Home Trending Stocks Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) stock falls during after-hour trading. What is...

Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) stock falls during after-hour trading. What is going on?

Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) stock gained by 0.57% at last close whereas the AUPH stock declines by 21.8% in the after-hours trading session after Aurinia Pharmaceuticals has announced its first-quarter 2021 financial results. Aurinia Pharmaceuticals is a highly integrated biopharmaceutical corporation focusing on developing treatments for patients suffering from chronic diseases with a strong unfulfilled medical need. LUPKYNIS (voclosporin), the first FDA-approved oral medication for the treatment of adult patients with active LN, has been launched by AUPH.

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Financial Highlights

On May 6, 2021, AUPH announced its first-quarter 2021 financial results which are stated below:

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  • Aurinia reported a net loss of $50.4 million, or $0.40 per common share, for the quarter ended March 31, 2021, compared with a net loss of $25.9 million, or $0.23 per common share, for the previous year’s first quarter.
  • For the quarters ending March 31, 2021, and March 31, 2020, revenues were $0.9 million and $30 thousand, respectively. The spike was due to the beginning of commercial LUPKYNIS revenues in January 2021.
  • For the quarters ending March 31, 2021, and March 31, 2020, cost of revenue is $48 thousand and zero, respectively. Commercial sales of LUPKYNIS and drug content contributed to the rise.
  • For the quarters ending March 31, 2021, and March 31, 2020, selling, general, and administrative (SG&A) expenditures were $39.3 million and $11.1 million, respectively. The extension of the commercial facilities, administrative services, and patient assistance systems to facilitate the launch of LUPKYNIS were the main reasons for the rise.
  • For the quarters ending March 31, 2021, and March 31, 2020, R&D expenditures were $9.8 million and $13.8 million, respectively. Lower Contract Research Organization (CRO) and other third-party clinical trial costs were the main reasons for the decline.

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Peter Greenleaf, President and CEO of Aurinia said:

LUPKYNIS, the first FDA-approved oral drug for acute lupus nephritis, a debilitating complication of lupus, was approved by the FDA in January of 2021. Following legalization, Aurinia was able to make LUPKYNIS directly available to patients and clinicians due to their seminal decision and work to develop a world-class commercial system prior to approval. Since then, the Aurinia team has been motivated by the positive reviews they’ve received from physicians and patients, and their optimism has only increased as they learn more about the critical need and importance of LUPKYNIS, and work to expand its use among the underserved LN community.

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