Aurinia Pharmaceuticals has announced a significant restructuring, including a 45% reduction in its workforce, to sharpen its focus on Lupkynis (voclosporin) for lupus nephritis and advance the development of AUR200 for autoimmune diseases. The decision aims to streamline operations and reduce annual operating expenses by more than $40 million.
The company's Q3 2024 results revealed a 24% increase in revenue year-over-year, reaching $67.8 million. Lupkynis sales were the primary driver, contributing $55.5 million to the total. According to CEO Peter Greenleaf, the workforce reduction will "strengthen Aurinia’s financial position and provide more flexibility to engage in future business-building activities."
Lupkynis Performance and Market Competition
Lupkynis, the first oral lupus therapy approved by the FDA in 2021, also gained approvals in the EU and UK in 2022. Despite its market presence, Lupkynis faces competition from GSK's Benlysta (belimumab). While Lupkynis is projected to reach $447 million in sales by 2030, Benlysta is forecasted to generate $1.76 billion during the same period, according to GlobalData’s Pharma Intelligence Center.
AUR200 Development
Aurinia is also advancing AUR200, an immune modulator initially shelved but later reinstated. The candidate is currently in a Phase I single ascending dose study. Data from this study, including safety, tolerability, pharmacokinetics, and biomarkers, is expected in H1 2025.
Background and Financial Status
The restructuring follows investor dissatisfaction and leadership changes earlier in the year. Aurinia reported $348.7 million in cash, equivalents, and investments at the end of Q3 2024 and has reaffirmed its full-year 2024 net product revenue guidance, estimating between $210 million and $220 million.
