Shareholder's Equity |
3 Months Ended |
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Mar. 31, 2024 | |
| Equity [Abstract] | |
| Shareholder's Equity | Shareholder's Equity On February 15, 2024, Aurinia announced that its Board of Directors had approved a share repurchase program of up to $150 million of common shares of the Company, affirming its confidence in the Company's growth prospects. On February 29, 2024, Canadian securities regulators granted exemptive relief for the Company’s share repurchase program, authorizing the Company to purchase up to 15 percent of its issued and outstanding shares in any 12-month period for up to 36 months, including under the current program. This program may be implemented through open market or privately negotiated purchases, including under a plan intended to comply with the affirmative defense under Rule 10b5-1, Rule 10b-18 or an automatic securities purchase plan, an accelerated share repurchase program, or other mechanisms. The timing and amount of repurchase transactions will be determined by management based on its evaluation of market conditions, share price, legal requirements, including applicable blackout period restrictions, and other factors. The purchase price of any Common Shares will be determined in accordance with applicable U.S. securities laws and subject to receiving the Exemptive Relief, the value of the consideration offered per Common Share will not exceed the market price of the Common Shares calculated pursuant to applicable Canadian securities regulation. As of March 31, 2024, the Company had repurchased approximately 2.4 million of Aurinia's common shares for $13.4 million (including transaction costs which consist of commissions and excise tax). The cost of repurchased shares are reported as a reduction in common stock and under Alberta law, the shares were cancelled and not reissued.
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