Aurinia Pharmaceuticals (AUPH) 10-Q1 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

COVER

COVER - shares	6 Months Ended
COVER - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36421
Entity Registrant Name	Aurinia Pharmaceuticals Inc.
Entity Incorporation, State or Country Code	Z4
Entity Address, Address Line One	#140, 14315 - 118 Avenue
Entity Address, City or Town	Edmonton
Entity Address, State or Province	AB
Entity Address, Postal Zip Code	T5L 4S6
Entity Tax Identification Number	98-1231763
City Area Code	(250)
Local Phone Number	744-2487
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		142,990,974
Title of 12(b) Security	Common shares, no par value
Trading Symbol	AUPH
Security Exchange Name	NASDAQ
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001600620
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash, cash equivalents and restricted cash	$ 33,407	$ 48,875
Short-term investments	297,068	301,614
Accounts receivable, net	25,522	24,089
Inventories, net	38,853	39,705
Prepaid expenses	7,840	9,486
Other current assets	6,976	1,031
Total current assets	409,666	424,800
Non-current assets
Long-term investments	199	201
Other non-current assets	867	1,517
Property and equipment, net	3,043	3,354
Acquired intellectual property and other intangible assets, net	4,621	4,977
Finance right-of-use asset, net	100,845	108,715
Operating right-of-use assets, net	4,288	4,498
Total assets	523,529	548,062
Current liabilities
Accounts payable and accrued liabilities	56,460	54,389
Deferred revenue	4,367	4,813
Other current liabilities (of which $0.8 million at June 30, 2024 and December 31, 2023 is due to a related party, respectively)	1,162	2,388
Finance lease liability	13,906	14,609
Operating lease liabilities	1,008	989
Total current liabilities	76,903	77,188
Non-current liabilities
Finance lease liability	64,923	75,479
Operating lease liabilities	6,146	6,530
Deferred compensation and other non-current liabilities (of which $7.8 million at June 30, 2024 and $7.6 million in December 31, 2023 is due to a related party, respectively)	10,941	10,911
Total liabilities	158,913	170,108
Commitments and contingencies (Note 18)
SHAREHOLDER’S EQUITY
Common shares - no par value, unlimited shares authorized, 142,984 and 143,833 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	1,205,554	1,200,218
Additional paid-in capital	112,270	120,788
Accumulated other comprehensive loss	(859)	(730)
Accumulated deficit	(952,349)	(942,322)
Total shareholders' equity	364,616	377,954
Total liabilities and shareholders' equity	$ 523,529	$ 548,062

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other current liabilities (of which $0.8 million at June 30, 2024 and December 31, 2023 is due to a related party, respectively)	$ 1,162	$ 2,388
Deferred compensation and other non-current liabilities (of which $7.8 million at June 30, 2024 and $7.6 million in December 31, 2023 is due to a related party, respectively)	$ 10,941	$ 10,911
Common stock, par value (in usd per share)	$ 0	$ 0
Common stock, issued (in shares)	142,984	143,833
Common stock, outstanding (in shares)	142,984	143,833
Related Party
Other current liabilities (of which $0.8 million at June 30, 2024 and December 31, 2023 is due to a related party, respectively)	$ 800	$ 800
Deferred compensation and other non-current liabilities (of which $7.8 million at June 30, 2024 and $7.6 million in December 31, 2023 is due to a related party, respectively)	$ 7,800	$ 7,600

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Total revenue, net	$ 57,192	$ 41,494	$ 107,495	$ 75,903
Operating expenses
Cost of sales	8,909	1,563	16,661	1,984
Selling, general and administrative	44,934	47,081	92,629	97,205
Research and development	4,080	12,650	9,631	25,808
Restructuring expenses	1,072	0	7,755	0
Other income, net	(290)	(3,630)	(4,415)	(3,340)
Total cost of sales and operating expenses	58,705	57,664	122,261	121,657
Loss from operations	(1,513)	(16,170)	(14,766)	(45,754)
Interest expense	(1,198)	(65)	(2,481)	(65)
Interest income	4,189	4,101	8,715	7,915
Net income (loss) before income taxes	1,478	(12,134)	(8,532)	(37,904)
Income tax expense (benefit)	756	(642)	1,495	(206)
Net income (loss)	722	(11,492)	(10,027)	(37,698)
Other comprehensive (loss) gain:
Unrealized (loss) gain on available-for-sale securities, net of tax of nil	(5)	(32)	(129)	41
Comprehensive income (loss)	$ 717	$ (11,524)	$ (10,156)	$ (37,657)
Net income (loss) per share:
Basic (in usd per share)	$ 0.01	$ (0.08)	$ (0.07)	$ (0.26)
Diluted (in usd per share)	$ 0.01	$ (0.08)	$ (0.07)	$ (0.26)
Weighted-average common shares outstanding:
Basic (in shares)	143,327	142,777	143,507	142,904
Diluted (in shares)	144,110	142,777	143,507	142,904
Product revenue, net
Revenue
Total revenue, net	$ 55,028	$ 41,100	$ 103,101	$ 75,437
License, collaboration and royalty revenue
Revenue
Total revenue, net	$ 2,164	$ 394	$ 4,394	$ 466

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Unrealized gain (loss) on available-for-sale securities, net of tax	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Additional paid in capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Balance (in shares) at Dec. 31, 2022		142,268
Balance at Dec. 31, 2022	$ 405,435	$ 1,185,309	$ 85,489	$ (1,061)	$ (864,302)
Increase (Decrease) in Stockholders' Equity
Shares issued on exercise of stock options and vesting of performance awards and restricted stock units (in shares)		891
Shares issued on exercise of stock options and vesting of performance awards and restricted stock units	1,873	$ 9,061	(7,188)
Issuance of common shares in conjunction with ESPP program (in shares)		210
Issuance of common shares in conjunction with ESPP program	906	$ 2,110	(1,204)
Share-based compensation	21,735		21,735
Unrealized loss on available-for-sale securities, net	41			41
Net income (loss)	(37,698)				(37,698)
Balance (in shares) at Jun. 30, 2023		143,369
Balance at Jun. 30, 2023	392,292	$ 1,196,480	98,832	(1,020)	(902,000)
Balance (in shares) at Mar. 31, 2023		143,029
Balance at Mar. 31, 2023	390,408	$ 1,193,019	88,885	(988)	(890,508)
Increase (Decrease) in Stockholders' Equity
Shares issued on exercise of stock options and vesting of performance awards and restricted stock units (in shares)		130
Shares issued on exercise of stock options and vesting of performance awards and restricted stock units	234	$ 1,351	(1,117)
Issuance of common shares in conjunction with ESPP program (in shares)		210
Issuance of common shares in conjunction with ESPP program	906	$ 2,110	(1,204)
Share-based compensation	12,268		12,268
Unrealized loss on available-for-sale securities, net	(32)			(32)
Net income (loss)	(11,492)				(11,492)
Balance (in shares) at Jun. 30, 2023		143,369
Balance at Jun. 30, 2023	$ 392,292	$ 1,196,480	98,832	(1,020)	(902,000)
Balance (in shares) at Dec. 31, 2023	143,833	143,833
Balance at Dec. 31, 2023	$ 377,954	$ 1,200,218	120,788	(730)	(942,322)
Increase (Decrease) in Stockholders' Equity
Shares issued on exercise of stock options and vesting of performance awards and restricted stock units (in shares)	85	2,423
Shares issued on exercise of stock options and vesting of performance awards and restricted stock units	$ 411	$ 22,907	(22,496)
Shares repurchased and cancelled, inclusive of transaction costs (in shares)		(3,424)
Shares repurchased and cancelled, inclusive of transaction costs	(18,619)	$ (18,619)
Issuance of common shares in conjunction with ESPP program (in shares)		152
Issuance of common shares in conjunction with ESPP program	703	$ 1,048	(345)
Share-based compensation	14,323		14,323
Unrealized loss on available-for-sale securities, net	(129)			(129)
Net income (loss)	$ (10,027)				(10,027)
Balance (in shares) at Jun. 30, 2024	142,984	142,984
Balance at Jun. 30, 2024	$ 364,616	$ 1,205,554	112,270	(859)	(952,349)
Balance (in shares) at Mar. 31, 2024		143,690
Balance at Mar. 31, 2024	359,476	$ 1,207,982	105,419	(854)	(953,071)
Increase (Decrease) in Stockholders' Equity
Shares issued on exercise of stock options and vesting of performance awards and restricted stock units (in shares)		192
Shares issued on exercise of stock options and vesting of performance awards and restricted stock units	383	$ 1,773	(1,390)
Shares repurchased and cancelled, inclusive of transaction costs (in shares)		(1,050)
Shares repurchased and cancelled, inclusive of transaction costs	(5,249)	$ (5,249)
Issuance of common shares in conjunction with ESPP program (in shares)		152
Issuance of common shares in conjunction with ESPP program	703	$ 1,048	(345)
Share-based compensation	8,586		8,586
Unrealized loss on available-for-sale securities, net	(5)			(5)
Net income (loss)	$ 722				722
Balance (in shares) at Jun. 30, 2024	142,984	142,984
Balance at Jun. 30, 2024	$ 364,616	$ 1,205,554	$ 112,270	$ (859)	$ (952,349)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (10,027)	$ (37,698)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	9,690	1,436
Net amortization of premiums and discounts on short-term investments	(6,331)	(5,599)
Share-based compensation expense	14,323	21,735
Foreign exchange on finance lease liability	(5,705)	417
Other, net	275	(3,652)
Net changes in operating assets and liabilities
Accounts receivable, net	(1,433)	(6,016)
Inventories, net	852	(8,403)
Prepaid expenses and other current assets	(4,305)	2,374
Non-current operating assets	(12)	(16)
Accounts payable, accrued and other liabilities	283	1,245
Operating lease liabilities	(365)	(319)
Net cash used in operating activities	(2,755)	(34,496)
Cash flows from investing activities
Purchase of investments	(318,126)	(256,439)
Proceeds from investments	328,877	288,291
Upfront lease payment	(44)	(11,864)
Purchase of property and equipment	0	(524)
Capitalized patent costs	(96)	(212)
Net cash provided by investing activities	10,611	19,252
Cash flows from financing activities
Repurchase of common shares	(18,435)	0
Principal portion of finance lease payments	(6,001)	0
Proceeds from exercise of stock options and employee share purchase plan	1,112	2,779
Cash (used in) provided by financing activities	(23,324)	2,779
Net decrease in cash, cash equivalents and restricted cash	(15,468)	(12,465)
Cash, cash equivalents and restricted cash, beginning of period	48,875	94,172
Cash, cash equivalents and restricted cash, end of period	33,407	81,707
Supplemental cash flow information
Cash received for interest	2,132	2,713
Cash paid for income taxes	(1,459)	(277)
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets
Cash, cash equivalents	33,265	81,389
Restricted cash	142	318
Total cash, cash equivalents and restricted cash	$ 33,407	$ 81,707

Organization and Description of

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Aurinia Pharmaceuticals Inc. (Aurinia or the Company) is a fully integrated biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS ® (voclosporin), the first U.S. Food and Drug Administration (FDA) approved oral therapy for the treatment of adult patients with active lupus nephritis (LN) and continues to conduct clinical and regulatory activities to support the LUPKYNIS development program. Aurinia contracted with Otsuka Pharmaceutical Co., Ltd. (Otsuka) as a collaboration partner for development and commercialization of LUPKYNIS in the European Union (EU), Japan, as well as the United Kingdom, Russia, Switzerland, Norway, Belarus, Iceland, Liechtenstein and Ukraine (collectively, the Otsuka Territories). On February 15, 2024, the Company announced the conclusion of its strategic review process and actions designed to enhance shareholder value, including an exclusive focus on driving the commercial execution of the LUPKYNIS (voclosporin) business. Aurinia executed a corporate restructuring in the first quarter that reduced employee headcount by approximately 25% and discontinued its AUR300 research and development program. The corporate restructuring involved the Company reaffirming its commitment to LUPKYNIS growth, while maintaining a sharp focus on operating efficiencies and maximizing cash flows. For further discussion, refer to Note 19, Restructuring. The Company is moving forward with development of its pipeline asset AUR200, a differentiated, potential next generation therapy for autoimmune diseases that targets both BAFF (B-cell Activating Factor) and APRIL (A Proliferation-Inducing Ligand). First patients are expected to enter the Phase 1 Single Ascending Dose (SAD) study of AUR200 in the third quarter of 2024. Data from the SAD study, including safety, tolerability, pharmacokinetics and biomarkers, is anticipated in the first half of 2025. Aurinia's head office and registered office is located at #140, 14315-118 Avenue, Edmonton, Alberta, Canada T5L 4S6. Aurinia also has a U.S. commercial office located at 77 Upper Rock Circle Suite 700, Rockville, Maryland, 20850 United States. Aurinia is incorporated pursuant to the Business Corporations Act (Alberta). The Company’s common shares are traded on the Nasdaq Global Market (Nasdaq) under the symbol AUPH.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation 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. 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 June 30, 2024 was derived from audited annual consolidated 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future periods. 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 and operate in one segment. These unaudited condensed consolidated financial statements are presented in U.S. dollars, which is the Company's and all of its foreign subsidiaries' functional currency. Therefore, there is no currency translation adjustment upon consolidation as the remeasurement of gains or losses are recorded in the condensed consolidated statements of operations. All monetary assets and liabilities denominated in a foreign currency are remeasured into U.S. dollars at the exchange rate on the balance sheet date. Non-monetary assets and liabilities (along with their related expenses) are translated at the rate of exchange in effect on the date assets were acquired. Monetary income and expense items are translated at the average foreign currency rate. Foreign exchange gains and losses arising on translation or settlement of a foreign currency denominated monetary item are included in the consolidated statements of operations and recorded in other income, net. Significant Accounting Policies The Company's significant accounting policies have not changed from those previously described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Product Revenues We sell LUPKYNIS (voclosporin) primarily to specialty pharmacies and a specialty distributor, and directly to our ex-U.S. partner Otsuka. These customers subsequently distribute the Company's products to patients and healthcare providers. Revenues from product sales are recognized when the customer obtains control of the Company's product, which typically occurs upon delivery to the customer. Reserves for discounts and allowances: Product sales are recorded at the net sales price, which includes estimates of variable consideration for which reserves are established. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the customer) or a liability (if the amount is payable to a party other than the customer). The Company's estimates of reserves established for variable consideration are calculated based upon utilizing the expected value method. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will not occur in a future period. Amounts related to such items are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Significant judgment is required in estimating variable consideration. In making these estimates, the Company considers historical data, including patient mix and inventory sold to customers that has not yet been dispensed. The Company uses a data aggregator and historical claims to estimate variable consideration for inventory sold to customers, including specialty pharmacies and specialty distributors, that has not yet been dispensed to patients. Actual amounts may ultimately differ from the Company's estimates. If actual results vary, the Company adjusts these estimates, which could have an effect on earnings in the period of adjustment. As of June 30, 2024, the Company did not have any material adjustments to variable consideration estimates based on actual results. These specific adjustments are detailed further in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Major Customers: The Company currently has two main specialty pharmacies for U.S. commercial sales of LUPKYNIS and a collaboration partnership with Otsuka for sales of semi-finished product and royalty, collaboration and manufacturing services revenue in the Otsuka Territories. Revenues from our two main customers represented approximately 51% and 40% of revenues for the six months ended June 30, 2024. Revenues from our two main customers represented approximately 53% and 45% of revenues for the six months ended June 30, 2023. In late March 2022, the Company provided a nominal additional discount to both of its two main U.S. specialty pharmacies, applicable for the 2022 calendar year, in connection with holding additional amounts of LUPKYNIS on hand due to supply chain concerns. In December 2022, the Company extended the nominal discount to the end of 2024. Such discounts, or any future discounts, may result in reduced sales to these customers in subsequent periods and substantial fluctuations in revenues from period to period. 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. Global economic conditions and customer specific factors may require the Company to periodically reevaluate the collectability of its receivables and based on this evaluation the Company could potentially incur credit losses. The Company has had no historical write-offs related to customers or receivables. Accounts Receivable, net: Accounts receivable are stated at their net realizable value. The Company's accounts receivable primarily represent amounts due to the Company from product sales and from its Otsuka collaboration agreement (Note 12). As of June 30, 2024 and December 31, 2023, accounts receivable, net are $25.5 million and $24.1 million, respectively. The Company's standard credit terms range from 30 to 45 days. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between the transfer of the promised good to the customer and receipt of payment will be one year or less. The Company estimates the allowances using the current expected credit loss, or CECL, model. Under the CECL model, the allowances reflect the net amount expected to be collected from the accounts receivable. Aurinia evaluates the collectability of these cash flows based on the asset’s amortized cost, the risk of loss even when that risk is remote, losses over an asset’s contractual life, and other relevant information available to the Company. Accounts receivable balances are written off against the allowance when it is probable that the receivable will not be collected. Given the nature of the Company's accounts receivable, it determined that an allowance for current expected credit losses was nil as of June 30, 2024 and December 31, 2023. Share-Based Compensation: The Company follows ASC Topic 718, Compensation - Stock Compensation (ASC 718), which requires the measurement and recognition of compensation expense, based on estimated fair values, for all share-based awards made to employees and directors. The Company records compensation expense based on the fair value on the grant date using the graded accelerated vesting method for all share-based payments related to stock options, performance awards (PAs), restricted stock units (RSUs) and purchases under the Company's 2021 Employee Share Purchase Plan (ESPP). The estimated fair value of performance-based awards is measured on the grant date and is recognized when it is determined that it is probable that the performance condition will be achieved. The Company has elected a policy for all share-based awards to estimate forfeitures based on historical forfeiture experience at the time of grant and revise in subsequent periods if actual forfeitures differ from those estimates. Restructuring Expenses: Restructuring expense consist primarily of employee severance, contract termination costs and other costs. Liabilities for costs associated with a restructuring activity are recognized when the liability is incurred and are measured at fair value. According to ASC 420, Exit or Disposal Cost Obligations , one-time employee severance and termination benefits are expensed at the date the entity notifies the employee of the plan, unless the employee must provide future service, in which case the benefits are expensed in the period when the service ends. One-time termination benefits include severance, continuation of health insurance coverage for certain employees, and other benefits such as outplacement support services for a specified period of time. Common Shares: The Company’s shares have no par value or stated value and therefore, upon issuance or repurchase of shares, all amounts related to the shares are recorded under common shares on the balance sheet. The value of common shares includes cash amounts paid or received for the shares and the fair value of equity awards and warrants. Amounts for common shares are offset by share issue costs or transactions costs associated with repurchases or equity offerings. Recent Accounting Pronouncements In December 2023, the FASB issued final guidance in ASU No. 2023-09, Income Taxes (ASC 740): Improvements to Income Tax Disclosures requiring entities to provide additional information in the rate reconciliation and disclosures about income taxes paid. For public business entities, the guidance is effective for annual periods beginning after December 15, 2024. The Company is not early adopting, and therefore, this ASU is not adopted in the current period. The Company does not expect this ASU to have a material impact on the consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires public entities to disclose significant segment expenses regularly provided to the chief operating decision-maker. Public entities with a single reporting segment have to provide all disclosures required by ASC 280, including the significant segment expense disclosures. For public business entities, the guidance is effective for annual periods beginning after December 15, 2023. This ASU does not have a material impact on the consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company's financial instruments consist primarily of cash, cash equivalents, restricted cash, investments, accounts receivable, accounts payable and accrued liabilities. The carrying value of accounts receivable, accounts payable and accrued liabilities approximate their fair value because of their short-term nature. Estimated fair value of available-for-sale debt securities are generally based on prices obtained from commercial pricing services. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from sources independent from the Company) and to minimize the use of unobservable inputs (the Company’s assumptions about how market participants would price assets and liabilities). As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3 - Unobservable inputs that reflect the reporting entity’s own assumptions. The following table summarizes the financial assets (cash, cash equivalents, restricted cash and investments) measured at fair value on a recurring basis: June 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents and restricted cash $ 33,407 $ — $ — $ 33,407 Corporate bonds — 4,072 — 4,072 Commercial paper — 15,575 — 15,575 Treasury bills — 183,122 — 183,122 Treasury bonds — 94,498 — 94,498 Total financial assets $ 33,407 $ 297,267 $ — $ 330,674 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents and restricted cash $ 48,875 $ — $ — $ 48,875 Corporate bonds — 33,781 — 33,781 Commercial paper — 39,304 — 39,304 Treasury bills — 122,806 — 122,806 Treasury bonds — 105,924 — 105,924 Total financial assets $ 48,875 $ 301,815 $ — $ 350,690 The Company's Level 1 instruments include cash, cash equivalents and restricted cash that are valued using quoted market prices. Aurinia estimates the fair values of investments in corporate debt securities, government and government related securities and certificates of deposits by taking into consideration valuations obtained from third-party pricing services. The fair value of the Company's investments classified within Level 2 is based upon observable inputs that may include benchmark yield curves, reported trades, issuer spreads, benchmark securities and reference data including market research publications. At June 30, 2024 and December 31, 2023, the weighted average remaining contractual maturities of Aurinia's Level 2 investments were approximately 6 months and 7 months, respectively. The Company's policy is for these investments to have an overall rating of A-1, or higher, by Standard & Poor's, or an equivalent rating by Moody’s or Fitch. No credit loss allowance was recorded as of June 30, 2024 and December 31, 2023, as the Company does not believe the unrealized loss is a result of a credit loss due to the nature of the investments. Aurinia also considered the current and expected future economic and market conditions and determined that the estimate of credit losses was not significantly impacted. Refer to Note 4, Cash, Cash Equivalents, Restricted Cash and Investments , for the carrying amount and related unrealized gains (losses) by type of investment.

Cash, Cash Equivalents, Restric

Cash, Cash Equivalents, Restricted Cash and Investments	6 Months Ended
Cash, Cash Equivalents, Restricted Cash and Investments	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Cash, Cash Equivalents, Restricted Cash and Investments	Cash, Cash Equivalents, Restricted Cash and Investments As of June 30, 2024 and December 31, 2023, the Company had $330.7 million and $350.7 million, respectively of cash, cash equivalents, restricted cash and investments summarized below. As of June 30, 2024 and December 31, 2023, $297.3 million and $301.8 million were available-for-sale debt securities which are carried at fair market value. June 30, 2024 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, cash equivalents and restricted cash $ 33,407 $ — $ — $ 33,407 Corporate bonds 3,873 — — 3,873 Commercial paper 15,583 — (8) 15,575 Treasury bills 183,128 — (6) 183,122 Treasury bonds 94,537 — (39) 94,498 Total cash, cash equivalents, restricted cash and short-term investments 330,528 — (53) 330,475 Total long-term investment corporate bond 199 — — 199 Total cash, cash equivalents, restricted cash and investments $ 330,727 $ — $ (53) $ 330,674 December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, cash equivalents and restricted cash $ 48,875 $ — $ — $ 48,875 Corporate bonds 33,576 4 — 33,580 Commercial paper 39,305 — (1) 39,304 Treasury bills 122,757 49 — 122,806 Treasury bonds 105,903 21 — 105,924 Total cash, cash equivalents, restricted cash and short-term investments 350,416 74 (1) 350,489 Total long-term investment corporate bond 200 1 — 201 Total cash, cash equivalents, restricted cash and investments $ 350,616 $ 75 $ (1) $ 350,690 As of June 30, 2024 and December 31, 2023, accrued interest receivable from investments was $0.6 million and $0.7 million, respectively. During the three and six months ended June 30, 2024, the Company had $5 thousand and $129 thousand of unrealized losses on available-for-sale securities, net of tax, respectively, which are included as a component of comprehensive loss on the consolidated statements of operations. During the three and six months ended June 30, 2023, the Company had $(32) thousand and $41 thousand of unrealized losses and gains on available-for-sale securities, net of tax, respectively, which are included as a component of comprehensive loss on the consolidated statements of operations. Currently, the Company does not intend to sell investments that are in an unrealized loss position, and it is unlikely the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. The Company has determined that the gross unrealized losses on investments at June 30, 2024, were temporary in nature. Realized gains or losses were immaterial during the three and six months ended June 30, 2024 and 2023.

Inventories, net

Inventories, net	6 Months Ended
Inventories, net	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net Inventories are valued under a standard costing methodology on a first-in, first-out basis and are stated at the lower of cost or net realizable value. The Company capitalizes inventory costs related to products to be sold in the ordinary course of business. The Company makes a determination of capitalizing inventory costs for a product based on, among other factors, status of regulatory approval, information regarding safety, efficacy and expectations relating to commercial sales and recoverability of costs. Capitalized costs of inventories for LUPKYNIS (voclosporin) mainly include third party manufacturing costs, transportation, storage, insurance, and allocated internal labor. Due to the nature of the Company's supply chain process, inventory that is owned by the Company, is physically stored at third-party warehouses, logistics providers, and contract manufacturers. The Company assesses recoverability of inventory each reporting period to determine if any write-down to net realizable value is necessary. As of June 30, 2024 and December 31, 2023, Aurinia recorded reserves of finished goods inventories of approximately $0.5 million and $0.8 million, respectively, which were primarily related to potential inventory obsolescence. The components of inventory, net are as follows: (in thousands) June 30, 2024 December 31, 2023 Raw materials $ 1,702 $ 1,746 Work in process 34,224 37,376 Finished goods, net of reserve 2,927 583 Total inventories, net $ 38,853 $ 39,705

Prepaid Expenses

Prepaid Expenses	6 Months Ended
Prepaid Expenses	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses	Prepaid Expenses Prepaid expenses are as follows: (in thousands) June 30, 2024 December 31, 2023 Prepaid assets $ 6,447 $ 6,892 Prepaid deposits 1,340 1,345 Prepaid insurance 53 1,249 Total prepaid expenses $ 7,840 $ 9,486

Intangible Assets

Intangible Assets	6 Months Ended
Intangible Assets	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The following table summarizes the carrying amount of intangible assets, net of accumulated amortization. June 30, 2024 (in thousands) Gross Carrying Accumulated Net Carrying Patents $ 1,943 $ (1,317) $ 626 Acquired intellectual property and reacquired rights 15,126 (11,136) 3,990 Internal-use software implementation costs 2,873 (2,868) 5 $ 19,942 $ (15,321) $ 4,621 December 31, 2023 (in thousands) Gross Carrying Accumulated Net Carrying Patents $ 1,847 $ (1,297) $ 550 Acquired intellectual property and reacquired rights 15,126 (10,737) 4,389 Internal-use software implementation costs 2,873 (2,835) 38 $ 19,846 $ (14,869) $ 4,977 Amortization expense for the three months ended June 30, 2024 and 2023 was approximately $0.2 million and $0.5 million, respectively. Amortization for the six months ended June 30, 2024 and 2023 was approximately $0.5 million and $0.9 million, respectively.

Property and Equipment, net

Property and Equipment, net	6 Months Ended
Property and Equipment, net	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net are as follows: (in thousands) June 30, 2024 December 31, 2023 Leasehold improvements $ 3,243 $ 3,243 Office equipment 631 631 Furniture 1,155 1,155 Computer equipment 235 235 5,264 5,264 Less accumulated depreciation (2,221) (1,910) Property and equipment, net $ 3,043 $ 3,354

Lease Obligations

Lease Obligations	6 Months Ended
Lease Obligations	Jun. 30, 2024
Leases [Abstract]
Lease Obligations	Lease Obligations The Company has the following lease obligations: Rockville, Maryland During March 2020, the Company entered into a lease for its U.S. commercial office in Rockville, Maryland for a total of 30,531 square feet of office space. The lease has a remaining term of approximately seven years and has an option to extend for two five-year periods after the initial term of 11 years has elapsed and has an option to terminate after seven years. As of June 30, 2024, the Company had a right-of-use (ROU) asset of $4.3 million and lease liability of $7.0 million included in the condensed consolidated balance sheets. As of December 31, 2023, the Company had a right-of-use asset of $4.5 million and lease liability of $7.4 million included in the condensed consolidated balance sheets. The Company recorded leasehold improvement incentives in the amount of $2.3 million as additions to the lease liability. When measuring the lease liability, the Company discounted lease payments using its incremental borrowing rate at the lease commencement date on March 12, 2020. The incremental borrowing rate applied to the lease liability was 5.2% based on the financial position of the Company, geographical region and term of lease. Edmonton, Alberta During October 2022, the Company entered into a long term lease in Edmonton for a total of 4,375 square feet of office space. The lease is a six year lease and has an option to renew after five years at prevailing market rates. The lease commenced on November 1, 2022 and the Company recorded the lease as an operating lease. The lease is not material to the Company's financial position. For all leases, the Company incurs variable lease costs. These costs include operation and maintenance costs included in SG&A and are expensed as incurred. The variable lease costs are not material to the Company's financial position. The operating lease costs for all leases for the three and six months ended June 30, 2024 and June 30, 2023 were $0.2 million and $0.4 million for both periods. Monoplant At lease inception, the Company recorded an ROU asset of approximately $117.6 million and a corresponding lease liability of $94.1 million, which is the present value of the minimum lease payments beginning July 2023 and expiring in 2030. The incremental borrowing rate applied to value the lease liability at inception is 6.19%, which was based on the financial position of the Company, geographical region and term of lease. As of June 30, 2024, the ROU asset, net and corresponding lease liability balance were $100.0 million and $78.7 million, respectively. As of December 31, 2023, the ROU asset, net and corresponding lease liability balance were $108.7 million and $90.1 million, respectively. For the three and six months ended June 30, 2024, ROU amortization was $4.4 million and $8.7 million, respectively. For the three and six months ended June 30, 2024, interest expense was $1.2 million and $2.5 million, respectively. Beinheim The Company entered into an equipment and facility finance lease for a backup manufacturing encapsulation site in Beinheim, France that has commenced operations during June 2024 with a lease term of seven years. The incremental borrowing rate applied to value the lease liability at inception is 6.19%, which was based on the financial position of the Company, geographical region and term of lease. As of June 30, 2024, the ROU asset, net and corresponding lease liability balance were $0.8 million and $0.1 million, respectively. The following table represents the weighted-average remaining lease terms and discount rates as of June 30, 2024: As of June 30, 2024 Weighted Average Remaining Lease Term (years) Weighted Average Discount Rate Operating leases 7.1 5.27% Finance lease 5.8 6.19% Supplemental cash flow information related to leases are as follows: Six months ended 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Financing cash flows from finance lease $ (6,001) $ — Operating cash flows from finance lease $ (2,172) $ — Operating cash flows from operating leases $ (552) $ (531) Supplemental disclosure of noncash transactions Finance right-of-use asset obtained in exchange for lease obligations $ 100,845 $ 117,622 Finance lease liability arising from obtaining right-of-use assets $ 78,829 $ 94,120 Future maturities of lease liabilities as of June 30, 2024 are as follows: (in thousands) Finance Lease Payments Operating Lease Payments Remainder of 2024 $ 8,066 $ 561 2025 16,156 1,141 2026 16,157 1,169 2027 16,157 1,198 2028 16,157 1,227 Thereafter 20,244 3,301 Total lease payments 92,937 8,597 Less: imputed interest (14,108) (1,443) Total $ 78,829 $ 7,154

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	6 Months Ended
Accounts Payable and Accrued Liabilities	Jun. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities are as follows: (in thousands) June 30, 2024 December 31, 2023 Commercial accruals $ 27,209 $ 16,216 Employee accruals 11,388 22,486 Trade payables 8,415 4,327 Other accrued liabilities 5,118 5,190 Accrued R&D projects 3,202 5,503 Restructuring accruals 424 — Income taxes payable 704 667 Total accounts payable and accrued liabilities $ 56,460 $ 54,389

Deferred Compensation and Other

Deferred Compensation and Other Non-current Liabilities	6 Months Ended
Deferred Compensation and Other Non-current Liabilities	Jun. 30, 2024
Payables and Accruals [Abstract]
Deferred Compensation and Other Non-current Liabilities	Deferred Compensation and Other Non-current Liabilities The Company recorded other non-current liabilities of $10.9 million and $10.9 million as of June 30, 2024 and December 31, 2023, respectively. The balance for both periods primarily included deferred compensation arrangements whereby certain former executive officers as of March 8, 2012 were provided with future potential employee benefit obligations for remaining with the Company for a certain period of time. These obligations were also contingent on the occurrence of uncertain future events. One of the former officers, Dr. Robert T. Foster, is considered a related party following his appointment to the Board of Directors on September 21, 2023. For further discussion, refer to Note 17, Related Party Transactions.

License and Collaboration Agree

License and Collaboration Agreements	6 Months Ended
License and Collaboration Agreements	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
License and Collaboration Agreements	License and Collaboration Agreements Otsuka Contract On December 17, 2020, the Company entered into a collaboration and license agreement with Otsuka for the development and commercialization of oral LUPKYNIS in the Otsuka Territories. For full description of the agreements the Company has entered into with Otsuka, please refer to the Annual Report on Form 10-K for the year ended December 31, 2023. As part of the agreement, the Company received an upfront cash payment of $50.0 million in 2020 for the license agreement and has received $40.0 million in regulatory and pricing approval related milestones. The Company provides semi-finished product of LUPKYNIS to Otsuka on a cost-plus basis, sharing capacity of the monoplant and receives tiered royalties ranging from 10 to 20 percent (dependent on territory and achievement of sale thresholds) on net product sales by Otsuka, along with additional milestone payments based on the attainment of certain annual sales. In addition, certain collaboration services are to be provided to Otsuka on agreed upon rates. On November 10, 2023, Otsuka filed a new drug application (NDA) for voclosporin for the treatment of lupus nephritis (LN) with the Japanese Ministry of Health, Labour, and Welfare for the manufacture and sale in Japan of voclosporin. The Company is eligible to receive a payment of $10 million upon approval in Japan, which is anticipated in the second half of 2024, along with low double-digit royalties on net sales once launched. For the three and six months ended June 30, 2024, the Company recognized $2.2 million and $4.4 million, respectively of license, collaboration and royalty revenue from services provided under the Otsuka agreement. For the three and six months ended June 30, 2023, the Company recognized $0.4 million and $0.5 million, respectively.

Shareholder's Equity

Shareholder's Equity	6 Months Ended
Shareholder's Equity	Jun. 30, 2024
Equity [Abstract]
Shareholder's Equity	Shareholder's Equity On February 15, 2024, Aurinia announced that its Board of Directors had approved a share repurchase program of up to $150 million of common shares of the Company, affirming its confidence in the Company's growth prospects. On February 29, 2024, Canadian securities regulators granted exemptive relief for the Company’s share repurchase program, authorizing the Company to purchase up to 15 percent of its issued and outstanding shares in any 12-month period for up to 36 months, including under the current program. This program may be implemented through open market or privately negotiated purchases, including under a plan intended to comply with the affirmative defense under Rule 10b5-1, Rule 10b-18 or an automatic securities purchase plan, an accelerated share repurchase program, or other mechanisms. The timing and amount of repurchase transactions will be determined by management based on its evaluation of market conditions, share price, legal requirements, including applicable blackout period restrictions, and other factors. The purchase price of any Common Shares will be determined in accordance with applicable U.S. securities laws and subject to receiving the Exemptive Relief, the value of the consideration offered per Common Share will not exceed the market price of the Common Shares calculated pursuant to applicable Canadian securities regulation. As of June 30, 2024, the Company had repurchased approximately 3.4 million of Aurinia's common shares for $18.6 million (including transaction costs, which consist of commissions and excise tax). The cost of repurchased shares are reported as a reduction in common shares and under Alberta law, the shares were cancelled and not reissued.

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	6 Months Ended
Net Income (Loss) per Common Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share Basic and diluted net loss per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. The Company was in a loss position for all periods presented except for the three months ended June 30, 2024. For the periods in a loss position, diluted net loss per share is the same as basic net loss per share. The treasury stock method is used to determine the dilutive effect of the Company's stock options, RSUs, performance awards and ESPP. The numerator and denominator used in the calculation of basic and diluted net loss per common share are as follows: Three months ended Six months ended (in thousands, except per share data) 2024 2023 2024 2023 Numerator: Net income (loss) used for the calculation of basic and diluted EPS $ 722 $ (11,492) $ (10,027) $ (37,698) Denominator: Weighted-average common shares outstanding, basic 143,327 142,777 143,507 142,904 Effect of dilutive shares: Stock options, RSUs, performance awards and ESPP 783 — — — Weighted-average diluted common shares outstanding, diluted 144,110 142,777 143,507 142,904 Net income (loss) per share, basic $ 0.01 $ (0.08) (0.07) (0.26) Net income (loss) per share, diluted $ 0.01 $ (0.08) $ (0.07) $ (0.26) The Company did not include certain shares issuable under share-based compensation plans because the effect would have been antidilutive. The number of common shares excluded was insignificant for all periods presented.

Share-based Compensation

Share-based Compensation	6 Months Ended
Share-based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation The Company's Amended and Restated Equity Incentive Plan (the Plan), which was adopted and approved by the Company's shareholders in June 2021, allows for an issuance of up to an aggregate of 23.8 million shares (inclusive of then outstanding awards) and provides for grants of stock options, performance awards (PAs), and restricted stock units (RSUs) that may be settled in cash and common shares. Also in June 2021, the Company's shareholders adopted and approved the Company's Employee Stock Purchase Plan (2021 ESPP), which allows for the issuance of up to 2.5 million shares. The 2021 ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code but also permits the Company to include the employees, including non-United States employees, in offerings not intended to qualify under Section 423. The purpose of the 2021 ESPP is to provide eligible employees with opportunities to purchase the Company’s common shares at a discounted price. As of June 30, 2024, 0.9 million shares have been purchased under the ESPP. In addition to stock options, PAs and RSUs granted under the Plan, the Company has granted certain stock options and RSUs as inducements material to new employees entering employment in accordance with Nasdaq Listing Rule 5635(c)(4). The inducements were granted outside of the Plan. Stock Options The Plan requires the exercise price of each option not to be less than the closing market price of the Company’s common shares on the business day immediately prior to the date of grant. The Board of Directors approves the vesting criteria and periods at its discretion. The options issued under the Plan are accounted for as equity-settled share-based payments. The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted. The assumptions used for the annual volatility and expected life of the options are reviewed and updated annually. The Company considers historical volatility of its common shares in estimating its future stock price volatility. The risk-free interest rate for the expected life of the options was based on the yield available on government benchmark bonds with an approximate equivalent remaining term at the time of the grant. The expected life is based upon the contractual term, taking into account expected employee exercise and expected post-vesting employment termination behavior. The following weighted average assumptions were used to estimate the fair value of the options granted during the six months ended June 30, 2024 and June 30, 2023: 2024 2023 Annualized volatility 77 % 71 % Risk-free interest rate 4.23 % 3.83 % Expected life of options in years 5.0 years 5.0 years Estimated forfeiture rate 13.1 % 12.6 % Dividend rate 0.0 % 0.0% Fair value per common share option $ 3.90 $ 5.99 The following table summarizes the option award activity for the six months ended June 30, 2024: June 30, 2024 Number of shares (in thousands) Weighted average exercise price $ Outstanding - December 31, 2023 11,556 $ 10.63 Granted 152 6.00 Exercised (85) 4.80 Forfeited or cancelled (1,688) 12.47 Outstanding - June 30, 2024 9,935 $ 10.30 Restricted Stock Units and Performance Awards The Company has granted RSUs and PAs under the Plan, as well as inducements for certain new hires as discussed above. The RSUs and PAs are fair valued based on the previous business days' market price of common shares on the date of the grant. The following table summarizes the RSU and PA activity for the six months ended June 30, 2024: June 30, 2024 Number of shares (in thousands) Weighted average fair value price $ Unvested balance, December 31, 2023 7,807 $ 9.29 Granted 4,550 6.92 Vested (2,338) 9.54 Forfeited (1,480) 9.03 Unvested balance, June 30, 2024 8,539 $ 8.01 Share-based Compensation Expense The Company recognized share-based compensation expense for the three and six months ended June 30, 2024 and June 30, 2023 as follows: Three months ended Six months ended (in thousands) 2024 2023 2024 2023 Research and development $ 87 $ 2,114 $ (2,079) $ 3,704 Selling, general and administrative 8,078 9,820 15,615 17,409 Capitalized under inventories 421 334 787 622 Share-based compensation expense $ 8,586 $ 12,268 $ 14,323 $ 21,735 As of June 30, 2024, there was $32.9 million of unrecognized share-based compensation expense related to unvested awards granted which is expected to be recognized over a weighted-average period of approximately 1.4 years.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rates for the three and six months ended June 30, 2024 and June 30, 2023 differed from the federal statutory rate applied to income or losses before income taxes primarily as a result of the mix of income, losses and valuation allowances. The Company recognized an income tax expense of approximately $0.8 million and $1.5 million for the three and six months ended June 30, 2024, respectively. The Company recognized an income tax benefit of approximately $0.6 million and $0.2 million for the three and six months ended June 30, 2023, respectively. The income tax expense recognized for 2024 is a result of income in certain jurisdictions. This tax expense is not offset by a tax benefit as the Company has losses which are fully offset by a valuation allowance in its significant jurisdictions. The income tax benefit recognized in 2023 relates to a prior period favorable adjustment in U.S. income taxes.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On September 21, 2023, the Company appointed Dr. Robert T. Foster to the Board of Directors. Dr. Foster is considered a related party since he is one of the former executive officers of the Company who, as of March 8, 2012 was provided with future potential employee benefit obligations for remaining with the Company for a certain period of time. These obligations are contingent on the occurrence of uncertain future events. Dr. Foster was not a related party of the Company between his resignation from the Company in 2014, and his appointment to the Board of Directors on September 21, 2023. As of June 30, 2024, the Company had $0.8 million and $7.8 million of current and non-current liabilities related to Dr. Foster, respectively. As of December 31, 2023, the Company had $0.8 million and $7.6 million of current and non-current liabilities related to Dr. Foster, respectively. As of June 30, 2024 and December 31, 2023 the Company made payments of $0.3 million and $0.1 million, respectively for each period as a related party for the deferred compensation.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company may, from time to time, be subject to claims and legal proceedings brought against it in the normal course of business. Such matters are subject to many uncertainties. Management believes the ultimate resolution of such contingencies will not have a material adverse effect on the consolidated financial position of the Company. The Company's material commitments and contingencies have not changed in any material manner from those previously described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Other Funding Commitments In the normal course of business, the Company enters into agreements with contract research organizations, contract manufacturing organizations and other third parties for services to be provided to the Company. Generally, these agreements provide for termination upon notice, with specified amounts due upon termination based on the timing of termination and the terms of the agreement. The actual amounts and timing of payments under these agreements are uncertain and contingent upon the initiation and completion of services to be provided to the Company.

Restructuring

Restructuring	6 Months Ended
Restructuring	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring On February 15, 2024, the Company announced the conclusion of its strategic review process and actions designed to enhance shareholder value, including an exclusive focus on driving the commercial execution of the LUPKYNIS (voclosporin) business. Aurinia executed a corporate restructuring in the first quarter that reduced employee headcount by approximately 25%. The Company discontinued its AUR300 research and development program. The corporate restructuring involved the Company reaffirming its commitment to LUPKYNIS growth ensuring product quality and patient safety, while maintaining a sharp focus on operating efficiencies and maximizing cash flows. As of June 30, 2024, the restructuring expenses are included within operating expenses on the condensed consolidated statements of operations and comprehensive loss and were recorded by the Company were as follows: Three Months Ended Six Months Ended (in thousands) June 30, 2024 Employee severance and one time benefits $ 868 $ 6,075 Contract terminations 186 1,105 Other costs 18 575 Total $ 1,072 $ 7,755

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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. 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 June 30, 2024 was derived from audited annual consolidated 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future periods.
Principles of Consolidation	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 and operate in one segment. These unaudited condensed consolidated financial statements are presented in U.S. dollars, which is the Company's and all of its foreign subsidiaries' functional currency. Therefore, there is no currency translation adjustment upon consolidation as the remeasurement of gains or losses are recorded in the condensed consolidated statements of operations. All monetary assets and liabilities denominated in a foreign currency are remeasured into U.S. dollars at the exchange rate on the balance sheet date. Non-monetary assets and liabilities (along with their related expenses) are translated at the rate of exchange in effect on the date assets were acquired. Monetary income and expense items are translated at the average foreign currency rate. Foreign exchange gains and losses arising on translation or settlement of a foreign currency denominated monetary item are included in the consolidated statements of operations and recorded in other income, net.
Product Revenues	Product Revenues We sell LUPKYNIS (voclosporin) primarily to specialty pharmacies and a specialty distributor, and directly to our ex-U.S. partner Otsuka. These customers subsequently distribute the Company's products to patients and healthcare providers. Revenues from product sales are recognized when the customer obtains control of the Company's product, which typically occurs upon delivery to the customer. Reserves for discounts and allowances: Product sales are recorded at the net sales price, which includes estimates of variable consideration for which reserves are established. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the customer) or a liability (if the amount is payable to a party other than the customer). The Company's estimates of reserves established for variable consideration are calculated based upon utilizing the expected value method. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will not occur in a future period. Amounts related to such items are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Significant judgment is required in estimating variable consideration. In making these estimates, the Company considers historical data, including patient mix and inventory sold to customers that has not yet been dispensed. The Company uses a data aggregator and historical claims to estimate variable consideration for inventory sold to customers, including specialty pharmacies and specialty distributors, that has not yet been dispensed to patients. Actual amounts may ultimately differ from the Company's estimates. If actual results vary, the Company adjusts these estimates, which could have an effect on earnings in the period of adjustment. As of June 30, 2024, the Company did not have any material adjustments to variable consideration estimates based on actual results. These specific adjustments are detailed further in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
Major Customers	Major Customers:
Accounts Receivable, net	Accounts Receivable, net: Accounts receivable are stated at their net realizable value. The Company's accounts receivable primarily represent amounts due to the Company from product sales and from its Otsuka collaboration agreement (Note 12). As of June 30, 2024 and December 31, 2023, accounts receivable, net are $25.5 million and $24.1 million, respectively. The Company's standard credit terms range from 30 to 45 days. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between the transfer of the promised good to the customer and receipt of payment will be one year or less. The Company estimates the allowances using the current expected credit loss, or CECL, model. Under the CECL model, the allowances reflect the net amount expected to be collected from the accounts receivable. Aurinia evaluates the collectability of these cash flows based on the asset’s amortized cost, the risk of loss even when that risk is remote, losses over an asset’s contractual life, and other relevant information available to the Company. Accounts receivable balances are written off against the allowance when it is probable that the receivable will not be collected. Given the nature of the Company's accounts receivable, it determined that an allowance for current expected credit losses was nil as of June 30, 2024 and December 31, 2023.
Share-Based Compensation	Share-Based Compensation: The Company follows ASC Topic 718, Compensation - Stock Compensation (ASC 718), which requires the measurement and recognition of compensation expense, based on estimated fair values, for all share-based awards made to employees and directors. The Company records compensation expense based on the fair value on the grant date using the graded accelerated vesting method for all share-based payments related to stock options, performance awards (PAs), restricted stock units (RSUs) and purchases under the Company's 2021 Employee Share Purchase Plan (ESPP). The estimated fair value of performance-based awards is measured on the grant date and is recognized when it is determined that it is probable that the performance condition will be achieved. The Company has elected a policy for all share-based awards to estimate forfeitures based on historical forfeiture experience at the time of grant and revise in subsequent periods if actual forfeitures differ from those estimates.
Restructuring Expenses	Restructuring Expenses: Restructuring expense consist primarily of employee severance, contract termination costs and other costs. Liabilities for costs associated with a restructuring activity are recognized when the liability is incurred and are measured at fair value. According to ASC 420, Exit or Disposal Cost Obligations , one-time employee severance and termination benefits are expensed at the date the entity notifies the employee of the plan, unless the employee must provide future service, in which case the benefits are expensed in the period when the service ends. One-time termination benefits include severance, continuation of health insurance coverage for certain employees, and other benefits such as outplacement support services for a specified period of time.
Common Shares	Common Shares: The Company’s shares have no par value or stated value and therefore, upon issuance or repurchase of shares, all amounts related to the shares are recorded under common shares on the balance sheet. The value of common shares includes cash amounts paid or received for the shares and the fair value of equity awards and warrants. Amounts for common shares are offset by share issue costs or transactions costs associated with repurchases or equity offerings.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued final guidance in ASU No. 2023-09, Income Taxes (ASC 740): Improvements to Income Tax Disclosures requiring entities to provide additional information in the rate reconciliation and disclosures about income taxes paid. For public business entities, the guidance is effective for annual periods beginning after December 15, 2024. The Company is not early adopting, and therefore, this ASU is not adopted in the current period. The Company does not expect this ASU to have a material impact on the consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires public entities to disclose significant segment expenses regularly provided to the chief operating decision-maker. Public entities with a single reporting segment have to provide all disclosures required by ASC 280, including the significant segment expense disclosures. For public business entities, the guidance is effective for annual periods beginning after December 15, 2023. This ASU does not have a material impact on the consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table summarizes the financial assets (cash, cash equivalents, restricted cash and investments) measured at fair value on a recurring basis: June 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents and restricted cash $ 33,407 $ — $ — $ 33,407 Corporate bonds — 4,072 — 4,072 Commercial paper — 15,575 — 15,575 Treasury bills — 183,122 — 183,122 Treasury bonds — 94,498 — 94,498 Total financial assets $ 33,407 $ 297,267 $ — $ 330,674 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents and restricted cash $ 48,875 $ — $ — $ 48,875 Corporate bonds — 33,781 — 33,781 Commercial paper — 39,304 — 39,304 Treasury bills — 122,806 — 122,806 Treasury bonds — 105,924 — 105,924 Total financial assets $ 48,875 $ 301,815 $ — $ 350,690

Cash, Cash Equivalents, Restr_2

Cash, Cash Equivalents, Restricted Cash and Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Cash, Cash Equivalents, Restricted Cash and Investments	June 30, 2024 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, cash equivalents and restricted cash $ 33,407 $ — $ — $ 33,407 Corporate bonds 3,873 — — 3,873 Commercial paper 15,583 — (8) 15,575 Treasury bills 183,128 — (6) 183,122 Treasury bonds 94,537 — (39) 94,498 Total cash, cash equivalents, restricted cash and short-term investments 330,528 — (53) 330,475 Total long-term investment corporate bond 199 — — 199 Total cash, cash equivalents, restricted cash and investments $ 330,727 $ — $ (53) $ 330,674 December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, cash equivalents and restricted cash $ 48,875 $ — $ — $ 48,875 Corporate bonds 33,576 4 — 33,580 Commercial paper 39,305 — (1) 39,304 Treasury bills 122,757 49 — 122,806 Treasury bonds 105,903 21 — 105,924 Total cash, cash equivalents, restricted cash and short-term investments 350,416 74 (1) 350,489 Total long-term investment corporate bond 200 1 — 201 Total cash, cash equivalents, restricted cash and investments $ 350,616 $ 75 $ (1) $ 350,690

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
Inventories, net (Tables)	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	The components of inventory, net are as follows: (in thousands) June 30, 2024 December 31, 2023 Raw materials $ 1,702 $ 1,746 Work in process 34,224 37,376 Finished goods, net of reserve 2,927 583 Total inventories, net $ 38,853 $ 39,705

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	6 Months Ended
Prepaid Expenses (Tables)	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses are as follows: (in thousands) June 30, 2024 December 31, 2023 Prepaid assets $ 6,447 $ 6,892 Prepaid deposits 1,340 1,345 Prepaid insurance 53 1,249 Total prepaid expenses $ 7,840 $ 9,486

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
Intangible Assets (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following table summarizes the carrying amount of intangible assets, net of accumulated amortization. June 30, 2024 (in thousands) Gross Carrying Accumulated Net Carrying Patents $ 1,943 $ (1,317) $ 626 Acquired intellectual property and reacquired rights 15,126 (11,136) 3,990 Internal-use software implementation costs 2,873 (2,868) 5 $ 19,942 $ (15,321) $ 4,621 December 31, 2023 (in thousands) Gross Carrying Accumulated Net Carrying Patents $ 1,847 $ (1,297) $ 550 Acquired intellectual property and reacquired rights 15,126 (10,737) 4,389 Internal-use software implementation costs 2,873 (2,835) 38 $ 19,846 $ (14,869) $ 4,977

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
Property and Equipment, net (Tables)	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net are as follows: (in thousands) June 30, 2024 December 31, 2023 Leasehold improvements $ 3,243 $ 3,243 Office equipment 631 631 Furniture 1,155 1,155 Computer equipment 235 235 5,264 5,264 Less accumulated depreciation (2,221) (1,910) Property and equipment, net $ 3,043 $ 3,354

Lease Obligations (Tables)

Lease Obligations (Tables)	6 Months Ended
Lease Obligations (Tables)	Jun. 30, 2024
Leases [Abstract]
Schedule of Lease Cost	The following table represents the weighted-average remaining lease terms and discount rates as of June 30, 2024: As of June 30, 2024 Weighted Average Remaining Lease Term (years) Weighted Average Discount Rate Operating leases 7.1 5.27% Finance lease 5.8 6.19% Supplemental cash flow information related to leases are as follows: Six months ended 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Financing cash flows from finance lease $ (6,001) $ — Operating cash flows from finance lease $ (2,172) $ — Operating cash flows from operating leases $ (552) $ (531) Supplemental disclosure of noncash transactions Finance right-of-use asset obtained in exchange for lease obligations $ 100,845 $ 117,622 Finance lease liability arising from obtaining right-of-use assets $ 78,829 $ 94,120
Schedule of Maturities of Lease Liabilities	Future maturities of lease liabilities as of June 30, 2024 are as follows: (in thousands) Finance Lease Payments Operating Lease Payments Remainder of 2024 $ 8,066 $ 561 2025 16,156 1,141 2026 16,157 1,169 2027 16,157 1,198 2028 16,157 1,227 Thereafter 20,244 3,301 Total lease payments 92,937 8,597 Less: imputed interest (14,108) (1,443) Total $ 78,829 $ 7,154

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
Accounts Payable and Accrued Liabilities (Tables)	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accounts payable and accrued liabilities are as follows: (in thousands) June 30, 2024 December 31, 2023 Commercial accruals $ 27,209 $ 16,216 Employee accruals 11,388 22,486 Trade payables 8,415 4,327 Other accrued liabilities 5,118 5,190 Accrued R&D projects 3,202 5,503 Restructuring accruals 424 — Income taxes payable 704 667 Total accounts payable and accrued liabilities $ 56,460 $ 54,389

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	6 Months Ended
Net Income (Loss) per Common Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The numerator and denominator used in the calculation of basic and diluted net loss per common share are as follows: Three months ended Six months ended (in thousands, except per share data) 2024 2023 2024 2023 Numerator: Net income (loss) used for the calculation of basic and diluted EPS $ 722 $ (11,492) $ (10,027) $ (37,698) Denominator: Weighted-average common shares outstanding, basic 143,327 142,777 143,507 142,904 Effect of dilutive shares: Stock options, RSUs, performance awards and ESPP 783 — — — Weighted-average diluted common shares outstanding, diluted 144,110 142,777 143,507 142,904 Net income (loss) per share, basic $ 0.01 $ (0.08) (0.07) (0.26) Net income (loss) per share, diluted $ 0.01 $ (0.08) $ (0.07) $ (0.26)

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
Share-based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award Valuation Assumptions	The following weighted average assumptions were used to estimate the fair value of the options granted during the six months ended June 30, 2024 and June 30, 2023: 2024 2023 Annualized volatility 77 % 71 % Risk-free interest rate 4.23 % 3.83 % Expected life of options in years 5.0 years 5.0 years Estimated forfeiture rate 13.1 % 12.6 % Dividend rate 0.0 % 0.0% Fair value per common share option $ 3.90 $ 5.99
Schedule of Option Activity	The following table summarizes the option award activity for the six months ended June 30, 2024: June 30, 2024 Number of shares (in thousands) Weighted average exercise price $ Outstanding - December 31, 2023 11,556 $ 10.63 Granted 152 6.00 Exercised (85) 4.80 Forfeited or cancelled (1,688) 12.47 Outstanding - June 30, 2024 9,935 $ 10.30
Schedule of Performance Shares Activity	The following table summarizes the RSU and PA activity for the six months ended June 30, 2024: June 30, 2024 Number of shares (in thousands) Weighted average fair value price $ Unvested balance, December 31, 2023 7,807 $ 9.29 Granted 4,550 6.92 Vested (2,338) 9.54 Forfeited (1,480) 9.03 Unvested balance, June 30, 2024 8,539 $ 8.01
Schedule of Allocation of Share-Based Payments	The Company recognized share-based compensation expense for the three and six months ended June 30, 2024 and June 30, 2023 as follows: Three months ended Six months ended (in thousands) 2024 2023 2024 2023 Research and development $ 87 $ 2,114 $ (2,079) $ 3,704 Selling, general and administrative 8,078 9,820 15,615 17,409 Capitalized under inventories 421 334 787 622 Share-based compensation expense $ 8,586 $ 12,268 $ 14,323 $ 21,735

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
Restructuring (Tables)	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	As of June 30, 2024, the restructuring expenses are included within operating expenses on the condensed consolidated statements of operations and comprehensive loss and were recorded by the Company were as follows: Three Months Ended Six Months Ended (in thousands) June 30, 2024 Employee severance and one time benefits $ 868 $ 6,075 Contract terminations 186 1,105 Other costs 18 575 Total $ 1,072 $ 7,755

Organization and Description _2

Organization and Description of Business (Details)	3 Months Ended
Organization and Description of Business (Details)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of positions eliminated, percent	25%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies- Narrative (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Number of operating segments \| segment	1
Number of customers \| segment	2
Accounts receivable, net \| $	$ 25,522,000		$ 24,089,000
Allowance for doubtful accounts \| $	$ 0		$ 0
Revenue Benchmark \| Customer Concentration Risk \| Major Customer One
Property, Plant and Equipment [Line Items]
Concentration risk (as percent)	51%	53%
Revenue Benchmark \| Customer Concentration Risk \| Major Customer Two
Property, Plant and Equipment [Line Items]
Concentration risk (as percent)	40%	45%
Minimum
Property, Plant and Equipment [Line Items]
Receivable standard credit terms (in days)	30 days
Maximum
Property, Plant and Equipment [Line Items]
Receivable standard credit terms (in days)	45 days

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financial assets:
Total financial assets	$ 330,674	$ 350,690
Cash, cash equivalents and restricted cash
Financial assets:
Total financial assets	33,407	48,875
Corporate bonds
Financial assets:
Total financial assets	4,072	33,781
Commercial paper
Financial assets:
Total financial assets	15,575	39,304
Treasury bills
Financial assets:
Total financial assets	183,122	122,806
Treasury bonds
Financial assets:
Total financial assets	94,498	105,924
Level 1
Financial assets:
Total financial assets	33,407	48,875
Level 1 \| Cash, cash equivalents and restricted cash
Financial assets:
Total financial assets	33,407	48,875
Level 1 \| Corporate bonds
Financial assets:
Total financial assets	0	0
Level 1 \| Commercial paper
Financial assets:
Total financial assets	0	0
Level 1 \| Treasury bills
Financial assets:
Total financial assets	0	0
Level 1 \| Treasury bonds
Financial assets:
Total financial assets	0	0
Level 2
Financial assets:
Total financial assets	$ 297,267	$ 301,815
Derivative, average remaining maturity (in months)	6 months	7 months
Level 2 \| Cash, cash equivalents and restricted cash
Financial assets:
Total financial assets	$ 0	$ 0
Level 2 \| Corporate bonds
Financial assets:
Total financial assets	4,072	33,781
Level 2 \| Commercial paper
Financial assets:
Total financial assets	15,575	39,304
Level 2 \| Treasury bills
Financial assets:
Total financial assets	183,122	122,806
Level 2 \| Treasury bonds
Financial assets:
Total financial assets	94,498	105,924
Level 3
Financial assets:
Total financial assets	0	0
Level 3 \| Cash, cash equivalents and restricted cash
Financial assets:
Total financial assets	0	0
Level 3 \| Corporate bonds
Financial assets:
Total financial assets	0	0
Level 3 \| Commercial paper
Financial assets:
Total financial assets	0	0
Level 3 \| Treasury bills
Financial assets:
Total financial assets	0	0
Level 3 \| Treasury bonds
Financial assets:
Total financial assets	$ 0	$ 0

Cash, Cash Equivalents, Restr_3

Cash, Cash Equivalents, Restricted Cash and Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Cash, cash equivalents, restricted cash and investments	$ 330,700		$ 330,700		$ 350,700
Available-for-sale debt securities	297,300		297,300		301,800
Interest receivable	600		600		$ 700
Unrealized gain (loss) on available-for-sale securities	$ (5)	$ (32)	$ (129)	$ 41

Cash, Cash Equivalents, Restr_4

Cash, Cash Equivalents, Restricted Cash and Investments - Schedule of Cash, Cash Equivalents, Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 330,528	$ 350,416
Unrealized Gains	0	74
Unrealized Losses	(53)	(1)
Estimated Fair Value	330,475	350,489
Total cash, cash equivalents, restricted cash and investments, Amortized Cost	330,727	350,616
Total cash, cash equivalents, restricted cash and investments, unrealized gains	0	75
Total cash, cash equivalents, restricted cash and investments, unrealized losses	(53)	(1)
Total cash, cash equivalents, restricted cash and investments	330,674	350,690
Cash, cash equivalents and restricted cash
Marketable Securities [Line Items]
Amortized Cost	33,407	48,875
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	33,407	48,875
Corporate bonds
Marketable Securities [Line Items]
Amortized Cost	3,873	33,576
Unrealized Gains	0	4
Unrealized Losses	0	0
Estimated Fair Value	3,873	33,580
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	15,583	39,305
Unrealized Gains	0	0
Unrealized Losses	(8)	(1)
Estimated Fair Value	15,575	39,304
Treasury bills
Marketable Securities [Line Items]
Amortized Cost	183,128	122,757
Unrealized Gains	0	49
Unrealized Losses	(6)	0
Estimated Fair Value	183,122	122,806
Treasury bonds
Marketable Securities [Line Items]
Amortized Cost	94,537	105,903
Unrealized Gains	0	21
Unrealized Losses	(39)	0
Estimated Fair Value	94,498	105,924
Total long-term investment corporate bond
Marketable Securities [Line Items]
Amortized Cost	199	200
Unrealized Gains	0	1
Unrealized Losses	0	0
Estimated Fair Value	$ 199	$ 201

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods inventories	$ 500	$ 800
Raw materials	1,702	1,746
Work in process	34,224	37,376
Finished goods, net of reserve	2,927	583
Total inventories, net	$ 38,853	$ 39,705

Prepaid Expenses (Details)

Prepaid Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid assets	$ 6,447	$ 6,892
Prepaid deposits	1,340	1,345
Prepaid insurance	53	1,249
Total prepaid expenses	$ 7,840	$ 9,486

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 19,942	$ 19,846
Accumulated Amortization	(15,321)	(14,869)
Net Carrying Amount	4,621	4,977
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,943	1,847
Accumulated Amortization	(1,317)	(1,297)
Net Carrying Amount	626	550
Acquired intellectual property and reacquired rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	15,126	15,126
Accumulated Amortization	(11,136)	(10,737)
Net Carrying Amount	3,990	4,389
Internal-use software implementation costs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	2,873	2,873
Accumulated Amortization	(2,868)	(2,835)
Net Carrying Amount	$ 5	$ 38

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0.2	$ 0.5	$ 0.5	$ 0.9

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,264	$ 5,264
Less accumulated depreciation	(2,221)	(1,910)
Property and equipment, net	3,043	3,354
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,243	3,243
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	631	631
Furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,155	1,155
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 235	$ 235

Lease Obligations - Narrative (

Lease Obligations - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
Lease Obligations - Narrative (Details) $ in Thousands	Mar. 31, 2020 ft² extension_option	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Oct. 31, 2022 ft²	Mar. 12, 2020
Lessee, Lease, Description [Line Items]
Operating right-of-use assets, net		$ 4,288		$ 4,288		$ 4,498
Operating lease liability		$ 7,154		$ 7,154
Operating lease, weighted average discount rate		5.27%		5.27%
Operating lease costs		$ 200	$ 200	$ 400	$ 400
Finance right-of-use asset, net		100,845		100,845		108,715
Finance lease, liability		$ 78,829		$ 78,829
Finance lease, weighted average discount rate		6.19%		6.19%
Rockville, Maryland
Lessee, Lease, Description [Line Items]
Area of property (in sqft) \| ft²	30,531
Remaining lease term (in years)	7 years
Number of extension options (in years) \| extension_option	2
Lease extension term (in years)	5 years
Lease term (in years)	11 years
Operating right-of-use assets, net		$ 4,300		$ 4,300		4,500
Operating lease liability		7,000		7,000		7,400
Proceeds from tenant improvements						2,300
Operating lease, weighted average discount rate									5.20%
Edmonton, Alberta
Lessee, Lease, Description [Line Items]
Area of property (in sqft) \| ft²								4,375
Remaining lease term (in years)								6 years
Lease extension term (in years)								5 years
Monoplant
Lessee, Lease, Description [Line Items]
Finance right-of-use asset, net		100,000		100,000		108,700	$ 117,600
Finance lease, liability		78,700		78,700		$ 90,100	$ 94,100
Finance lease, weighted average discount rate							6.19%
Finance lease, right-of-use asset, amortization		4,400		8,700
Interest expense		1,200		2,500
Beinheim
Lessee, Lease, Description [Line Items]
Lease termination option term (in years)	7 years
Finance right-of-use asset, net		800		800
Finance lease, liability		$ 100		$ 100
Finance lease, weighted average discount rate							6.19%

Lease Obligations - Schedule of

Lease Obligations - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease, weighted average remaining lease term (years)	7 years 1 month 6 days
Operating lease, weighted average discount rate	5.27%
Finance lease, operating lease, weighted average remaining lease term (years)	5 years 9 months 18 days
Finance lease, weighted average discount rate	6.19%
Cash paid for amounts included in the measurement of lease liabilities
Financing cash flows from finance lease	$ (6,001)	$ 0
Operating cash flows from finance lease	(2,172)	0
Operating cash flows from operating leases	(552)	(531)
Supplemental disclosure of noncash transactions
Finance right-of-use asset obtained in exchange for lease obligations	100,845	117,622
Finance lease liability arising from obtaining right-of-use assets	$ 78,829	$ 94,120

Lease Obligations - Schedule _2

Lease Obligations - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finance Lease Payments
Remainder of 2024	$ 8,066
2025	16,156
2026	16,157
2027	16,157
2028	16,157
Thereafter	20,244
Total lease payments	92,937
Less: imputed interest	(14,108)
Total	78,829
Operating Lease Payments
Remainder of 2024	561
2025	1,141
2026	1,169
2027	1,198
2028	1,227
Thereafter	3,301
Total lease payments	8,597
Less: imputed interest	(1,443)
Total	$ 7,154

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Commercial accruals	$ 27,209	$ 16,216
Employee accruals	11,388	22,486
Trade payables	8,415	4,327
Other accrued liabilities	5,118	5,190
Accrued R&D projects	3,202	5,503
Restructuring accruals	424	0
Income taxes payable	704	667
Total accounts payable and accrued liabilities	$ 56,460	$ 54,389

Deferred Compensation and Oth_2

Deferred Compensation and Other Non-current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Other non-current liabilities	$ 10,941	$ 10,911

License and Collaboration Agr_2

License and Collaboration Agreements (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 10, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2020
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenues		$ 57,192	$ 41,494	$ 107,495	$ 75,903
Otuska \| License Agreement Terms
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront payments received						$ 50,000
Regulatory and pricing approval milestone revenue						$ 40,000
Eligible to receive a payment	$ 10,000
Otuska \| License Agreement Terms \| Service Revenue
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenues		$ 2,200	$ 400	$ 4,400	$ 500
Otuska \| License Agreement Terms \| Minimum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Tiered royalty percentages on future sales						10%
Otuska \| License Agreement Terms \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Tiered royalty percentages on future sales						20%

Shareholder's Equity (Details)

Shareholder's Equity (Details) $ in Millions		6 Months Ended
Shareholder's Equity (Details) $ in Millions	Feb. 29, 2024	Jun. 30, 2024 USD ($) shares	Feb. 15, 2024 USD ($)
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 150
Stock repurchase program, percentage	0.15
Stock repurchased during period, (in shares) \| shares		3,400,000
Stock repurchased during period, value		$ 18.6
Minimum
Class of Stock [Line Items]
Stock repurchase program, period	12 months
Maximum
Class of Stock [Line Items]
Stock repurchase program, period	36 months

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss)	$ 722	$ (11,492)	$ (10,027)	$ (37,698)
Denominator:
Weighted average common shares outstanding basic (in shares)	143,327	142,777	143,507	142,904
Weighted average common shares outstanding diluted (in shares)	144,110	142,777	143,507	142,904
Net income (loss) per share, basic (in usd per share)	$ 0.01	$ (0.08)	$ (0.07)	$ (0.26)
Net income (loss) per share, diluted (in usd per share)	$ 0.01	$ (0.08)	$ (0.07)	$ (0.26)
Stock options, RSUs, performance awards and ESPP
Denominator:
Stock options, RSUs, performance awards and ESPP (in shares)	783	0	0	0

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense		$ 32.9
Unrecognized share-based compensation expense weighted average recognition period (in years)		1 year 4 months 24 days
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	2,500,000
Number of shares purchased (in shares)		900,000
Amended and Restated Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	23,800,000

Share-based Compensation - Sche

Share-based Compensation - Schedule of Share-based Payment Award Valuation Assumptions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Annualized volatility (as percent)	77%	71%
Risk-free interest rate (as percent)	4.23%	3.83%
Expected life of options in years	5 years	5 years
Estimated forfeiture rate (as percent)	13.10%	12.60%
Dividend rate	$ 0	$ 0
Fair value per common share option (in usd per share)	$ 3.90	$ 5.99

Share-based Compensation - Sc_2

Share-based Compensation - Schedule of Option Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares
Number of shares (in thousands)
Beginning balance (in shares) \| shares	11,556
Granted (in shares) \| shares	152
Exercised (in shares) \| shares	(85)
Forfeited or cancelled (in shares) \| shares	(1,688)
Ending balance (in shares) \| shares	9,935
Weighted average exercise price $
Beginning balance (in usd per share) \| $ / shares	$ 10.30	$ 10.63
Granted (in usd per share) \| $ / shares	6
Exercised (in usd per share) \| $ / shares	4.80
Forfeited or cancelled (in usd per share) \| $ / shares	12.47
Ending balance (in usd per share) \| $ / shares	$ 10.30

Share-based Compensation - Sc_3

Share-based Compensation - Schedule of Allocation of Share-Based Payments (Details) - Performance Share sand Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of shares (in thousands)
Outstanding - Beginning of Period (in shares) \| shares	7,807
Granted (in shares) \| shares	4,550
Vested (in shares) \| shares	(2,338)
Forfeited (in shares) \| shares	(1,480)
Outstanding - End of Period (in shares) \| shares	8,539
Weighted average exercise price $
Outstanding, Weighted average exercise price - Beginning of Period (in usd per share) \| $ / shares	$ 9.29
Weighted average grant date fair value (in usd per share) \| $ / shares	6.92
Weighted average grant date fair value (in usd per share) \| $ / shares	9.54
Weighted average exercise price (in usd per share) \| $ / shares	9.03
Outstanding, Weighted average exercise price - End of Period (in usd per share) \| $ / shares	$ 8.01

Share-based Compensation - Allo

Share-based Compensation - Allocated Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8,586	$ 12,268	$ 14,323	$ 21,735
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	87	2,114	(2,079)	3,704
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	8,078	9,820	15,615	17,409
Capitalized under inventories
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 421	$ 334	$ 787	$ 622

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 756	$ (642)	$ 1,495	$ (206)

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other current liabilities	$ 1,162	$ 2,388
Other non-current liabilities	10,941	10,911
Dr. Robert T. Foster
Related Party Transaction [Line Items]
Payments of deferred compensation	300	100
Employee Benefit Obligations \| Dr. Robert T. Foster
Related Party Transaction [Line Items]
Other current liabilities	800	800
Other non-current liabilities	$ 7,800	$ 7,600

Restructuring - Narrative (Deta

Restructuring - Narrative (Details)	3 Months Ended
Restructuring - Narrative (Details)	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Number of positions eliminated, percent	25%

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring costs and asset impairment charges	$ 1,072	$ 7,755
Employee severance and one time benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs and asset impairment charges	868	6,075
Contract terminations
Restructuring Cost and Reserve [Line Items]
Restructuring costs and asset impairment charges	186	1,105
Other costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs and asset impairment charges	$ 18	$ 575