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| Statement |
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| Our 12-month persistency continues to improve and is now approximately 55%, we are encouraged to see almost 45% of patients who remain on therapy at 18 months with that number holding steady out to 24 months |
| We're already seeing meaningful impact from these clinical developments, and we will continue to reinforce this messaging through our robust marketing and sales efforts |
| We expect this to provide us with financial firepower to generate meaningful cash flow, which we intend to redeploy in the short term to repurchase shares and over time, continue to build balance sheet strength |
| We believe this plan allows for immediate enhancement of shareholder value and has the ability to strengthen the company's long-term financial picture |
| We're also improving the time it takes to get patients on therapy |
| This reflects confidence in Aurinia's growth prospects and a continued commitment to enhancing both short- and long-term value for shareholders and other stakeholders |
| I'd like to point out that this is a meaningful improvement year-over-year |
| So all of those elements, I think, when you look at the data we have aligned with the guidelines and the market opportunity bodes well for our growth in the future |
| I want to emphasize that this repurchase program truly reflects our confidence in Aurinia's growth prospects |
| And then lastly, there's this element of physicians treating episodic proteinuria versus sticking to guidelines and treating for and keeping those patients in control for at least three to five years, which we think obviously bodes well for continuing to see at least stabilization, if not improvement in our persistency rates out past 12 months and 24 months |
| I want to close by saying that we've built a strong foundation for Aurinia's growth |
| In addition, I'm pleased to report that our conversion rates continue to improve with approximately 85% of PSFs converted to therapy |
| And so far, the first quarter read on those has been strong |
| This near-term shift will make us financially stronger |
| So the PSF add new start number when you include all three of those, looks quite strong through the first several weeks of the year |
| The increase in patients on therapy in the quarter was driven predominantly by improvements in new PSFs, patient restarts, hospital fills, conversion rates, and processing speeds, and overall improvements in persistency |
| And consistent with prior periods, adherence to LUPKYNIS treatment remains strong at approximately 86% at year-end |
| We believe this strength will provide us with the financial flexibility to consider a wide range of alternatives over the next few years |
| We do believe that with these reduced operating expenses and our focus on commercial execution, the time this growth specifically, we expect significant cash flows going forward on a go-forward basis |
| We have a deeply experienced management team that's dedicated and committed to driving commercial success of LUPKYNIS and improving the lives of people suffering from lupus nephritis |
| So, when you look at overall patient growth and when you look at that relative to new patients coming in, I think for us, it's somewhat of -- it's a forecasting dynamic, right? Like it's the persistency that we've seen and as reported in this quarter, we've seen improvements in 12-month persistency, now above 55% or 56% |
| Restarts represent a strong indicator for the brand, because they demonstrate that physicians are comfortable using LUPKYNIS as a first-line therapy, and they likely indicate the importance of maintaining LUPKYNIS for a sustained period of time |
| We achieved $158.5 million in net product revenue, representing an increase of 53% over 2022 |
| Yeah, the 101 is referring back to the fourth quarter result when we reported the numerical significance increasing in two channels that we hadn't really historically seen, and that's the patient restarts happening, which we think is a positive signal and then the opening of the hospital channel |
| Maybe talk about some of the more recent wins that you see and changes in attitudes and perspectives and what is currently working right now? Peter Greenleaf Well, as we mentioned on the call, although we didn't give the exact numbers, I can tell you we've seen significant improvement in both depth of prescriptions and breadth of prescriptions |
| Total net revenue for the year was $175.5 million, an increase of over 31% over the prior year period of $134 million |
| For the fourth quarter of 2023, we achieved a total revenue of $45.1 million and a total net rev product revenue of $42.3 million, which represented an increase of 59% and 49% over the same period in 2022 |
| For the full year 2023, Aurinia achieved $175.5 million in total net revenue, which represented an increase of approximately 31% over the prior year |
| Building on the momentum, we established in the fourth quarter, we now have over 5,000 PSFs since launch |
| This represents an increase of over 35% over 2022 |
| Statement |
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| For the quarter ended December 31, 2023, Aurinia had recorded a net loss of $26.9 million or $0.19 net loss per common share as compared to a net loss of $26 million or $0.18 net loss per common share for the quarter ended December 31, 2022 |
| For the year ended December 31, 2023, Aurinia recorded a net loss of $78 million or $0.54 net loss per common share as compared to a net loss of $108.2 million or $0.76 net loss per common share for the previous period |
| We need to continue to improve on that |
| If you could at least self-critique, what do you think could be the best explanation following the strategic review? Do you think it could be related to something like IP, competitors coming, not getting enough traction with patient adds |
| But Farzin, just to give you the -- overall, we have to continue to see the type of persistency we've seen |
| While we've seen quarter-to-quarter a percentage point or two, directionally up or down |
| We know that restart patients have been off therapy for a considerable amount of time before restarting |
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