Kiniksa Pharmaceuticals Ltd, the Bermudian-based biopharmaceutical company with a portfolio of assets designed to modulate immunological pathways across a spectrum of diseases, has reported a net loss of $20 million in the second quarter.

That compares with a net loss of $41.6 million for the second quarter of 2021.

Total net revenue for Arcalyst product sales in the second quarter was $27 million, compared with $7.7 million for the second quarter a year ago.

Total operating expenses were $46.3 million, compared with $48.3 million for the second quarter of 2021.

Collaboration expense was $3.7 million. Kiniksa did not report a collaboration expense in the second quarter of 2021.

As of June 30, the company had $138.2 million of cash, cash equivalents, short-term investments and no debt.

Sanj K. Patel, chairman and chief executive officer of Kiniksa, said: “The continued momentum of Arcalyst in recurrent pericarditis in the second quarter of 2022 provides conviction in our full-year expectation for net revenue of between $115 to $130 million.

“Additionally, we believe the strong performance of Arcalyst since launch supports incremental investment to broaden our reach and help even more patients suffering from recurrent pericarditis.”