Biopharmaceutical company Kiniksa has reported a 94% YoY growth in net product revenue for its drug ARCALYST, reaching $64.8 million in Q3 2023. The company's cash balance at the end of Q3 stood at $201 million, with expectations of funding its current operating plan into at least 2027. Further, data from Cohorts 1, 2, and 3 of the KPL-404 study are expected in Q1 2024, with Cohort 4 data due in Q2 2024.
Key takeaways from the call:
- Kiniksa is tracking towards the high end of its previously issued revenue guidance of $220 million to $230 million for 2023.
- The company received a $15 million development milestone from Genentech, leading to a net cash flow of $16 million.
- Kiniksa is pursuing collaborative study agreements with mavrilimumab to evaluate its potential in rare cardiovascular diseases.
- The company anticipates data from the Phase II clinical trial of KPL-404 in rheumatoid arthritis in the first quarter of 2024.
- Despite expected headwinds such as pressure on gross to net and inventory changes, Kiniksa expects continued growth in the fourth quarter.
- Kiniksa's leadership expressed excitement about the potential of KPL-404 for autoimmune indications and the opportunity for growth in the prescriber market.
During the earnings call, Kiniksa executives Sanj Patel and Ross Moat discussed the company's strong financial position and the potential of KPL-404 for autoimmune indications. The company is also exploring collaborative study agreements with mavrilimumab for rare cardiovascular diseases.
Kiniksa's net cash flow for Q3 was $16 million, buoyed by a $15 million development milestone from Genentech. The company is tracking towards the high end of its revenue guidance for 2023, which was previously set at $220 million to $230 million.
The company also shared its expectations for the Phase II clinical trial of KPL-404 in rheumatoid arthritis, with data from Cohorts 1, 2, and 3 expected in Q1 2024, and data from Cohort 4 expected in Q2 2024.
Despite expected headwinds, including pressure on gross to net and inventory changes, Kiniksa expects continued growth in the fourth quarter. The company did not provide specific quantifications for inventory changes but stated that the majority of growth comes from having more patients on therapy. The gross to net year-to-date is reported at 9.9%.
Kiniksa's executives concluded the call on a positive note, expressing excitement about the company's future and looking forward to providing updates in the future. The company's stock is listed on NASDAQ:KNSA.
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