Aurinia Pharmaceuticals Inc (AUPH) Options

yeah - frustrating. Even worse is that all the voters would have loved to vote him out as CEO as well.

Voted out but bod says he should stay. That's some corrupt sht right there. Unbelievable

8K out AH indicating that while 3 directors' resignations were accepted (and therefore they are gone), PG's resignation from the BoD was not accepted due to "exceptional circumstances (so PG stays on the BoD). Kevin Tang of Tang Investments now on BoD. Separately, Tang Capital filed a 13D indicating they own 5.1% of AUPH.

What do you make of all this?

https://archive.fast-edgar.com/20240912/AJ2ZE22C822272B2222K2242V8RTZ2228S62/

ROCKVILLE, Md. & EDMONTON, Alberta--(BUSINESS WIRE)-- Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) (Aurinia or the Company) announced today that the first participant has been dosed in a Phase 1a single ascending dose (SAD) study of AUR200, a differentiated, potential best-in-class therapy for autoimmune diseases that targets both BAFF (B-cell Activating Factor) and APRIL (A Proliferation-Inducing Ligand).

So VERA already has this P 3 ready ( a drug that targets both BAFF and APRIL ) .....while AUPH starts a P1

Kiwi

RMB. The LN video featuring a KOL using Lupkynis has been out for about 3 wks on the Healio Nephrology site ...a site my wife and other prescribers with CKD patients regularly visit. So I would expect an uptick in sales / scripts following this presentation.

Waiting in the wings tho are other drugs likely to enter P 3 trials and are probably more effective .
Chk this Sept 24 presentation from VERA
https://ir.veratx.com/static-files/469e722f-5da8-4dad-9a54-e52ba68596f7

VERA is currently focusing their efforts on IgAN with key data Q4 2024 ...see page 10 of their presentation re comparing to Benlysta
JMO
No position in AUPH ...altho I wouldn't sell it right now if I owned it . I'd like to see script data thru end of year
I do have a position in VERA

Kiwi

Could, Japan approval is a possibility, since the news of the dosing of the first patient in the AUR200 trial was yesterday so it shouldn't be that. Of course we are always last to know.

Maybe it is investors seeing the video that Kiwi posted about a few days ago?

Hope there is a "very good" reason for
the price & vole increase today. I figure
Japanese approval would only rate as a
good reason. Management here has
proved to be unethical if not also doing
things that are illegal. Hope the BOD
members who are obligated to leave do
just that without having to be forced out.
Maybe, just maybe that will be enough to
get them to a point where a BO would be
something that management actually would
work towards. Today's stock action at least
provides me with a scintilla of hope!

Making an exit at a loss. This was a disaster lol.

Sucking in more bagholders. This is and will always be AUPHUL

I'm still here. It's been seven and a half years, but I'm still here. Avg cost around $10

This is fairly new and an excellent video for Nephrologists treating LN .
Its a Healio video that I suggest those invested in AUPH try and access
In this video, Craig Gordon, MD, nephrologist at Tufts Medical Center and associate professor of medicine at Tufts University School of Medicine, goes over the results and discusses this case of lupus nephritis:


Kiwi

Thank you Kiwi. In the middle of trying to book Covid shots and their site is overloaded and jammed (CVS).

RMB. Theres a new video out on Healio / Nephrology that prescribers in the field are probably aware of .
I can't seem to link it but maybe you can
Explains the decision tree and how they ended up using Lupkynis with good results

In this video, Craig Gordon, MD, nephrologist at Tufts Medical Center and associate professor of medicine at Tufts University School of Medicine, introduces a case of lupus nephritis:

Editor’s note: The following is an automatically generated transcript of the above video.

"I want to introduce myself. My name is Dr. Craig Gordon. I'm an associate professor of medicine at Tufts University School of Medicine and I work in the Tufts Medical Center Center for Glomerular Diseases. And today, we're going to be discussing the case of a young woman with lupus nephritis and to consider questions that all of us are grappling with since the fairly recent publications of randomized control trials of belimumab (Benlysta, GlaxoSmithKline), as well as voclosporin (Lupkynis, Aurinia), as well as the recently published 2024 update to the KDIGO guidelines on lupus nephritis.

I think a lot of treating clinicians are trying to come to grips with which patients would benefit from the addition of either belimumab or voclosporin to standard induction therapy for lupus. And so, I'm going to use a case to help us start the process of thinking about this when faced with seeing a patient with lupus nephritis and to highlight your attention to some very helpful guidance that's been provided by the KDIGO guidelines on lupus nephritis published earlier this year."


And then he finish's with
"Pleased to report that almost six months into this course, she's had a very nice response. Her proteinuria has improved from a peak of around 12.6 grams to recently, a few weeks ago, down to 1.9 grams, with a concomitant improvement in her serum albumin to 3.8 grams per deciliter. Her eGFR has been stable, the most recent value of 89 MLs per minute. Her complement values have returned to normal and double-stranded DNA have normalized as well. So she continues at the present time on full-dose mycophenolate and voclosporin (Lupkynis, Aurinia). We've nearly completely tapered her off prednisone and expect to do so in the next few weeks.

This is great for prescribers ...experts in the field reporting experience with the drug .
Patients definitely want to get off the steroids ( prednisone )


Kiwi

We’ll probably get a news soon. How impactful the news is, remains to be seen. Unfortunately, the ones responsible for moving the needle in the last few days may have friends in high places or dark places. I can’t fathom why this would stay low for a long time given it is the only medicine to treat this condition efficaciously and safely, jmo.

Just get the feeling that something is going on behind the scenes. The stock price would have normally been hammered back down by now (after the little pop over 6) but it seems to slowly be continuing the march upward. Time will tell, as we are always the last to know.

I sold all the AUPH in my IRA yesterday, you're welcome everyone haha

Trash but carefully manipulated trash so there is that.

Completely agree with you on this

PG and those directors have no shame so doubtful Selce’s letter spurs them to do anything, so I guess Selce has to rely on Iljin calling for an emergency meeting.

August 13, 2024
Aurinia Pharmaceuticals Shareholder Calls for CEO Peter Greenleaf, Dr. Brinda Balakrishnan, and Dr. Robert Foster to Resign from the Board
Highlights Damning Annual General Meeting Results, Which Show That Four of the Company’s Nine Directors Failed to Receive a Majority of the Votes

Calls on the Company to Appoint Two Shareholder Representatives to Bring Much-Needed Accountability to the Boardroom

August 13, 2024 08:00 AM Eastern Daylight Time
GENEVA--(BUSINESS WIRE)--Lucien Selce, who owns approximately 2.2% of the outstanding shares of Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) (“Aurinia” or the “Company”), today issued the below open letter to the Board of Directors (the “Board”) regarding the urgent need for accountability and boardroom changes.

***

August 13, 2024

Aurinia Pharmaceuticals Inc.
#140, 14315 – 118 Avenue
Edmonton, AB T5L 4S6
Canada
Attention: The Board of Directors

Members of the Board,

Over the past few months, I have expressed my concerns regarding the Company’s current strategy and trajectory due to the Board’s lack of appropriate oversight and relevant skillsets. Recent developments following the 2024 Annual General Meeting (the “AGM”) have made clear that current leadership has no interest in acting in shareholders’ best interests and in protecting the future of the Company.

The fact that four of the nine directors up for re-election at the 2024 AGM, including CEO Peter Greenleaf, failed to secure a majority of the votes speaks volumes about the need for boardroom change and a new strategy for value creation.1 The current state of affairs at Aurinia – marked by unchecked spending, ineffective leadership, and a clear lack of strategic direction – demands immediate and decisive action.

Aurinia Has Spent Excessive Capital Without Focusing on Research and Development (“R&D”)

The Company has recklessly spent $100 million in just six months, yet there has been little to no investment in R&D, which is the cornerstone of Aurinia’s future growth. This irresponsible financial management is unacceptable. Aurinia should be operated efficiently with a budget of $70 million – not $150 million. The current financial strategy is unsustainable and detrimental to shareholder value.
Management Continues to Pursue an Ineffective Strategy

In February 2024, the Company publicly announced the discontinuation of AUR200. Then, during the Q2 2024 earnings call, Mr. Greenleaf reversed this decision, stating that its development had resumed. This inconsistency not only undermines the credibility of the Company’s leadership, but also raises serious concerns about transparency with the market.
Moreover, during the same earnings call, it was openly acknowledged that the Company struggled to achieve the expected sales of LUPKYNIS. In addition, ADALVO (a generic drug manufacturer) has come up with a Voclosporin-based product, akin to a generic version of LUPKYNIS. This development, which could upset the Company’s competitive position, was not even discussed by management.
Leadership Has a Track Record of Ignoring Shareholders’ Interests

Despite announcing a $150 million share repurchase program in February 2024, only $18 million has been spent over the last six months, even as the Company continues to trade at rock bottom levels. This lack of action is a missed opportunity to support the share price and demonstrates poor judgment by leadership.
After being voted out at the recent AGM, Mr. Greenleaf and three other directors remain in their positions. The Board’s failure to accept conditional director resignations and Mr. Greenleaf’s avoidance of this topic during the latest earnings call demonstrate a blatant disregard for shareholders’ votes and sound governance.
The issues outlined above highlight the urgent need for effective oversight and changes to the composition of the Board. In my view, the only way the Company can improve its trajectory and begin creating value for shareholders is by taking the below steps:

Dr. Brinda Balakrishnan, Dr. Robert T. Foster, and Mr. Greenleaf should each submit their immediate firm (not provisional) resignations, as they have failed in their respective roles. At the 2024 AGM, 52.5% of shareholders withheld support for Dr. Balakrishnan, 51.8% withheld support for Mr. Greenleaf, and Dr. Foster was narrowly elected with just 51.4% support.2 These three directors should be held responsible for the lack of meaningful M&A activity, the absence of significant research initiatives, and the consistent failure to meet the Company’s objectives.
The Board should appoint two shareholder representatives: one from MKT Capital and one from ILJIN SNT Co., Ltd. (“ILJIN”). This will ensure that the interests of the Company’s owners are directly represented in all strategic decisions moving forward.
The Board should reduce its size to streamline decision-making and enhance accountability.
ILJIN, a significant shareholder of Aurinia, should call for an Extraordinary General Meeting as soon as possible. This meeting is essential to address the aforementioned urgent issues, execute necessary leadership changes, and realign the Company’s strategic direction with shareholders’ interests.
The time for change is now. Continued mismanagement of Aurinia threatens the future of our Company and the value we, as shareholders, have entrusted to you. I expect immediate action to rectify these issues.

Furthermore, I want to emphasize that under no circumstances should the Board proceed with acquiring additional assets that could jeopardize the Company's cash flow and financial stability. This reckless behavior must be halted to preserve the long-term health of Aurinia.

Sincerely,

Lucien Selce

***

________________________

1


Company’s Form 8-K dated June 14, 2024.

2 Company’s Form 8-K dated June 14, 2024.


Contacts
Lucien Selce
Lucienselce@gmail.com

You rang???

I got a kick out of this line from PG re this earnings report:

“Additionally, achieving positive free cash flow ahead of our initial projections further strengthens our financial position and allows more flexibility to explore opportunities to diversify our portfolio," said Peter Greenleaf, President and Chief Executive Officer of Aurinia”

They can’t monetize their current assets, he thinks acquiring more assets is the answer. LOL.

pete has set the bar so low that he feels that the stock only being .15 cents lower than when he became ceo justifies his 1.7million dollar salary puss millions in free stock.
not only does he follow the Peter Principle but he gets his management advice from joe and cameltoe.

I understand how you cannot see another person as being successful seeing how you years of employment peaked when you finally learned how to say "would you like fries with that" so you could keep your job!
I never disclose holdings of stocks only ignorant investors would do that. suffice to say in the last 40 years I have never had a stock purchase of less than a block of 1000 shares. And if that was all I had it would tenfold your holdings here.

Dump it ( AUPH ) and buy ARDX ...if Co ( ARDX ) prevails against CMS via the Kidney Patient Act or their lawsuit ...far greater upside by end of year
JMO
Kiwi

He said he used to be a CEO. I wonder what kind of company he CEO’d. He was blaming his brother for blocking him from selling half his holdings (who knows, 750 shares?). We had one like him from another bought biotech who’s posting here but he’s a milder one. He’s the one referred to as Gadfly by zzzzzz.

I was wrong in my assumption.

I'm a charter member of the club that has been wrong about him. For years I thought his pointless, worthless posts were a cry for help, and that he must have someone who cares about him enough to get him some professional help.

But if that/those person(s) even existed, they have clearly failed so far. I say that because if he is institutionalized presently, he's somehow able to have internet access, which is most unfortunate.

I like to think that everyone has at least some value, but he's really demonstrating how wrong that assumption is.

He might be the dumbest investor in history; if the Olympics had such a competition, he deserves to be a world champion.

Still here holding my bags. This tunnel is long and dark, let there be light!

If the current price holds till 4 pm, yeah the shorts are worried that there may be a showstopper announcement tomorrow or there could be a good ER leak, JMHO.

I think they might be more worried that AUPH would finally announce management changes...

Everyone knows there aren't any earnings to speak of.

I think they might be more worried that AUPH would finally announce management changes...

Everyone knows there aren't any earnings to speak of.

Could it be shorts are worried about earnings tomorrow?

You ask a good question. One would hope that Aurinia would have the data to answer your questions.

It has been a number of years since L approval and the company has not made much headway with insurance coverage. On top of that they supposedly have a huge margin on L. The question is how will insurance coverage improve and scripts jump for every X dollars drop in price. But whatever they are doing doesn’t seem to be working to the degree that would fulfill the promise of L for LN patients. L costs more than double what Belimumab costs. Bringing those prices closer together might be in order.

If efficacy is as superior as I have read over time, then maybe we are at point where a modest price cut could turn the tables. Can anyone venture a guess as to what the "market will bear", price-wise, to include more insurance coverage?

Remember in November and December of last year, this same guy said he’ll abstain from posting here for a year? After a month, he was back to posting. I thought the reason for him saying that is that he would go to Auph headquarter and arm twist the board into replacing PG at the helm. I was wrong in my assumption.

thank you, you are a sweetheart


and ilke others a peter buttlicker.
6 more years you will still hold out hope for pete and we might be close to hitting 6.00 in the meantime he pulls in millions a year for poor performance.
your wife probably says the same to you...poor performance!

pete was to greedy and self serving to do what was best for the shareholders and accept bmy's offer when we were at 34.00
under peters management the share price has lost money

AMEN. 11th magnitude is too little.

"I won't sell for less than "60.00"

Prove that you really missed me! I think you are not only FOS but also suffer from excrement of the 11th magnitude clogging what used to be your brain.

You might be the saddest and mentally sickest creature on the iHub boards.

I'm begging you to seek serious help ASAP.

I'm praying for you against the demons that clearly currently possess you.

.

keep up the great work pete, dang I miss all the posters that would exclaim "I won't sell for less than "60.00"
we can't even get 6.00 and you still love pete

Z. To correct the previous post where I mentioned VERA .
Their LN P 3 trial has been suspended
This suspension follows a previous setback with atacicept in lupus nephritis - the Phase II/III APRIL-LN trial evaluating atacicept in addition to mycophenolate mofetil was prematurely terminated due to unexpected declines in serum IgG levels and occurrence of serious infections in patients receiving atacicept.
It's worth noting that atacicept has shown more promising results in other conditions like IgA nephropathy, where it demonstrated an acceptable safety profile and improvements in proteinuria in the Phase II JANUS study. However, its development for lupus nephritis has faced challenges, with the COMPASS trial being the latest setback. The lack of safety concerns as the reason for suspension suggests there may be other factors at play, but without more information, the exact cause remains unclear.

So VERA's LN program is no longer a threat to AUPH.

Kiwi

Z. Is Lupkynis still a Tier 5 drug on formularies .
If so
For tier 5 drugs, which are typically specialty drugs, the copay structure is different from lower tiers. Instead of a fixed copay amount, you generally pay a percentage of the drug's cost, known as coinsurance.
According to the search results:
For most plans, you'll pay 25% to 33% of the retail cost for drugs in tier 5.
Tier 5 is often referred to as the "Specialty Tier" and includes unique and/or very high-cost drugs.
The coinsurance model means you pay a percentage of the total drug cost rather than a fixed copay amount.

Even if the patient makes it past the PA hurdles , they then need to deal with the copay
RMB posted the retail cost in a previous post ....how many " people of color "...or anyone else for that matter can pay 25-33% of the retail cost annually.

Other Co's like VERA also have LN drugs in clinical trials with promising data so far
https://veratx.com/science/atacicept-in-ln/

Good luck ... No position
Kiwi

Prior authorizations hurdles ...suggest you learn about them
Your source of information (your wife) gives you a very narrow perspective. I suggest you expand on your information gathering efforts.

I have personally seen VERY expensive drugs (Entyvio, $20K/month) go from very difficult to get (let all cheap drugs fail, patient suffer, long term damage, then more expensive treatment long term), and now, much easier to get as initial treatment.

I expect the same for Lupkynis, and I think we're getting very close to that point. As I said before, the fact that "communities of color" are disproportionally effected should also play some role!

See this from link:
Lupus nephritis is a serious chronic disease, one that has a disproportionately large impact on Black, Hispanic, and other communities of color in the US. Both belimumab and voclosporin are important new treatment options. Despite remaining uncertainty about both treatments’ longer-term outcomes, their estimated net prices appear to be aligned with their anticipated clinical benefits. More research is needed to confirm these benefits, but
for patients and clinicians to have responsibly priced options specifically indicated for lupus nephritis is a win for patients and the entire health system.

Meant to add this link from ICER:

https://icer.org/wp-content/uploads/2020/11/LN_RAAG.pdf

On the same track as what you are talking about, IIRC Aurinia’s margin on Lupkynis is astronomical so they would have room to decrease the price. I have thought that they didn’t want to decrease margins so as to appear more attractive to BP wrt a BO.

But a number of years have passed since approval and management has not been able to get more favorable insurance coverage nor has Aurinia been able to attract a suitor.

Whalatane- Thinking about what you are saying about the apparently prohibitively high (exorbitant) cost of Aurinia's Lupkynis, in your opinion/view is the following hypothetical scenario possible/feasible?

The price of Lupykynis gets cut to the same price as Benlysta (Belimumab), which I believe is essentially a garbage drug compared to voclosporin.
I'm thinking if that happened, the sales of Lupykynis would soar by multiples of what they are currently, since the performance of Benlysta is dramatically inferior.

TIA

It's my opinion based on the following knowledge .
Generally what happens is the insurance provider wants the patient to fail on all the less expensive options first . This requires a paper trail for the MD and patient and often both get fed up with the process and settle for what they can get and afford .
What the patient can afford is a key factor .
Brand drugs like Lupy are generally tier 5 on a formulary so the patient is responsible for a third of the cost of the script ....unless they have some special drug co plan or coupon .
Sometimes my wife will get approval for a fairly expensive drug for CKD patients ...write the script ...but when the patient is required to pay the copay at the pharmacy they decline to get the drug .

Kiwi

Kiwi is it your opinion or knowledge that PAs correlate with cost of the drug?

Just wondering if you know how difficult it is to get approval to use this drug .
So far my wife knows of it being used by only 2 patients in the SF area ...both at Stanford Ca .
Prior authorizations hurdles ...suggest you learn about them
Kiwi

to which pete responded "PFFF"