Aurinia Pharmaceuticals Inc.
AUPH · Pharmaceutical Preparations · 128.6M shares · +7%/yr ↑ shares · EDGAR filings ↗
Reference price $15.28 · est. market cap ~$2.0B — last insider purchase, 2026-06-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A85Profitable single-product specialty franchise (LUPKYNIS) with top-decile returns and strong cash generation, tempered by generic litigation and concentration.
Strengths
- Top-decile returns and profitability: ROA 38.2% (98.2 pct), operating margin 37% (96 pct), gross margin 88.5%, OCF margin 47.9% (97.4 pct), net product sales +25%
- Pivotal AURORA Phase 3 win (renal response ~41% vs 22.5%, OR 2.65, p<0.001) underpins an approved, reimbursed lupus-nephritis monopoly position
Risks
- Single-product dependence on LUPKYNIS with paragraph IV ANDA challenges to the 2037 patents threatening durability
- Modest cash ($80M, 50 pct); headline net margin >100% is inflated by a $173M tax benefit (operating profitability is the real, still-strong signal)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Insider buyingInsider buying — 11 open-market buy(s) by 1 insider(s) (~$25M, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
88.5%
Operating margin
37.1%
Net margin
101.5%
Return on equity
49.4%
Return on assets
38.2%
Revenue growth (QoQ)
0.8%
Current ratio
5.2×
EBITDA
$124M
Tangible book value
$578M
Cash & investments
$80M
Stock comp / revenue
5.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-02 | TANG KEVIN | Buy | 206K | $15.28 |
| 2026-06-01 | TANG KEVIN | Buy | 344K | $15.28 |
| 2026-06-01 | TANG KEVIN | Buy | 99 | $15.34 |
| 2026-05-29 | TANG KEVIN | Buy | 2.3K | $15.35 |
| 2026-05-29 | TANG KEVIN | Buy | 263K | $15.31 |
| 2026-05-18 | Cole Ryan | Grant | 116K | — |
| 2026-05-18 | Robertson Stephen P. | Grant | 116K | — |
| 2026-05-18 | Hearne Michael S | Grant | 116K | — |
| 2026-03-06 | Keenan Greg | Tax withheld | 8.1K | $14.32 |
| 2026-03-03 | TANG KEVIN | Buy | 184K | $14.22 |
| 2026-03-02 | Greenleaf Peter | Tax withheld | 101K | $14.21 |
| 2026-03-02 | Miller Joseph M | Tax withheld | 38K | $14.21 |
| 2026-03-02 | Donley Matthew Maxwell | Tax withheld | 41K | $14.21 |
| 2026-03-02 | Robertson Stephen P. | Tax withheld | 37K | $14.21 |
| 2026-03-02 | TANG KEVIN | Buy | 84K | $14.33 |
| 2026-03-02 | TANG KEVIN | Buy | 116K | $14.21 |
| 2026-02-27 | Robertson Stephen P. | Grant | 59K | — |
| 2026-02-27 | TANG KEVIN | Buy | 1.6K | $14.38 |
| 2026-02-27 | Miller Joseph M | Grant | 57K | — |
| 2026-02-27 | Greenleaf Peter | Grant | 196K | — |
| 2026-02-27 | Donley Matthew Maxwell | Grant | 58K | — |
| 2026-02-27 | Keenan Greg | Grant | 41K | — |
| 2026-02-27 | TANG KEVIN | Buy | 300K | $13.90 |
| 2026-02-27 | TANG KEVIN | Buy | 215K | $14.12 |
| 2026-02-20 | Donley Matthew Maxwell | Tax withheld | 33K | $14.40 |
| 2026-02-20 | Miller Joseph M | Tax withheld | 32K | $14.40 |
| 2026-02-20 | Robertson Stephen P. | Tax withheld | 35K | $14.40 |
| 2026-02-20 | Greenleaf Peter | Tax withheld | 100K | $14.40 |
| 2026-02-02 | Keenan Greg | Tax withheld | 12K | $14.53 |
| 2026-01-02 | Miller Joseph M | Tax withheld | 40K | $15.95 |
| 2026-01-02 | Robertson Stephen P. | Grant | 49K | — |
| 2026-01-02 | Robertson Stephen P. | Tax withheld | 40K | $15.95 |
| 2026-01-02 | Donley Matthew Maxwell | Grant | 54K | — |
| 2026-01-02 | Donley Matthew Maxwell | Tax withheld | 43K | $15.95 |
| 2026-01-02 | Miller Joseph M | Grant | 49K | — |
| 2026-01-02 | Greenleaf Peter | Grant | 165K | — |
| 2026-01-02 | Greenleaf Peter | Tax withheld | 113K | $15.95 |
| 2025-11-21 | Johnson Craig A | Tax withheld | 6.0K | $15.68 |
| 2025-11-21 | Bailey Jeffrey Allen | Tax withheld | 2.7K | $15.68 |
| 2025-08-05 | TANG KEVIN | Buy | 200K | $11.68 |
| 2025-08-04 | TANG KEVIN | Buy | 100K | $11.34 |
| 2025-08-01 | TANG KEVIN | Buy | 1.0M | $10.12 |
| 2025-08-01 | Keenan Greg | Sell | 20K | $10.50 |
| 2025-03-07 | Keenan Greg | Sell | 8.3K | $8.23 |
| 2025-03-04 | TANG KEVIN | Buy | 100K | $8.09 |
| 2025-03-04 | Greenleaf Peter | Sell | 165K | $7.92 |
| 2025-03-04 | Miller Joseph M | Sell | 56K | $7.92 |
| 2025-03-04 | Robertson Stephen P. | Sell | 58K | $7.92 |
| 2025-03-04 | Donley Matthew Maxwell | Sell | 59K | $7.92 |
| 2025-03-04 | TANG KEVIN | Buy | 148K | $8.00 |
| 2025-03-04 | TANG KEVIN | Buy | 500K | $7.92 |
| 2025-03-03 | Miller Joseph M | Grant | 115K | — |
| 2025-03-03 | Miller Joseph M | Sell | 62K | $8.00 |
| 2025-03-03 | TANG KEVIN | Buy | 101K | $7.97 |
| 2025-03-03 | TANG KEVIN | Buy | 352K | $8.02 |
| 2025-03-03 | Donley Matthew Maxwell | Grant | 136K | — |
| 2025-03-03 | Donley Matthew Maxwell | Sell | 66K | $8.00 |
| 2025-03-03 | Greenleaf Peter | Grant | 334K | — |
| 2025-03-03 | Greenleaf Peter | Sell | 196K | $8.00 |
| 2025-03-03 | Keenan Greg | Sell | 12K | $8.00 |
| 2025-03-03 | Robertson Stephen P. | Grant | 102K | — |
| 2025-03-03 | Robertson Stephen P. | Sell | 65K | $8.00 |
| 2025-02-28 | Robertson Stephen P. | Grant | 84K | — |
| 2025-02-28 | TANG KEVIN | Buy | 399K | $7.85 |
| 2025-02-28 | Greenleaf Peter | Grant | 291K | — |
| 2025-02-28 | Keenan Greg | Grant | 63K | — |
| 2025-02-28 | Donley Matthew Maxwell | Grant | 83K | — |
| 2025-02-28 | Miller Joseph M | Grant | 81K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07611214 ↗ | PRESERVE: LUPKYNIS in Combination With Belimumab, Obinutuzumab or Anifrolumab in Patients With Lupus Nephritis Lupus Nephritis | PHASE4 | Recruiting | 2029-03-02 |
| NCT07596901 ↗ | Study of Aritinercept in Patients With Generalized Myasthenia Gravis Myasthenia Gravis, Generalized | PHASE1/PHASE2 | Recruiting | 2029-03-02 |
| NCT05962788 ↗ | Long-Term Voclosporin Treatment in Adolescent and Pediatric Subjects With Lupus Nephritis Adolescent Lupus Nephritis, Pediatric Lupus Nephritis | PHASE3 | Terminated | 2025-07-04 |
| NCT05288855 ↗ | Voclosporin in Adolescent and Pediatric Subjects With Lupus Nephritis Adolescent Lupus Nephritis, Pediatric Lupus Nephritis | PHASE3 | Terminated | 2025-07-03 |
| NCT05337124 ↗ | A Prospective Observational Registry of Patients Treated With LUPKYNIS® (Voclosporin) in the US Lupus Nephritis | — | Completed | 2025-01-31 |
| NCT05306379 ↗ | Drug-Drug Interaction Study to Investigate Effects of Voclosporin on Pharmacokinetics of Simvastatin Drug-drug Interaction | PHASE1 | Completed | 2022-04-05 |
| NCT03597464 ↗ | Aurinia Renal Assessments 2: Aurinia Renal Response in Lupus With Voclosporin Lupus Nephritis | PHASE3 | Completed | 2021-10-07 |
| NCT04147650 ↗ | Dose Ranging Study to Assess the Efficacy and Safety of Voclosporin Ophthalmic Solution in Subjects With Dry Eye Syndrome Dry Eye Syndrome, Keratoconjunctivitis Sicca | PHASE2/PHASE3 | Completed | 2020-09-17 |
| NCT03598036 ↗ | Dose-Exploration Evaluating the Efficacy and Safety of Voclosporin in Subjects With Focal Segmental Glomerulosclerosis Focal Segmental Glomerulosclerosis | PHASE2 | Terminated | 2020-05-19 |
| NCT03021499 ↗ | Aurinia Renal Response in Active Lupus With Voclosporin Lupus Nephritis | PHASE3 | Completed | 2019-09-24 |
| NCT03597139 ↗ | Ocular Tolerability of Voclosporin Ophthalmic Solution Versus Restasis® in Subjects With Dry Eye Disease Dry Eye | PHASE2 | Completed | 2018-11-09 |
| NCT02949973 ↗ | Aurinia Early Urinary Protein Reduction Predicts Response Lupus Nephritis | PHASE2 | Completed | 2016-12-01 |
| NCT02949999 ↗ | Voclosporin in Healthy Japanese Volunteers Volunteers | PHASE1 | Completed | 2016-12-01 |
| NCT02141672 ↗ | AURA-LV: Aurinia Urinary Protein Reduction Active - Lupus With Voclosporin (AURA-LV) Lupus Nephritis | PHASE2 | Completed | 2016-07-01 |
| NCT01586845 ↗ | Safety and Efficacy Study of Voclosporin and Tacrolimus in Transplantation Renal Transplantation | PHASE3 | Withdrawn | 2015-12-01 |
| NCT00270634 ↗ | Study of ISA247 (Voclosporin) in De Novo Renal Transplantation Kidney Diseases | PHASE2 | Completed | 2009-07-01 |
| NCT00408187 ↗ | Randomized, Placebo and Ciclosporin Controlled Study of ISA247 in Plaque Psoriasis Patients Psoriasis | PHASE3 | Completed | 2008-12-01 |
| NCT00258713 ↗ | A 36-Week Extension to Protocol ISA04-03 Psoriasis | PHASE3 | Completed | 2006-07-01 |
| NCT00244842 ↗ | Randomized Placebo-controlled Study of ISA247 in Plaque Psoriasis Psoriasis | PHASE3 | Completed | 2005-10-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Shareholder voteExhibits | filing ↗ |
| 2026-05-11 | Acquisition/dispositionExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-03 | Material agreementReg FDExhibits | filing ↗ |
| 2026-03-23 | Exec/director changeExhibits | filing ↗ |
| 2026-02-26 | Results | filing ↗ |
| 2025-11-04 | Results | filing ↗ |
| 2025-07-31 | ResultsOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-03 | 0001600620-26-000053 ↗ |
| 8-K | 2026-05-11 | 2026-05-08 | 0001140361-26-020402 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001600620-26-000048 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001600620-26-000049 ↗ |
| 8-K | 2026-04-03 | 2026-03-30 | 0001600620-26-000035 ↗ |
| 8-K | 2026-03-23 | 2026-03-20 | 0001600620-26-000026 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001600620-26-000017 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001600620-26-000015 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001600620-25-000106 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001600620-25-000108 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0001600620-25-000090 ↗ |
| 10-Q | 2025-07-31 | 2025-06-30 | 0001600620-25-000092 ↗ |