KNSA - Earnings call 1 2023 | Kiniksa Pharmaceuticals, Ltd.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and thank you for standing by, and welcome to the Kiniksa Pharmaceuticals First Quarter 2023 Earnings Conference Call. [Operator Instructions] And please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Rachel Frank, Head, Investor Relations. Please go ahead.

Rachel Frank

Thank you, operator. thank quarter joining recent XXXX and discuss call portfolio everyone, first our financial morning, you Kiniksa's for to execution. Good results and on Investors release website press highlighting results be A these under Media & found the section. can our

Ragosa, will Executive will on As Sanj Sanj for will execution. our finally, for Ross our outlook K. introduction. review will Officer, And Mark our Officer, Chief results. will financial XXXX on line. off for Paolini, session commercial an quarter and also our Commercial remarks with Q&A Chief John our provide the kick Patel, Officer, which return Officer, agenda, to Chief and Moat, the first our Chief closing Tessari, Medical our Chief be Financial Operating start the an Officer; Eben Then update

statements. found Before subject cause getting that results materially slide as today SEC we risk will started, our that we no can and statements may in speak this be update uncertainties this These these to that review please forward-looking differ actual be statements making and risk note A to statements, except to of by of factors and the such such risks are required law. under obligation statements date contained as filings. factors only undertake caption presentation, as of well the on from

over it will Sanj. I to that, turn With

Sanj Patel

XXXX financial good and review today. everyone. first I'm results Rachel, morning, quarter to Thanks, happy our

to for continued have our and XXXX. success us We across in positions cardiovascular growth franchises, autoimmune execute and which

revenue growth net represented side, ARCALYST commercial of of with million. product QX the $XX.X On for quarter a another

our longer patient million. million XXXX of strong continued as range and enrollments, recent have mind, in approval ARCALYST our team we satisfaction, as expected of $XXX to raised well success $XXX our by we're payer commercial seeing also to execution With duration We therapy. guidance with that adoption rates high signs to date. patient see expansion. We've increased from field clear to prescriber are And encouraged

which We and our cohort maximum building focused currently our value arthritis, stage clinical II of assets, XX includes also PK safety dose data And final subcu from we that dosing and duration chronic which of third the evaluate a program. We're response, Phase on to efficacy, over is our is of weeks. the half across in in remain this study and rheumatoid the year. next antagonist the designed of expect first KPL-XXX, enrolling study portfolio of CDXX

continue with evaluate molecule we potential Additionally, a continue agreements potential pursue excited diseases. of This about, to and has in it is study that collaborative to we its mavrilimumab to a cardiovascular be diseases. to rare number impact the

over Ross to So I'll our ARCALYST. to commercial with execution turn that, it for review Ross?

Ross Moat

has share on Sanj. and first performance pericarditis. in been XXXX details recurrent now commercial our and X ARCALYST quarter Thank delighted further on market you, for years, to for I'm the plans our growth continued

in more seen very to been the part in jump now excess Total both which versus QX growth encouraged of by repeat to We've force. QX due the than launch in our field largest prescribers acceleration recurrent the pericarditis in a large total in since ARCALYST XXX is and date. expanded prescribers of X,XXX, we've is and of and meaningful

approximately prescriber net quarter. revenue Additionally, the a base. XX% prior $XX.X the growth repeat larger growth drove of QX of much X% seen prescribers grew total representing underlying to in versus The patient million,

XX.X%, first in quarters. in which than and year. gross related revenue which seasonal copays, higher despite the specialty to These growth impacts of quarter is in very typical net drugs changes insurance the for QX impacts prior resulted the of is plan a Our are to resets of

also adherence when highlight prescriber reported quarter that and strong all therapy. I'll launch. prescriber high also patient approval XX% cases than QX every compliance see are since adoption, has of as satisfaction In and it payer we're completed remains addition been the to single rate and in to on growing greater continuing patients

Moving to Slide X.

as which of standard years In helped gained in X pericarditis. our Our and the commercial care launch building we've market focused is since the have launch, recurrent establishing several the on tactics. ARCALYST insights, inform

to team Some early I'm of in team field executing expansion learnings QX our well. of to those the led around the during of around expansion, XX our this of days XXXX. field to XX from representatives that are pleased share

previously prescriber increased more total patient jump acceleration and early as an in the And in with significant be frequency of believe and advance are to in So to target result business marketplace we're and many impact far, enrollments help making we're total suffering the disease. jump a in we of We of seen. a type need patients from to these more and meaningful indications doctors. seeing all we've our reach seeing base this metrics, a activity continue those overall than the debilitating our

help to who the in access treatment of patient recurrent diseases, is focus centers and the particular referral sales increase in to growing streamline on there institutions pericardial number and In care and to and both to this recurrent in pericarditis U.S. specific networks our believe a pericarditis. their an of build as addition professionals health patients' expertise improve the own growth essence future. team, the will We of academic to private interest care across

advancing we're having pericarditis into patients themself ARCALYST continuing inroads a for caregivers appropriate. when are digital we approximately advocates and marketing, patients built database of education to make to where X,XXX Additionally,

provide X. Slide duration update therapy. Turning to like I'd an on to of

an of in commercial setting, As we seen total therapy. longer periods patients follow over duration in more picture the average time of evolving the we've

an disease, initially and is many they months seen currently until stop. of Then previously a we're months, the to approximately before the saw months. the XX of of are have XX the ARCALYST. average at This for and What restart on latest seen once over now of we increase approximately is patients with trial an XX data seeing of return the an patients have X treatment of we've around months given treatment, unmasking seen an symptoms We increase persistence end stop what disease QX. staying

educating with patients stop XX% are and on natural of all ARCALYST evolve on the years. of placed who stop. restart physicians history majority in duration to the the vast And disease, results median our X patients approximately X and the a treatment, treatment of efforts want to of the continue fact, treatment is continued total In the will the These of weeks continued which response. factors within ARCALYST do

from sales our approval from duration to the the prescriber increasing a growth our million along we're mean that million. million results, of $XXX rates, to of with payer $XXX and today, range in growth continue and strong dynamics are XXXX from ongoing We to commercialization million field be with physicians team. $XXX in the ARCALYST patients, we including the expanded our $XXX total These feedback to early that getting guidance results delighted therapy, the efforts, the

continue significant we to and well ahead as marketplace. build develop collaboration as as a We have a with growing the opportunity profitable ARCALYST

business is highly approval, With continue in and what Two do post solidly executing grow years our and best, we're we to do and condition. we to are the help patients. ambitious, opportunity driving which a that now we brilliant said,

our Mark? now Mark financial cover to hand I'll to results. over

Mark Ragosa

morning, Good Thanks, Ross. everyone.

earlier first a this well your like our few attention we results product in today. as quarter to net I'd XXXX XXXX as slide to financial detailed can found items on be ARCALYST revenue the Our call issued guidance. review press release

quarter from the revenue was XXXX. first quarter first in Total $X.X received first date, million ARCALYST from XXXX product supply to global agreement $XX total in of upfront Genentech. of we compared recognized revenue the of Genentech. million with million and revenue and of First, license quarter net our close payments revenue included collaboration of $XX.X $XX.X million million $XX.X million vixarelimab $XXX have to in near-term of the the XXXX To

the the next recognize the expect year. over We balance to of course

grow ARCALYST of in collaboration continued to million compared in first million operating quarter XXXX. the Second, of quarter was $XX.X the to and first $X.X XXXX profit

$XX.X received cash Third, million burn end-of-period XXXX. from a compared of in $X the limited the quarter balance in our inflow our million milestone the $XXX.X $XX this in $XX.X and to first net to approximately supply-related XXXX first quarter, Kiniksa's million was of million. and loss we Fourth, first brought net quarter to Genentech million cash

expected as continued reserves commercial as these current ARCALYST well our fund operating XXXX. are to execution Importantly, at least into plan

product guidance. an the in well million and opportunity revenue as the expect ARCALYST against patients at midpoint by net close to ARCALYST. million. execution treatment reflects for $XXX to our $XXX with product year-over-year With now expectation new-to-brand our the enrollment pericarditis recent revenue reshaping duration uptick XXXX financial XX% we continued and growth turning paradigm from our expansion recurrent This net to force help represents between of in of average therapy, patients slightly Lastly, as sales longer

to Sanj turn for back remarks. I'll that, With closing the call

Sanj Patel

Thanks, Mark.

about heard the you've team excited today, the As in be and terms a to of summary. has lot

In addition successful ARCALYST, we aimed commercialization pipeline also are of a clinical that to meaningful wise. mid-stage programs making a on our at have patient impact of

year. in we're of of and in cohort the Phase final and rheumatoid date third next rolling KPL-XXX the As the half a in is first study that reminder, of arthritis, II expected

Thanks Mark Importantly, well at expected continued runway out-license strategic XXXX. financial into are said, we from ARCALYST we our now, those and as have capitalized. non-diluted reviewed, transactions as to capital just discipline, growing our Mark cash revenues, least

make and to generational continue help our We a are patients positioned believe in Ultimately, need strategically impact. exactly to to massive value mission we create that. do is

going thank I you. operator time for back for to session. do the I'm want to your Q&A all today. Thank the it you to hand

Operator

Paul [Operator Instructions] from Sachs. of line Your Goldman question Choi first of comes the

Kyuwon Choi

the to the to RA for as for think which next enrolling of what look the look question the top CDX you'd now quarter. XXX to and John, And you'd you're Congratulations go-forward decision here? a activity the you cohort II? about which on potential would Phase data think scores at is, like in on, regard sort about you line program, One clinical for to as see maybe what your do with landscape data disease how you start be

the for as R&D Sanj assets, and/or into question synergistic your that assets what the And II could either on for commercial my landscape are efforts? second either cardiovascular be either with you Eben for valuations that or potentially thoughts fit would your is, phase survey

John Paolini

Paul.

what interaction. is you area now expectations, for pathway we in and external of the arthritis Phase will, benchmarks stimulatory lot for proof study this on II as as a like you this disease regarding particular of CDXXX that's concept, the KPL-XXX, that about So as well program blocking rheumatoid the this CDXX, know, there's with going in if of

DASXX-CRP higher concentrations benchmarks, And model in even looked as that arthritis going more is which intention you on biweekly in as either efficacy. a the the the specific our size the whether versus essentially numbers. efficacy so other benchmarks, activity per and reductions those low the study, -- positioning I testing the in we've or phase well-established is the now, parallel know, X disease right where really per at in of you really then score. design, without weekly, whether established to are benchmarks kilo our see of no very the way And if as subcutaneous think which, it DASXX asking will, placebo attainment rheumatoid into was administered administered those milligrams with delivers of as then the against kilo with disease if the -- X-milligram the you practical assets dose plasma question well of going is compare

if targeting are those one asset. X, similarly, the then that that established well can also assets and benchmarks. as look will, one some asset at we have And And CDXXX you maybe in CDXX also space --

how that. using that is So practical most we'll looking on then it is our focusing really be And asset the own subcutaneous delivering dose. testing and important at

Sanj Patel

to you In to as BD, of quite we got And substantial we highly now. fact. can and There and things our number Eben be you be believe that then Paul, in have tangible, And team so extent discerning, to terms under very do remains we'll to very at point. at value. a But looking bar high, are imagine. scientifically strong look we'll opportunities active, active, very at both there a of few a do continue We've right add very us that the for opportunities, been are that's that find we obviously something elucidate commercially, could date. as

Operator

of line of comes Meacham Bank America. question next from of Your the Geoff

Geoffrey Meacham

Just few. had a

there's patients after And obviously, at ARCALYST themes? when therapy, stats are from guys look have The why first patient you And benefit restarted patients keeping you duration retain question if some a that therapy. is to is, there there's gave on, on wondering The an effort a of initially them would who discontinuation. but discontinue? there start

investments on bit the then the another of some you how still of indications kind retain perhaps the could Talk see codevelop scenario step. a next get rights? little that broader you there And to and here geographies XXX. some Is to just sort one needed a about or

Ross Moat

is This Ross. Geoff.

So on the part, duration, we remarks, maybe in for patients immolation through said is I'll months make seen we've as and a a duration total which, in now. to the first the growth start in which the the XX around of around prepared duration

and back through some several stopping. X But months course, the within for So have kind patients in flare go on restart stop who probably gone consistent again of of of eventually the back at around are weeks XX% terms majority then to that do on to of those patients of that's vast treatment. The last and go pretty and therapy. rates, remained of couple have of a over stopped quarters

correlation treatments with mind, which they've inflammation MRI then still patients pericarditis therapy the patient's comes restarting. within terms present small, time against whether patients the physician in well. builds are not or suffered reasonably informed Ultimately, judgment of Bear are of the as the in which, from they've ultimately, down a trial stopping ones in based cadence how ARCALYST auto now. for not had, numbers there's and underlying to flares cardiac how there's which for and And imaging, over they've those upon what how in course, many of really are suffered the the the as either data any recurrent the flares looking physician time and right judgment patients start fluctuates and baseline with still have from, stock. they a that characteristics, long example, for been on long disease, through But which it

judgment think that call. that factors go are there there multiple I into making

Again, to to under control do go response. treatment as a very really to to there therapy. positive results continuous that back But well on therapy, safety And that in when course of tenacity be know throughout it's they've and is duration. patients the go it guess then And continuous want proven of treatment our they and education persist. suffered physicians a patients on long for disease and want treated therapy for can patients net I around the ARCALYST have they stop entire we for going back having the do how that's don't adequately And because and again treatment restart disease focus flare. we the able quickly. to the the

picture evolving an it's So point. this at

second Sorry, Geoff, your repeat of question. the part

Geoffrey Meacham

Yes.

some just The Just kind get you the is there I&I, robust the a some a other there indications, with value to pretty respect question maybe marketplace but is where the in on XXX. geographies? to of codevelop scenario maximizing strategy wanted asset. Obviously, of

Sanj Patel

results. I It Yes. No, that's and the it. certainly open to question. great on a data mean really the depends we're

go in the us there's creative open the are excellent, you've more opportunity value, collaborative and believe do deals and results capture least value to seen -- most past. we as of an the do then same happy to time, to create more the we're of really for alone But than and ourselves value think of or that sort that all we're ahead well. I the at at

well we can I seen that commercialize and develop. as as think execute you've

mind. in that's important So to take I think

the think most I it's determining option. from options So brings we'll value but all go certainly look there, which available, one at then an us and

Operator

Patel, back no to Chief And I Executive now to conference turn like are questions. would the Officer. there further Sanj

Sanj Patel

everybody, forward ahead providing and to an on you, exciting year clearly the additional in very the We of call future. looking us for us questions Thank great. much updates the No, have joining and today.

that, So have day. great you. Thank with a

Operator

today's and call. concludes for Thank This conference participating, may you you now disconnect.

Kiniksa Pharmaceuticals (KNSA) 2 May 232023 Q1 Earnings call transcript