Bermudian-headquartered Kiniksa Pharmaceuticals, a biopharmaceutical company with a portfolio of assets designed to modulate immunological pathways across a spectrum of diseases, has reported second-quarter net income of $15 million.

That compares with a net loss of $20 million for the second quarter of 2022.

The company said net income for the quarter included a $16.2 million tax benefit primarily due to the release of a valuation allowance on non-cash deferred tax assets.

Total revenue was $71.5 million, compared with $27 million for the second quarter of 2022.

The company said total revenue included $54.5 million in Arcalyst net product revenue and $17 million in licence and collaboration revenue, compared to $27 million in Arcalyst net product revenue and no license and collaboration revenue for the second quarter of 2022.

Total operating expenses were $74.6 million, compared with $46.3 million for the prior-year quarter.

As of June 30, the company said, Kiniksa had $185 million of cash, cash equivalents and short-term investments and no debt.

Sanj K. Patel, the chairman and chief executive of Kiniksa, said: “Kiniksa continues to make significant progress in bringing Arcalyst, the first and only FDA-approved therapy for recurrent pericarditis, to patients in need.

“As a result of increased call frequency and expanded reach with target prescribers, we are seeing increased prescriber adoption and patient enrolments. We are still in the early stages of building the recurrent pericarditis market and remain encouraged by the high level of patient satisfaction, payer approval rates and duration of therapy.”

He added: “These key metrics provide conviction in raising our 2023 Arcalyst sales guidance to between $220 million and $230 million.

“Within our pipeline, we continue to enrol patients in the KPL-404 Phase 2 trial in rheumatoid arthritis and expect data in the first half of 2024.

“Additionally, we have a strong financial position and our cash reserves, combined with our continued Arcalyst commercial execution and financial discipline, now provide cash runway into at least 2027.”