$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.”
Need to
Know
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
