The company has strengthened its financial position by reducing total debt from $97.6M in 2023Q4 to $68.6M in 2026Q1, while maintaining a healthy current ratio of 5.55.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Nov'00 | Nov'99 | Nov'98 |
|---|
| Total Current Assets | 480.24M | 491.97M | 446.6M | 424.8M | 442.54M | 513.32M | 419.43M | 315.14M | 132.85M | 175.25M | 41.42M | 16.53M | 33.55M | 2.09M | 444.3K | 8.32M | 6.58M | 5.4M | 21.75M | 35.32M | 23.63M | 46.85M | 52.29M | 64.11M | 43.83M | 34.99M | 12.59M | 3.06M | 585.94K |
| Cash & Short-Term Investments | 378.78M | 398M | 358.48M | 350.49M | 389.39M | 466.08M | 398.33M | 306.02M | 125.86M | 173.46M | 39.65M | 15.75M | 32.7M | 1.82M | 184.96K | 5.92M | 6.35M | 4.58M | 21.12M | 32.34M | 22.09M | 45.49M | 50.09M | 62.85M | 40.78M | 33.47M | 11.79M | 2.58M | 0 |
| Cash Only | 41.01M | 80.21M | 83.43M | 48.88M | 94.17M | 231.9M | 272.35M | 306.02M | 117.97M | 165.63M | 39.65M | 5.76M | 22.71M | 1.82M | 184.96K | 5.92M | 6.35M | 4.58M | 21.12M | 32.34M | 13.36M | 16.71M | 14.88M | 27.62M | 19.85M | 30.8M | 5.32M | 2.58M | 0 |
| Short-Term Investments | 337.77M | 317.78M | 275.04M | 301.61M | 295.22M | 234.18M | 125.98M | 0 | 7.89M | 7.83M | 0 | 10M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.73M | 28.78M | 35.21M | 35.23M | 20.93M | 2.66M | 6.47M | 0 | 0 |
| Accounts Receivable | 49.17M | 41.45M | 36.54M | 24.09M | 13.48M | 15.41M | 0 | 368K | 217K | 109K | 86K | 47K | 92K | 106K | 182.78K | 262.21K | 113.98K | 495.65K | 406.74K | 488.74K | 397.22K | 384.88K | 346.88K | 288.41K | 2.23M | 386.94K | 154.37K | 135.82K | 195.31K |
| Days Sales Outstanding | 49.45 | 53.45 | 56.73 | 50.1 | 36.72 | 123.37 | - | 422.39 | 171.07 | 94.73 | 181.45 | 73 | 120.79 | 40.79 | 10.83 | 103.19 | 12.16 | 44.65 | 38.29 | 76.41 | 41.16 | 119.27 | 99.42 | 13.74 | 68.33 | 26.66 | 62.41 | 36.5 | 91.25 |
| Inventory | 46.41M | 45.69M | 39.23M | 39.7M | 24.75M | 19.33M | 13.93M | 0 | 0 | -109K | 0 | 0 | 0 | 0 | 1 | 194.91K | 0 | 0 | 119.97K | 2.01M | 256.52K | 268.64K | 603.09K | 561.39K | 516.42K | 546.49K | 558.86K | 339.55K | 130.21K |
| Days Inventory Outstanding | 546.96 | 510.54 | 506.88 | 1.02K | 1.6K | 6.47K | - | - | - | - | - | - | - | - | 0.01 | 384.31 | - | - | 20.7 | 697.71 | 156.8 | - | - | - | 274.76 | 194.58 | 299.68 | 182.5 | 91.25 |
| Other Current Assets | 5.88M | 6.83M | 1.13M | 1.03M | 1.33M | 796K | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.92M | 1.01K | 239.71K | 101.89K | 487.73K | 0 | 714.65K | 404.28K | 0 | 299.18K | 0 | 88.58K | 0 | 260.42K |
| Total Non-Current Assets | 243.75M | 259.62M | 104.05M | 123.26M | 28.32M | 30.04M | 44.23M | 9.16M | 13.02M | 14.6M | 15.58M | 17.03M | 18.83M | 21.05M | 3.72M | 6M | 3.7M | 4.14M | 4.91M | 7.34M | 7M | 7.5M | 8.89M | 10.32M | 6.85M | 2.07M | 1.38M | 1.09M | 976.56K |
| Property, Plant & Equipment | 73.15M | 79.57M | 98.87M | 116.57M | 8.56M | 9.8M | 10.28M | 93K | 41K | 31K | 29K | 36K | 52K | 36.63K | 88.46K | 649.36K | 1.26M | 1.98M | 2.63M | 4.35M | 4.77M | 5.6M | 7.1M | 8.6M | 5.71M | 1.22M | 827.22K | 475.37K | 585.94K |
| Fixed Asset Turnover | 3.65x | 3.56x | 2.38x | 1.51x | 15.66x | 4.65x | 4.88x | 3.42x | 11.29x | 13.55x | 5.97x | 6.53x | 5.35x | 25.90x | 69.61x | 1.43x | 2.71x | 2.04x | 1.47x | 0.54x | 0.74x | 0.21x | 0.18x | 0.89x | 2.09x | 4.36x | 1.09x | 2.86x | 1.33x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 3.59M | 3.76M | 4.36M | 4.98M | 6.42M | 8.4M | 9.33M | 8.86M | 12.62M | 14.12M | 15.55M | 17M | 18.49M | 20.86M | 3.03M | 3.18M | 2.01M | 2.16M | 2.28M | 2.99M | 2.23M | 1.89M | 1.79M | 1.72M | 1.14M | 859.31K | 547.79K | 543.28K | 390.63K |
| Long-Term Investments | 0 | 0 | 0 | 201K | 0 | 0 | 24.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 595.08K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 93K | 93K | 823K | 1.52M | 13.34M | 11.84M | 247K | 209K | 358K | 448K | 0 | 0 | 286K | 152.15K | 0 | 2.17M | 428.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.91K | 0 |
| Total Assets | 724M | 751.59M | 550.64M | 548.06M | 470.86M | 543.37M | 463.66M | 324.3M | 145.86M | 189.85M | 57M | 33.57M | 52.38M | 23.14M | 4.16M | 14.32M | 10.28M | 9.55M | 26.66M | 42.67M | 30.64M | 54.35M | 61.17M | 74.43M | 50.68M | 37.06M | 13.97M | 4.14M | 1.56M |
| Asset Turnover | 0.48x | 0.38x | 0.43x | 0.32x | 0.28x | 0.08x | 0.11x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.04x | 1.48x | 0.06x | 0.33x | 0.42x | 0.15x | 0.05x | 0.11x | 0.02x | 0.02x | 0.10x | 0.24x | 0.14x | 0.06x | 0.33x | 0.50x |
| Asset Growth % | 71.92% | 36.49% | 0.47% | 16.4% | -13.34% | 17.19% | 42.97% | 122.33% | -23.17% | 233.08% | 69.8% | -35.91% | 126.33% | 456.37% | -70.96% | 39.28% | 7.7% | -64.19% | -37.52% | 39.27% | -43.63% | -11.15% | -17.82% | 46.87% | 36.74% | 165.34% | 237.19% | 165.12% | - |
| Total Current Liabilities | 86.56M | 93.72M | 97.76M | 77.19M | 46.11M | 40.65M | 32M | 11.29M | 7.26M | 8.15M | 7.93M | 3.62M | 2.84M | 6.04M | 3.67M | 2.13M | 1.34M | 3.25M | 9.13M | 10.74M | 6.93M | 9.55M | 5.27M | 5.36M | 2.99M | 1.72M | 1.15M | 882.83K | 2.34M |
| Accounts Payable | 2.66M | 3.31M | 5.19M | 4.33M | 3.09M | 3.88M | 2.63M | 4.15M | 2.95M | 3.77M | 2.86M | 2.08M | 1.39M | 1.1M | 1.17M | 376.1K | 0 | 0 | 0 | 9.8M | 3.27M | 4.86M | 3.79M | 5.1M | 2.22M | 1.65M | 1.1M | 747.01K | 1.17M |
| Days Payables Outstanding | 34.3 | 37.02 | 67.02 | 111.63 | 198.93 | 1.3K | - | - | 26.03 | 1000K | 261.25K | 63.24K | 13.73K | 429.45K | 9.2K | 741.59 | - | - | - | 3.41K | 2K | - | - | - | 1.18K | 587.98 | 591.68 | 401.5 | 821.25 |
| Short-Term Debt | 18.14M | 17.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.32M | 1.72M | 44.07K | 0 | 0 | 4.75M | 532.16K | 1.72M | 1.62M | 1.4M | 186.62K | 130.85K | 70.98K | 48.2K | 67.91K | 195.31K |
| Deferred Revenue (Current) | 18.86M | 3.72M | 11M | 4.81M | 3.15M | 190K | 0 | 118K | 118K | 118K | 118K | 168K | 217K | 227.28K | 339.76K | 1.22M | 474.92K | 1.19M | 1.09M | 394.83K | 643.45K | 3M | 0 | 564.48K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 59.17M | 69.1M | 66.5M | 1.59M | 2.03M | 4.45M | 6.41M | 0 | 1.92M | 2.22M | 3.78M | 116K | 545K | 2.3M | 2.03M | 62.33K | 868.86K | 2.06M | 3.29M | 16.16K | 13.73K | 52.52K | 75.7K | -494.3K | 0 | 0 | 0 | 67.91K | 976.56K |
| Current Ratio | 5.55x | 5.25x | 4.57x | 5.50x | 9.60x | 12.63x | 13.11x | 27.90x | 18.30x | 21.50x | 5.22x | 4.57x | 11.83x | 0.35x | 0.12x | 3.91x | 4.90x | 1.67x | 2.38x | 3.29x | 3.41x | 4.91x | 9.93x | 11.96x | 14.65x | 20.31x | 10.94x | 3.46x | 0.25x |
| Quick Ratio | 5.01x | 4.76x | 4.17x | 4.99x | 9.06x | 12.15x | 12.67x | 27.90x | 18.30x | 21.52x | 5.22x | 4.57x | 11.83x | 0.35x | 0.12x | 3.82x | 4.90x | 1.67x | 2.37x | 3.10x | 3.37x | 4.88x | 9.81x | 11.85x | 14.48x | 20.00x | 10.45x | 3.08x | 0.19x |
| Cash Conversion Cycle | 562.11 | 526.98 | 496.58 | 962.8 | 1.43K | 5.29K | - | - | - | - | - | - | - | - | -9.19K | -254.09 | - | - | - | -2.63K | -1.8K | - | - | - | -838.43 | -366.74 | -229.59 | -182.5 | -638.75 |
| Total Non-Current Liabilities | 69.81M | 76.53M | 75.4M | 92.92M | 19.32M | 23.63M | 23.91M | 14.41M | 26.03M | 15.95M | 13.12M | 9.99M | 4.44M | 3.8M | 2.61M | 5.78M | 2.59M | 1.49M | 9.66M | 3.51M | 3.54M | 2.45M | 3.71M | 529.78K | 128.94K | 57.16K | 57.97K | 67.91K | 65.1K |
| Long-Term Debt | 50.5M | 57.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.26K | 0 | 0 | 8.13M | 81.79K | 612.56K | 2.29M | 3.47M | 238.28K | 128.94K | 57.16K | 57.97K | 67.91K | 65.1K |
| Capital Lease Obligations | 125.46M | 0 | 64.3M | 82.01M | 7.15M | 7.68M | 7.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.26K | 0 | 0 | 47.66K | 74.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 19.32M | 19.31M | 11.11M | 10.91M | 12.17M | 15.95M | 16.3M | 14.2M | 25.7M | 15.51M | 12.56M | 9.31M | 3.59M | 3.8M | 0 | -10.82K | 25K | 40.11K | 0 | 11.92K | 2.93M | 154.53K | 238.74K | 291.49K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 156.37M | 170.26M | 173.17M | 170.11M | 65.42M | 64.28M | 55.91M | 25.7M | 33.29M | 24.1M | 21.05M | 13.6M | 7.27M | 9.84M | 6.28M | 7.91M | 3.93M | 4.74M | 18.79M | 14.25M | 10.47M | 11.99M | 8.97M | 5.89M | 3.12M | 1.78M | 1.21M | 950.74K | 2.41M |
| Total Debt | 68.64M | 74.81M | 79.37M | 97.61M | 8.09M | 8.74M | 8.41M | 0 | 0 | 0 | 0 | 0 | 0 | 1.32M | 36.19K | 79.33K | 0 | 0 | 12.93M | 613.96K | 2.33M | 3.96M | 4.87M | 424.9K | 259.8K | 128.14K | 106.17K | 135.82K | 260.42K |
| Net Debt | 27.63M | -5.4M | -4.06M | 48.73M | -86.08M | -223.16M | -263.94M | -306.02M | -117.97M | -165.63M | -39.65M | -5.76M | -22.71M | -501.17K | -148.77K | -5.84M | -6.35M | -4.58M | -8.19M | -31.72M | -11.03M | -12.74M | -10.01M | -27.2M | -19.59M | -30.67M | -5.21M | -2.44M | 260.42K |
| Debt / Equity | 0.12x | 0.13x | 0.21x | 0.26x | 0.02x | 0.02x | 0.02x | - | - | - | - | - | - | 0.10x | - | 0.01x | - | - | 1.64x | 0.02x | 0.12x | 0.09x | 0.09x | 0.01x | 0.01x | 0.00x | 0.01x | 0.04x | - |
| Debt / EBITDA | 0.48x | 0.66x | 5.38x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.19x | -0.05x | -0.28x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 16.47x | 27.36x | 2.54x | -26.92x | - | - | - | - | - | - | - | - | -646.37x | -62.82x | -95.82x | -2457.00x | -447.75x | -7.30x | -18.48x | -253.82x | -86.43x | -79.41x | - | -323.25x | - | - | -449.92x | - | - |
| Total Equity | 567.63M | 581.33M | 377.48M | 377.95M | 405.44M | 479.09M | 407.75M | 298.6M | 112.58M | 165.74M | 35.95M | 19.96M | 45.11M | 13.3M | -2.12M | 6.41M | 6.35M | 4.81M | 7.87M | 28.41M | 20.17M | 42.36M | 52.2M | 68.54M | 47.56M | 35.28M | 12.76M | 3.19M | -846.35K |
| Equity Growth % | 102.33% | 54% | -0.13% | -6.78% | -15.37% | 17.5% | 36.55% | 165.25% | -32.08% | 361.04% | 80.08% | -55.74% | 239.13% | 727.69% | -133.05% | 1% | 32.02% | -38.9% | -72.3% | 40.9% | -52.39% | -18.85% | -23.84% | 44.12% | 34.79% | 176.54% | 299.74% | 477.12% | - |
| Book Value per Share | 4.12 | 4.19 | 2.58 | 2.64 | 2.86 | 3.70 | 3.44 | 3.21 | 1.33 | 2.15 | 1.02 | 0.62 | 1.55 | 2.10 | -0.60 | 1.85 | 2.49 | 2.01 | 3.70 | 13.73 | 11.97 | 26.79 | 34.61 | 48.72 | 36.90 | 34.42 | 17.03 | 5.88 | -1.74 |
| Total Shareholders' Equity | 567.63M | 581.33M | 377.48M | 377.95M | 405.44M | 479.09M | 407.75M | 298.6M | 112.58M | 165.74M | 35.95M | 19.96M | 45.11M | 13.3M | -2.12M | 6.41M | 6.35M | 4.81M | 7.87M | 28.41M | 20.17M | 42.36M | 52.2M | 68.54M | 47.56M | 35.28M | 12.76M | 3.19M | -846.35K |
| Common Stock | 1.09B | 1.12B | 1.19B | 1.2B | 1.19B | 1.18B | 944.33M | 746.49M | 504.65M | 499.2M | 299.81M | 261.64M | 258.49M | 207.07M | 204.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -615.01M | -649.37M | -936.57M | -942.32M | -864.3M | -756.12M | -575.16M | -472.48M | -415.96M | -351.84M | -281.05M | -257.75M | -236.37M | -205.37M | -217.08M | -202.03M | -203.82M | -190.98M | -157.78M | -174.38M | -119.42M | -96.91M | -65.54M | -39.84M | -20.52M | -19.84M | -12.9M | -6.93M | -5.47M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -880K | -599K | -647K | -730K | -1.06M | -852K | -805K | -805K | -805K | -883K | -805K | -805K | -805K | -4.76M | -10.87M | -10.19M | -9.77M | -8.71M | -7.4M | 3.15M | -5.94M | 941.97K | 1.27M | 550.6K | -1.03M | -942.85K | -713.23K | -543.28K | -390.63K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Single-product revenue concentration
As reported in financial statements, Aurinia's equity position has expanded from $378.0M in 2023Q4 to $567.6M by 2026Q1, reflecting a deliberate shift toward capital preservation and the successful accumulation of retained earnings following the strategic decision to prune the company's early-stage clinical pipeline.
The improvement in equity suggests that management is successfully transitioning the firm from a cash-burning R&D entity to a self-sustaining commercial operation. Investors should monitor whether this trajectory remains sustainable as the company faces the inherent limitations of a single-product revenue model.
Based on reported figures, Aurinia has reduced its total debt from $97.6M in 2023Q4 to $68.6M in 2026Q1, signaling a strategic effort to lower interest obligations as the company's core Lupkynis franchise generates more consistent, albeit lumpy, cash flows to support its ongoing capital structure.
The reduction in debt-to-equity from 0.26 to 0.12 over the observed period indicates a conservative approach to leverage that minimizes refinancing risk. This deleveraging appears to be a prudent response to the volatility of specialty pharmaceutical revenue, providing a buffer against potential market-driven pricing pressures.
According to recent SEC filings, the company maintains a current ratio of 5.55 as of 2026Q1, which provides a substantial liquidity cushion against the inherent unpredictability of specialty drug reimbursement cycles and the potential for lumpy milestone payments from its licensing partner, Otsuka Pharmaceutical.
The high current ratio suggests that the company is well-positioned to meet its short-term obligations without needing to access external capital markets. However, the fluctuation in cash balances warrants further investigation into the timing of working capital cycles and the impact of aggressive share repurchases on liquidity.
As indicated by the provided balance sheet data, the company's net PPE has declined from $116.6M in 2023Q4 to $73.2M in 2026Q1, which may suggest an accelerated depreciation of assets or a lack of significant capital reinvestment into the company's commercial infrastructure.
This trend toward lower asset intensity may be interpreted as a sign that the company is maximizing short-term cash flow at the expense of long-term infrastructure development. Investors should consider whether this reduction in PPE reflects a lean operational strategy or a potential underinvestment in the sales force required to maintain market share.
Quick answers to the most common questions about buying AUPH stock.
As of 2025, Aurinia Pharmaceuticals Inc. (AUPH) had total assets of $751.6M including $492.0M in current assets.
Aurinia Pharmaceuticals Inc. (AUPH) carries total debt of $74.8M, offset by $398.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aurinia Pharmaceuticals Inc. (AUPH) has total shareholders' equity (book value) of $581.3M ($4.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Aurinia Pharmaceuticals Inc. (AUPH) reported a current ratio of 5.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.