$25m Q1 loss reported for Kiniksa
Bermudian-headquartered Kiniksa Pharmaceuticals Ltd, a biopharmaceutical company with a portfolio of assets designed to modulate immunological pathways across a spectrum of diseases, has reported a net loss for the first quarter of $25.2 million.
That compares with a net loss of $49.5 million for the first quarter of 2021.
Total revenue for the first quarter of 2022 was $32.2 million, and total operating expenses were $55.5 million.
In February, Kiniksa and Hangzhou Zhongmei Huadong Pharmaceutical Co Ltd announced a strategic collaboration to develop and commercialise Arcalyst and mavrilimumab in the Asia Pacific region, excluding Japan.
Kiniksa received a total upfront payment of $22 million, consisting of $12 million and $10 million for the rights to Arcalyst and mavrilimumab, respectively, in the Asia-Pacific region.
Kiniksa said it is eligible to receive up to approximately $640 million in specified development, regulatory and sales-based milestones as well as tiered royalties ranging from the low teens to the low twenties on annual net sales.
Arcalyst net revenue was $22.2 million for the first quarter of 2022.
The company said more than 400 prescribers have written Arcalyst prescriptions for recurrent pericarditis since launch, with a growing number of repeat prescribers.
Kiniksa expects Arcalyst net revenue for the full year to be between $115 million and $130 million.
The company said it expects that its cash and cash equivalents will fund its current operating plan into at least 2024.
At March 31, the company had $145.6 million of cash, cash equivalents and short-term investments and no debt, it said.
“With the one-year anniversary of our commercial launch of Arcalyst for recurrent pericarditis, we remain committed to supporting the continued growth in prescriber adoption, patient adherence and payer coverage,” said Sanj K Patel, chairman and chief executive officer of Kiniksa.
“Looking to the rest of the year, we anticipate continued efficient commercial execution and key progress of our clinical-stage pipeline.”