Kiniksa (KNSA) Q4 2025 Earnings Call Transcript

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DATE

Tuesday, Feb. 24, 2026 at 8:30 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Sanj K. Patel
• Chief Operating Officer — Ross Michael Moat
• Chief Financial Officer — Mark A. Ragosa
• Chief Medical Officer — John Paolini
• Chief Strategy Officer — Mary Kate Davis

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TAKEAWAYS

• ARCALYST Product Revenue -- $202,100,000 in the fourth quarter, up 65%, and $677,600,000 for the year, a 62% increase driven by expanded adoption in recurrent pericarditis.
• Net Income -- $14,200,000 for the fourth quarter, reversing a net loss of $8,900,000 in the same quarter last year.
• Annual Net Income -- $59,000,000 compared to a net loss of $43,200,000 in the prior year, reflecting the business’s rising profitability.
• ARCALYST Collaboration Profit -- $140,000,000 in Q4, up 83%, and $459,000,000 for the year, up 96%, outpacing product sales growth.
• Cash Position -- $414,100,000 at year end, with $170,400,000 in net cash generation, and expectations to remain cash flow positive per current plans.
• ARCALYST Prescriber Base -- Over 4,150 prescribers by year end, with 29% (more than 1,200) repeatedly prescribing for two or more patients.
• Target Market Penetration -- Approximately 18% penetration among patients with two or more recurrences, compared to 15% at mid-year and 13% at the end of the prior year.
• First Recurrence Use -- 20% of ARCALYST prescriptions written for first recurrence patients, indicating increasing use earlier in disease progression.
• Average Therapy Duration -- Total duration of ARCALYST therapy is approaching three years according to management.
• Clinical Pipeline Progress -- Phase II portion of the KPL-387 trial is enrolling; data expected in the second half of 2026.
• KPL-387 Target Product Profile -- Around 75% of surveyed patients favor KPL-387’s profile, and greater than 90% of healthcare professionals are highly likely to prescribe it, per management's market research summary.
• Regulatory Expectation -- Management expects the ongoing KPL-387 Phase III study will be "sufficient and pivotal for registration in the U.S."

SUMMARY

Kiniksa Pharmaceuticals (NASDAQ:KNSA) highlighted rapid ARCALYST revenue expansion and expanding treatment adoption across its addressable pericarditis market. The transition from net loss to net profitability was driven primarily by ARCALYST’s higher collaboration profit margins and disciplined operating plans. The pipeline for KPL-387 advanced on schedule, with international patient enrollment ongoing and data anticipated in the latter half of the next year. Management’s market research indicated substantial demand for less frequent dosing and user-friendly administration featured in upcoming pipeline candidates. Regulatory strategy for KPL-387 emphasizes a pivotal Phase III trial with hopes for a broad label in recurrent pericarditis.

• Management noted "robust payer approval rates, and strong patient adherence," supporting long therapy durations.
• ARCALYST prescriptions from pericardial disease centers outpaced growth at other sites, showcasing targeted commercial success in specialized settings.
• Operating expenses rose due to increased cost of goods sold, higher collaboration expenses aligned with ARCALYST collaboration profit, and additional SG&A outlays to reinforce commercialization.
• The ARCALYST label remains agnostic to recurrence number and prior therapy, enabling penetration into both multiple and first recurrence segments as described on the call.
• Physician adoption of ARCALYST as a second-line treatment was further supported by the 2025 ACC clinical guidance recommending IL-1 pathway inhibition after failure of NSAIDs and colchicine.

INDUSTRY GLOSSARY

• ARCALYST: A recombinant IL-1α and IL-1β inhibitor approved for recurrent pericarditis, forming the foundation of Kiniksa’s revenue base.
• KPL-387: A next-generation, monthly-dosing IL-1α/β inhibitor in late-stage development for recurrent pericarditis, targeting expanded patient and provider preferences for administration and therapy schedule.
• RHAPSODY: Reference clinical trial supporting the original ARCALYST sBLA in recurrent pericarditis, cited in context of study design for follow-on programs.
• ACC: American College of Cardiology, issuer of the 2025 guidance that shifted practice toward IL-1 inhibition after NSAID/colchicine failure in recurrent pericarditis.
• BLA/sBLA: Biologics License Application (BLA) or supplemental BLA (sBLA), FDA regulatory filing types for biologic drug approval, referenced in relation to ARCALYST and KPL-387 registration strategy.

Full Conference Call Transcript

Operator: Thank you for standing by. Welcome to the Kiniksa Pharmaceuticals, Ltd. fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *11 on your telephone. If your question has been answered and you would like to remove yourself from the queue, simply press *11 again. As a reminder, today's program is being recorded. I would now like to introduce your host for today's program, Jonathan Kirshenbaum, Investor Relations. Please go ahead, sir. Thank you, Operator.

Good morning, everyone, and thank you for joining Kiniksa Pharmaceuticals, Ltd.'s call to discuss our fourth quarter and full year 2025 financial results, and recent portfolio execution. A press release highlighting these results can be found on our website under the Investors section. As for the agenda, our Chief Executive Officer, Sanj K. Patel, will start with an introduction. From there, Ross Michael Moat, our Chief Operating Officer, will discuss our IL‑1 inhibition franchise and provide an ARCALYST commercial execution. Then Kiniksa Pharmaceuticals, Ltd.'s Chief Financial Officer, Mark A. Ragosa, will review our fourth quarter and full year 2025 financial results. And finally, Sanj will share closing remarks and kick off the Q&A session, for which Dr.

John Paolini, our Chief Medical Officer, and Mary Kate Davis, our Chief Strategy Officer, will also be on the line. Before getting started, please note that we will be making forward-looking statements today that are subject to risks and uncertainties that may cause actual results to differ materially from these statements. A review of such statements and risk factors can be found on this slide, as well as under the caption Risk Factors contained in our SEC filings. These statements speak only as of the date of this presentation, and we undertake no obligation to update such statements except as required by law. With that, I will turn it over to Sanj. Thanks, Jonathan. Good morning or good afternoon, everyone.

Sanj K. Patel: I look forward today to reviewing Kiniksa Pharmaceuticals, Ltd.'s fourth quarter performance and key highlights across our portfolio over the past year. Diligent execution across our commercial and clinical organization throughout 2025 has put us in a strong position to further advance our business. ARCALYST revenue continues to grow driven by the expanding adoption of IL‑1α and IL‑1β inhibition across the recurrent pericarditis population. Since the launch in 2021, we have delivered this transformative therapy to thousands of patients, enabling a fundamental shift in the treatment paradigm and driving sustained revenue growth. On a year-over-year basis, ARCALYST product revenue grew 65% to $202,100,000 in the fourth quarter and 62% to $677,600,000 for the full year 2025.

Importantly, ARCALYST revenue growth has been profitable since 2021. This has allowed us to make strategic investments across sales and marketing with the aim of capturing additional long-term growth Ross will cover this in a moment. Kiniksa Pharmaceuticals, Ltd.'s robust financial position gives us the ability to create additional value by investing in R&D and advancing internally discovered and developed assets such as KPL-387 and KPL-101/601, as well as pursuing strategic business development. Focusing on clinical, this time last year, we announced our development program for KPL‑387 in recurrent pericarditis with plans to initiate a Phase II/Phase III clinical trial in the middle of last year.

That was achieved and we are continuing to enroll and dose patients in the Phase II portion of that program, and we are on track for data in the second half of this year. Together with continuing ARCALYST growth, the development of KPL‑387 positions Kiniksa Pharmaceuticals, Ltd. to extend its leadership of the recurrent pericarditis market. In particular, we believe KPL‑387 could address key patient needs and expand penetration into the addressable market by potentially enabling monthly dosing with an autoinjector. In addition to KPL‑387, we also recently announced that we plan to be in the clinic with KPL‑1161, which is our Fc‑modified IL‑1α and IL‑1β inhibitor, by the end of this year.

As highlighted, we made important progress across our commercial and clinical portfolio in 2025 and we are working diligently, some would say like the clappers, to continue that strong trajectory in the year ahead. I will now turn it over to Ross to review our commercial execution.

Ross Michael Moat: Thank you, Sanj. As we shared earlier this year, Kiniksa Pharmaceuticals, Ltd.'s robust execution over the first five years of our commercialization has established the recurrent pericarditis market and put ARCALYST on a path to future blockbuster status. Our full year 2025 net revenue was $677,600,000, which is an increase of more than $260,000,000 compared to 2024 and represents the highest year-on-year growth to date. The primary driver of this growth has been the expanding adoption of interleukin‑1α and ‑1β inhibition with ARCALYST as a second-line treatment immediately after the failure of NSAIDs and colchicine.

In 2026, we expect to continue expanding the utilization of ARCALYST in recurrent pericarditis and reiterate our previously announced full-year net revenue guidance of between $909,120,000,000. Historically, Q1 faces some seasonal headwinds in the specialty drug sector, associated with payer plan changes and copay resets. And as a reminder, in Q1 of last year, we benefited from a one-time bolus of patients who transitioned to commercial therapy associated with the IRA Medicare Part B changes. As you have heard from Sanj, our ARCALYST franchise is profitable, which over time has allowed us to invest in our commercial infrastructure and digital marketing efforts to maximize our opportunity in recurrent pericarditis by reaching additional healthcare professionals and patients.

In 2026, our focus is to unlock the next phase of growth for ARCALYST by driving further physician awareness of the 2025 ACC concise clinical guidance, advancing our digital marketing initiatives to empower patients to discuss ARCALYST with their physician, as well as utilizing AI and machine learning to efficiently and effectively target the right physicians at the right point in time, and to explore ways to expand the impact of pericardial disease centers where the growth in ARCALYST prescriptions has outpaced growth at other sites. At the end of 2025, more than 4,150 prescribers had written a prescription for ARCALYST. Of those, around 29% or more than 1,200 prescribers have written ARCALYST for two or more recurrent pericarditis patients.

This continued growth in both total and repeat prescribers illustrates how we are evolving the treatment paradigm in recurrent pericarditis by updating the approach for treating the disease with targeted interleukin‑1 pathway inhibition. Additionally, we have built a strong foundation to our commercialization.

Sanj K. Patel: With the average total duration of therapy approaching three years, robust payer approval rates, and strong patient adherence, all of which has created solid commercial fundamentals. With increasing penetration into the multiple recurrence target markets, and additional upside with ARCALYST being used earlier in the disease course, we continue to see meaningful opportunity ahead. The combination of an effective commercial engine with robust safety and efficacy data for ARCALYST means we are well positioned to continue expanding our reach into both the multiple recurrence and first recurrence populations.

On the left-hand side of this slide, you can see that our penetration into the two-plus recurrence target market has increased over time, most recently up to approximately 18% at the end of 2025, compared to around 15% in the middle of last year, and 13% at the end of 2024. As we have previously stated, 20% of ARCALYST prescriptions have been written for patients following their first recurrence, demonstrating increased use earlier in the disease course. Overall, we are seeing physicians more readily turn to targeted interleukin‑1α and ‑1β inhibition with ARCALYST after the failure of NSAIDs and colchicine.

In 2025, this evolution in the treatment paradigm was ratified by the publication of the ACC concise clinical guidance, which now recommends interleukin‑1 pathway inhibition as a second-line approach immediately following the failure of NSAIDs and colchicine in patients suffering from recurrent pericarditis. As you have heard, we are pleased with our solid execution and progress, but far more importantly, we are excited about the opportunity ahead to support significantly more recurrent pericarditis patients with ARCALYST. I will now turn the call over to Mark to review our financial results. Thanks, Ross.

Mark A. Ragosa: In 2025, we advanced both our commercial business and our clinical portfolio, while maintaining a strong balance sheet, positioning us to continue to help patients and grow in 2026 and beyond. This morning, I will walk through our fourth quarter and full year 2025 financial results. You can find our detailed financial information in today's press release. There are a few items of note. First, starting on the left-hand side of this slide with our income statement. As Sanj and Ross noted, broader adoption of IL‑1α and IL‑1β inhibition as a second-line treatment drove strong ARCALYST product revenue growth in 2025.

ARCALYST product revenue grew 65% year over year to $202,100,000 in the fourth quarter and 62% to $677,600,000 for the full year 2025. Second, operating expenses grew year over year in both the fourth quarter and the full year 2025, driven by higher cost of goods sold due to ARCALYST's growth, increased collaboration expenses aligned with higher ARCALYST collaboration profit, and additional SG&A expense with investment to further support ARCALYST commercialization. Third, net income was $14,200,000 in the fourth quarter of 2025, compared to a net loss of $8,900,000 in the fourth quarter of 2024. And net income was $59,000,000 for the full year 2025, compared to a net loss of $43,200,000 for the full year 2024.

Fourth, the right-hand side of the slide provides the calculation for ARCALYST collaboration profit which largely drives total collaboration expenses. On a year-over-year basis, ARCALYST collaboration profit grew faster than sales, up 83% to $140,000,000 in the fourth quarter, and up 96% to $459,000,000 for the full year 2025. Lastly, regarding our balance sheet at the bottom of the slide, we ended 2025 with $414,100,000 in cash, representing $170,400,000 of net cash generation for the year, and we expect to remain cash flow positive on an annual basis under our current operating plan. With that, I will turn the call back to Sanj for closing remarks.

Sanj K. Patel: Thanks, Mark. As you have heard, Kiniksa Pharmaceuticals, Ltd. continues to execute both commercially and clinically, and is well positioned to build significant future value as we grow our IL‑1α and ‑1β inhibition franchise. We have a brilliant team that is dedicated to helping as many patients as possible with ARCALYST and to advancing development of our clinical portfolio in order to bring additional therapies to patients suffering from debilitating diseases. With that, happy to turn it back to the Operator for questions.

Operator: Certainly. We will now open for questions. Our first question for today comes from the line of Nicholas Lorusso from TD Cowen. Your question, please.

Nicholas Lorusso: Hey, guys. Good morning. Thanks very much for taking my question. So you guys have reported continuing increased penetration in the multiple recurrent setting. So I am kind of wondering what do you think the peak penetration is for ARCALYST in this setting? And how could that evolve with the potential approval of KPL‑387? Thanks.

Sanj K. Patel: Thanks, Nick. Maybe I will start. I am happy to pass over to the team or Ross for the comments. So, at this point, we have not commented on the peak penetration. Suffice to say that I think Ross mentioned we do believe there is still an awful lot of growth that we can capture with ARCALYST. Obviously, a lot of the work that we are doing both through our sales force, through marketing, the digital efforts, and making a lot of inroads there. So, you know, we continue to crack on, penetrating into that market.

You know, how far it will go, time will tell, but it really is an axis of how much work we put into it and how smart we are. Ross, any comments? No. I think that is great. I mean, maybe just to add that we feel like we are relatively nascent in the opportunity. We have a huge opportunity left ahead. We announced we are around 18% penetrated into the target population of patients with two or more recurrences. That is a 14,000 population at the end of 2025.

And that is without taking into account those patients that are earlier on in the disease, on their first recurrence, which is a much larger group of patients, around 26,000 patients in any given year. So the opportunity is there for us to do much more, albeit that we are happy with where we are at this stage, but we are very excited about the future.

Nicholas Lorusso: Thanks very much. Appreciate it.

Operator: Thank you. And our next question comes from the line of Eva Fortea-Verdejo from Wells Fargo. Your question, please.

Eva Fortea-Verdejo: Good morning. Thanks for taking our questions, and congrats on the quarter. A quick one from us. You have mentioned several times now that 20% of ARCALYST patients are in first recurrence versus 80% in two plus. And I guess my question is, is the pace of growth in these two different patient populations the same in terms of, like, ARCALYST, and your market research suggests potential changes to the 20/80 ratio? Thanks. Thanks, Eva. This is Ross. So I will answer that. And John, if you have anything to add, please feel free to do so.

Sanj K. Patel: But you are right in stating that the percentage of patients that we have in the first recurrence has grown over time. There is around 20% of all ARCALYST prescriptions that seem to be in the first recurrence group at this stage. So we view that as a positive change as we have evolved the treatment paradigm and as physicians get more and more comfortable both with prescribing ARCALYST but also seeing the effects of having their patients on ARCALYST and what that does for them over the long term for dealing with this kind of multiyear chronic disease in most patients. That creates familiarity and confidence to go prescribe earlier on in the disease and help more patients.

So we think that is great. How that will evolve over time is to be seen, but we think it is kind of a positive stage for where we are right now. When we think about those patients in the first recurrence group, there are certainly patients there that are more high risk for longer duration of disease and for suffering future recurrences, particularly those patients that have other risk factors or they are suffering from a significant effusion or even cardiac tamponade or constriction, and those patients could be helped within label for ARCALYST, which obviously covers recurrent pericarditis overall and is agnostic to the number of flares a patient has suffered.

So the opportunity to help those patients as well and avoid them going on and suffering future detrimental effects of this disease is very much there for the healthcare professionals to decide to prescribe within that population. So, you know, we are happy that more and more people so far seem to be doing.

Eva Fortea-Verdejo: Got it. Thanks.

Operator: Thank you. And our next question comes from the line of Geoffrey Christopher Meacham from Citi. Your question, please.

Geoffrey Christopher Meacham: Great. Morning, guys. Congrats on the quarter and thanks for taking the question. Just have a couple. The first, on the pipeline, so March or even November, what is the extent of FDA interactions of late? It does seem that the agency is maybe more open for novelty on design or maybe adding analytics just to speed up the development and maybe down the road the review process. Just curious, your thoughts on that and maybe how you could take advantage of that. And the second one, another one on first recurrence versus second or later, are there differences in persistence rates between those two populations? I was not sure how any commercial metrics tease out between those two populations.

Thank you.

Sanj K. Patel: Yeah. Good to hear your voice, Geoff. Thank you for the question. Maybe I will take a quick start, and then, John, that is obviously you for the remainder of the interaction with the FDA. Then Ross, do you want me to address the recurrences. So and then as always, we approach our development plans with absolute rigor no matter what we see in the agency. Look, it is not lost on us that there have been some changes, but, you know, I think in the history of Kiniksa Pharmaceuticals, Ltd. and even before, we have always taken great pride in having a lot of thought, diligence, quality, and putting really robust development packages together. That changes no matter what.

But you are obviously right. We are quite excited with the new development of 387 and 1161. We have a lot of potential there, but I think no matter what John is about to say in terms of interaction with the FDA, we treat it the same, and we put together very robust development packages with well-thought-out protocols. Good, John.

John Paolini: Yeah. Thank you, Sanj. And thanks, Geoff, for your question. Yeah. So we very much value our interactions with the FDA. They are sound and are very productive. As I think we mentioned when we announced the program that we had with regard to KPL‑387, we had interactions with the FDA that laid out the development program. It is important to note that we have already laid out the entirety of the integrated development program which includes not only the Phase II work that is ongoing, but also the subsequent Phase III trial that is planned as well as the long-term extensions.

So that totality of the package has certainly been assembled, and the communications that we have had have affirmed, if you will, our belief that the Phase III trial would be sufficient and pivotal for registration in the U.S. Now that said, we are always looking for opportunities to move the program faster in order to develop what we believe will be a potentially transformational and additional treatment therapy for patients and an additional treatment option. So we will, of course, be looking for ways to do that. With regard to KPL‑1161, of course, this program is still in its preclinical development activities, and so we will have more to say about that as we progress.

So thanks for the question. Thanks, John. And Geoff, thank you for the questions. This is Ross. So to the part of your question around a difference in persistence rates between the two populations, we have not seen anything meaningfully different between those two populations, whether it is those patients that have been suffering for two or more recurrences or on their first recurrence, but with additional risk factors signaling potentially longer disease duration, which is, I guess, expected. We know that these groups of patients generally suffer from chronic multiyear disease. We have not seen any meaningful difference between those groups.

And I think moreover, what we are seeing is that healthcare professionals have moved their mindsets in how to treat this disease, not only with the utilization of interleukin‑1α and ‑1β inhibition, as opposed to reaching for steroids or other ways of trying to manage this disease, but also in their mindset shift around that this is actually a chronic multiyear disease in most patients. And rather than treating for the short term, as used to be the case, particularly with the toxicity and the effects of trying to get patients off corticosteroids, treating throughout the duration of the disease with interleukin‑1α/β inhibition is really the goal for the management of these patients.

So hopefully that answers that part of your question as well. Thanks, Geoff.

Sanj K. Patel: Yep. Thanks, guys.

Operator: Thank you. And as a reminder, ladies and gentlemen, if you do have a question at this time, please press. Our next question comes from the line of Anupam Rama from JPMorgan. Your question, please.

Mary Kate Davis: Hey, guys, this is Mary Kate on for Anupam. Thanks for taking our question. Maybe just a follow-up on the previous question for KPL‑387. Once you have completed the dose-finding Phase II portion, how are you thinking about the enrollment curve for the Phase III? And then are you seeing any differences in the types of patients you are enrolling relative to RHAPSODY now that ARCALYST is on the market? Thank you.

Sanj K. Patel: Yeah. No. Thank you for those questions. They were quite excellent. So with regard to the latter portion of your question about the types of patients,

John Paolini: what we have described in the study is bringing in patients with recurrent pericarditis. It is important, though, to realize that this is a global study as well. So it is enrolling patients not only in the United States, but also globally. And at this point in time, ARCALYST is available only in the United States. And so, you know, it is a very robust study in terms of the types of populations that it is enrolling. And so the design is very straightforward in that regard. With regard to the transition to the Phase III study,

Sanj K. Patel: so at this point, what we have guided to is that we would have data from the Phase II portion of the trial in the second half of 2026. And we have commented that we anticipate bringing this drug to patients in the 2028–2029 time frame. So we have yet to provide guidance on the initiation of the Phase III study. And so in that sense,

John Paolini: ClinicalTrials.gov is certainly a very reliable place to look

Sanj K. Patel: for updates, as well as any updates that, you know, we provide

Mark A. Ragosa: ourselves.

Mary Kate Davis: Great. Thank you.

Operator: Thank you. And our next question comes from the line of Roger Song from Jefferies. Your question, please.

John Paolini: Great. Congrats for the quarter, and thanks for taking the

Sanj K. Patel: also, question related to the 387.

John Paolini: Just given the current Phase II/III and this Phase II transition from the system of therapy, the study design and the plan of studies,

Sanj K. Patel: will this

John Paolini: the label and then the potential reimbursement access will be similar to ARCALYST when it launches. And then, ultimately, when it is available, basically let the physician and patient choose between 387 versus ARCALYST. Is that the base case here? Thank you.

Sanj K. Patel: So thanks, Roger, for the question. Maybe I will deal with the regulatory question and then hand it over to Ross in terms of market penetration. So yes, with regard to the regulatory program, if you remember, the ARCALYST program, which was an sBLA at the time, with RHAPSODY supported a label that was agnostic to the number of recurrences and prior therapy. So it simply states for the treatment of recurrent pericarditis and reduction in risk of recurrence. And so that is a very solid label which gave us the foundations to grow and evolve the treatment paradigm.

So the KPL‑387 program, as you know, is designed in a very similar way, except with the difference that it is a full BLA package, meaning that this would be the first level of indication for KPL‑387. And so in that sense, it carries with it a slightly larger base program in terms of some of the initial Phase I and Phase II work that is being done as well as the larger long-term extensions to provide the safety package. But importantly, the core of the study is the Phase III pivotal study, which, as you can see on ClinicalTrials.gov, bears a remarkable resemblance to the RHAPSODY study design. And of course, we always bring forward new innovations.

But the goal of the program is to support a similar type of indication statement, if you will, in terms of the population of being able to treat all patients with recurrent pericarditis, regardless of prior line of therapy, and number of recurrences, as long as they meet that diagnosis of having recurrent pericarditis. So that is the regulatory framework. I will turn it over to Ross to talk about the practice of care.

Ross Michael Moat: Yeah. Thanks, John. And Roger, thank you for the question. So maybe it is best to start off by saying this: we believe that ARCALYST has a substantial future left to help many, many more patients suffering from recurrent pericarditis. But also, as we progress with KPL‑387, this program is aimed to address key patient needs and to expand the market for IL‑1α and ‑1β inhibition with a target product profile of being less frequent dosing and streamlined preparation and in a patient‑friendly administration format, whether it be to go into an autoinjector. So we believe that all those things could be important future treatment option choices for patients.

And based on the market research that we have at this stage and what we have shared is that when you look at both patient and healthcare professional preferences, around 75% of all the recurrent pericarditis patients that we shared the target product profile with for both KPL‑387, as well as current commercial and other investigational therapies in recurrent pericarditis, around 75% of those patients said that they would prefer the target product profile of KPL‑387. When you look on the healthcare professional side, greater than 90% of healthcare professionals say that they are highly likely to prescribe KPL‑387 for new patients suffering from recurrent pericarditis.

So we think that all bodes well for the future, but we continue to be highly focused on ARCALYST as well as the work that we do across our pipeline and portfolio. Excellent. Thank you. Thank you. This does conclude the question-and-answer session of today's program. I would like to hand the program back to Sanj K. Patel, CEO, for any further remarks.

Sanj K. Patel: Thanks, Operator, and appreciate all the questions and all of you for joining the call today. Obviously, we look forward to providing additional updates in the future. I am sure you can tell from today that we are very energized as we head into this year and we are going for brilliance as always. So thank you very much for joining in.

Operator: Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

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