Aurinia Pharmaceuticals Inc. (AUPH): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of Aurinia Pharmaceuticals Inc. right now, especially after they closed out a strong 2025 by raising guidance to a total revenue range of $275 million to $280 million. As an analyst who's seen a few cycles, I can tell you their business model is tightly focused: driving net product sales of LUPKYNIS in the US while leaning on their Otsuka partnership for international muscle, all while managing a pipeline asset, aritinercept. We've mapped out the nine essential blocks-from their specialized sales force and patient support to their $351.8 million cash position as of Q3 2025-so you can see precisely where the value is created and where the costs land. Keep reading below for the full, no-fluff breakdown of the Aurinia Pharmaceuticals Inc. Business Model Canvas.

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

You're looking at the core external relationships Aurinia Pharmaceuticals Inc. relies on to get its product, LUPKYNIS, to market globally and advance its pipeline. These aren't just vendor agreements; they are strategic extensions of the company's own capabilities, especially given the late 2025 financial picture where total revenue guidance is set between $260 million to $270 million for the full year.

Otsuka Pharmaceutical for International Commercialization and Manufacturing Services

The collaboration with Otsuka Pharmaceutical Co., Ltd. is central to Aurinia Pharmaceuticals Inc.'s international footprint, covering the European Union, Japan, the U.K., Switzerland, Russia, Norway, Belarus, Iceland, and Ukraine-the Otsuka Territories. This partnership secured significant upfront capital and provides a pathway for global reach beyond the U.S. market. For accounting purposes, Otsuka and specialty pharmacies/distributors are considered Aurinia Pharmaceuticals Inc.'s customers in these regions.

Here are the key financial structures tied to this agreement:

The inclusion of manufacturing services revenue in this line item suggests that Otsuka Pharmaceutical, or entities within its network, play a role in the supply chain for the licensed territories. This relationship is key to Aurinia Pharmaceuticals Inc.'s profitability, as evidenced by the company's strong cash flow from operations, which was $45.5 million for the six months ended June 30, 2025.

Contract Manufacturing Organizations (CMOs) for Drug Production

While the direct financial details for Aurinia Pharmaceuticals Inc.'s specific CMO contracts aren't itemized separately in the latest reports, the revenue stream labeled 'License, Collaboration and Royalty Revenue' explicitly includes manufacturing services revenue from the Otsuka collaboration. This strongly implies that either Otsuka manages the external manufacturing through their own network or that Aurinia Pharmaceuticals Inc. utilizes CMOs whose costs and services are accounted for within the scope of the international agreement. The company's ability to generate $66.6 million in net product sales in Q2 2025 shows that the supply chain, whether internal or outsourced via CMOs, is effectively supporting U.S. demand.

Key Opinion Leaders (KOLs) and Medical Societies for Guideline Adoption

Engaging with the medical community is how Aurinia Pharmaceuticals Inc. drives deeper adoption of LUPKYNIS, especially following guideline updates. The strategy in late 2025 is clearly focused on presenting new clinical evidence to the specialists who write the treatment protocols. This partnership activity is less about direct financial transactions and more about scientific validation and market access.

Aurinia Pharmaceuticals Inc. is actively partnering with independent investigators to present data at major medical congresses:

• Presenting five posters at the American College of Rheumatology (ACR) Convergence 2025 in Chicago, IL, October 24-29.
• Presenting data at the American Society of Nephrology (ASN) Kidney Week 2025 in Houston, TX, November 5-9.
• The focus is on sharing real-world and mechanistic data on voclosporin to deepen the medical community's understanding of its role in combination therapy.

Industry-wide, it's reported that more than 80% of pharma executives rely on external experts to shape both clinical and commercial strategy, underscoring the importance of these KOL relationships for guideline alignment.

Clinical Research Organizations (CROs) for Pipeline Development (Aritinercept)

For the pipeline asset, aritinercept (AUR200), the partnership with CROs is essential for executing the planned clinical studies. Aurinia Pharmaceuticals Inc. announced plans to initiate clinical studies in at least two autoimmune diseases in the second half of 2025. This execution relies heavily on external CRO expertise to manage trial logistics, patient recruitment, and data collection.

The Phase 1 single-ascending-dose (SAD) study results provide the scientific basis for these next-stage CRO-managed trials:

• The study involved 61 healthy subjects across dose levels from 5 mg to 300 mg.
• Single doses led to mean reductions from baseline to Day 28 of up to 55% for IgM, 48% for IgA, and 20% for IgG.
• These pharmacodynamic effects support the planned once-monthly dosing strategy for future trials.

The company's strong cash position as of June 30, 2025, at $315.1 million, provides the necessary financial backing to fund these CRO-led development activities for aritinercept.

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

You're managing a commercial-stage biopharma, so your key activities center on driving adoption of your approved asset while advancing the next potential revenue driver. Aurinia Pharmaceuticals Inc. is definitely focused on maximizing LUPKYNIS penetration while de-risking the pipeline.

Commercialization and Marketing of LUPKYNIS to Prescribers

The primary activity here is pushing LUPKYNIS, the first FDA-approved oral therapy for adult patients with active lupus nephritis, into broader use. The commercial team is heavily engaged in educating rheumatologists, especially since the American College of Rheumatology lupus nephritis treatment guidelines now recommend incorporating drugs like LUPKYNIS into first-line therapy to preserve kidney function. This educational push is clearly translating to the top line.

Here's the quick math on the commercial results through the third quarter of 2025:

Management is confident enough in this momentum to raise the full-year 2025 net product sales guidance to a range of $265 million to $270 million. That's a significant upward revision, showing the commercial engine is running hot.

Research and Development (R&D) for Pipeline Drug Aritinercept

Aurinia Pharmaceuticals is actively managing the development of aritinercept, which they call AUR200. This molecule is a dual inhibitor targeting B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL), both key players in autoimmune disease processes. The R&D focus has shifted following successful early-stage data.

Key R&D milestones achieved or planned for 2025 include:

• Announced positive results from a Phase 1 single-ascending-dose (SAD) study on June 30, 2025.
• Phase 1 data showed single doses resulted in robust and long-lasting reductions in immunoglobulins.
• Observed mean reductions from baseline to Day 28 of up to 48% for immunoglobulin A (IgA).
• Observed mean reductions from baseline to Day 28 of up to 55% for immunoglobulin M (IgM).
• Observed mean reductions from baseline to Day 28 of up to 20% for immunoglobulin G (IgG).
• Plan to initiate clinical studies in at least two autoimmune diseases in the second half of 2025.

Honestly, getting a molecule like this into multiple Phase 2/3 settings is the next big value driver.

Regulatory Compliance and Post-Marketing Surveillance

For LUPKYNIS, regulatory activity is continuous, focusing on maintaining compliance and defending the label. A key event highlighting this was the FDA's April 2024 supplementary approval for long-term use, backed by three-year efficacy and safety data. Still, the environment remains sensitive; in late September 2025, Aurinia Pharmaceuticals had to address public criticism from an FDA official regarding the drug's profile, comments which were subsequently retracted and clarified as personal opinion, not agency policy. This shows you defintely need robust post-marketing surveillance (PMS) to manage real-world safety signals and support benefit-risk assessments.

Regulatory compliance activities involve:

• Maintaining comprehensive PMS programs to meet evolving regulatory standards.
• Generating real-world evidence to support ongoing regulatory submissions and label updates.
• Managing interactions following public scrutiny, such as the September 2025 incident.

Managing a Significant Share Repurchase Program of $98.2 million YTD 2025

Aurinia Pharmaceuticals is actively returning capital to shareholders through a share repurchase plan, which is a significant financial management activity. This demonstrates management's belief in the company's intrinsic value, especially given the strong operating cash flow generation.

Here are the numbers related to the buyback and cash position as of late 2025:

The Board also approved an increase to the plan, authorizing an additional $150 million in common share repurchases. Plus, cash flows from operating activities for the nine months ended September 30, 2025, hit $90.0 million, up 529% compared to the same period in 2024. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Aurinia Pharmaceuticals Inc. needs to run the show, especially now that LUPKYNIS is generating real revenue. For a company like Aurinia Pharmaceuticals Inc., these resources are the difference between executing on their plan and stalling out. Let's break down what they are holding onto as of late 2025.

The most obvious physical resource is the capital base. As of the third quarter of 2025, Aurinia Pharmaceuticals Inc. had $351.8 million in cash, cash equivalents, and investments on the balance sheet. That's a solid war chest, though it is slightly lower than the $358.5 million they held at the end of 2024. This liquidity is critical for funding operations and pipeline development, like aritinercept (AUR200).

The primary commercial asset is, without question, LUPKYNIS (voclosporin). It's their sole commercial product, and the market is responding well. For the nine months ending September 30, 2025, net product sales for LUPKYNIS hit $197.2 million. Management even felt confident enough to raise the full-year 2025 net product sales guidance to a range of $265 million to $270 million. That sales momentum is the engine right now.

Intellectual property (IP) is the moat protecting those sales. Aurinia Pharmaceuticals Inc. has a patent portfolio protecting voclosporin. Specifically, U.S. Patent No. 10,286,036, which covers the LUPKYNIS dosing protocol, extends protection out to December 2037. To be fair, the New Chemical Entity exclusivity in the U.S. is shorter, running until January 22, 2026. Still, having three U.S. patents protecting the drug provides a significant barrier to entry.

Here's a quick look at the core financial and IP metrics:

The specialized sales force is another vital, though less tangible, resource. While I don't have the exact headcount for the rheumatologists and nephrologists targeting team, their effectiveness is clearly demonstrated by the sales trajectory. This team is capitalizing on the inclusion of LUPKYNIS in the 2024 American College of Rheumatology lupus nephritis treatment guidelines. That guideline support is a massive resource multiplier for the sales effort.

Finally, the clinical evidence base is a key resource that underpins everything. You can't sell a drug without data supporting its use. Aurinia Pharmaceuticals Inc. has:

• Full FDA approval based on the AURORA 1 study.
• FDA approval for long-term use based on AURORA 2 data.
• AURORA 2 demonstrated sustained efficacy over a three-year period.
• Momentum driven by the 2024 ACR guidelines recommending first-line incorporation.

Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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.

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.

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:

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.