KNSA - Earnings call transcript Q1 2024 | Kiniksa Pharmaceuticals, Ltd.

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Operator

Good day, and thank you for standing by, and welcome to Kiniksa Pharmaceuticals' First Quarter 2024 Earnings Conference Call. [Operator Instructions] 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 of 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 section. found the can our

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

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

to over With it Sanj. that, will I turn

Sanj Patel

everyone. morning, good and Rachel, Thanks,

very are We with commercial the encouraged ARCALYST progress.

product $XX.X ARCALYST increasing number of and We a growing patients performance quarter, an revenue million. build reaching recurrent continued this of to upon net marked the pericarditis by to

high and with our on including has satisfaction, see growing patient and to strength engagement commercial been continue across supported prescriber adoption existing frequent prescribers. drivers, and physician potential We by the focus which key

pericarditis. expanding ARCALYST of suffering for therapy patients an a from also we're as steroid-sparing seeing recurrent Importantly, utilization

would represent year to million the at $XXX XX% sales this midpoint. ahead, be expect year-over-year ARCALYST we to Looking million. to $XXX between And growth the now full year

trial Chief our we in with plans disease. we is of IIb the potential patients. provide This of believe Phase to initiate with is abiprubart recently half about expected will And a Paolini, details additional IIb Phase our FDA-approved disorder provide has abiprubart benefit terms in planned announced Sjögren's Officer, the our trial therapies. debilitating Dr. In pipeline, no current Medical to initiate John this a to which meaningful to year. second

to commercial And over Ross with now our execution. that, I'll turn it review to

Ross Moat

third is XX% against to of continue be quarter-on-quarter you, represents was robust by industry backdrop QX in anniversary I recurrent growth highlighting especially ARCALYST that this ARCALYST's revenue net specialty to growth of of QX which $XX.X of Thank pericarditis, of want the an which and growth, QX, approval of versus franchise. future was XX.X%, revenue by marks gross strong the also growth predominantly This and Sanj. headwinds start end we excited co-pay In resets. and a the XXXX. million, of net QX deliver due the to to

in the growth acceleration of to it of since QX, The the grew since net ARCALYST number the making launch of quarter-on-quarter at an launch. part X,XXX due Total in revenue prescribers. was end to largest growth prescribers approximately

XX total patient commercialization, to physician satisfaction including XX% of average underlying months Additionally, a ARCALYST. we across high fundamentals observe with continue approval of and completed and duration our robust cases, payer greater of than therapy

treatment become interleukin-X our drug and marketing increasing seen drivers a only the widely patients as FDA-approved debilitating the where And rare teams a is for recurrent, the first Since are patients we've and across disease patients of country. disease. the our pericarditis on been making Recurrent alpha field disease, inroads disease. targeted the to ARCALYST disease, that underlying robust We've approval the and strategy directly. are address through the physicians flaring educate to dispersed and they once both require acknowledgment beta

base a patients, ARCALYST positive have prescriber physicians witness prescribers. the As experience result, more since the launch. to as prescribing their And can has total and and on becoming continued grow impact quarter more are physicians repeat gain every

written In QX, in all new prescriptions greater XX% of fact, than are healthcare repeat professionals who were by prescribers.

care solid pericarditis. recurrent of the our We ambition making becoming are towards in progress ARCALYST standard of

of John the For our the call to to share over hand evolution Officer, coming describing launch. the management I'll our recurrent in Medical RESONANCE the from Paolini, John? Registry, latest Dr. next slide, information pericarditis since Chief some

John Paolini

use we've College from amongst years of shift XXXX management patient that registry away cardiologists Registry very Amongst these IL-X European with with and ARCALYST increased at participating of steroid-based XX XX% some guidelines Cardiology The Cardiology. using recently use in to the of We're pattern. share gained inhibition. the patients excited steroid-sparing and data shared our in median a RP approach U.S. we've the from in inhibition IL-X at RESONANCE driving Ross. centers Society towards show X-year paradigm medication RP insights to duration, American pathway disease this XXXX pathway Thanks, the a a

commensurately cardiologists. steroid-sparing a had adoption NSAIDs and Also, corticosteroids, such colchicine, XXXX, corticosteroids. transitioned fewer by patients XX% by over were made and preference who failed who and affirm X:X These patients transitions intensified paradigm to rilonacept the RP-focused with increased amongst ARCALYST of the has proportion year-on-year that data transitioning to growth of aspirin, treatment, patients the of with to evidence-based

you, Ross. to Back

Ross Moat

cause disease addresses corticosteroids. Thanks, promotional utilized prior recurrent cardiologists be of John. to the and data is alpha should new pericarditis that pericarditis-focused from messaging disease. an interleukin-X and These mirror compelling the root our beta-driven ARCALYST

the opportunity growth underlying with headwinds. XXXX, the that addressed industry of fundamentals we Our target population the net of significant typical delivered through QX, business end and strong as only signifies QX robust broke have growth In X% we a revenue QX of ahead.

$XXX $XXX pleased As XXXX are from million. to revenue million, to $XXX to million increase such, $XXX we our for guidance million to

discuss back I'll that, hand abiprubart. to with And to John it John?

John Paolini

Thanks, Ross.

contributed our factors to forward in several as abiprubart decision move mentioned, we to Sjögren's Sanj As with in our disease. and previous announcement, outlined

Sjögren's with currently Importantly, FDA-approved debilitating disease is no disease therapies.

interaction that therapeutic concept approach external of could substantial is disease. co-stimulatory efficacious CDXX-CDXXX inhibition the of Sjögren's for an there proof be Second,

of totality dose statistically generated demonstrate XX% confidence our II with the either dosing. efficacy subcutaneous reductions rheumatoid abiprubart X the significant of disease potential the or including Sjögren's across in Phase all thus the data biological approximately biweekly in activity highly monthly bolster Additionally, clear factor regimens and Phase IIb we've molecule of in in

could development are differentiated we a option administration, abiprubart for that and other represent a compelling there convenient more assets to but a which the Understanding of patients. with potential Sjögren's believe for efficacy has demonstrate route comparable disease, in potentially profile

evaluate X:X:X treatment in are With of XXXX, response administration double-blind, in initiate portion milligrams chronic weeks. in subcutaneous of that with in trial XXX will placebo-controlled period with placebo XXX of planning of the over a mind, a monthly abiprubart The intended XXX begins approximately randomized, IIb trial randomize to subcutaneously we patients biweekly, Sjögren's to XX a half that the design Phase abiprubart patients ratio designed receive a to milligrams Disease. subcutaneously placebo-controlled second or

primary called Disease in from versus XX. placebo at endpoint Index ESSDAI baseline The will changed week Activity the EULAR efficacy be

the additional all which for for now the enter will plan quarter over an financials. XX turn to long-term we will weeks. first Mark? in patients extension active call receive to I participants to Subsequently, a discuss treatment Mark

Mark Ragosa

John. Thanks,

we earlier results financial morning. be can found issued in first press detailed the quarter this Our XXXX release

Over the items of to call on minutes, couple to a this next attention I'd your like slide. few

million. in $XX.X which the million, First, grew to was driven total XXXX net product revenue of XX% first year-over-year revenue, quarter $XX.X by ARCALYST

expenses collaboration ARCALYST's $XX.X profit drove collaboration operating Second, first to in grew quarter XXX% the $XX.X of year-over-year million. and primarily million

the in milestone of first our received flow was in the end of previously abiprubart quarter quarter last related both lastly, This are the loss year-over-year inclusive ARCALYST year. Third, the quarter in of development XXXX. compared balance revenue first to the $XX.X growth Genentech and quarter. recognized the investment fourth in million sold first $X.X of to of first million. Fourth, quarter million, cost commercialization the higher by net collaboration that drove in as of and revenue goods the expense balance net expenses, $XX.X reflects $XX ARCALYST quarter largely of from advancement $XXX.X of was as well was million cash operating first as million development growth cash at And which the driven

to continue discipline current to expect to and on We cash an plan, expect we which execution support reserves as financial our as annual strong well flow cash commercial positive basis. operating remain

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

Sanj Patel

Thanks, Mark.

in advancing areas all heard, our business year committed of As ahead. we the to you've remain

to Importantly, business. performance ability commercial across we to our drive strong position our expect meaningfully the growth our robust and to contribute financial

an on strong Sjögren's opportunity position deliver to a in the current goals. annual Phase expect by operating medicines to and excited remain which through We're believe life-changing development on we flow abiprubart to our includes for cash in positive on we're Based advancing disease, we patients basis. continue provide to the plan, II

I thank it today, of do now operator time to your want hand you and back to I'll any for for questions. all the

Operator

Anupam comes [Operator from our Rama question JPMorgan. And from Instructions]

Anupam Rama

quarter. the on Congrats

physicians For existing prescribers of force tier grow much ARCALYST, those of it seems sales top penetration here. center you the this centers kind to to your of attribute getting versus and How like and physician next the continue do some relationships? into academic deeper to expanded

Ross Moat

This Thank is Ross. you very for Thanks, Anupam. much Yes. the question.

achieve a boost with XXXX U.S. the coverage in did across gave we we around into the which go that certainly, could So representatives, us XX

we physicians to went up around X,XXX So XX,XXX. from covering

we And those we to we throughput healthcare the pericarditis down the professionals have high so it frequency highest recurrent field the increasing but the certainly, top-tier also on within of could breadth decile also enabled have team within larger patients those. have that certainly doctors focus some reach, that increase who is really to us of of

of an message that's got deliver we've and huge there's us. been opportunity of and just we've So there, we and focused ahead we help do that still execution along that we've always the on a patients the think element number out believe with got to important continued to

total So you XX,XXX prescribers target, now see launch. we've from X,XXX around that in since the we got doctors

we've the them all are certainly XX,XXX alone a got population tells prescribers, as well. huge ahead within X,XXX that So headroom those you of and target that not after of

we've XX% base ever prescribers see prescribing, as total grow prescriber which to So you repeat at of well continue the can long increasing the go way prescribers. got significantly to as base, remained of to of an of total has -- a breadth the

significantly that new that tells as they So nicely and the contributing fact are the QX within well. contributed prescribers involvements growing XX% business repeat of had around that the we the also to you all

the So thanks are we and ahead. opportunity very We're question. have we pleased with for where the

Operator

Paul And our next Choi question comes Sachs. from Goldman from

Kyuwon Choi

patients is behavior. a maybe Can who John patient discontinue resonated. you're the ARCALYST I sort maybe quarters. restarting had regard versus of seeing My the just start on trends back Congratulations to year. that for abiprubart question then on coming what you first good Ross for therapy maintenance little if the therapy afterwards question been to in just like just with of on any and has messaging and and And has faster terms prior follow-up. of a as how And comment

Ross Moat

Okay.

a ARCALYST make start back the then you abiprubart to I'll the question. So on for Paul and one hand

So thank you for that.

are I think restart of they stock haven't And some patients of symptomology of, aware in previously. rate sometime of fields indeed changes consistent Very they the who seen now, time behavior has either generally, stop the their different if about in have quite around they're come on or significant have So for from restart. from from on any all remained on restart or patient still when it rate the symptomology they left to stop patients we're XX% have those to different place, in they therapy we therapy patients which they types the prescription, returns. interestingly that with able And suffer often, hand approval on back ongoing payer restart. cohorts

therapy simple suffer restart very they disease if do for it's the from often continuously. So patients to

Just acknowledging it's chronic a that years. is for this multiple most patients, disease,

X of that's stop patients back. more on symptomology and where the these they for We on healthcare for disease. just they generally suffer indeed who So early, focus of or X duration it our median education X continue to X too from study, history that with years treatment to you our X And disease the remember natural will come the may years' long-term was of from years' extension patients the worth experience ARCALYST X/X out. portion therapy, recently up of still our the of clinical And of median worth suffer if have our recurrences, is likely patients professionals years. from

And to say, time we really So course just natural continue of grow therapy disease, around seen total focus of we've is, setting, the we But which years. most often to commercial duration multiple their therapy XX as stay months. in I the over the want on history. on recently the expected throughout patients

Kyuwon Choi

Okay. think you about do Can RA data II just as Great. on, some differentiation And further what guess, abiprubart areas available in data plan of your prior preclinical Sjögren's think class that the of might or the for evidence assets you to abiprubart. you be then and look along for in what, to the potential for John, the may at as gives confidence maybe able show relative you success just other the be comment here for Phase you the clinic? I

John Paolini

Phase X factor biweekly highly and formation. mechanism so dosing, Phase suppression that Paul, with as then the where And you, statistically we Yes, appreciate I monthly program the we've I forward Thank and DAS-XX-CRP suppression all And outcomes significant. with was The regimens, of important of the around that XX% evidenced antibody with into have data question. score. show, course, Sure. carry data we weekly, of the rheumatoid in clinical suppression from that using into generated saw then the confidence so even II by that of dosing we far to abiprubart. translated

that showing And terms means that X let's us a dosing. hard the in that regimens. What translated in clinical of, we with we a differentiation, on worked liquid forward of have engagement. have any target subcutaneous that setting, sure chronic concentration that's is So high strong [indiscernible], we've making that dosing then supports formulation that's

abiprubart drug out dosing rather rheumatologic subcutaneous in as these and the able an be give that to a than then ability drug to so intravenous to And diseases spread interval.

So across to test subcutaneous out is would biweekly stretch confidence into has only dosing, assets. a we of pretty even abiprubart monthly to Sjögren's as monthly it lot study dosing, a space to differentiation not the have other forward relatively the you the to which dosing, standard, opportunity, potential us opportunity have go gives which but unique potentially be to we in that us show

Operator

David our next Wedbush from comes question Securities. And Nierengarten from

David Nierengarten

X. had I

of on how symptom factor rheumatoid up subpart you competitor is And following the considered in of a curious main of you question quick maybe Sjögren's? I where as predictive kind on the for a So then do a to setting was of front Sjögren's the the be think competitive relief landscape. ARCALYST. to your that, physician market mean reduction kind checking shift? patients and paradigm I ARCALYST. colchicine recurrent just it aspirin, a pericarditis seems for majority Is of then obvious, maybe but that shifting in seems fair the line the kind that characterization of

Ross Moat

start Yes. Ross. COO, David, ARCALYST the Eben, the hand for over can one is to I question. this I'll with and abiprubart then

to just characteristic. that's think I fair yes, So a summarize,

really obviously, duration. And suffer saying a focused that from on ongoing are we're ARCALYST standard choice recurrent sure of clearly of recurrence that options second more and requiring -- that the being disease the therapy making or usual they're they're same all, I well, for but patients the on as and it's first of think generally the At for NSAIDs with with the patients [indiscernible] patients. back from really early then is you're often treatment treated for they -- and and the care something pericarditis those targets often breaking that of patients colchicine the longer and come patients regimen when time, disease. suffered they're through that, recovering on their

ahead the aiming And RESONANCE indeed, utilizing as certainly for. Registry John that So we disease, focused we're again to see shared, those pericarditis, the yes, which the positions is starting seeing we're on are position are Eben? that's that the of way key corticosteroids, exactly it. ARCALYST with

Eben Tessari

Thanks for question. the

and our dosing. and in is molecule have broad line the Phase antagonist at So that from produced the currently their currently now results significant of no is studies all data. X finished programs class patient to disease, results study an -- of XXX, which to only a [indiscernible], Sjögren’s program going your formulation. There CDXX-CDXXX follow formulation, clinical but also Both were we Amgen this of in us iscalimab Phase called give programs look and the a of we're third the we the Sjögren's has III statistically narrowly and exclusively others landscape the answer which either II which as demonstrate producing studied IV to ability lot at population biweekly our study subcutaneous study is Novartis, competitive biweekly Maybe there been with program test confidence studying question, are in testing asset with to those And yet. also demonstrated -- obviously generated those efficacy. or horizon, pretty are subcu given looking we with the have with alone, rolling efficacy right in studied I subcutaneously, is some and that frexalimab, in population, with the a data into but this excited which we're program the potentially think the date monthly. reported then And in not about we're Sanofi in

Operator

question And America. our Geoff Bank from from comes of next Meacham

Geoffrey Meacham

on congrats just key. be had raising ARCALYST, successful a will so far, on Ross, but launch awareness, a And quarter. I suspect, good you've obviously,

to guys So Sanj. there plans are RESONANCE? then the for that profile? And you were are thinking in terms second there studies question And raising of other about publish

have committed be abiprubart obviously to flow positive. forward. you going You'll in investing remaining But guys cash

from investments So a profitability in on I is or basis commercial question to ARCALYST? -- strategic guess relative important pipeline the is expansion your how

Sanj Patel

start? Jeff. want Thanks, you to John, do

John Paolini

the investigators leading the are these focus managing by we're for across really on about really a recurrent disease. importantly, an epidemiology that edge centers who Thanks, XX cardiologist by learning were pericarditis there and and Registry tool important have really And disease RESONANCE the question. it's No, management. are U.S. which because we're recurrent than pericarditis the of Jeff, Yes. more the Absolutely. excited about led

the So sense, data in grow clinicians who other base. seeking example the served as an that to their knowledge country, for around are

and looking of done So do we've this of in past is to as now. a it the middle is we're we're what right kind in X-year registry, the and right

learned of about the American So follow-up the we we in the patients time pathway and hope been at then there's go a driven And it. about a harvest that a IL-X people gaining importantly, a halfway moving information data patients. concept. the that and fact treatment this paradigm to we it as are as of through growing a from enrolled, the that exciting of scientific colchicine lot meaning just around, halfway penetration evidence-based really insights an that pathway And of And year-on-year. steroid-sparing be the important and prior forward, inhibition, period, adding are College management and registry evidence adopting presented NSAIDs and a of their these directly presented taking the trend meetings, been about inhibition all IL-X to cardiologists we've that's that's the they're lot and we really this ARCALYST, time, the Cardiology. to in would by using that and To that with drive us, about disease,

So cardiologists we look forward these to these harvesting other go and from forward. information centers we as from

to question. so Thanks more the come. So for much

Sanj Patel

excited with continuing this basis. that growth flow as very of part positive -- remain it's cash annual commercial But development about ARCALYST. that and highly compelling with with did you remain And operating our pleased question, we're the Jeff, of active safety expect certainly the to your we said, execution said, value you've today a creating abiprubart, to we've quarter I ongoing on while mean an shown current disclose very plan, seen, We're a profile. And as paramount. on second molecule your quite based in do we this we

hard to business actually very across whole range look areas. of a opportunities continue development We at

ultimately, that and annual Certainly, all important flow value. that's really, remain an you is means operating creation So the on that tells to to current primary first it's positive plan value we our basis. goal expect of us. create to But that cash

forward. a So in I a now. exciting right financial Obviously coming a in we're position. think obviously, development we're lot And great great of position

we're I great in So a spot. think

Operator

from And question Evercore next ISI. our Bayko from comes Liisa

Liisa Bayko

to able cash congrats flow on you and being the be see Just sustainably positive. quarter great to

lead to what any make more to feel of data pharmacokinetic through on be and dynamic characteristics Just like bit that curious about And some some in of treatment over what RA of a development? maybe placebo of drill think just more the kind down of RA that the Can from you a different expect kind little believe Phase might you benefit competitive, or in through the there's on kind disease. And II of maybe abiprubart. from Cohort read of a findings any as placebo that? response kind about that bit phase specifically still kind talk to you of you'd of we kind X next and to a study, transition you of obviously, the means implications the

Unknown Executive

Liisa, thank for Yes. so you much that question.

abiprubart, we've shown around that that are and every X per the to modeling shown previously in what antibody curves engagement monthly mL. is pharmacokinetic with the roughly the that regard even to of milligrams threshold pharmacokinetics abiprubart, might mL. as plasma the X with So have the XX of a is XXX concentration concentrations weeks, given per trough from for XX-microgram roughly plasma that so And target and dose you is in we comes our micrograms formation suppression of remember, what of

magnitude levels plasma the then plasma an antibody concentrations. order greater weekly to roughly even and concentration, higher formation. And which are the is of providing then biweekly suppress dose required So the

finding. the p-values highly that reduction rheumatoid XX% regimens with strength demonstrating confidence showed statistically X So really across in in sense, data, why significant all we with of or those which of have that factor X that's X reason Xs the the a dosing

the the with in for how the all of translates being pathophysiology that a concept involved as really this then that implicated proof is suppression a be disease. And that's dosing. And Sjögren's an this disease, of flexibility mentioned could we into has external going the efficacious chronic that highly of forward of done this approach. been provides formulation terms subcutaneous So of substantial that forward of mechanism fundamentals in fact kind and and lot that mechanism is there is

taking that the and to and that, that the you that biweekly course, have this solid by do to delivering for by the suppress manner we we enough if use over of mechanism into patients. And a so of disease, we will, that drug. convenient part Sjögren's of in And is drug believe be monthly platform, the following out longer a get of would for the with a the chronic experience other period dose time, more

So all a full placebo-controlled a so there's portion of longer-term and of on time. therapy we upfront, understand drug and the extension, then by active that that's over followed can remain magnitude patients where the the the effect

So question. for the much thanks so

Operator

to showing And like further Officer, no over for turn call now I to Sanj Chief I Executive questions. remarks. the Patel, closing am would

Sanj Patel

all and in future. call additional a and we've of got us, updates today. to providing very execute I and to everyone joining questions year the continuing Thanks, the forward exciting the very operator. ahead much appreciate Clearly, we're looking

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

Operator

This today's Thank participating. you concludes conference for call.

disconnect. now may You

Kiniksa Pharmaceuticals (KNSA) 23 Apr 242024 Q1 Earnings call transcript