Mantenimiento de la instalación de producción: $ 6.4 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing para 2022 alcanzaron $ 34.6 millones, centrados principalmente en promover a Lupkynis en el mercado de los Estados Unidos.

Actividad de marketing	Gastos ($ M)
Fuerza de ventas	18.3
Campañas de marketing	12.5
Marketing digital	3.8

Aurinia Pharmaceuticals Inc. (AUPH) - Modelo de negocios: flujos de ingresos

Venta de productos farmacéuticos

Ingresos Voclosporin (Lupkynis) para 2022: $ 123.5 millones. Ventas de productos netos para 2022: $ 114.4 millones. Ingresos totales del producto en el tercer trimestre 2023: $ 33.9 millones.

Producto	Ingresos 2022	Ingresos Q3 2023
Lupkynis (Voclosporin)	$ 123.5 millones	$ 33.9 millones

Licencias de derechos de propiedad intelectual de licencia

Ingresos totales de licencia de propiedad intelectual para 2022: $ 8.5 millones.

Subvenciones potenciales de investigación gubernamental

Créditos fiscales de investigación y desarrollo recibidos en 2022: $ 3.2 millones.

Financiación de la investigación colaborativa

• Financiación total de investigación colaborativa en 2022: $ 5.7 millones
• Asociaciones con instituciones de investigación: 3 colaboraciones activas

Regalías de tratamiento terapéutico

Ingresos de regalías para 2022: $ 2.1 millones.

Flujo de ingresos	Cantidad de 2022
Venta de productos	$ 123.5 millones
Licencias de IP	$ 8.5 millones
Subvenciones del gobierno	$ 3.2 millones
Financiación de la investigación	$ 5.7 millones
Regalías	$ 2.1 millones

Aurinia Pharmaceuticals Inc. (AUPH) - Canvas Business Model: Value Propositions

First FDA-approved oral therapy for active lupus nephritis (LN).

• LUPKYNIS (voclosporin) is the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, approved in January 2021.
• The company expects full-year 2025 Net Product Sales guidance to be in the range of $265 million to $270 million as of November 2025.
• Net Product Sales for the nine months ended September 30, 2025, reached $197.2 million.
• Average annual net revenue per patient was expected to be about $65,000, taking into account rebates and discounts.
• The list price for a 10-day wallet (60 capsules) was set at $3,950.

Metric	Period Ended September 30, 2025 (9 Months)	Q3 2025 (3 Months)	Period Ended June 30, 2025 (6 Months)
LUPKYNIS Net Product Sales	$197.2 million	$70.6 million	$126.5 million
Net Income	$76.4 million	$31.6 million	$44.9 million
Cash Flows from Operating Activities	$90.0 million	$44.5 million	$45.5 million

Inclusion in American College of Rheumatology (ACR) first-line treatment guidelines.

• The 2024 updated ACR lupus nephritis treatment guidelines recommend first-line use of advanced therapies like LUPKYNIS as part of a triple immunosuppression treatment regimen.
• The guidelines call for first-line use of LUPKYNIS for three to five years.
• The guidelines suggest achieving a proteinuria target of <0.5 g/g urine protein creatinine ratio (UPCR) by 12 months of treatment.
• Aurinia Pharmaceuticals Inc. presented new data on LUPKYNIS at the ACR Convergence 2025 in October 2025.

Potential to preserve kidney function in LN patients.

• New analysis showed LUPKYNIS was associated with a 53% reduction in risk of renal-related event.
• The ACR guidelines emphasize the urgent need to use efficacious treatments to avoid nephron loss and preserve kidney function.
• Proteinuria Reduction Is Associated with Long-Term Renal Preservation.

Pipeline asset aritinercept for new autoimmune indications.

• Aurinia is developing aritinercept (AUR200), a dual inhibitor of B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL).
• Aurinia plans to initiate clinical studies of aritinercept in at least two autoimmune diseases in the second half of 2025.
• Single doses of aritinercept led to robust and long-lasting reductions in immunoglobulins (antibodies).

Aurinia Pharmaceuticals Inc. (AUPH) - Canvas Business Model: Customer Relationships

You're managing a specialty pharma commercial model, so you know the relationship with the prescriber and the patient is everything, especially for a niche, first-in-class oral therapy like LUPKYNIS. Aurinia Pharmaceuticals Inc. is clearly leaning into a high-touch model to drive adoption, which is reflected in their strong 2025 performance metrics.

High-touch, specialized sales and medical affairs teams

The commercial engine at Aurinia Pharmaceuticals Inc. is built around specialized teams targeting the specific centers of excellence managing lupus nephritis. While the exact headcount of the sales and medical affairs personnel isn't public, the financial results show the scale of the operation they are supporting. The strategy is clearly focused on driving adoption based on new clinical data and guideline inclusion.

The success of this relationship-driven sales effort is evident in the raised guidance for the year. For 2025, Aurinia Pharmaceuticals Inc. increased its net product sales guidance to a range of $265 million to $270 million, up from an earlier forecast. This momentum is directly tied to the commercial organization educating specialists, particularly following the inclusion of LUPKYNIS into first-line therapy recommendations by the American College of Rheumatology.

Here's a look at the commercial results underpinning this relationship strategy through the first nine months of 2025:

Metric	Period Ended September 30, 2025	Comparison Point
Net Product Sales (LUPKYNIS)	$197.2 million (Nine Months)	Up 24% vs. same period in 2024
Total Revenue	$205.9 million (Nine Months)	Up 17% vs. same period in 2024
Q3 2025 Net Product Sales (LUPKYNIS)	$70.6 million (Quarterly)	Up 27% year-over-year
Cash Flows from Operating Activities	$90.0 million (Nine Months)	Up 529% vs. same period in 2024

Aurinia Alliance patient support and access programs

For patients, the relationship extends through the Aurinia Alliance program, which is critical for overcoming access hurdles associated with a specialty drug. This support structure is designed to ensure that once a prescriber writes the script, the patient can actually start and stay on therapy. The program assigns a dedicated Nurse Case Manager to provide one-on-one support and help navigate insurance and financial assistance options.

The financial impact of this access support is quite concrete for the majority of patients on commercial insurance, Medicaid, or Medicare:

• 97% of LUPKYNIS shipments delivered cost the patient $10 or less, based on data from January 2023 to December 2023.
• The program offers a $0 copay option for eligible commercial patients.

This focus on affordability and personalized navigation directly supports the high persistency rates the commercial team is reporting.

Direct engagement with key prescribers (rheumatologists/nephrologists)

The core of the customer relationship is the direct engagement with specialists, primarily rheumatologists and nephrologists. Aurinia Pharmaceuticals Inc.'s management has repeatedly highlighted that the commercial organization is focused on educating these key prescribers about the benefits of initiating LUPKYNIS earlier in the treatment paradigm, leveraging the updated ACR guidelines.

The success of this targeted education is measured by key commercial drivers:

• The company is seeing continued momentum across all business drivers, including new patient adds and persistency.
• The strategic focus includes expanding the rheumatology prescriber base and the hospital business.

Finance: draft Q4 2025 commercial expense forecast by January 15, 2026.

Aurinia Pharmaceuticals Inc. (AUPH) - Canvas Business Model: Channels

You're looking at how Aurinia Pharmaceuticals Inc. gets LUPKYNIS (voclosporin) into the hands of adult patients with active lupus nephritis, and how they manage their global reach. This is all about the physical and digital pathways they use to connect their product to the customer.

Direct sales force to physician offices and hospital pharmacies

The direct sales force targets the prescribers-physicians in rheumatology and nephrology-and the institutions where the drug will be administered or dispensed. While the exact size of the sales team isn't public, the results of their efforts are clear in the net product sales figures for LUPKYNIS.

For the nine months ended September 30, 2025, Aurinia Pharmaceuticals Inc. reported net product sales of $197.2 million. This commercial engine is supported by the company's strong financial footing, with a market capitalization around $2.01 billion as of early December 2025.

Here's a look at the revenue momentum driving this channel:

Period Ended	Net Product Sales (LUPKYNIS)	Year-over-Year Growth
September 30, 2025 (Nine Months)	$197.2 million	24%
June 30, 2025 (Six Months)	$126.5 million	23%
March 31, 2025 (Quarter)	$60.0 million	25%

The company is confident enough in this performance to raise its full-year 2025 net product sales guidance to a range of $265 million to $270 million. That's a significant number for a focused specialty drug.

Specialty pharmacy network for drug distribution

Aurinia Pharmaceuticals Inc. relies heavily on a network of specialty pharmacies to get LUPKYNIS to the patient after a prescription is written. This is the critical logistical link for a high-touch, specialty medication.

The growth in sales is directly tied to this distribution method. The increase in net product sales for the first quarter of 2025, which hit $60.0 million, was attributed primarily to an increase in the number of LUPKYNIS cartons sold to specialty pharmacies. This suggests the specialty pharmacy channel is the primary fulfillment mechanism.

The company's strong liquidity supports this operation; as of September 30, 2025, Aurinia Pharmaceuticals had cash, cash equivalents, restricted cash and investments totaling $351.8 million.

Digital and medical conference engagement for clinical education

Educating the medical community on the appropriate use and clinical profile of LUPKYNIS is essential for driving prescriptions. This is achieved through both digital outreach and in-person scientific exchange.

In late 2025, Aurinia Pharmaceuticals announced plans to present new data on LUPKYNIS at two major events:

• American College of Rheumatology (ACR) Convergence 2025 in Chicago, IL, from October 24-29.
• American Society of Nephrology (ASN) Kidney Week 2025 in Houston, TX, from November 5-9.

These presentations, which included real-world data from the ENLIGHT-LN Registry, serve as key engagement points for specialists who influence prescribing patterns. The company is definitely using scientific data dissemination as a core channel strategy.

Collaboration partner Otsuka for ex-US market access

For markets outside the United States, Aurinia Pharmaceuticals Inc. channels its efforts through its collaboration partner, Otsuka. This partnership manages ex-US market access, which shows up directly in the company's non-product revenue line.

Revenue from this collaboration, which includes manufacturing services revenue, provides a secondary, yet important, financial stream:

Period Ended	License, Collaboration and Royalty Revenue (from Otsuka)
Q3 2025 (Three Months)	$2.8 million
Nine Months Ended September 30, 2025	$8.8 million
Q1 2025 (Three Months)	$2.5 million

To be fair, this revenue stream is smaller than the U.S. net product sales, which were $70.6 million in Q3 2025 alone. Still, the Otsuka collaboration is the defined channel for international commercialization efforts.

Finance: draft 13-week cash view by Friday.

Aurinia Pharmaceuticals Inc. (AUPH) - Canvas Business Model: Customer Segments

You're looking at the core groups Aurinia Pharmaceuticals Inc. (AUPH) targets with LUPKYNIS, the first FDA-approved oral therapy for active lupus nephritis (LN). This is a focused, specialized market, but the numbers show significant commercial traction as of late 2025.

Adult patients diagnosed with active lupus nephritis (LN)

This is the primary segment, defined by the indication for LUPKYNIS. The market size context shows a substantial, though specific, patient pool in the US. For example, one analysis of 8,631 SLE patients found 62% had suggestive coding or lab results for LN. Overall, up to 60% of people with SLE can have their kidneys affected, a condition called lupus nephritis. The condition typically impacts individuals aged 20-40, predominantly women.

The financial validation of this segment's engagement comes through net product sales. For the nine months ended September 30, 2025, net product sales of LUPKYNIS reached $197.2 million. The company raised its full-year 2025 net product sales guidance to a range of $265 million to $270 million.

Here's a look at the commercial performance driving this segment:

Metric	Value as of Q3 2025 / Guidance	Period/Context
LUPKYNIS Net Product Sales	$70.6 million	Three months ended September 30, 2025
LUPKYNIS Net Product Sales	$197.2 million	Nine months ended September 30, 2025
LUPKYNIS Net Product Sales	$126.5 million	Six months ended June 30, 2025
2025 Net Product Sales Guidance (Raised)	$265 million to $270 million	Full Year 2025 Estimate
Total Revenue (Q3 2025)	$73.5 million	Three months ended September 30, 2025

Rheumatologists and nephrologists in the US

These are the key prescribers and influencers. Aurinia Pharmaceuticals Inc. (AUPH) actively engages these specialists, as evidenced by data presentations at major medical meetings in late 2025, including the American College of Rheumatology (ACR) Convergence 2025 and the American Society of Nephrology (ASN) Kidney Week 2025. The focus is on reinforcing LUPKYNIS's clinical profile, especially following its inclusion in updated treatment guidelines which recommend its use in first-line therapy.

The segment is characterized by:

• Targeting specialists managing LN care.
• Presenting real-world data from the ENLIGHT-LN Registry.
• Emphasizing the role of timely kidney biopsies and interdisciplinary care.

Payers and government health programs (Medicare/Medicaid)

Access and reimbursement are critical for this patient population. The payer segment includes commercial plans and government programs that cover the cost of LUPKYNIS. Data suggests a significant reliance on public programs within the broader lupus community, which directly impacts payer strategy for Aurinia Pharmaceuticals Inc. (AUPH).

Key statistics related to payer coverage include:

• Approximately one in four lupus patients receive health care via Medicare or Medicaid.
• The company reported net income of $31.6 million for Q3 2025, up 119% year-over-year, indicating improved financial footing to support market access efforts.
• Cash flow from operating activities for the nine months ended September 30, 2025, was $90.0 million.

Adolescent LN patients (future segment via VOCAL trial)

While LUPKYNIS is currently indicated for adults, the pipeline includes a focus on younger patients. The VOCAL trial is a known study targeting voclosporin in adolescents with LN. Although the trial was listed as 'in progress' in 2023, by late 2025, Aurinia Pharmaceuticals Inc. (AUPH) was presenting post-marketing data summaries on the use of voclosporin in pediatric patients at ACR Convergence 2025. This signals an active step toward qualifying this group as a future segment, contingent on further clinical data and regulatory action.

The path to this segment involves:

• Presenting data on pediatric use at major rheumatology conferences.
• Developing the pipeline beyond the current adult indication.

Aurinia Pharmaceuticals Inc. (AUPH) - Canvas Business Model: Cost Structure

You're looking at the costs Aurinia Pharmaceuticals Inc. incurs to bring LUPKYNIS to market and advance its pipeline, which is typical for a specialty pharma company focused on a single, high-value product plus pipeline development. The cost structure is heavily influenced by commercial execution and pipeline advancement, though recent restructuring has aimed to lean out the operating base.

High cost of goods sold (COGS) for specialty pharma manufacturing.

While the specific dollar amount for Cost of Goods Sold (COGS) for the nine months ended September 30, 2025, isn't explicitly itemized in the available summaries, the cost profile of the product is represented by the gross margin achieved on net product sales. For the third quarter of 2025, Aurinia Pharmaceuticals Inc. reported a 89% gross margin. This high margin is expected for a specialty pharmaceutical product like LUPKYNIS, but it means the remaining 11% of net product sales revenue is consumed by the direct costs of manufacturing and delivering the drug.

Metric	Period	Amount (USD)
Gross Margin	Q3 2025	89%
Implied COGS as % of Net Product Sales	Q3 2025	11%

Significant R&D expenses for advancing aritinercept pipeline.

The development of aritinercept, a dual inhibitor of BAFF and APRIL, represents a forward-looking cost driver. Specific Research and Development (R&D) expense figures for the nine months ended September 30, 2025, are not detailed in the public summaries, but management noted advancing this candidate as a factor in the business update. This spending is necessary to expand the company's portfolio beyond the current flagship product.

Selling, General, and Administrative (SG&A) costs for US commercialization.

Commercialization costs are a major component, though they have been actively managed. For the nine months ended September 30, 2025, net income rose to $76.4 million, up significantly from $4.3 million for the same period in 2024, partly because SG&A spending declined following the 2024 restructuring actions. Prior to the full impact of the restructuring, Aurinia Pharmaceuticals Inc. had estimated its total annualized operating expenses on a go-forward basis to be in the range of $185 to $195 million, with cash-based operating expenses around $155 to $165 million. This indicates a significant, ongoing cost base dedicated to sales force, marketing, and corporate overhead.

• SG&A spending declined year over year in Q3 2025.
• Prior annualized operating expense estimate: $185 million to $195 million.
• Prior annualized cash-based operating expense estimate: $155 million to $165 million.

Costs associated with the $98.2 million share repurchase program.

A direct cash outflow for capital management, rather than operations, was the share repurchase activity. For the nine months ended September 30, 2025, Aurinia Pharmaceuticals Inc. spent $98.2 million to repurchase 12.2 million of its common shares. This program, which began in February 2024 with an initial approval up to $150 million, is an allocation of capital that reduces the cash balance but is not an operating expense.

Share Repurchase Activity	Period Ended September 30, 2025	Amount (USD)
Total Repurchased for Nine Months	Nine Months Ended September 30, 2025	$98.2 million
Shares Repurchased	Nine Months Ended September 30, 2025	12.2 million

Regulatory and compliance costs.

Specific line items for regulatory and compliance costs are embedded within the operating expenses, but they are a persistent cost of maintaining FDA approval and adhering to ongoing reporting requirements for LUPKYNIS. Furthermore, the company incurred a one-time cash payment of $11.5 million in connection with the November 2024 restructuring, which included costs associated with winding down discontinued programs like AUR300, which is a non-recurring cost impacting recent cash flow.

Aurinia Pharmaceuticals Inc. (AUPH) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Aurinia Pharmaceuticals Inc.'s current value-how they are bringing in the cash to fund their next steps, especially with the pipeline advancing. Honestly, the revenue story right now is all about LUPKYNIS adoption, but the partnership revenue is still a piece of the puzzle.

The primary driver for Aurinia Pharmaceuticals Inc.'s revenue streams is the commercial success of their lead product, LUPKYNIS, the first FDA-approved oral therapy for active lupus nephritis. This is where the bulk of the money is coming from, and the guidance reflects strong confidence in that momentum.

Here are the key financial figures guiding the full-year 2025 outlook:

• Net product sales of LUPKYNIS, guided to be between $265 million and $270 million for 2025.
• Total revenue guidance was raised to a range of $275 million to $280 million for 2025.

This upward revision in guidance, which happened after the third quarter, shows you the commercial team is hitting their stride. It's a clear signal of increasing market penetration, likely helped by the updated treatment guidelines recommending LUPKYNIS for first-line therapy.

The revenue isn't just from the drug sales, though. You have to account for the partnership income, which provides a different kind of stability, even if it fluctuates based on milestones.

For the third quarter of 2025 specifically, the breakdown of revenue streams looked like this:

Revenue Component	Q3 2025 Amount
Net Product Sales (LUPKYNIS)	$70.6 million
License, Collaboration, and Royalty Revenue (Otsuka)	$2.8 million
Total Revenue (Q3 2025)	$73.5 million

See how the Otsuka collaboration revenue-which includes manufacturing services-is smaller but still present at $2.8 million for the third quarter of 2025. That figure is down from prior periods that included a one-time milestone payment, so don't mistake that lower number for a lack of partnership value; it's just a different revenue profile this quarter.

Beyond the top-line revenue, the efficiency of turning that revenue into usable cash is critical for a company like Aurinia Pharmaceuticals Inc. that is still investing in its pipeline, like aritinercept.

The cash generation has definitely improved, which is a huge positive for your valuation model. Here are the operating cash flow numbers:

• Operating cash flow generated $90.0 million in the first nine months of 2025.
• For comparison, cash flows from operating activities for the same nine-month period in 2024 were only $14.3 million.

That jump to $90.0 million in operating cash flow for the first nine months of 2025, up significantly from the prior year, shows you the operational leverage kicking in as LUPKYNIS sales scale. Finance needs to draft the 13-week cash view by Friday to track this trajectory.