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 2023 of $12.3 million.

That compares with a net loss of $25.2 million for the first quarter of 2022.

Total revenue for the quarter was $48.3 million, compared with $32.2 million for the prior-year quarter.

That included $42.7 million in Arcalyst net product revenue and $5.7 million in licence and collaboration revenue, compared with $22.2 million in Arcalyst net product revenue and $10 million in licence and collaboration revenue for the first quarter of 2022.

Total operating expenses were $59.5 million, compared with $55.5 million in the prior-year quarter.

As of March 31, Kiniksa had $187.5 million of cash, cash equivalents, and short-term investments and no debt.

Sanj K Patel, chairman and chief executive officer, said: “Kiniksa continues to make great progress in developing the recurrent pericarditis market. Arcalyst, the first and only FDA-approved therapy for this disease, is reshaping the treatment paradigm.

“We are seeing signs of success from our field team expansion, with recent increases in prescriber adoption and patient enrolments.

“In addition to these metrics, given the high patient satisfaction, strong payer approval rates and longer duration of therapy, we’ve raised our 2023 Arcalyst sales guidance to between $200 and $215 million.

“We are also now enrolling the final cohort of the KPL-404 Phase 2 trial in rheumatoid arthritis and expect data in the first half of 2024.

“Our cash reserves, combined with our continued Arcalyst commercial execution and financial discipline, provide cash runway into at least 2026.”