Aurinia Pharmaceuticals (AUPH) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-36421
Entity Registrant Name	Aurinia Pharmaceuticals Inc.
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-1231763
Entity Address, Address Line One	#1203-4464 Markham Street
Entity Address, City or Town	Victoria
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V8Z 7X8
City Area Code	(250)
Local Phone Number	708-4272
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		141,741,580
Title of 12(b) Security	Common shares, no par value
Trading Symbol	AUPH
Security Exchange Name	NASDAQ
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001600620
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash, cash equivalents and restricted cash	$ 132,542	$ 231,900
Short-term investments	286,210	234,178
Accounts receivable, net	20,401	15,414
Inventories, net	26,266	19,326
Prepaid expenses and other current assets	12,199	12,506
Total current assets	477,618	513,324
Non-current assets:
Other non-current assets	11,838	11,838
Property and equipment, net	4,332	4,418
Acquired intellectual property and other intangible assets, net	7,882	8,404
Right-of-use assets	5,232	5,383
Total assets	506,902	543,367
Current liabilities
Accounts payable and accrued liabilities	32,327	34,947
Other current liabilities	502	4,640
Operating lease liabilities	1,009	1,059
Total current liabilities	33,838	40,646
Non-current liabilities
Deferred compensation and other non-current liabilities	17,379	15,950
Operating lease liabilities	7,562	7,680
Total liabilities	58,779	64,276
Commitments and contingencies (Note 18)
SHAREHOLDER’S EQUITY
Common shares - no par value, unlimited shares authorized, 141,742 and 141,600 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	1,178,807	1,177,051
Additional paid-in capital	64,686	59,014
Accumulated other comprehensive loss	(1,618)	(852)
Accumulated deficit	(793,752)	(756,122)
Total shareholders' equity	448,123	479,091
Total liabilities and shareholders’ equity	$ 506,902	$ 543,367

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, issued (shares)	141,742,000	141,600,000
Common stock, outstanding (shares)	141,742,000	141,600,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net revenue:
Total revenues	$ 21,625	$ 914
Operating expenses
Cost of sales	256	48
Selling, general and administrative	45,197	39,805
Research and development	12,620	9,833
Other expense, net	1,434	1,771
Total cost of sales and operating expenses	59,507	51,457
Loss from operations	(37,882)	(50,543)
Interest income	262	172
Net loss before income taxes	(37,620)	(50,371)
Income tax expense	10	8
Net loss	(37,630)	(50,379)
Other comprehensive loss:
Unrealized (loss) gain on available-for-sale securities, net of tax of nil	(766)	6
Comprehensive loss	$ (38,396)	$ (50,373)
Basic loss per share (expressed in $ per share)	$ (0.27)	$ (0.40)
Diluted loss per share (expressed in $ per share)	$ (0.27)	$ (0.40)
Weighted-average common shares outstanding used in computation of basic loss per share	141,675	127,401
Weighted-average common shares outstanding used in computation of diluted loss per share	141,675	127,401
Product revenue, net
Net revenue:
Total revenues	$ 21,492	$ 884
License and collaboration revenue
Net revenue:
Total revenues	$ 133	$ 30

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Unrealized gain on available-for-sale securities, tax	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Additional paid in capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Balance (in shares) at Dec. 31, 2020		126,725,000
Balance at Dec. 31, 2020	$ 407,750	$ 944,328	$ 39,383	$ (805)	$ (575,156)
Increase (Decrease) in Stockholders' Equity
Shares issued on exercise of stock options and vesting of performance awards (in shares)		877,000
Shares issued on exercise of stock options and vesting of performance awards	4,999	$ 7,619	(2,620)
Exercise of warrants (in shares)		519,000
Exercise of warrants	31	$ 726	(695)
Shared-based compensation	7,821		7,821
Unrealized gain (loss) on available-for-sale securities	6			6
Net loss	(50,379)				(50,379)
Balance (in shares) at Mar. 31, 2021		128,121,000
Balance at Mar. 31, 2021	$ 370,228	$ 952,673	43,889	(799)	(625,535)
Balance (in shares) at Dec. 31, 2021	141,600,000	141,600,000
Balance at Dec. 31, 2021	$ 479,091	$ 1,177,051	59,014	(852)	(756,122)
Increase (Decrease) in Stockholders' Equity
Shares issued on exercise of stock options and vesting of performance awards (in shares)	54,000	142,000
Shares issued on exercise of stock options and vesting of performance awards	$ 405	$ 1,756	(1,351)
Shared-based compensation	7,023		7,023
Unrealized gain (loss) on available-for-sale securities	(766)			(766)
Net loss	$ (37,630)				(37,630)
Balance (in shares) at Mar. 31, 2022	141,742,000	141,742,000
Balance at Mar. 31, 2022	$ 448,123	$ 1,178,807	$ 64,686	$ (1,618)	$ (793,752)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows used in operating activities:
Net loss	$ (37,630)	$ (50,379)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	687	688
Amortization of intangible assets	151	(272)
Share-based compensation expense	7,023	7,821
Other, net	1,514	(2,111)
Net changes in operating assets and liabilities
Accounts receivable	(4,986)	(1,187)
Inventories	(6,940)	(2,009)
Prepaid expenses and other current assets	307	308
Non-current assets	0	229
Accounts payable, accrued and other liabilities	(6,704)	(7,103)
Lease liabilities	(168)	474
Net cash used in operating activities	(46,746)	(53,541)
Cash flows used in investing activities:
Purchase of investments	(163,504)	(115,168)
Proceeds from investments	110,566	60,940
Upfront lease payment	0	(11,838)
Purchase of long-lived assets	(79)	(136)
Additions to internal use-software implementation costs	0	(1,039)
Capitalized patent costs	0	(6)
Net cash used in investing activities	(53,017)	(67,247)
Cash flows from financing activities
Proceeds from exercise of stock options	405	4,999
Proceeds from exercise of warrants	0	30
Cash provided by financing activities	405	5,029
Net decrease in cash, cash equivalents and restricted cash	(99,358)	(115,759)
Cash, cash equivalents and restricted cash, beginning of period	231,900	272,350
Cash, cash equivalents and restricted cash, end of period	132,542	156,591
Supplemental cash flow information:
Cash received for interest	13	425
Cash paid for amounts included in the measurement of lease liabilities	(281)	(63)
Supplemental disclosure of noncash transactions
Initial recognition of operating lease right-of-use asset	0	5,804
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets
Cash, cash equivalents	131,636	156,591
Restricted cash	906	0
Total cash, cash equivalents and restricted cash	$ 132,542	$ 156,591

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Aurinia Pharmaceuticals Inc. (Aurinia or the Company) is a fully integrated biopharmaceutical company focused on delivering therapies to treat targeted patient populations that are impacted by serious diseases with a high unmet medical need. In January 2021, the Company introduced LUPKYNIS™ (voclosporin), the first U.S. Food and Drug Administration (FDA) approved oral therapy for the treatment of adult patients with active LN and continues to conduct pre-clinical, clinical, and regulatory advancement to support the voclosporin development program. On August 17, 2021, the Company announced the addition of two novel assets AUR200 and AUR300. AUR200 is currently undergoing pre-clinical development with projected submission of an Investigational New Drug Application (IND) to the FDA in 2023. The Company anticipates that an IND for AUR300 will also be submitted during 2023. Aurinia's head office is located at #1203-4464 Markham Street, Victoria, British Columbia, Canada and its registered office is located at #201, 17873-106 A Avenue, Edmonton, Alberta. Aurinia also has a U.S. commercial office located at 77 Upper Rock Circle Suite 700, Rockville, Maryland, 20850 United States.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments considered necessary for fair presentation in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2021 was derived from audited annual consolidated financial statements but does not include all annual disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year or any other future periods. These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Aurinia Pharma U.S., Inc. (Delaware incorporated) and Aurinia Pharma Limited (UK incorporated). All intercompany balances and transactions have been eliminated in consolidation and operate in one segment. These unaudited condensed consolidated financial statements are presented in U.S. dollars which is the Company's functional currency therefore there is no currency translation adjustment upon consolidation as the remeasurement of gains or losses are recorded in the condensed consolidated statements of operations. All assets and liabilities denominated in a foreign currency are remeasured into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are remeasured at the average exchange rate during the period. Foreign exchange gains and losses arising on translation or settlement of a foreign currency denominated monetary item are included in the condensed consolidated statements of operations. The Company is devoting the majority of our operational efforts and financial resources towards the commercialization and post approval commitments of our approved drug, LUPKYNIS. The Company is also expending efforts towards our newly acquired assets AUR200 and AUR300. Taking into consideration the Company's cash, cash equivalents, restricted cash and investments of $418.8 million as of March 31, 2022, the Company believes that it has sufficient resources to fund its operations for at least the next few years beyond the date that the unaudited condensed consolidated financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting PoliciesOther than as described below, the Company's significant accounting policies have not changed from those previously described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Restricted cash : Restricted cash consists of the 2021 Employee Share Purchase Plan (2021 ESPP) deposits of $0.9 million and $0.3 million as of March 31, 2022 and December 31, 2021, respectively. Major Customers: The Company currently has two main customers for U.S. commercial sales of LUPKYNIS and one customer for sales of voclosporin in the European Union, Japan, as well as the United Kingdom, Russia, Switzerland, Norway, Belarus, Iceland, Liechtenstein and Ukraine. Revenues from two customers accounted for approximately 54% and 45% respectively of the Company's total revenues for the three months ended March 31, 2022. The Company monitors economic conditions, the creditworthiness of customers and government regulations and funding, both domestically and abroad. The Company regularly communicates with its customers regarding the status of receivable balances, including their payment plans and obtains positive confirmation of the validity of the receivables. Global economic conditions and customer specific factors may require the Company to periodically re-evaluate the collectability of its receivables and the Company could potentially incur credit losses. Accounts receivable, net: Accounts receivable are stated at their net realizable value. As of March 31, 2022 and December 31, 2021, accounts receivable, net are $20.4 million and $15.4 million. We estimate the allowance for doubtful accounts using current expected credit loss model, or CECL model. Under the CECL model, the allowance for doubtful accounts reflects the net amount expected to be collected from the account receivables. We evaluate the collectability of these cash flows based on the asset’s amortized cost, the risk of loss even when that risk is remote, losses over an asset’s contractual life, and other relevant information available to us. Accounts receivable balances are written off against the allowance when it is probable that the receivable will not be collected. The allowance for doubtful accounts was $nil as of March 31, 2022 and as of December 31, 2021. Share-Based Compensation: The Company follows ASC Topic 718, Compensation - Stock Compensation (ASC 718), which requires the measurement and recognition of compensation expense, based on estimated fair values, for all share-based awards made to employees and directors. The Company records compensation expense based on the fair value on the grant date using the graded accelerated vesting method for all share-based payments related to stock options, performance awards (PAs), restricted stock units (RSUs) and purchases under the Company's 2021 ESPP. For stock options, forfeitures are estimated based on historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. For RSUs and PAs, forfeitures are accounted for as they occur. Recently adopted accounting pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which clarifies and simplifies certain aspects of the accounting for income taxes. The standard is effective for years beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2020. The Company adopted the ASU effective January 1, 2021, with no material impact on the condensed consolidated financial statements. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities to make annual disclosures about transactions with a government (including government assistance) by analogizing to a grant or contribution accounting model. The required disclosures include the nature of the transaction, the entity's related accounting policy, the financial statement line items affected and the amounts reflected in the current period financial statements, as well as any significant terms and conditions. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2021. The Company adopted the ASU effective January 1, 2022, with no material impact on the condensed consolidated financial statements.

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments At March 31, 2022 and December 31, 2021, the Company had $286.2 million and $234.2 million of short-term investments, respectively, mainly consisting of commercial paper and bonds as summarized below. As of March 31, 2022, $8.8 million are held to maturity debt securities which are carried at amortized cost and are approximately equal to fair market value. As of March 31, 2022, $277.4 million are available-for-sale debt securities which are carried at fair market value. As of December 31, 2021, $215.0 million were classified as available-for-sale and $19.2 million were held-to-maturity. (in thousands) March 31, 2022 December 31, 2021 Cashable Guaranteed Investment Certificate $ 3,128 $ 3,140 Corporate Bond 60,390 21,820 Commercial Paper 152,295 206,724 Treasury Bill 19,530 2,494 Treasury Bond 50,867 — Total short-term investments $ 286,210 $ 234,178

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are valued under a standard costing methodology on a first-in, first-out basis and are stated at the lower of cost or net realizable value. The Company capitalizes inventory costs related to products to be sold in the ordinary course of business. The Company makes a determination of capitalizing inventory costs for a product based on, among other factors, status of regulatory approval, information regarding safety, efficacy and expectations relating to commercial sales and recoverability of costs. Capitalized costs of inventories for LUPKYNIS mainly include third party manufacturing costs, transportation, storage, insurance, depreciation and allocated internal labor. The Company assesses recoverability of inventory each reporting period to determine any write down to net realizable value resulting from excess or obsolete inventories. The components of inventory are as follows: (in thousands) March 31, 2022 December 31, 2021 Raw materials $ 2,217 $ 2,217 Work in process 19,713 12,566 Finished goods 4,336 4,543 Total inventories $ 26,266 $ 19,326

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are as follows: (in thousands) March 31, 2022 December 31, 2021 Prepaid assets $ 6,351 $ 5,316 Prepaid insurance 682 1,632 Other current assets 3,966 796 Prepaid deposits 1,200 4,762 Total prepaid expenses and other current assets $ 12,199 $ 12,506

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The following table summarizes the carrying amount of intangible assets, net of accumulated amortization. March 31, 2022 (in thousands) Gross Carrying Accumulated Net Carrying Patents $ 1,471 $ (1,200) $ 271 Acquired intellectual property and reacquired rights 15,126 (9,063) 6,063 Internal-use software implementation costs 2,873 (1,325) 1,548 $ 19,470 $ (11,588) $ 7,882 December 31, 2021 (in thousands) Gross Carrying Accumulated Net Carrying Patents $ 1,471 $ (1,176) $ 295 Acquired intellectual property and reacquired rights 15,126 (8,804) 6,322 Internal-use software implementation costs 2,873 (1,086) 1,787 $ 19,470 $ (11,066) $ 8,404

Property, Plant and Equipment,

Property, Plant and Equipment, net	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property and Equipment, net Property and equipment, net are as follows: (in thousands) March 31, 2022 December 31, 2021 Construction in progress $ 472 $ 393 Leasehold improvements 2,978 2,978 Office equipment 645 645 Furniture 976 976 Computer equipment 260 262 5,331 5,254 Less accumulated depreciation (999) (836) Property and equipment, net $ 4,332 $ 4,418

Lease Obligations

Lease Obligations	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Lease Obligations	Lease Obligations The Company has the following lease obligations: Victoria, British Columbia During the fourth quarter of 2020, the Company entered into facility and furniture leases for its head office located in Victoria, British Columbia for a total space of 13,206 square feet of office space for the facility lease. The lease terms commenced on January 1, 2021 for the facility and furniture leases. As of March 31, 2022, the Company had $0.1 million right-of-use assets (ROU assets) and $0.1 million lease liabilities related to the leases. The Company recognized operating lease costs that are included in SG&A expenses in the condensed consolidated statements of operations. The incremental borrowing rate applied to the lease liabilities on January 1, 2021 was 4.08% based on financial position of the Company, geographical region and terms of lease. During August 2020, the Company signed a lease for commercial office space in Victoria, British Columbia. The present value of the expected minimum lease payments for this lease are $2.3 million. As of March 31, 2022, the lease has not commenced and as a result, there has been no accounting recognition associated with the lease. Rockville, Maryland During March 2020, the Company entered into a lease for its U.S. commercial office in Rockville, Maryland for a total of 30,531 square feet of office space. The lease has a remaining term of approximately 9 years and has an option to extend for two five-year periods after the initial term of 11 years has elapsed and has an option to terminate after seven years. As of March 31, 2022, the Company had a right-of-use asset of $5.1 million and lease liability of $8.5 million included in the condensed consolidated balance sheets. As of December 31, 2021, the Company had a right of use asset of $5.2 million and lease liability of $8.6 million included in the condensed consolidated balance sheets. The Company recorded leasehold improvement incentives in the amount of $2.3 million as additions to the lease liability. The lease term commenced on March 12, 2020. When measuring the lease liability, the Company discounted lease payments using its incremental borrowing rate at March 12, 2020. The incremental borrowing rate applied to the lease liability on March 12, 2020 was 5.2% based on the financial position of the Company, geographical region and term of lease. Edmonton, Alberta The Company recognized the lease premises in Edmonton, Alberta as a short-term lease in which expenses are incurred in SG&A. The lease is not material to the Company's financial position. Beginning January 1, 2021, the Company began to incur variable lease costs under the existing Victoria and Rockville leases. These costs include operation and maintenance costs included in SG&A and are expensed as incurred. The variable leases costs are not material to the Company's financial position. The operating lease costs for the three months ended March 31, 2022 and March 31, 2021 are $0.3 million for both periods. The following table provides supplemental balance sheet information related to the operating lease ROU assets and lease liabilities: (in thousands) Balance Sheet Classification March 31, 2022 December 31, 2021 Assets Operating lease right of-use assets Non-current assets $ 5,232 $ 5,383 Liabilities Current operating lease liabilities Current operating lease liabilities 1,009 1,059 Non-current operating lease liabilities Non-current operating lease liabilities 7,562 7,680 Total lease liabilities $ 8,571 $ 8,739 The following table represents the weighted-average remaining lease term and discount rate as of March 31, 2022: As of March 31, 2022 Weighted Average Remaining Lease Term (years) Weighted Average Discount Rate Operating leases 9.30 5.20% The following table provides a summary of operating lease liabilities payments for the next five years and thereafter: (in thousands) Operating Lease Payments Remainder of 2022 $ 863 2023 1,061 2024 1,085 2025 1,110 2026 1,135 Thereafter 5,638 Total future minimum lease payments 10,892 Less: lease imputed interest (2,321) Total future minimum lease payments $ 8,571 On December 15, 2020, the Company entered into a collaborative agreement with Lonza to build a dedicated manufacturing facility within Lonza’s existing small molecule facility in Visp, Switzerland. The dedicated facility (also referred to as "monoplant") will be equipped with state-of-the-art manufacturing equipment to provide cost and production efficiency for the manufacture of voclosporin, while expanding existing capacity and providing supply security to meet future commercial demand. Following U.S. regulatory approval of LUPKYNIS in January 2021, the Company has commenced a capital expenditure payment program for the monoplant totaling approximately CHF 21.0 million. The first capital expenditure payment was made in February 2021 of $11.8 million and was treated as an upfront lease payment and recorded under other non-current assets on the condensed consolidated balance sheets. The second payment is not due until the facility fulfills the required operational qualifications which is estimated to be during 2023. Upon completion of the monoplant, the Company will have the right to maintain sole dedicated use of the monoplant by paying a quarterly fixed facility fee. The Company expects to account for the arrangement as a finance lease under ASC 842. The present value of the minimum lease payments total approximately $78.0 million, beginning April 2023 and expiring in 2030, and are not included in the above table.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities are as follows: (in thousands) March 31, 2022 December 31, 2021 Accounts payable $ 3,267 $ 3,879 Other accrued liabilities 7,289 3,428 Accrued R&D projects 5,409 4,383 Employee accruals 9,609 18,242 Commercial accruals 6,753 5,015 Total accounts payable and accrued liabilities $ 32,327 $ 34,947

Deferred Compensation and Other

Deferred Compensation and Other Non-current Liabilities	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Deferred Compensation and Other Non-current Liabilities	Deferred Compensation and Other Non-current LiabilitiesThe Company recorded other non-current liabilities of $17.4 million and $16.0 million as of March 31, 2022 and December 31, 2021, respectively. The balance as of March 31, 2022 and December 31, 2021 primarily included deferred compensation arrangements whereby certain executive officers as of March 8, 2012 were provided with future potential employee benefit obligations for remaining with the Company, for a certain period of time. These obligations were also contingent on the occurrence of uncertain future events. Other non-current liabilities also include milestone payments deemed probable to be paid in the future.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company's financial instruments consist primarily of cash and cash equivalents, investments, accounts receivable, accounts payable and accrued liabilities. The carrying value of accounts receivable, accounts payable and accrued liabilities approximate their fair value because of their short-term nature. Estimated fair values of held to maturity and available-for-sale debt securities are generally based on prices obtained from commercial pricing services. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from sources independent from the Company) and to minimize the use of unobservable inputs (the Company’s assumptions about how market participants would price assets and liabilities). As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3 - Unobservable inputs that reflect the reporting entity’s own assumptions. The Company's Level 1 instruments include deposits held with banks and short-term investments that are valued using quoted market prices. Level 2 instruments include the Company's short-term investments that are valued through third-party pricing services that use verifiable observable market data. The Company has no Level 3 instruments as of March 31, 2022 and December 31, 2021. The following tables present the financial assets measured at fair value on a recurring basis: March 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Deposits held with banks $ 113,268 $ — $ — $ 113,268 Short-term highly liquid investments 19,274 — — 19,274 Investments 152,295 133,915 — 286,210 Total $ 284,837 $ 133,915 $ — $ 418,752 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Deposits held with banks $ 214,702 $ — $ — $ 214,702 Short-term highly liquid investments 17,198 — — 17,198 Investments 206,724 27,454 — 234,178 Total $ 438,624 $ 27,454 $ — $ 466,078 Refer to Note 4, “Investments,” for the carrying amount and related unrealized gains (losses) by type of investment.

License and Collaboration Agree

License and Collaboration Agreement	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
License and Collaboration Agreement	License and Collaboration Agreements Riptide License On August 17, 2021, AUR300 (M2 macrophage modulation via CD206 binding) was secured through a global licensing and research agreement with Riptide Bioscience, Inc. (Riptide), a private company. As part of the agreement, in 2021 the Company paid Riptide an upfront license fee of $6.0 million which was expensed as research and development on the condensed consolidated statements of operations. During the first quarter of 2022, Aurinia paid $4.0 million for the achievement of a one-time milestone. Additional payments are due upon certain development, clinical and regulatory milestones, and royalties will be payable upon commercialization. It is anticipated that clinical development for AUR300 will commence during 2023. Otsuka Contract On December 17, 2020, the Company entered into a collaboration and license agreement with Otsuka Pharmaceutical Co., Ltd. (Otsuka) for the development and commercialization of oral LUPKYNIS in the EU, Japan, as well as the United Kingdom, Russia, Switzerland, Norway, Belarus, Iceland, Liechtenstein and Ukraine. As part of the agreement, Aurinia received an upfront cash payment of $50.0 million for the license agreement and has the potential to receive up to $50.0 million in regulatory milestones. Aurinia will receive tiered royalties on future sales ranging from 10 to 20 percent (dependent on achievement of sale thresholds) on net sales upon commercialization, along with additional milestone payments based on the attainment of certain annual sales by Otsuka. In addition, certain manufacturing services are provided to Otsuka on a cost-plus basis. The Company evaluated the Otsuka Agreement under ASC 606. Based on that evaluation, the license transferred was determined to be functional IP that has significant standalone functionality. That is, the treatment of LN and other diseases provides significant benefit to Otsuka at the point of transfer, and it is not expected that the utility of the IP will substantively change as a result of any remaining clinical trials or ongoing activities of Aurinia. The Company determined the upfront fee of $50.0 million was fixed consideration for the transfer of the license and was recognized upon transfer of the license in December 2020. The remaining forms of consideration are variable because they are dependent on achieving milestones or are based on aggregate future net sales for the regions. None of the regulatory milestones have been included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous

Net Loss per Common Share

Net Loss per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Common Share	Net Loss per Common Share Basic and diluted net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share. The numerator and denominator used in the calculation of basic and diluted net loss per common share are as follows: Three months ended (in thousands, except per share data) 2022 2021 Net loss $ (37,630) $ (50,379) Weighted average common shares outstanding 141,675 127,401 Net loss per common share (expressed in $ per share) $ (0.27) $ (0.40) The Company did not include the securities in the following table in the computation of the net loss per common share because the effect would have been anti-dilutive during each period: Three months ended (in thousands) 2022 2021 Stock options 14,649 14,332 Unvested performance awards — 439 Unvested restricted units 1,952 — Warrants — 1,014 16,601 15,785

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation The Company's Amended and Restated Equity Incentive Plan (the Plan), which was adopted and approved by the Company's shareholders in June 2021, allows for an issuance of up to an aggregate of 23.8 million shares (inclusive of outstanding awards) and provides for grants of stock options, performance awards, restricted stock and restricted stock units that may be settled in cash and stock. Also in June 2021, the Company's shareholders adopted and approved the Company's 2021 ESPP, which allows for the issuance of up to 2.5 million shares. The 2021 ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code (the “Code”) but also permits the Company to include the employees, including non-United States employees, in offerings not intended to qualify under Section 423. The purpose of the 2021 ESPP is to provide eligible employees with opportunities to purchase the Company’s common shares at a discounted price. Stock Options The Plan requires the exercise price of each option not to be less than the closing market price of the Company’s common shares on the day immediately prior to the date of grant. The board of directors approves the vesting criteria and periods at its discretion. The options issued under the plan are accounted for as equity-settled share-based payments. The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted. The Company considers historical volatility of its common shares in estimating its future stock price volatility. The risk-free interest rate for the expected life of the options was based on the yield available on government benchmark bonds with an approximate equivalent remaining term at the time of the grant. The expected life is based upon the contractual term, taking into account expected employee exercise and expected post-vesting employment termination behavior. The following weighted average assumptions were used to estimate the fair value of the options granted during the three months ended March 31, 2022 and March 31, 2021: 2022 2021 Annualized volatility 70 % 66 % Risk-free interest rate 1.73 % 0.28 % Expected life of options in years 5.0 years 4.0 years Estimated forfeiture rate 11.6 % 8.9 % Dividend rate 0.0 % 0.0% Fair value per common share option $ 7.02 $ 6.72 The following table summarizes the option award activity during the three months ended March 31, 2022: March 31, 2022 Number of shares (in thousands) Weighted average exercise price $ Outstanding - Beginning of Period 12,074 12.84 Granted 2,800 12.00 Exercised (54) 7.57 Forfeited (171) 16.27 Outstanding - End of Period 14,649 12.66 Performance Awards and Restricted Stock Units On October 23, 2020, the Company issued 439,000 performance awards (PAs) to executive management of the Company whose vesting is contingent upon meeting specific performance metrics based on the results for the year ended December 31, 2021. Each PA which vests entitles the participant to receive common shares on the basis of the performance metrics set. On March 18, 2021 performance metrics were set and formally communicated. Therefore, March 18, 2021 was the grant date and the fair value on the grant date was $13.56. As of March 31, 2022, approximately 88,000 PAs vested based on performance metrics achieved and 351,000 were canceled as of December 31, 2021 as performance metrics were not met. On August 6, 2021, the Company granted approximately 619,000 PAs and restricted stock units (RSUs). The grant date for the PAs and RSUs was August 6, 2021 and the fair value on the grant date was $14.42 as this was the date performance measures were set and communicated to employees. The PAs vest on the employee's first anniversary of the grant date and the employee must achieve at least one of the performance metrics to obtain the portion of the award associated with the metric. The RSUs have no performance metrics and will vest on the one year anniversary of the grant. As of December 31, 2021, approximately 375,000 PAs and RSUs were canceled or forfeited. During the quarter, the Company has granted RSUs and intends to grant RSUs throughout the year under the Plan. The RSUs are fair valued based on the market price of our common stock on the date of the grant. The following table summarizes the PAs and RSU activity for the three months ended March 31, 2022: March 31, 2022 Number of shares (in thousands) Weighted average exercise price $ Outstanding - Beginning of Period 347 13.33 Granted 1,708 12.01 Vested (88) 13.56 Forfeited (15) 13.85 Outstanding - End of Period 1,952 12.16 The Company recorded approximately $1.9 million of share-based compensation expense related to PAs and RSUs during the three months ended March 31, 2022. Compensation Expense The Company recognized share-based compensation expense for the three months ended March 31, 2022 and March 31, 2021 as follows: (in thousands) 2022 2021 Research and development $ 976 $ 1,074 Selling, general and administrative 5,972 6,641 Capitalized under inventories 75 106 Share-based compensation expense $ 7,023 $ 7,821 As of March 31, 2022, there was $48.3 million of unrecognized share-based compensation expense related to unvested awards granted which is expected to be recognized over a weighted-average period of approximately 1.6 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rates for the three months ended March 31, 2022 and March 31, 2021 differed from the federal statutory rate applied to losses before income taxes primarily as a result of the mix of income, losses and valuation allowances. The Company recognized an income tax expense of $10 thousand and $8 thousand for the three months ended March 31, 2022 and 2021, respectively. The expense recognized for these periods is a result of income in certain jurisdictions. This tax expense is not offset by a tax benefit as the Company has losses which are fully offset by a valuation allowance in its significant jurisdictions. Uncertain Tax Positions The Company was under examination by the Canadian Revenue Agency for years 2017 and 2018. In March 2022, the Company was notified by the Canadian Revenue Agency the examination is now complete and there were no findings and as a result, there is no additional tax expense or benefit recognized in regards to the audit. There are no outstanding tax audits ongoing at March 31, 2022.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	Related Party TransactionsILJIN SNT Co., Ltd (ILJIN) was considered to be a related party due to their equity ownership of over 5% as per their public filing. The outstanding related party amount payable to ILJIN was the result of a settlement completed on September 20, 2013 between ILJIN and the Company. During the first quarter of 2021, Aurinia paid $4.0 million upon achievement of specific milestones. The final $2.0 million outstanding amount payable was paid during the fourth quarter 2021. The amount payable to ILJIN is nil as of March 31, 2022 and December 31, 2021.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company may, from time to time, be subject to claims and legal proceedings brought against it in the normal course of business. Such matters are subject to many uncertainties. Management believes the ultimate resolution of such contingencies will not have a material adverse effect on the consolidated financial position of the Company. The Company's material commitments and contingencies have not changed in any material manner from those previously described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 except as described below. On April 15, 2022, a purported shareholder class action complaint, Ortmann v. Aurinia Pharmaceuticals, Inc. et al., case no. 1:22-cv-02185, was filed in the United States District Court for the Eastern District of New York, naming Aurinia and certain of the Company's officers as defendants. The lawsuit alleges that Aurinia made materially false and misleading statements regarding the financial guidance and commercial prospects in violation of certain federal securities laws. The plaintiff seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including reasonable attorneys’ fees. The defendants intend to vigorously defend this lawsuit. The Company has not, however, filed a response to the complaint and does not anticipate doing so until after the court appoints a lead plaintiff and that lead plaintiff files an operative complaint. Other Funding Commitments In the normal course of business, the Company enters into agreements with contract research organizations, contract manufacturing organizations and other third parties for services to be provided to the Company. Generally, these agreements provide for termination upon notice, with specified amounts due upon termination based on the timing of termination and the terms of the agreement. The actual amounts and timing of payments under these agreements are uncertain and contingent upon the initiation and completion of services to be provided to the Company.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Restricted cash	Restricted cash : Restricted cash consists of the 2021 Employee Share Purchase Plan (2021 ESPP) deposits of $0.9 million and $0.3 million as of March 31, 2022 and December 31, 2021, respectively.
Major Customers	Major Customers: The Company currently has two main customers for U.S. commercial sales of LUPKYNIS and one customer for sales of voclosporin in the European Union, Japan, as well as the United Kingdom, Russia, Switzerland, Norway, Belarus, Iceland, Liechtenstein and Ukraine. Revenues from two customers accounted for approximately 54% and 45% respectively of the Company's total revenues for the three months ended March 31, 2022. The Company monitors economic conditions, the creditworthiness of customers and government regulations and funding, both domestically and abroad. The Company regularly communicates with its customers regarding the status of receivable balances, including their payment plans and obtains positive confirmation of the validity of the receivables. Global economic conditions and customer specific factors may require the Company to periodically re-evaluate the collectability of its receivables and the Company could potentially incur credit losses.
Accounts receivable, net	Accounts receivable, net: Accounts receivable are stated at their net realizable value. As of March 31, 2022 and December 31, 2021, accounts receivable, net are $20.4 million and $15.4 million. We estimate the allowance for doubtful accounts using current expected credit loss model, or CECL model. Under the CECL model, the allowance for doubtful accounts reflects the net amount expected to be collected from the account receivables. We evaluate the collectability of these cash flows based on the asset’s amortized cost, the risk of loss even when that risk is remote, losses over an asset’s contractual life, and other relevant information available to us. Accounts receivable balances are written off against the allowance when it is probable that
Share-based Compensation	Share-Based Compensation: The Company follows ASC Topic 718, Compensation - Stock Compensation (ASC 718), which requires the measurement and recognition of compensation expense, based on estimated fair values, for all share-based awards made to employees and directors. The Company records compensation expense based on the fair value on the grant date using the graded accelerated vesting method for all share-based payments related to stock options, performance awards (PAs), restricted stock units (RSUs) and purchases under the Company's 2021 ESPP. For stock options, forfeitures are estimated based on historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. For RSUs and PAs, forfeitures are accounted for as they occur.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which clarifies and simplifies certain aspects of the accounting for income taxes. The standard is effective for years beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2020. The Company adopted the ASU effective January 1, 2021, with no material impact on the condensed consolidated financial statements. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities to make annual disclosures about transactions with a government (including government assistance) by analogizing to a grant or contribution accounting model. The required disclosures include the nature of the transaction, the entity's related accounting policy, the financial statement line items affected and the amounts reflected in the current period financial statements, as well as any significant terms and conditions. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2021. The Company adopted the ASU effective January 1, 2022, with no material impact on the condensed consolidated financial statements.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	(in thousands) March 31, 2022 December 31, 2021 Cashable Guaranteed Investment Certificate $ 3,128 $ 3,140 Corporate Bond 60,390 21,820 Commercial Paper 152,295 206,724 Treasury Bill 19,530 2,494 Treasury Bond 50,867 — Total short-term investments $ 286,210 $ 234,178

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventory are as follows: (in thousands) March 31, 2022 December 31, 2021 Raw materials $ 2,217 $ 2,217 Work in process 19,713 12,566 Finished goods 4,336 4,543 Total inventories $ 26,266 $ 19,326

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	Prepaid expenses and other current assets are as follows: (in thousands) March 31, 2022 December 31, 2021 Prepaid assets $ 6,351 $ 5,316 Prepaid insurance 682 1,632 Other current assets 3,966 796 Prepaid deposits 1,200 4,762 Total prepaid expenses and other current assets $ 12,199 $ 12,506

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following table summarizes the carrying amount of intangible assets, net of accumulated amortization. March 31, 2022 (in thousands) Gross Carrying Accumulated Net Carrying Patents $ 1,471 $ (1,200) $ 271 Acquired intellectual property and reacquired rights 15,126 (9,063) 6,063 Internal-use software implementation costs 2,873 (1,325) 1,548 $ 19,470 $ (11,588) $ 7,882 December 31, 2021 (in thousands) Gross Carrying Accumulated Net Carrying Patents $ 1,471 $ (1,176) $ 295 Acquired intellectual property and reacquired rights 15,126 (8,804) 6,322 Internal-use software implementation costs 2,873 (1,086) 1,787 $ 19,470 $ (11,066) $ 8,404

Property, Plant and Equipment_2

Property, Plant and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment, net are as follows: (in thousands) March 31, 2022 December 31, 2021 Construction in progress $ 472 $ 393 Leasehold improvements 2,978 2,978 Office equipment 645 645 Furniture 976 976 Computer equipment 260 262 5,331 5,254 Less accumulated depreciation (999) (836) Property and equipment, net $ 4,332 $ 4,418

Lease Obligations (Tables)

Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Supplemental Balance Sheet Information	The following table provides supplemental balance sheet information related to the operating lease ROU assets and lease liabilities: (in thousands) Balance Sheet Classification March 31, 2022 December 31, 2021 Assets Operating lease right of-use assets Non-current assets $ 5,232 $ 5,383 Liabilities Current operating lease liabilities Current operating lease liabilities 1,009 1,059 Non-current operating lease liabilities Non-current operating lease liabilities 7,562 7,680 Total lease liabilities $ 8,571 $ 8,739
Lease, Cost	The following table represents the weighted-average remaining lease term and discount rate as of March 31, 2022: As of March 31, 2022 Weighted Average Remaining Lease Term (years) Weighted Average Discount Rate Operating leases 9.30 5.20%
Lessee, Operating Lease, Liability, Maturity	The following table provides a summary of operating lease liabilities payments for the next five years and thereafter: (in thousands) Operating Lease Payments Remainder of 2022 $ 863 2023 1,061 2024 1,085 2025 1,110 2026 1,135 Thereafter 5,638 Total future minimum lease payments 10,892 Less: lease imputed interest (2,321) Total future minimum lease payments $ 8,571

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accounts payable and accrued liabilities are as follows: (in thousands) March 31, 2022 December 31, 2021 Accounts payable $ 3,267 $ 3,879 Other accrued liabilities 7,289 3,428 Accrued R&D projects 5,409 4,383 Employee accruals 9,609 18,242 Commercial accruals 6,753 5,015 Total accounts payable and accrued liabilities $ 32,327 $ 34,947

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the financial assets measured at fair value on a recurring basis: March 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Deposits held with banks $ 113,268 $ — $ — $ 113,268 Short-term highly liquid investments 19,274 — — 19,274 Investments 152,295 133,915 — 286,210 Total $ 284,837 $ 133,915 $ — $ 418,752 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Deposits held with banks $ 214,702 $ — $ — $ 214,702 Short-term highly liquid investments 17,198 — — 17,198 Investments 206,724 27,454 — 234,178 Total $ 438,624 $ 27,454 $ — $ 466,078

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The numerator and denominator used in the calculation of basic and diluted net loss per common share are as follows: Three months ended (in thousands, except per share data) 2022 2021 Net loss $ (37,630) $ (50,379) Weighted average common shares outstanding 141,675 127,401 Net loss per common share (expressed in $ per share) $ (0.27) $ (0.40) The Company did not include the securities in the following table in the computation of the net loss per common share because the effect would have been anti-dilutive during each period:
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three months ended (in thousands) 2022 2021 Stock options 14,649 14,332 Unvested performance awards — 439 Unvested restricted units 1,952 — Warrants — 1,014 16,601 15,785

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award Valuation Assumptions	The following weighted average assumptions were used to estimate the fair value of the options granted during the three months ended March 31, 2022 and March 31, 2021: 2022 2021 Annualized volatility 70 % 66 % Risk-free interest rate 1.73 % 0.28 % Expected life of options in years 5.0 years 4.0 years Estimated forfeiture rate 11.6 % 8.9 % Dividend rate 0.0 % 0.0% Fair value per common share option $ 7.02 $ 6.72
Schedule of Option Activity	The following table summarizes the option award activity during the three months ended March 31, 2022: March 31, 2022 Number of shares (in thousands) Weighted average exercise price $ Outstanding - Beginning of Period 12,074 12.84 Granted 2,800 12.00 Exercised (54) 7.57 Forfeited (171) 16.27 Outstanding - End of Period 14,649 12.66
Schedule of Performance Shares Activity	The following table summarizes the PAs and RSU activity for the three months ended March 31, 2022: March 31, 2022 Number of shares (in thousands) Weighted average exercise price $ Outstanding - Beginning of Period 347 13.33 Granted 1,708 12.01 Vested (88) 13.56 Forfeited (15) 13.85 Outstanding - End of Period 1,952 12.16
Allocation of Share-Based Payments	The Company recognized share-based compensation expense for the three months ended March 31, 2022 and March 31, 2021 as follows: (in thousands) 2022 2021 Research and development $ 976 $ 1,074 Selling, general and administrative 5,972 6,641 Capitalized under inventories 75 106 Share-based compensation expense $ 7,023 $ 7,821

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments | segment	1
Cash and cash equivalents and investments | $	$ 418.8

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Restricted Cash	$ 900	$ 300
Accounts receivable, net	20,401	15,414
Allowance for doubtful accounts	$ 0	$ 0
Customer Concentration Risk | Revenue Benchmark | Specialty Pharmacy One
Property, Plant and Equipment [Line Items]
Concentration risk	54.00%
Customer Concentration Risk | Revenue Benchmark | Specialty Pharmacy Two
Property, Plant and Equipment [Line Items]
Concentration risk	45.00%

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Marketable Securities [Line Items]
Short-term investments	$ 286,210		$ 234,178
Held-to-maturity debt securities	8,800		19,200
Available-for-sale debt securities	277,400		215,000
Interest receivable	500		100
Unrealized gains on available-for-sale securities	766	$ 6
Cashable Guaranteed Investment Certificate
Marketable Securities [Line Items]
Short-term investments	3,128		3,140
Corporate Bond
Marketable Securities [Line Items]
Short-term investments	60,390		21,820
Commercial Paper
Marketable Securities [Line Items]
Short-term investments	152,295		206,724
Treasury Bill
Marketable Securities [Line Items]
Short-term investments	19,530		2,494
Treasury Bond
Marketable Securities [Line Items]
Short-term investments	$ 50,867		$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 2,217	$ 2,217
Work in process	19,713	12,566
Finished goods	4,336	4,543
Total inventories	$ 26,266	$ 19,326

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid assets	$ 6,351	$ 5,316
Prepaid insurance	682	1,632
Other current assets	3,966	796
Prepaid deposits	1,200	4,762
Prepaid expenses and other current assets	$ 12,199	$ 12,506

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 19,470	$ 19,470
Accumulated Amortization	(11,588)	(11,066)
Net Carrying Amount	7,882	8,404
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,471	1,471
Accumulated Amortization	(1,200)	(1,176)
Net Carrying Amount	271	295
Acquired intellectual property and reacquired rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	15,126	15,126
Accumulated Amortization	(9,063)	(8,804)
Net Carrying Amount	6,063	6,322
Cloud computing arrangements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	2,873	2,873
Accumulated Amortization	(1,325)	(1,086)
Net Carrying Amount	$ 1,548	$ 1,787

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0.5	$ 0.5

Property, Plant and Equipment_3

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,331	$ 5,254
Less accumulated depreciation	(999)	(836)
Property and equipment, net	4,332	4,418
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	472	393
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,978	2,978
Furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	976	976
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	645	645
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 260	$ 262

Lease Obligations - Narrative (

Lease Obligations - Narrative (Details) $ in Thousands, SFr in Millions	1 Months Ended			3 Months Ended		12 Months Ended
	Feb. 28, 2021USD ($)	Jan. 31, 2021CHF (SFr)	Mar. 31, 2020ft²extension_option	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Jan. 01, 2021	Dec. 31, 2020ft²	Aug. 31, 2020USD ($)	Mar. 12, 2020
Lessee, Lease, Description [Line Items]
Right-of-use assets				$ 5,232		$ 5,383
Total lease liabilities				$ 8,571		8,739
Incremental borrowing rate				5.20%
Operating lease costs				$ 300	$ 300
Payments for capital improvements | SFr		SFr 21
Capital expenditure payments	$ 11,800
Minimum finance lease liability payments due				78,000
Minimum lease payments				10,892
Expected payments prior to commencement of lease				885
Future value of minimum lease payments of leases not yet commenced				120
Victoria, British Columbia
Lessee, Lease, Description [Line Items]
Area of property (in sqft) | ft²								13,206
Right-of-use assets				100
Total lease liabilities				100
Incremental borrowing rate							4.08%
Minimum lease payments									$ 2,300
Rockville, Maryland
Lessee, Lease, Description [Line Items]
Area of property (in sqft) | ft²			30,531
Right-of-use assets				5,100		5,200
Total lease liabilities				$ 8,500		8,600
Incremental borrowing rate										5.20%
Remaining lease term			9 years
Number of extension options | extension_option			2
Lease extension term			5 years
Lease term			11 years
Lease termination option term			7 years
Proceeds from tenant improvements						$ 2,300

Lease Obligations - Supplementa

Lease Obligations - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Right-of-use assets	$ 5,232	$ 5,383
Current
Current operating lease liabilities	1,009	1,059
Non-current
Non-current operating lease liabilities	7,562	7,680
Total lease liabilities	$ 8,571	$ 8,739

Lease Obligations - Summary of

Lease Obligations - Summary of Components of Leasing Costs and Rent (Details)	Mar. 31, 2022
Leases [Abstract]
Weighted average remaining lease term - operating leases (in years)	9 years 3 months 18 days
Weighted average discount rate - operating leases	5.20%

Lease Obligations - Schedule of

Lease Obligations - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 863
2023	1,061
2024	1,085
2025	1,110
2026	1,135
Thereafter	5,638
Total	10,892
Less: lease imputed interest	(2,321)
Total future minimum lease payments	$ 8,571	$ 8,739

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 3,267	$ 3,879
Other accrued liabilities	7,289	3,428
Accrued R&D projects	5,409	4,383
Employee accruals	9,609	18,242
Commercial accruals	6,753	5,015
Total accounts payable and accrued liabilities	$ 32,327	$ 34,947

Deferred Compensation and Oth_2

Deferred Compensation and Other Non-current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Other non-current liabilities	$ 17,379	$ 15,950

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Investments	$ 286,210	$ 234,178
Total	418,752	466,078
Deposits held with banks
Assets:
Cash and cash equivalents:	113,268	214,702
Short-term highly liquid investments
Assets:
Cash and cash equivalents:	19,274	17,198
Level 1
Assets:
Investments	152,295	206,724
Total	284,837	438,624
Level 1 | Deposits held with banks
Assets:
Cash and cash equivalents:	113,268	214,702
Level 1 | Short-term highly liquid investments
Assets:
Cash and cash equivalents:	19,274	17,198
Level 2
Assets:
Investments	133,915	27,454
Total	133,915	27,454
Level 2 | Deposits held with banks
Assets:
Cash and cash equivalents:	0	0
Level 2 | Short-term highly liquid investments
Assets:
Cash and cash equivalents:	0	0
Level 3
Assets:
Investments	0	0
Total	0	0
Level 3 | Deposits held with banks
Assets:
Cash and cash equivalents:	0	0
Level 3 | Short-term highly liquid investments
Assets:
Cash and cash equivalents:	$ 0	$ 0

License and Collaboration Agr_2

License and Collaboration Agreement (Details) - USD ($) $ in Thousands	Aug. 17, 2021	Dec. 17, 2020	Dec. 31, 2020	Mar. 31, 2022	Mar. 31, 2021
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development				$ 12,620	$ 9,833
Revenues				21,625	$ 914
License Agreement Terms | Otuska
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront payments received		$ 50,000
Potential regulatory milestone revenue		$ 50,000
Revenues			$ 50,000	104
License Agreement Terms | Otuska | Minimum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Tiered royalty percentages on future sales		10.00%
License Agreement Terms | Otuska | Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Tiered royalty percentages on future sales		20.00%
License Agreement Terms | Riptide Bioscience, Inc.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront license fee	$ 6,000
Research and development				$ 4,000

Net Loss per Common Share (Deta

Net Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (37,630)	$ (50,379)
Weighted-average common shares outstanding used in computation of basic loss per share	141,675	127,401
Basic loss per share (expressed in $ per share)	$ (0.27)	$ (0.40)
Weighted-average common shares outstanding used in computation of diluted loss per share	141,675	127,401
Diluted loss per share (expressed in $ per share)	$ (0.27)	$ (0.40)

Net Loss per Common Share - Ant

Net Loss per Common Share - Anti-Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,601,000	15,785,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,649,000	14,332,000
Unvested performance awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	439,000
Unvested restricted units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,952,000	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	1,014,000

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 06, 2021	Mar. 18, 2021	Oct. 23, 2020	Jun. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 7,023	$ 7,821
Unrecognized share-based compensation expense					$ 48,300
Unrecognized share-based compensation expense weighted average recognition period					1 year 7 months 6 days
Amended and Restated Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized				23,800,000
Unvested performance awards | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted			439,000
Granted, Weighted average exercise price (in usd per share)		$ 13.56
Performance shares vested (in shares)							88,000
Shares forfeited/canceled (in shares)							351,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized				2,500,000
Performance Share sand Restricted Stock Units (RSUs) | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	619,000				1,708,000
Granted, Weighted average exercise price (in usd per share)	$ 14.42				$ 12.01
Performance shares vested (in shares)					88,000
Shares forfeited/canceled (in shares)					15,000		375,000
Unvested restricted units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					1 year
Unvested restricted units | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 1,900

Share-Based Compensation - Weig

Share-Based Compensation - Weighted Average Assumptions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Annualized volatility	70.00%	66.00%
Risk-free interest rate	1.73%	0.28%
Expected life of options in years	5 years	4 years
Estimated forfeiture rate	11.60%	8.90%
Dividend rate	$ 0	$ 0
Fair value per common share option (in usd per share)	$ 7.02	$ 6.72

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Shares (in thousands)
Beginning balance (in shares)	12,074
Granted (in shares)	2,800
Exercised (in shares)	(54)
Forfeited (in shares)	(171)
Ending balance (in shares)	14,649
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 12.66	$ 12.84
Granted (in usd per share)	12
Exercised (in usd per share)	7.57
Forfeited (in usd per share)	16.27
Ending balance (in usd per share)	$ 12.66

Share-Based Compensation - Perf

Share-Based Compensation - Performance Awards and Restricted Stock Units Activity (Details) - Performance Share sand Restricted Stock Units (RSUs) - Officer - $ / shares shares in Thousands	Aug. 06, 2021	Mar. 31, 2022	Dec. 31, 2021
Number of shares (in thousands)
Outstanding - Beginning of Period (in shares)		347
Granted (in shares)	619	1,708
Performance shares vested (in shares)		(88)
Performance shares forfeited (in shares)		(15)	(375)
Outstanding - End of Period (in shares)		1,952	347
Weighted average exercise price $
Outstanding, Weighted average exercise price - Beginning of Period (in usd per share)		$ 13.33
Performance shares awards, Weighted average grant date fair value (in usd per share)	$ 14.42	12.01
Performance shares vested, Weighted average grant date fair value (in usd per share)		13.56
Performance share forfeited, Weighted average exercise price (in usd per share)		13.85
Outstanding, Weighted average exercise price - End of Period (in usd per share)		$ 12.16	$ 13.33

Share-Based Compensation - Allo

Share-Based Compensation - Allocated Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7,023	$ 7,821
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	976	1,074
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	5,972	6,641
Capitalized under inventories
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 75	$ 106

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 10	$ 8

Related-Party Transactions (Det

Related-Party Transactions (Details) - ILJIN - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	Mar. 31, 2022
Other Current Liabilities
Related Party Transaction [Line Items]
Due to related parties	$ 0		$ 0
Milestone Payment | Affiliated Shareholder
Related Party Transaction [Line Items]
Payments to related party	$ 2	$ 4