KNSA - Earnings call transcript Q2 2024 | Kiniksa Pharmaceuticals, Ltd.

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Operator

Good day, and thank you for standing by. Welcome to Kiniksa Pharmaceuticals Second Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I will now hand the conference over to your speaker for today, Rachel Frank, Head of Investor Relations. Please go ahead.

Rachel Frank

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

Officer, As will K. start Chief Patel, introduction. Sanj for an our the agenda, Executive with

Officer, our update provide on the Ross Moat, will Next, Atlas Chief Commercial an commercial execution.

and financial return Mark will Q&A which review our quarter and also remarks XXXX the will Officer, for the our will our be John Officer, Song Financial results. line. kick Chief Ragosa, finally, session, From Eben there, Chief And off Tessari, Paolini, to closing Operating on Medical second for Chief our Officer;

that actual on are filings. may as statements to uncertainties under started, that to review statements. can and SEC results be subject note found this in contained Before will getting be today please risks cause materially we risk our factors such or the factors slide that from differ and caption these risk as making statements well forward-looking

These date presentation, no will the undertake it I we such With Sanj. of to to law. only statements over update by and except obligation as statements, turn this that, as speak required of

Sanj Patel

we in be fully a into performance plan. second flow study maintained expect commercial Sjogren’'s hello, full . We've development is and operating listening and We've and annual on progress funded financial advanced an cash IIb Phase significant current program to to clinical Thanks, The to position, basis. positive a strong Rachel, execute make for our clinical plan disease. strong the in. within our this quarter also asset in everyone year, the of and continued portfolio. abiprubart we've across driven stage our

just and to allowing positions us pericarditis increasing the Starting reach on ARCALYST X number year of has built commercial side beyond. for the patients. operation, years us recurrent All effective the an in Kiniksa of since continued recurrent launching over pericarditis ago, half commercial in of second success this an

paradigm it advanced pivotal year-over-year quarter, recent ARCALYST for announced sales force revenue invest and the for introduced ARCALYST further Henrik product treatment been includes allows Association $XXX.X and collaboration in American partnership month. to as disease, in driven the we recurrent of pericarditis. also establishing growth. consistently this initiative We've -- net Heart commercialization In million, the This the our Lances standard us second the profitability. care expansion, this grew a is that last XX% which has to fundamental also We've ARCALYST shift in and

commercial approval strength This was supported completed adoption drivers, by growth patient several across prescriber high of XX% and satisfaction over payer continued key and cases. including physician increasing

to at quarter rate gross The higher also same not both expect of do the benefited second we compliance which to net, from improve forward. going lower and

prescribers, number to X,XXX increased the With QX. has in X,XXX total since launch approximately regard from approximately to in QX

of XXXX these of prescribers growing appreciation XX by at from end of the the average the QX. to therapy reflected Importantly, underlying at the approximately and increasing XX to end total the that's treat of of duration need to are duration disease months a months demonstrating

Additionally, second at target XX,XXX treatment. ARCALYST of the the were actively population end quarter, approximately of XX% on the

we've net and million, now expect continued look sales we full more this we million moment. and $XXX grow and and Ross commercial initiatives, ARCALYST in cover detail will this $XXX help number efforts in between As to to ultimately evolve be penetration patients, and a to XXXX more our year

Sjogren’'s mind our our position that's to helping Kiniksa execution Phase pipeline, to and provide potential With company. and business. we We to disease. Ultimately, abiprubart enrollment the recently the announced our in the drive we're of it's commercial the strong in excited abiprubart growth further started growth ability that study for in about drive another our to financial across that really looking opportunity of IIb

clear on of interaction, debilitating Based concept chronic inhibition demonstrated disease of FDA-approved the potential of and benefit biological the no potential provide subcutaneous believe proof a is CDXX has has therapies. that autoimmune This by we that activity CDXXX and externally meaningful convenient abi abiprubart, to administration patients. to the the for the

do it physician awareness. we I With adoption. Sjogren’ how to Sjogren's closely awareness update We're that's to that want driving Europe mention provide Day. patient be to Foundation and and working excited Ross? life-altering today turn to who'll Ross, is a over with that, raise on disease. Children's the World is dedicated very raising help this I'll plan an continue to to day This both of

Ross Moat

Sanj. Thank you,

As number of Sanj by a solid QX across quarter represented a growth, key marked of strength was noted, drivers. revenue which

the quarter, patients number the population of of around commercial the the recurrence end of of X% As XX% approximately into of XXXX. XX,XXX second as end to as reached active target compared the multiple

we we if there believe our to market. We opportunity to pericarditis a are build be recurrent patients, helping ahead pericarditis strategy massive is many proud the continue further execute to recurrent

which drivers. A disease of the market ultimately key awareness continuing build the all other component to underlying impacts is of commercial growth

conditions survey, diagnosis. chronic a pericarditis that pericarditis undertreated they misdiagnosed their XX% incorrectly is of due rare diagnosed disease, often and to to of care. recovering a lack to recurrent prior with In As Harris were patients expert access other a flaring poll reported

their fact, pericarditis X.X misdiagnoses In recurrent average an before had of they diagnosis.

once and uplift. interleukin-X driver is diagnosis Additionally, as moving is to underlying and away beta physician's the from the reached, be alpha proactive disease systemic mindsets recognize the and evolve in aim continued of to utilize to the our treatment

XX includes we've launch, marketing awareness of materials understanding our the of care Based This approximately and on the our with expanding evolving achieving reach engagements improving number field with professionals. force representatives and disease. of of to the since and digital investments on made health frequency a goal focused learnings greater

recently we initiatives. exciting X Additionally, announced

pericarditis patients the management and and practices disease. multifaceted of through recurrent the American for we're national building pericarditis excellence recurrent best initiative, for effort is centers of Firstly, addressing the quality of which improve diagnosis Association's care sponsoring to Heart disseminating a

initiative, develop be and health pathways, solutions Under establish sites the to identified with across will can regional this AHA the collaborative improve XX identify care country. has that learning gaps that champion a practices referral shared

In to both of digital this patients care, develop a addition materials national physician also creating will and and audiences. media initiative educational for model scalable

Finally, around importance Rangers of We recently realities quarter. treatment total from This campaign announced versus and Linquist, prescribers since suffering partnership of in we we and launch Hall Goalie to to League, prescriber the new of a raise more also with prevent prior proactive the former Henrik York takes future and awareness pericarditis look early QX, of Famer September. recurrent the of to forward in than formally National New demonstrated off flats. providing saw the base Hockey the of details the the more In prescribing. kicks awareness growth when growth of breadth a X,XXX solid XXX to

repeat is depth growing number of prescribers the with now the XXX. of around Additionally, prescribing reaching

patients Looking physicians to peritonitis still market nascent an treated in starting prescribers And with step-up prescribing report bodes than to new the and the over all year-over-year, ARCALYST. which of continue future same meaningful the share for with the for well carbon repeat of account Furthermore, being the the enrollments the their with we're over they're acceleration a in seeing overall positive growth XX% greater and effects as of starting in we're for new opportunity for prescribers repeat both prescribers from prescribers experiences ARCALYST. magnitude of accounted time ARCALYST. time, Year-to-date, repeat size period. patients

the some date breadth of doctors XX% considering are around launched measure prescriber and of not around are huge prescribers, to that the force depth expand our demonstrate of targeting this One XX,XXX a the just covering and to base. is we're have nationally. and patients recently the recurrent prescribers within approximately Clearly, our only going target with sales we increased further pericarditis both getting to opportunity those base, X,XXX

the Turning to next slide.

interview of with is professionals, also pointing prescriber health care expect to ahead. the expecting ARCALYST grow who ARCALYST, those opportunity X prescribed research a Our to both when and overwhelmingly prescribers current haven't previously both market decrease. and

in unsurprisingly, use having earlier of ago. ARCALYST and than year considering in a experiences addition, to the In the cardiologists given were their and course compared rheumatologists they're they positive disease patients are

evolve succeeding to new a care particularly ] and a pericarditis [ a an requires interleukin-X of of Don appreciate starting strong serious to quarter, to tells of ARCALYST. approach. longer to with due More an treatment broadly, durations we therapy. This starts acceleration increased underscores mindset establish standard proactive recurrent patient by an QX this for that efforts patients our with that a us therapy recurrent is in mentioned pericarditis that disease on are was driven number of debilitating and that mainly earlier we're physicians' that

don't in subsequent same anticipate due also growth to A to portion of of the QX, we metrics QX quarters. improved compared growth where magnitude in that was the

launched plan rates further For resulting and support compliance adherence changes a that on payer example, new higher we journey patients and on to their ARCALYST. compliance even QX from program

Additionally, with earlier utilization reaching forecast. XX.X% year-to-date the more to out-of-pocket patients net of better-than-expected co-pay QX the from than gross to at at end of due XX.X% QX decreased to their maximums end

As million $XXX performance, we million a net result the from delighted to XXXX it are revenue of the over $XXX now Mark Mark. strong quarter turn financial to QX to million for discuss I'll $XXX to $XXX million. results. second to XXXX to guidance increase the

Mark Ragosa

several press release financial XXXX this on earlier we Detailed attention slide items I'd to in Thank There results you issued like found second call today. morning. quarter this are to Ross. your be the that can

XX% XXXX $X.X the received milestones product for of quarter a revenue million, a the representing Genentech revenue including agreement including license collaboration second under ARCALYST Vixarelimab, year-over-year to of million representing indication. the of milestone related third in was development $X total growth and recognition $XXX.X quarter of net . revenue this million, earned million, First, $XXX.X

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

of commercialization, in net quarter. goods both sold growth of collaboration by we related was expenses, Third, which noncash as as drove tax tax and of growth well second recognize to higher net assets. related compared investment ARCALYST benefit ARCALYST second million a $X.X year, second million driven loss operating expense our cost the when quarter largely in deferred $XX the revenue treatment to are in income the Fourth, of quarter last to the year-over-year of

end-of-period $XXX.X And lastly, quarter net was balance $X.X cash our in to million. flow million cash second bringing the

and flow cash current our basis. well reserves annual commercial to I'll positive we expect for expect closing our to turn remarks. to to remain continue on operating back plan execution as discipline and as With strong call that, financial We an the support Sanj cash

Sanj Patel

Mark. Thanks,

accelerating ARCALYST As and focused through our by commercial growth we're our pipeline. advancing on Kiniksa's you've execution heard, with

building and cash I about am . to annual value. we're opportunities. that, invest value-creating an turn life-changing Importantly, call Operator? to medicines positive to for flow basis on patients making the the jolly we back in remain strides questions. expect operator sustainable to continuing excited while the With now I'll provide for

Operator

Now Instructions] line first Rama JPMorgan. question [Operator Anupam the coming of from with

Anupam Rama

for one quick me. a Just

As X sort of defined about chronic say currently. payer ARCALYST ARCALYST now where understanding duration duration used over therapy product versus for years, would physician you're being a treatment and thinking of a is more about a treatment you

Sanj Patel

I'll a certainly chronic flowing Thanks, certainly, or Sanj I'm much Anupam. payers, line. have been But This other both recurrent that it sure we disease along to and Ross education John. as hand see our physicians, is prescribers very over hepatitis

is who's I'll the contact since close just ago. there's payer payer over understanding Ross, community this and think launch obviously of a I the you've definitely seen group. years maybe growing to with the disease, But hand VA's chronic X that in over increase duration a

Ross Moat

the question. you Thank for

you're think I absolutely So right.

from think as disease So average evolving a of duration around total of somewhat shift to months. of a Sanj XX outlined, been has time are launch, see we months most starting since the changing recently to now on XX making I around and X sure is the disease are X around still really the suffering about a which the patients years understand history of X/X median natural of at the and We're focusing out. disease, from of of people years

understanding really ARCALYST. into that to the for And food think and of that the the backdrop we're is way trying So we're treating to really starting it itself I treat natural history. see people utilize

long-term some where Our a well, of extension. treatment as of X maximum also that duration, have on the mirrors median years clinical experience under a X-year we streamingation

obviously from registry as have to resonance [indiscernible] patients. help a more term, that well ongoing We information long collect

but say can starting we're see evolve, for to along a continues it key and do trajectory to and future sure it's restart which and of back patients we we'll us make patients back. for rather treated I the guess see the the they're are that I early, too suffering if that the to the throughout not, whether than or symptomology obviously continue stopping see So that course then appropriately on and go comes from disease ARCALYST focus

XX and next patient year. continue see experience then over generally, from approvals side, therapy station and the roll an months for we payer asset needs seeing the physician good power the to therapy to just On is and for that on the duration continue on

So that as through obviously, many reapproval we've had process go many, well. patients now

Operator

And our Paul next of . the Goldman Sachs. coming from question Choi line with

Unknown Analyst

guess about decreasing you us. color this any should talked kind a I in ones you forward GTN wondering think you if we're wondering EPA should -- . we if from about cadence going be enrollment When Koala is the on and any how Ours was of decline of the couple quarter. then and steady state of had trial. that secondly, color the the I just had on what quick

Sanj Patel

start Ross, why you don't Yes. none John Maybe on

Ross Moat

the parts with. to question begin Sure. I'll as take

was a So where the At orientate saw X.X%. of which the year quite entire is was year-to-date end at we XXXX, year. gross the of maybe substantially remarks, of to as of just XX.X%. to And QX, end end year-to-date that on reduced the you gross through And point the the QX, full QX. we at number prepared reference, the mentioned as amount to the throughout of XX.X% new

But obviously, is changes headwinds that important. be a the in your... and there's through or we for growth the to amount accounted reverse into was dynamics QX, QX, payer a for net of quite from that of And of what think then year We have full we lot a provided not substantially the I look obviously, saw forward many industry that coming of XXXX of with So kind associated perspective. meaningful co-pays. co-pay which expect from Scott to gross with plan a

John Paolini

international pleased for is This July earlier announce Phase of had Officer question your initiated question. the we that Epirus. the to development study Chief Yes, were for to second really Codexis SEVIN trial. regard Paolini, IIb the at to grow course, being IIb trying paused in regarding Sharon ] this Phase Day, the Medical the disease With in John and the And your [ of this debilitating we importance [ in upon enrollment part ] science to of space the today, program to contribution reflect we abiprubart. with

the point, be has could as and so at was initiated usual mentioned enrollment clinicaltrials.gov. mechanisms by And -- updates Sanj, this further provided through

Operator

line our Eva of with question Fortea-Verdejo next Fargo. And from the Wells coming

Eva Fortea-Verdejo

At on quarter. a the few from us.

were you parcels, person treatment. of XX% So mentioned patients with recurrences arc multiple

year? more is So provide second this be for patients bit on should patients recurrence? can thinking recurrence remainder how does much between in just trials upside we XX%, how we Or the you about should also, kidney for the abiprubart,how beyond? about of and And this this split on a on we include distance can on first the color expect and on the think And indications. how

Ross Moat

that I just question. the and part. penetration it don't I now, go. second the answer please, much regarding if lot But That's patient ARCALYST price XX,XXX the multiple X the in recurrence we a patients. active patients recurrent that time recurrences suffered have and is obviously or that on how number. have more and commercial multiple But have it very the difficult This to a XX% the Thanks for into many correctly, is for within find hear I Ross. to moment XX% group

vast do label as to as recurrence. are earlier we of patients that on the all a very out that majority ARCALYST, first a on first have the some patients or in utilize physicians that just more for reminder, their are well. have broad the on allows are completely the X certainly And rebut it for that disease we So on recurrence

shared graph from. each remarks growing recurrence the intent future of also and that recurrence. that the the so shows prescribing well within And prepared consider that you ARCALYST, they the I physicians' suffer up within as in as going see consider -- it to patients intent when first obviously an can

So that good question. answer And with hopefully, regard. I helps think your to that we're making progress

Sanj Patel

Cadence, of could was abiprubart you're you was new indications Phase was your difficult trial? potential second Eva, IIb Sjogren’'s hear. . it it heard and the repeat to asking half the very but We Or It about question. the

Eva Fortea-Verdejo

basically, yes, the indications for abiprubart. should new potential how cadence think indications, about of was new we That the

Sanj Patel

Yes. very, about closely you've I proof excited very a mean, We're the abiprubart. understand. very number areas the for obviously, There we're at different looking of has been concept in probably applicability as mechanism. of

one first Phase And with the Sjogren’'s we've IIb. so that is obviously, the started

obviously isn't it readout. the very that, mutually data PD factor arthritis when exclusive about will this proof have work as We're very rheumatoid data but the going considering very and point, program. pleased indications certainly But what next wait RF the we'll the that it would marker we're the thinking particularly of tell, time or we've what sort were look We've disclosed we're to announce steps often them. that other trial. had said that concept and of we'll in we We've at are about for with from hard have to -- not to carefully

Operator

question Liisa the Bayko a line from Evercore. of with coming And

Liisa Bayko

on this connects the any just -- a Congratulations -- strong year. just little I a percent well. the know quarter bit of I'm how changes you ending XX% of have had kind just of And then for quarter for on question trying there and you on it or kind was were of reconcile to patients I a inventory trajectory alone. therapy? different

overall have of quarter? And sales the of . the for what changes also, that X that close inventory to a or this given be sort is any is for next then could So made to sort for things other boost to quarters year? temporary

Sanj Patel

changes. I mean there's of nothing comments. mean will as inventory I sure some in. make Ross I'm far repute as Yes. I can jump

on growth unusual We We look nothing you'll but onetime some the to we've report, on also gross to study, our commented XX-Q, certainly means you'll some this in net. side. of in them guidance to that to regards previous from the see the certainly some I nothing comments see our at overall XX-Q, But current all made haven't seen. for inventory disclosures

Liisa Bayko

Okay. just But Maybe to something. to okay. add

inventory that. it there's can I mean if selling might So market... you no you're like expect

Sanj Patel

untoward in There's no major big changes.

riding car, you're the Jetsons like in Liisa. Sounds

bit noise question. but coming So it's for through, the of a thank a you

Operator

Patel, questions over Sanj I'm in further will any now no call closing time. back for the queue remarks. showing this Mr. Executive at I to Officer, the turn Chief

Sanj Patel

much. performance to pleased Thank No. date. very with very we're the Obviously, you

We the commercially I in, execute both to additional the in continue and to forebody and providing dialing side. forward from portfolio we appreciate updates look future.

So thank you much. very .

Operator

Ladies our conference and participation, conclude your for and you you gentlemen, that disconnect. today. may now for does Thank

Kiniksa Pharmaceuticals (KNSA) 23 Jul 242024 Q2 Earnings call transcript