On January 10, Kiniksa Pharmaceuticals Ltd. (KNSA) posted its corporate updates of the company that were presented at a conference on the day. Consequently, the stock was trading at $12.00 apiece in the pre-market on Monday.
During regular trading, KNSA stock added 1.37% at its closing price of $11.11 with 279.91K shares exchanging. Following the news, the stock gained a further 8.01% in the pre-market session.
Kiniksa Pharmaceuticals Ltd. has a market capitalization of $755.02 million with its 33.89 million shares outstanding. In the past five days, the stock has decreased by 5.04% and 41.12% last year.
KNSA’s Updates
As per Monday’s announcement, the company presented its corporate and portfolio updates at the 40th Annual J.P. Morgan Healthcare Conference.
In 2021, KNSA successfully launched ARCALYST for treating recurrent pericarditis, and hence became a commercial-stage company. Currently, the company is focused on further enhancing the ARCALYST franchise and proceeding with the clinical trial of vixarelimab in prurigo nodularis and KPL-404 in rheumatoid arthritis.
Moreover, the company expects that its cash, cash equivalents, and short-term investments of $182 million (unaudited at the end of 2021) will fund its operations into 2024.
Portfolio Update
According to the portfolio updates of the company:
- KNSA will provide net revenue guidance of ARCALYST for the full year 2022, along with its financial results for Q4 and 2021.
- Data from the Phase 2b clinical trial of vixarelimab in prurigo nodularis is expected in the second half of 2022.
- Patients are being enrolled and dosed in Phase 2 clinical trial of KPL-404 in rheumatoid arthritis.
- Phase 3 portion of the Phase 2/3 trial of mavrilimumab in ARDS associated with Covid-19 failed to reach its primary efficacy endpoint. Currently, the company is assessing its next steps. Previously, mavrilimumab was granted Orphan Drug Designation for treating giant cell arthritis by FDA in 2020.
Third Quarter 2021 Financials
On November 01, the company announced its financial results for the third quarter of 2021, which ended on September 30.
In the third quarter of 2021, KNSA’s total net revenue for ARCALYST product sales was $12.1 million.
Furthermore, the company incurred a net loss of $30.5 million in the third quarter of 2021, against $43.8 million in Q3 of 2020.
Added to this, the expected ARCALYST net revenue for Q4 of 2021 is in the range of $16 million and $17 million.
