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Why Aurinia Pharmaceuticals Stock Crashed in After-Hours Trading on Friday

·2 min read
Why Aurinia Pharmaceuticals Stock Crashed in After-Hours Trading on Friday
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  • AUPH

Shares of Aurinia Pharmaceuticals (NASDAQ: AUPH) fell by 18.1% in after-hours trading Friday. The accompanying prospectus filed with the Securities and Exchange Commission noted that the proceeds of any stock sales under this offering would be used for clinical development and commercial production of the company's Food and Drug Administration approved lupus nephritis (LN) medication Lupkynis. At the end of the third quarter, Aurinia had a cash runway of approximately six to perhaps eight quarters, depending on the commercial trajectory of Lupkynis, as well as the company's clinical development plans.