Kiniksa Pharmaceuticals Announces Q2 2024 Financial Results and Portfolio Updates

Kiniksa Pharmaceuticals International, a commercial-stage biopharmaceutical company developing treatments for cardiovascular and autoimmune diseases, has reported its financial results for the second quarter of 2024. The company’s flagship product, ARCALYST® (rilonacept), achieved net product revenue of $103.4 million during this period, marking a 90% growth compared to the previous year. This robust performance has led the company to revise its expected 2024 net product revenue for ARCALYST to a range of $405 to $415 million, up from the earlier forecast of $370 to $390 million.

Sanj K. Patel, Chairman and CEO of Kiniksa, emphasized the company's focus on making ARCALYST the primary treatment for recurrent pericarditis. By the end of the second quarter, approximately 11% of the target population of 14,000 patients with multiple recurrences were on ARCALYST therapy, with an average treatment duration of 26 months. More than 2,300 prescribers have written prescriptions for ARCALYST since its launch in April 2021.

Kiniksa has also made significant strides in raising awareness and improving care for recurrent pericarditis patients. The company has sponsored the American Heart Association’s Addressing Recurrent Pericarditis initiative, which aims to enhance patient access to specialized care. Additionally, Kiniksa partnered with NHL Hall-of-Famer Henrik Lundqvist to promote awareness of the condition.

In terms of pipeline development, Kiniksa is advancing its clinical trial for abiprubart, a monoclonal antibody that inhibits CD40-CD154 interaction, which is currently underway in a Phase 2b study for Sjögren’s Disease—a chronic autoimmune condition with no FDA-approved therapies. The company has confirmed that this trial is fully funded under the current operating plan, and it anticipates remaining cash flow positive on an annual basis.

Financially, Kiniksa reported a total revenue of $108.6 million for the second quarter of 2024, an increase from $71.5 million during the same period in 2023. This includes $5.2 million in license and collaboration revenue. Total operating expenses reached $108.7 million, compared to $74.6 million in the second quarter of the previous year, with significant expenditure on collaboration and non-cash, share-based compensation. Despite these expenses, the net loss for the quarter was $3.9 million, a shift from a net income of $15.0 million in 2023.

As of June 30, 2024, Kiniksa's financial health remains strong with $218.8 million in cash, cash equivalents, and short-term investments, and no debt. This financial stability allows the company to continue its growth trajectory and investment in pipeline projects.

Looking ahead, Kiniksa has raised its expectations for ARCALYST's net product revenue for 2024 to between $405 million and $415 million. The company remains optimistic about its financial health and anticipates staying cash flow positive on an annual basis.

Kiniksa will host a conference call and webcast to discuss these results and other recent activities. This session provides an opportunity for stakeholders to gain more detailed insights into the company's performance and future plans.