Value Investor
Start free

Aurinia Pharmaceuticals

AUPH on Nasdaq. Aurinia sells a lupus nephritis drug to specialty pharmacies, distributors and Otsuka. Market value $2.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
6.5%high

For every $100 of what the whole company costs, it produced $6.47 of spare cash last year. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 48 of 100. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.

$15.72 a share, 44% above its 1-year low

Over the past year the price has ranged from $10.90 to $19.25.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.2
-0.1
-0.0
0.0
0.1
20212022202320242025
Revenue
$46m$134m$176m$235m$283m
Operating margin
-396.3%-83.2%-52.2%-2.0%37.1%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.14bn0.14bn0.14bn0.13bn0.13bn

Health checks

  • Free cash flow positive2 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 41.4% a year
  • Buying back its own sharesYes, 6% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $83 million last quarter, up 19% on a year ago.
  • Profit: $37 million, up 74% on a year ago.
  • It keeps 48 cents of each $1 of sales as operating profit, up from 20 cents a year earlier.
  • 3% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$68m
December 2024$60m
March 2025$62m
June 2025$70m
September 2025$73m
December 2025$77m
March 2026$78m
June 2026$83m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$14m
December 2024$1m
March 2025$23m
June 2025$22m
September 2025$32m
December 2025$211m
March 2026$34m
June 2026$37m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 281 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • at least 10.0%+0.8 pts
    (filed with 5 related holders)
    Since 2 June 2026
    What they said

    Item 4 of the Original Schedule 13D is hereby amended and restated by replacing the text thereof in its entirety with the following: The Reporting Persons' acquisition was made for investment purposes. In accordance with applicable securities laws, the Reporting Persons may,…

    Read the filing
  • Armistice Capital, LLC
    Passive investor
    at least 4.5%
    (filed with 1 related holder)
    Since 31 December 2024
  • Chin Kyu Huh
    Passive investor
    at least 4.4%−0.6 pts
    (filed with 5 related holders)
    Since 20 August 2026
  • TANG CAPITAL PARTNERS III, INC
    Insider or founder
    Sold down below 5%
    Since 23 March 2026
    What they said

    Item 4 of the Original Schedule 13D is hereby amended to add the following: On March 23, 2026, Mr. Tang was appointed as Chief Executive Officer of the Issuer.

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $25m of shares on the open market. 1 sold $546,373.

  • Robertson Stephen P.
    Chief Legal Officer
    Sold
    Date
    10 September 2026
    Shares
    11,939
    Price
    $15.95
    Value
    $190,427
  • Robertson Stephen P.
    Chief Legal Officer
    Sold
    Date
    21 August 2026
    Shares
    20,975
    Price
    $16.97
    Value
    $355,946
  • TANG KEVIN
    Chief Executive Officer, Director
    Bought
    Date
    2 June 2026
    Shares
    206,005
    Price
    $15.28
    Value
    $3m
  • TANG KEVIN
    Chief Executive Officer, Director
    Bought
    Date
    1 June 2026
    Shares
    343,620
    Price
    $15.28
    Value
    $5m
  • TANG KEVIN
    Chief Executive Officer, Director
    Bought
    Date
    29 May 2026
    Shares
    264,981
    Price
    $15.31
    Value
    $4m
  • TANG KEVIN
    Director
    Bought
    Date
    3 March 2026
    Shares
    184,208
    Price
    $14.22
    Value
    $3m
  • TANG KEVIN
    Director
    Bought
    Date
    2 March 2026
    Shares
    199,353
    Price
    $14.26
    Value
    $3m
  • TANG KEVIN
    Director
    Bought
    Date
    27 February 2026
    Shares
    516,439
    Price
    $13.99
    Value
    $7m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

We couldn’t fully check Aurinia Pharmaceuticals’ latest annual report.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We couldn't fully read the 10-K filed 26 Feb 2026, so we can't say there are no warning signs.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 49% last year. Losing that customer would hurt.

    “Specialty pharmacy A | 49% | 49% | 51%”

    From the 10-K filed 26 February 2026, Item 15/16. Financial Statements and Notes (table). Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Profits run ahead of cash.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.