Aurinia Pharmaceuticals Inc

Greetings and welcome to the Aurinia Pharmaceuticals Inc. Q1 2025 earnings call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation, and you may press star one at any time to be placed into question queue. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Andrea Christopher, Corporate Communications and Investor Relations. Please go ahead, Andrea.

Thank you, Operator, and thank you to everyone for joining today's call and webcast. Joining me on the call this morning are Peter Greenleaf, Arania's President and Chief Executive Officer, Joe Miller, Arania's Chief Financial Officer, and Dr. Greg Keenan, Arania's Chief Medical Officer. Today, we will review and discuss Arania's first quarter 2025 financial results and provide an update on recent corporate progress as communicated in the company's press release and quarterly report on Form 10Q issued this morning. For more information, please refer to Arrhenius' filings with the U.S. Securities and Exchange Commission and Canadian Securities Authorities, which are also available on Arrhenius' website at arrheniapharma.com. During today's call, Arrhenius may make forward-looking statements based on current expectations. These forward-looking statements are subject to a number of significant risks and uncertainties, and actual results may differ materially. For discussion of factors that could affect Arrhenius' future financial results in business, please refer to the disclosures in Arrhenius' press release, quarterly report on Form 10-Q, and all other filings with the U.S. Securities and Exchange Commission and Canadian securities authorities. Please note that all statements made during today's call are current, as of today, May 12, 2025, unless otherwise noted, and are based upon information currently available to us. Except as required by law, Arunia assumes no obligation to update any such statement. Now, let me turn the call over to Arunia's President and CEO, Peter Greenlee. Peter?

Thanks, Andrea, and good morning, everyone. I want to thank everybody for joining us today. On this morning's call, I'll provide an update on our first quarter 2025 results and provide an update on recent progress. I'll then turn the call over to Joe Miller, our CFO, to provide additional details on our financial results. With a continued focus on commercial execution and driving operational efficiency, we achieved strong growth in total revenue and net product sales in the first quarter. For the first quarter of 2025, total revenue was $62.5 million, up 24% from $50.3 million in the same period of 2024. For the first quarter of 2025, net product sales of lupkinase, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, or LN, were 60 million, up 25% from 48.1 million in the same period of 2024. The increase is primarily due to an increase in the number of lupkinase cartons sold to specialty pharmacies and driven by further lupus nephritis penetration. The three months ended March 31, 2025. Cash flow generated from operations was $1.3 million, compared to a negative $18.6 million in cash flow used in operations in the same period of 2024. Excluding $11.1 million of cash payments made in connection with the November 2024 restructuring, Cash flow generated from operations was $12.4 million for the three months ended March 31, 2025. Exiting the quarter, we have cash, cash equivalents, restricted cash, and investments of $312.9 million, as compared to $358.5 million in December 31, 2024. For the three months ended March 31st, 2025, the company repurchased 5.8 million of its common shares for $47.4 million. With our solid 25% increase in sales growth for Loopkinus in the first quarter, we are poised for continued success in 2025. Following the recent update of the American College of Rheumatology Lupus Nephritis Treatment Guidelines, which recommends the incorporation of drugs like loop kinase into first-line therapy, our commercial organization is focused on educating rheumatologists about the benefits of initiating loop kinase earlier in the treatment paradigm. We have started the year in a solid position with a highly efficient organization focused on loop kinase growth and are therefore reiterating our total revenue guidance in the range of $250 million to $260 million. and net product sales guidance in the range of $240 million to $250 million for 2025. Finally, we remain on track to report initial results from the Phase I study of our pipeline product, AUR200, a dual Baf-April inhibitor for the potential treatment of a range of autoimmune diseases later this quarter. I'd like to now turn the call over to Joe Miller, our CFO, for a more detailed review of our first quarter 2025 financial results. I'll then return at the end of the call for a quick recap and to open up the line to any questions you might have. Joe?