Aurinia Pharmaceuticals $AUPH stock has formed a downtrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... breakout on February 28, 2023, but was rejected at the horizontal resistanceA horizontal resistance chart pattern is a type of chart which shows how price movement follows a certain pattern when price reaches a certain level. The pattern forms a resistance... zone at $9.50 – $9.70.
Aurinia Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing therapies to treat diseases of the kidney. The company’s lead drug candidate, voclosporin, is a novel therapeutic immunomodulating drug being developed as a potential treatment for Lupus Nephritis, a serious and life-threatening autoimmune disease. Aurinia is also researching potential applications of voclosporin in other kidney and autoimmune diseases.
Aurinia Reports Fourth Quarter and Full Year 2022 Financial Results
On February 28, 2023, Aurinia Pharmaceuticals reported Q4 EPS of (18c) versus the consensus estimate of (27c). The company reported Q4 revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... of $28.4M versus the consensus estimate of $27.78M. As of December 31, 2022, Aurinia had cash, cash equivalents and restricted cash and investments of $389.4M, compared to $466.1M at December 31, 2021. Aurinia believes that it has sufficient financial resources to fund its operations for at least the next few years.
“2022 was a year of significant growth generating $134.0 million in total net revenue representing a 194% increase over the previous year. As an organization, we continue to advocate for improved screening, diagnosis and the treatment of lupus nephritis with healthcare providers while reinforcing the clinical benefits of LUPKYNIS over the historic standard of care,” said CEO Peter Greenleaf. “We are focused on operational and commercial execution and are poised for continued growth in and outside the U.S., as we work to change the course of lupus nephritis and other autoimmune diseases.”
Fourth Quarter 2022 Highlights & Upcoming Milestones:
- There were approximately 1,525 patients on LUPKYNIS therapy at December 31, 2022, compared with 1,354 at September 30, 2022.
- Aurinia added 406 PSFs during the fourth quarter 2022, a 15% decrease from the fourth quarter 2021 (477), and a 9% increase from third quarter 2022 (374), exiting the year with a total of 1,648 PSFs during 2022.
- Through February 24, 2023, the Company has secured 274 PSFs for a total of approximately 3,500 PSFs since launch.
- Conversion rates continue to improve with approximately 85% of PSFs converted to patients on therapy.
- Time to convert continues to decrease with 30- and 60- day conversion rates at their best levels since launch.
- Launched new direct to patient / consumer campaign focused on patient education and activation.
- Terminated inter partes review of U.S. Patent No. 10,286,036.
- Strengthened the LUPKYNIS patent position with the receipt of a Notice of Allowance from the U.S. Patent Trademark Office for an additional method of use patent associated with the LUPKYNIS proprietary dosing regimen (U.S. Patent Application (No. 17/713,140) and notification from the European Patent Office of its intent to grant the European version of the existing U.S. method of use patent (U.S. Patent No. 10,286,036) for LUPKYNIS.