— Aurinia Pharmaceuticals (NASDAQ: AUPH) reported a fourth-quarter 2019 loss of $0.78 per share versus a loss of $0.14 per share expected.
— Revenue remained flat at $29,000 versus $40,000 expected. The top line was hurt by nil contract revenue.
— The bottom line was hurt by an increase in the estimated fair value of derivative warrant liabilities.
— Research and development expenses increased by 23% due to costs related to NDA submission preparation costs, higher personnel costs, higher costs incurred for the Aurora 2 extension trial, and the Audrey DES phase 2/3 study.
— During the second half of 2020, the company anticipates reporting interim data from the exploratory Phase 2 FSGS study and results from the Phase 2/3 Audrey DES trial evaluating 3 concentrations of VOS compared to the vehicle alone.
— The company believes it has sufficient financial resources to fund its current plans. This includes ongoing R&D programs, completing the NDA submission, manufacturing and packaging commercial drug supply required for launch, and fund its supporting corporate and working capital needs through 2021.
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