2021 Q2 Form 10-Q Financial Statement

#000162828021015863 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $6.620M $29.00K $30.00K
YoY Change 22727.59% 0.0% 0.0%
Cost Of Revenue $308.0K $0.00 $0.00
YoY Change
Gross Profit $6.312M $29.00K $30.00K
YoY Change 21665.52%
Gross Profit Margin 95.35% 100.0% 100.0%
Selling, General & Admin $43.79M $15.45M $11.05M
YoY Change 183.42% 212.1% 183.33%
% of Gross Profit 693.69% 53272.41% 36833.33%
Research & Development $10.09M $11.08M $13.84M
YoY Change -8.89% -0.66% 30.15%
% of Gross Profit 159.87% 38193.1% 46116.67%
Depreciation & Amortization $200.0K $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit 3.17% 0.0% 0.0%
Operating Expenses $53.75M $26.89M $27.09M
YoY Change 99.89% 56.6% 81.56%
Operating Profit -$47.13M -$26.86M -$27.06M
YoY Change 75.46% 56.7% 81.72%
Interest Expense $142.0K $321.0K $890.0K
YoY Change -55.76% -76.74% -63.82%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$46.99M -$26.54M -$26.17M
YoY Change 77.05% 67.04% 110.71%
Income Tax $18.00K $2.000K -$200.0K
% Of Pretax Income
Net Earnings -$47.01M -$26.54M -$25.93M
YoY Change 77.1% 62.1% 83.95%
Net Earnings / Revenue -710.12% -91531.03% -86440.0%
Basic Earnings Per Share -$0.37 -$0.24 -$0.23
Diluted Earnings Per Share -$0.37 -$0.24 -$0.23
COMMON SHARES
Basic Shares Outstanding 128.2M shares 112.6M shares
Diluted Shares Outstanding 128.2M shares 112.6M shares

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $318.7M $264.4M $286.1M
YoY Change 20.57% 101.03% 98.27%
Cash & Equivalents $121.6M $232.4M $274.2M
Short-Term Investments $197.2M $31.94M $11.90M
Other Short-Term Assets $886.0K $13.16M $8.300M
YoY Change -93.27% 93.54% 23.88%
Inventory $17.38M
Prepaid Expenses $9.158M
Receivables $4.418M $530.0K $3.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $349.7M $278.0M $297.9M
YoY Change 25.77% 100.75% 96.76%
LONG-TERM ASSETS
Property, Plant & Equipment $4.813M $6.433M $5.900M
YoY Change -25.18% 1508.25% 1375.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.004M
YoY Change
Other Assets $11.86M $209.0K $200.0K
YoY Change 5572.73% -47.75% -50.0%
Total Long-Term Assets $36.58M $15.39M $14.80M
YoY Change 137.68% 21.18% 12.98%
TOTAL ASSETS
Total Short-Term Assets $349.7M $278.0M $297.9M
Total Long-Term Assets $36.58M $15.39M $14.80M
Total Assets $386.3M $293.4M $312.7M
YoY Change 31.64% 94.07% 90.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.535M $13.64M $12.40M
YoY Change -81.42% 94.87% 100.0%
Accrued Expenses $24.41M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.32M $17.76M $14.50M
YoY Change 65.07% 143.27% 123.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $16.90M $17.97M $19.10M
YoY Change -5.98% 0.98% 4.37%
Total Long-Term Liabilities $16.90M $17.97M $19.10M
YoY Change -5.98% -0.7% 2.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.32M $17.76M $14.50M
Total Long-Term Liabilities $16.90M $17.97M $19.10M
Total Liabilities $54.01M $35.73M $33.70M
YoY Change 51.15% 40.68% 33.73%
SHAREHOLDERS EQUITY
Retained Earnings -$672.5M
YoY Change
Common Stock $51.02M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $332.3M $257.7M $279.1M
YoY Change
Total Liabilities & Shareholders Equity $386.3M $293.4M $312.7M
YoY Change 31.64% 94.07% 90.09%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$47.01M -$26.54M -$25.93M
YoY Change 77.1% 62.1% 83.95%
Depreciation, Depletion And Amortization $200.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Operating Activities -$37.98M -$44.65M -$22.61M
YoY Change -14.93% 236.95% 71.92%
INVESTING ACTIVITIES
Capital Expenditures -$222.0K -$506.0K $210.0K
YoY Change -56.13% -2630.0% 950.0%
Acquisitions
YoY Change
Other Investing Activities $1.892M -$32.33M -$11.91M
YoY Change -105.85% -914.33% -404.6%
Cash From Investing Activities $1.670M -$32.84M -$12.13M
YoY Change -105.09% -931.27% -411.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.279M 3.876M $2.922M
YoY Change -67.0% 780.91% -90.77%
NET CHANGE
Cash From Operating Activities -37.98M -44.65M -$22.61M
Cash From Investing Activities 1.670M -32.84M -$12.13M
Cash From Financing Activities 1.279M 3.876M $2.922M
Net Change In Cash -35.03M -73.61M -$31.81M
YoY Change -52.41% 730.76% -242.08%
FREE CASH FLOW
Cash From Operating Activities -$37.98M -$44.65M -$22.61M
Capital Expenditures -$222.0K -$506.0K $210.0K
Free Cash Flow -$37.76M -$44.14M -$22.82M
YoY Change -14.46% 232.63% 73.26%

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us-gaap Depreciation
Depreciation
331000 USD
us-gaap Depreciation
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31000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1059000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
586000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
15574000 USD
us-gaap Share Based Compensation
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7698000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2904000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1071000 USD
us-gaap Increase Decrease In Receivables
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4418000 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
162000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3449000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
0 USD
us-gaap Increase Decrease In Prepaid Expense
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1987000 USD
us-gaap Increase Decrease In Prepaid Expense
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4411000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-229000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
0 USD
auph Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
126000 USD
auph Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
5649000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1031000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2464000 USD
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
529000 USD
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
6202000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-91520000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
216987000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-44646000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
31954000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
164651000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
358000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
427000 USD
us-gaap Payments To Acquire Lease Receivables
PaymentsToAcquireLeaseReceivables
11838000 USD
us-gaap Payments To Acquire Lease Receivables
PaymentsToAcquireLeaseReceivables
0 USD
us-gaap Payments For Software
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1039000 USD
us-gaap Payments For Software
PaymentsForSoftware
375000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6000 USD
us-gaap Payments To Acquire Intangible Assets
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79000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-65577000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-32835000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6278000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3875000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
30000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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6308000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3876000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-150789000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-73605000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
272350000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
306019000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
121561000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
232414000 USD
us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
376000 USD
us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
1211000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-236000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-51000 USD
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
128000 USD
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
419000 USD
CY2021Q2 us-gaap Debt Securities Current
DebtSecuritiesCurrent
197200000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5804000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
Basis of Presentation<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments considered necessary for fair presentation in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2020 was derived from audited annual financial statements but does not include all annual disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year or any other future periods.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Aurinia Pharma U.S., Inc. (Delaware incorporated) and Aurinia Pharma Limited (UK incorporated). All intercompany balances and transactions have been eliminated in consolidation.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company operates as one operating segment in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 280, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Segment Reporting</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Company operates in one operating segment engaged in the research, development and commercialization of therapeutic drugs in which revenues are derived from license, contract and product revenues. The Company's chief executive officer makes decisions for the Company and its subsidiaries as a whole. Accordingly, the Company operates and makes decisions as one reporting unit.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These unaudited condensed consolidated financial statements are presented in U.S. dollars which is the Company's functional currency therefore there is no currency translation adjustment upon consolidation as the remeasurement of gains or losses are recorded in the condensed consolidated statement of operations. All assets and liabilities denominated in a foreign currency are remeasured into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are remeasured at the average exchange rate during the period. Foreign exchange gains and losses arising on translation or settlement of a foreign currency denominated monetary item are included in the condensed consolidated statements of operations.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are devoting the majority of our operational efforts and financial resources towards the commercialization and post approval commitments of our approved drug, LUPKYNIS. Taking into consideration the Company's cash and cash equivalents and investments of $323.7 million as of June 30, 2021, the Company believes that it has sufficient resources to fund its operations at least one year beyond the date that the unaudited condensed consolidated financial statements are issued.</span></div>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 reportingUnit
CY2021Q2 auph Cash Cash Equivalents And Debt Securities Current
CashCashEquivalentsAndDebtSecuritiesCurrent
323700000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Critical Accounting Estimates: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP, requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities in our condensed consolidated financial statements. We believe the most complex judgments result primarily from the need to make estimates about the effects of matters that are inherently uncertain and are significant to our condensed consolidated financial statements. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. We evaluate our estimates, judgments and assumptions on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions and such differences may be material.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The most significant areas involving estimates, judgments and assumptions used in the preparation of our condensed consolidated financial statements are as follows:</span></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Revenue recognition;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Cost of sales;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Inventory;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Royalty obligation;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Contingent accruals;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Clinical trial liabilities;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Share-based compensation;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Intangible assets; </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Leases; and</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Income taxes.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, investments and accounts receivable. The Company attempts to minimize the risks related to cash and cash equivalents and investments by investing in a broad and diverse range of financial instruments. The Company established guidelines related to credit ratings and maturities intended to safeguard principal balances, earn a return on investments and to maintain liquidity. The Company's investment portfolio is maintained in accordance with its investment policy, which defines allowable investments, specifies credit quality standards and limits the credit exposure of any single issuer. The Company does not enter into any investment transaction for trading or speculative purposes.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s investment policy limits investments to certain types of instruments such as certificates of deposit, money market instruments, obligations issued by the U.S. government and U.S. government agencies as well as corporate debt securities, and places restrictions on maturities and concentration by type and issuer. The Company may at times maintain cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation and Canada Deposit Insurance Corporation and concentrated within a limited number of financial institutions. The accounts are monitored by management to mitigate the risk. The Company is exposed to financial risk related to the fluctuation of foreign currency exchange rates which could have a material effect on its future operating results or cash flows. Foreign currency risk is the risk that variations in exchange rates between the United States dollar and foreign currencies, primarily with the Canadian dollar, will affect the Company's operating and financial results. The Company holds the majority of its cash and cash equivalents in U.S. dollars and the majority of its expenses are also denominated in U.S. dollars, which limits the risk of material foreign exchange fluctuations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company currently has three main customers for U.S. commercial sales of LUPKYNIS and one customer for sales of voclosporin in the European Union, Japan, as well as the United Kingdom, Russia, Switzerland, Norway, Belarus, Iceland, Liechtenstein and Ukraine. Revenues from two specialty pharmacies accounted for approximately 61% and 36% of the Company's total revenues for the three and six months ended June 30, 2021. The Company monitors economic conditions, the creditworthiness of customers and government regulations and funding, both domestically and abroad. The Company regularly communicates with its customers regarding the status of receivable balances, including their payment plans and obtains positive confirmation of the validity of the receivables. An allowance against accounts receivable is established, if needed, using an expected credit loss model. Global economic conditions and customer specific factors may require the Company to periodically re-evaluate the collectability of its receivables and the Company could potentially incur credit losses.</span></div>
CY2021Q2 us-gaap Accounts And Other Receivables Net Current
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4400000 USD
CY2021Q2 us-gaap Debt Securities Noncurrent
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5000000.0 USD
CY2020Q4 us-gaap Debt Securities Noncurrent
DebtSecuritiesNoncurrent
24400000 USD
CY2021Q2 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
48500000 USD
CY2021Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
153600000 USD
CY2020Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
150400000 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0 USD
CY2021Q2 us-gaap Debt Securities Current
DebtSecuritiesCurrent
197176000 USD
CY2020Q4 us-gaap Debt Securities Current
DebtSecuritiesCurrent
125979000 USD
CY2021Q2 auph Debt Securities Current And Noncurrent
DebtSecuritiesCurrentAndNoncurrent
202180000 USD
CY2020Q4 auph Debt Securities Current And Noncurrent
DebtSecuritiesCurrentAndNoncurrent
150359000 USD
CY2021Q2 us-gaap Interest Receivable
InterestReceivable
300000 USD
CY2020Q4 us-gaap Interest Receivable
InterestReceivable
500000 USD
CY2021Q2 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
7000 USD
us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
13000 USD
CY2021Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
13791000 USD
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
13927000 USD
CY2021Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3585000 USD
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
0 USD
CY2021Q2 us-gaap Inventory Net
InventoryNet
17376000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
13927000 USD
CY2021Q2 us-gaap Prepaid Advertising
PrepaidAdvertising
4092000 USD
CY2020Q4 us-gaap Prepaid Advertising
PrepaidAdvertising
3701000 USD
CY2021Q2 us-gaap Prepaid Insurance
PrepaidInsurance
87000 USD
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2054000 USD
CY2021Q2 us-gaap Other Assets Current
OtherAssetsCurrent
886000 USD
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1018000 USD
CY2021Q2 auph Prepaid Rent And Prepaid Continuing Studies
PrepaidRentAndPrepaidContinuingStudies
4093000 USD
CY2020Q4 auph Prepaid Rent And Prepaid Continuing Studies
PrepaidRentAndPrepaidContinuingStudies
398000 USD
CY2021Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9158000 USD
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7171000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
19339000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10048000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9291000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
18452000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9120000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9332000 USD
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1100000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
600000 USD
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5319000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4965000 USD
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
506000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
179000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4813000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4786000 USD
CY2021Q2 us-gaap Depreciation
Depreciation
200000 USD
CY2020Q2 us-gaap Depreciation
Depreciation
0 USD
us-gaap Depreciation
Depreciation
300000 USD
us-gaap Depreciation
Depreciation
0 USD
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
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5615000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5489000 USD
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1112000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
788000 USD
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
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7824000 USD
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7619000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8936000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
8407000 USD
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
261000 USD
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
195000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
522000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
260000 USD
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
7000 USD
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
65000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
14000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
141000 USD
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
39000 USD
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
80000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
2000 USD
CY2021Q2 us-gaap Lease Cost
LeaseCost
307000 USD
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
11800000 USD
CY2020Q2 us-gaap Lease Cost
LeaseCost
261000 USD
us-gaap Lease Cost
LeaseCost
616000 USD
us-gaap Lease Cost
LeaseCost
403000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y10M9D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0519
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
423000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1147000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1061000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1085000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1109000 USD
CY2021Q2 auph Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
6773000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11598000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2662000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8936000 USD
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
24797000 USD
CY2021Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
96000000.0 USD
CY2021Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
96000000.0 USD
CY2021Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2535000 USD
CY2020Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2635000 USD
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7996000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6616000 USD
CY2021Q2 auph Accrued Research Current
AccruedResearchCurrent
4483000 USD
CY2020Q4 auph Accrued Research Current
AccruedResearchCurrent
4185000 USD
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10817000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
11361000 USD
CY2021Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
25831000 USD
CY2021Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
16900000 USD
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
16300000 USD
CY2021Q2 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
166579000 USD
CY2021Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
323741000 USD
CY2020Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
150359000 USD
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
422709000 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-47010000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-26544000 USD
us-gaap Net Income Loss
NetIncomeLoss
-97389000 USD
us-gaap Net Income Loss
NetIncomeLoss
-52476000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
128222000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
128222000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112576000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112576000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
127814000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127814000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112392000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112392000 shares
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.37
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.37
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.24
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.76
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.47
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.47
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15792000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12651000 shares
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
128400000 shares
CY2021Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
128400000 shares
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
126700000 shares
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
126700000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.66
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.43
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0035
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0083
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
auph Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRate
0.088
auph Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRate
0.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Expected Dividend
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageExpectedDividend
0.000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Expected Dividend
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageExpectedDividend
0.000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.59
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.20
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7753000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4202000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15574000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7698000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
38200000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y2M12D
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-236000 USD

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