The following is a summary of the Aurinia Pharmaceuticals Inc. (AUPH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Aurinia reported Q1 net revenue of $50.3 million, marking a 46% YoY growth.

• Net product revenue reached $48.1 million, equating to approximately 40% YoY growth.

• The Company preserved its net product revenue guidance for FY 2024 of $200 million to $220 million.

• Under a new restructuring initiative, Aurinia expects to reduce operating expenses by $50 million to $55 million over the next 12 months.

• Going forward, the company aims to turn cash flow positive, excluding share repurchases, from Q2 2024.

• The company ended the first quarter with cash, cash equivalents, and restricted cash, and investments totaling $320.1 million.

Business Progress:

• Aurinia is focused on augmenting loop kinase revenues following a 25% workforce reduction.

• In Q1, 448 patient start forms were added, and 148 new patients enrolled, showcasing significant YoY growth.

• Aurinia is devising strategies for aggressive lupus nephritis treatment and reduction of proteinuria levels.

• The company has launched an awareness campaign, 'Know the Signs,' to educate rheumatologists about the severity of lupus nephritis.

• Aurinia is eagerly awaiting approval for LUPKYNIS in Japan, anticipated for H2 2024, which could yield a $10 million windfall and double-digit royalties on net sales.

• The FDA granted approval for a label update on LUPKYNIS, signifying its safe and effective use in the long term.

• The company purchased about $18.4 million worth of stock, planning to fund future purchases via discretionary purchase and repurchases through cash flows, excluding cash on hand.

• IND for their April BAFF inhibitor, AUR200, was approved by the FDA, setting the stage for animal toxicity studies and clinical trials.

• Lupus treatment guidelines conformity is seen as a key growth driver in the future.

More details: Aurinia Pharmaceuticals IR

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