AUPHAurinia Pharmaceuticals Inc.
Pharmaceutical Preparations
- Revenue
- $283M
- 20% YoY
- Operating margin
- 37.1%
- 1959% YoY
- EBITDA
- $124M
- 743% YoY
- Market cap
- $2.2B
- Employees
- 200,000
- $1K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes47% of net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowNo72% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo86% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$1K · 12th pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$25M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $46M | $134M | $176M | $235M | $283M | 20% |
| Operating income | −$181M | −$111M | −$92M | −$5M | $105M | 2338% |
| Net income | −$181M | −$108M | −$78M | $6M | $287M | 4852% |
| Operating cash flow | −$158M | −$80M | −$33M | $44M | $136M | 206% |
| Stock-based comp | $31M | $32M | $45M | $32M | $15M | 54% |
| Buybacks | — | $0 | $0 | $40M | $98M | 144% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 26, 2026 | ILJIN SNT Co., Ltd. | SCHEDULE 13D/A | 0.3% | Passive |
| Jun 4, 2026 | TANG CAPITAL MANAGEMENT LLC | SCHEDULE 13D/A | 10.0% | Passive |
| Mar 25, 2026 | TANG CAPITAL MANAGEMENT LLC | SCHEDULE 13D/A | 9.2% | Passive |
| Mar 3, 2026 | TANG CAPITAL MANAGEMENT LLC | SCHEDULE 13D/A | 9.2% | Passive |
| Aug 13, 2025 | ILJIN SNT Co., Ltd. | SCHEDULE 13D/A | 4.1% | Passive |
| Mar 4, 2025 | TANG CAPITAL MANAGEMENT LLC | SCHEDULE 13D/A | 7.3% | Passive |
| Sep 12, 2024 | TANG CAPITAL MANAGEMENT LLC | SC 13D | 5.1% | Passive |
| Mar 20, 2024 | ILJIN SNT Co., Ltd. | SC 13D/A | 4.4% | Passive |
| May 10, 2023 | ILJIN SNT Co., Ltd. | SC 13D/A | 4.2% | Passive |
| Jan 20, 2023 | ILJIN SNT Co., Ltd. | SC 13D/A | 4.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $25M · 11
- Open-market sells, 12 mo
- $546K · 2
- Net
- $25M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | $18M | 115 | 84 |
| FY2024 | $6M | $8M | 65 | 63 |
| FY2023 | $11M | $15M | 65 | 69 |
| FY2022 | $9M | −$9M | 31 | 70 |
| FY2021 | $1M | $16M | 165 | 92 |