KNSA

MKT CAP:$3B

Kiniksa Pharmaceuticals, Ltd.

Market Cap

$3B

Healthcare·Biotechnology·🇧🇲 Bermuda·NASDAQ

Healthcare·Biotechnology·🇧🇲·NASDAQ

Stock Price

$43.05+$1.04 (+2.48%)

Apr 23, 2026

Company Details

Kiniksa Pharmaceuticals, Ltd., a biopharmaceutical company, focuses on discovering, acquiring, developing, and commercializing therapeutic medicines for patients suffering from debilitating diseases with significant unmet medical needs worl...

CEO

Sanj K. Patel

IPO Date

May 25, 2018

Website

www.kiniksa.com

Key Metrics TTM

Revenue

$598M

+55.7% YoY

Net Income

$36M

EPS (Diluted)

$0.45

Free Cash Flow

$102M

Revenue / Share

$7.66

Gross Margin

52.8%

Operating Margin

6.4%

Net Margin

6.0%

FCF Margin

17.0%

P/S

5.3x

P/E

88.4x

Earnings Reports

Q4 2025

May 5, 2026

PENDING

Q3 2025

Oct 28, 2025

$181M+61.2%EPS $0.23

Q2 2025

Jul 29, 2025

$157M+44.3%EPS $0.23

Q1 2025

Apr 29, 2025

$138M+72.5%EPS $0.11

FY 2024

Feb 25, 2025

$423M+56.6%EPS -$0.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$19M	$15M	-$36M
Q1 22	$32M	$19M	-$23M
Q2 22	$27M	$17M	-$19M
Q3 22	$99M	$87M	$46M
Q4 22	$62M	$48M	$6M
Q1 23	$48M	$32M	-$11M
Q2 23	$71M	$49M	-$3M
Q3 23	$67M	$40M	-$11M
Q4 23	$83M	$57M	$81.0K
Q1 24	$80M	$48M	-$17M
Q2 24	$109M	$66M	-$117.0K
Q3 24	$112M	$63M	-$10M
Q4 24	$123M	$56M	-$19M
Q1 25	$138M	$76M	$13M
Q2 25	$157M	$86M	$20M
Q3 25	$181M	$97M	$24M

Valuation

Quarter	P/S	P/E
Q4 21	82.3x	—
Q1 22	44.9x	—
Q2 22	35.3x	—
Q3 22	17.9x	22.3x
Q4 22	14.4x	17.3x
Q1 23	13.4x	16.2x
Q2 23	11.3x	13.7x
Q3 23	12.8x	—
Q4 23	11.7x	225.3x
Q1 24	10.5x	366.9x
Q2 24	9.4x	—
Q3 24	8.3x	—
Q4 24	7.5x	—
Q1 25	6.6x	—
Q2 25	6.0x	662.6x
Q3 25	5.3x	88.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$19M	-$19M
Q1 22	-$37M	-$37M
Q2 22	-$8M	-$8M
Q3 22	$62M	$62M
Q4 22	-$12M	-$12M
Q1 23	-$4M	-$4M
Q2 23	-$4M	-$4M
Q3 23	$17M	$17M
Q4 23	$4M	$4M
Q1 24	$4M	$4M
Q2 24	$5M	$5M
Q3 24	-$2M	-$2M
Q4 24	$19M	$19M
Q1 25	$22M	$22M
Q2 25	$28M	$28M
Q3 25	$34M	$33M

Capital Expenditures

Quarter	CapEx
Q4 21	$251.0K
Q1 22	$0
Q2 22	$115.0K
Q3 22	$22.0K
Q4 22	$0
Q1 23	$24.0K
Q2 23	$34.0K
Q3 23	$16.0K
Q4 23	$56.0K
Q1 24	$84.0K
Q2 24	$0
Q3 24	$0
Q4 24	$193.0K
Q1 25	$99.0K
Q2 25	$165.0K
Q3 25	$671.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+3.7%
Q1 22	—	+12.6%
Q2 22	+250.1%	-4.0%
Q3 22	+719.6%	+23.3%
Q4 22	+230.1%	+1.8%
Q1 23	+50.2%	+7.3%
Q2 23	+165.0%	+61.0%
Q3 23	-32.4%	+47.9%
Q4 23	+34.8%	+49.2%
Q1 24	+65.2%	+61.9%
Q2 24	+52.0%	+45.7%
Q3 24	+67.4%	+56.3%
Q4 24	+46.9%	+70.2%
Q1 25	+72.5%	+29.2%
Q2 25	+44.3%	+25.6%
Q3 25	+61.2%	+28.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$6M	32.7%
Q1 22	$6M	18.7%
Q2 22	$0	0.0%
Q3 22	$6M	6.1%
Q4 22	$6M	10.3%
Q1 23	$6M	12.6%
Q2 23	$6M	9.1%
Q3 23	$7M	10.1%
Q4 23	$8M	9.3%
Q1 24	$7M	9.0%
Q2 24	$7M	6.8%
Q3 24	$8M	7.0%
Q4 24	$8M	6.8%
Q1 25	$8M	5.6%
Q2 25	$9M	5.7%
Q3 25	$10M	5.6%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$27M	$23M
Q1 22	$20M	$21M
Q2 22	$13M	$23M
Q3 22	$16M	$24M
Q4 22	$14M	$27M
Q1 23	$15M	$28M
Q2 23	$23M	$28M
Q3 23	$17M	$34M
Q4 23	$20M	$37M
Q1 24	$26M	$39M
Q2 24	$24M	$42M
Q3 24	$26M	$46M
Q4 24	$35M	$41M
Q1 25	$19M	$44M
Q2 25	$19M	$47M
Q3 25	$24M	$49M

Revenue Segments

Quarter	Product	Collaboration
Q2 22	$27M	—
Q4 22	$40M	$22M
Q1 23	$43M	$6M
Q2 23	$54M	$17M
Q3 23	$65M	$2M
Q1 24	$79M	$973.0K
Q2 24	$103M	$5M
Q1 25	$138M	—
Q2 25	$157M	—
Q3 25	$181M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$63M	$82M	$146M
Q2 22	$94M	$44M	$138M
Q3 22	$176M	$25M	$201M
Q4 22	$123M	$68M	$191M
Q1 23	$81M	$107M	$187M
Q2 23	$113M	$72M	$185M
Q3 23	$118M	$83M	$201M
Q4 23	$108M	$98M	$206M
Q1 24	$141M	$72M	$214M
Q2 24	$99M	$119M	$219M
Q3 24	$97M	$126M	$224M
Q4 24	$184M	$60M	$244M
Q1 25	$157M	$111M	$268M
Q2 25	$192M	$116M	$308M
Q3 25	$175M	$177M	$352M
Q4 25	$166M	$248M	$414M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	69M	+0.4%	+1.3%
Q1 22	69M	+0.2%	+1.3%
Q2 22	69M	+0.2%	+1.3%
Q3 22	71M	+1.8%	+2.8%
Q4 22	71M	+1.2%	+3.5%
Q1 23	70M	-2.3%	+0.9%
Q2 23	72M	+2.7%	+3.4%
Q3 23	70M	-2.0%	-0.5%
Q4 23	73M	+3.5%	+1.8%
Q1 24	71M	-2.8%	+1.3%
Q2 24	71M	+0.5%	-0.9%
Q3 24	72M	+1.0%	+2.2%
Q4 24	72M	+0.8%	-0.5%
Q1 25	76M	+5.3%	+7.8%
Q2 25	78M	+2.4%	+9.8%
Q3 25	78M	+0.1%	+8.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$87.2K	215
Q1 22	$149.7K	215
Q2 22	$125.5K	215
Q3 22	$461.1K	215
Q4 22	$281.3K	220
Q1 23	$219.8K	220
Q2 23	$324.9K	220
Q3 23	$304.8K	220
Q4 23	$280.8K	297
Q1 24	$268.9K	297
Q2 24	$365.8K	297
Q3 24	$377.8K	297
Q4 24	$389.0K	315
Q1 25	$437.4K	315
Q2 25	$497.8K	315
Q3 25	$574.1K	315

Revenue / Employee