Good day, and thank you for standing by, and welcome to the Kiniksa Pharmaceuticals fourth quarter and full year 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. We'd now like to hand the conference over to your speaker today, Rachel Frank, Head of Investor Relations. Please go ahead. Thank you, operator. Good morning, everyone. Thank you for joining Kiniksa's call to discuss our fourth quarter and full year 2022 financial results and recent portfolio execution. A press release highlighting these results can be found on our website under the Investors and Media section. As for the agenda, our Chief Executive Officer, Sanj K. Patel, will start with an introduction. Ross Moat, our Chief Commercial Officer, will provide an update on our ARCALYST commercial execution. Mark Ragosa, our Chief Financial Officer, will review our fourth quarter and full year 2022 financial results. Finally, Sanj will return for closing remarks and to kick off the Q&A session for which Eben Tessari, our Chief Operating Officer, and John Paolini, our Chief Medical 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, we undertake no obligation to update such statements except as required by law. With that, I will turn it over to Sanj. Thanks, Rachel, good morning, everyone. I'm looking forward to reviewing our fourth quarter and full year 2022 financial results today. In 2022, we continued to execute across our cardiovascular and autoimmune franchises, which positions us for continued success and growth in 2023. On the commercial side, as we announced in January, Q4 represented another quarter of continued growth for ARCALYST. The net product revenue of $39.9 million represents approximately 20% sequential growth versus the previous quarter, Q3. Our full year 2022 net revenue of $122.5 million is right in the middle of the guidance we gave at the beginning of the year, which was $115 million-$130 million. We are very pleased with our commercial execution to date. As we move into the year ahead, we're highly focused on reaching more patients with recurrent pericarditis by expanding the breadth and depth of our prescriber base. Ross will provide more details on this in a few moments. We also remain focused on building the maximum value across our portfolio of clinical-stage assets, including KPL-404, which is our CD40 antagonist program. We're currently conducting a phase II study in rheumatoid arthritis, which is designed to evaluate the efficacy, dose response, PK, and safety of chronic SubQ dosing over a duration of 12 weeks. In terms of where we are right now with this program, we've fully enrolled the first and second cohort of the PK lead-in, and we're now focused on starting the third and final cohort, which is the efficacy portion. We expect the proof of concept data from this study in the first half of next year. We continue to pursue collaborative study agreements with mavrilimumab to evaluate its potential in rare cardiovascular diseases. This is a molecule that we continue to be excited about and has the potential to impact a number of diseases. With that, I'll turn it over to Ross to review our commercial execution of ARCALYST. Ross? Thank you, Sanj. I'm pleased to share further details on our fourth quarter and full year 2022 commercial performance and our plans for continued growth in recurrent pericarditis. Throughout the year, we continued to deliver solid sequential quarter-on-quarter growth of ARCALYST revenue. The growth in Q4 resulted in a net revenue of $39.9 million, representing approximately 20% sequential growth versus the prior quarter. This means our full year 2022 net revenue was $122.5 million. Our team has continued to activate an ever-growing prescriber base, and there are now more than 800 unique prescribers for recurrent pericarditis since launch, which is a growth of more than 100 additional new prescribers every single quarter. We continue to hear from both prescribers and patients that they're having a positive experience with ARCALYST, and this is resonating in the repeat prescriber rate, where considering we have a larger overall prescriber base, we have maintained around 22% of the total prescriber base who have written for two or more patients. Slide eight outlines some of the key metrics and drivers of the ARCALYST growth. Since launch, we have been laser-focused on the 14,000 target population of recurrent pericarditis patients who have had two or more flares. At the end of 2022, we had achieved $122.5 million in net revenue by activating approximately 5% of this of this target population on ARCALYST treatment. This penetration demonstrates that ARCALYST is being well received. We have meaningful and growing revenue, we continue to have a significant opportunity ahead of us. The payer approval rate in Q4 remains greater than 90% of all completed cases, as it has been every quarter since launch. Another important driver of growth, which I will highlight in more detail on the next slide, is duration of therapy, which is currently at approximately 18 months in total. Additionally, compliance continues to be strong at greater than 85%, with refills generally completed on time, highlighting that once a patient starts on therapy, they see the benefits and stay adherent throughout the duration. Our gross to net also continues to be very healthy at 9% overall in 2022. All these metrics point in the direction of a successful, progressive commercial launch with significant room for substantial growth. We're extremely excited by what we can achieve with this franchise. I'd like to take a moment to highlight the total duration of therapy metric I mentioned on the previous slide. As we follow more patients over longer periods of time, we believe the average total duration of therapy is now at approximately 18 months. This may continue to evolve. What we're seeing in the commercial setting is that initially patients are staying on treatment for around 12 months, and then a high proportion, approximately 45%, are restarting treatment fairly quickly after trial in a stop. This reflects what we know about the persistence of the disease, where 60% of multiple recurrence patients suffer for two years. From our clinical data showing that continuous treatment with ARCALYST throughout the disease results in the long-term prevention of flares. We acknowledge that treating this debilitating and complex disease with ARCALYST requires an evolution in mindset and practice for cardiologists. Whereas the focus in the past was aimed at minimizing treatment duration, in particular with steroids due to their toxicity burden and potentially worsening and prolonging the disease. Now with ARCALYST, the aim is to treat continuously throughout the duration of the disease, and we are rapidly advancing the education on this to cardiologists across the U.S. Our commercial launch strategy has been successful, and now we're continuing to execute and enhance this strategy to reach many more patients in 2023 and beyond. We're focused on a dual approach of continuing to broaden our base of prescribers as well as deepening the depth of repeat prescribers. At the end of last year, we expanded our sales force to around 50 sales representatives, which we believe will enable greater call frequency with our target doctors, as well as broaden our reach overall. We understand the importance of having multiple calls on our target base and how to provide the education needed to ensure cardiologists become comfortable with addressing the root cause of recurrent pericarditis by prescribing a targeted biologic therapy. We are planning to make far stronger inroads into digital marketing, having built a patient database of more than 3,000 pericarditis patients where we will advance the education so patients can self-advocate for ARCALYST if and when patients have their next recurrence. Currently, patients are widely spread throughout the country. We plan to lead the charge to support centers who wish to advance their services by focusing on pericardial diseases and creating networks of local referrals for centers who specialize in the management of these diseases. We also want to be at the leading edge of evidence generation. For example, with our longitudinal registry called RESONANCE, which is focused on the severity and burden of the disease, as well as understanding and educating further on the outcomes associated with appropriate disease management. Turning to slide 11, our efforts on commercializing the first and only FDA-approved drug for recurrent pericarditis has resulted in a cracking launch, with hundreds of patients gaining access to therapy. The next stage for us is to dig much deeper into the opportunity. We believe we have built strong foundations to do just that. Our data are exceedingly compelling. We have an ever-growing prescriber base. Physicians and patients are reporting positive experiences with ARCALYST, and we have an excellent field team who are executing our strategy brilliantly. Looking to 2023, we expect to grow our ARCALYST net revenue to between $190 million and $205 million. This would represent a significant year-on-year growth of greater than 60% at the midpoint of that range. We're delighted with our current commercial performance and are very excited about the growth we have ahead. With that, I'll hand over to Mark to cover our financial results. Mark? Thanks, Ross. Good morning, everyone. Over the next few minutes, I'll walk through our fourth quarter and full year 2022 financial performance and review our 2023 financial guidance. You can find our detailed financial information in today's press release. I'd like to call your attention to a few items. First, fourth quarter total revenue was $61.9 million and consisted of ARCALYST net product revenue of $39.9 million, as well as collaboration revenue of $21.9 million from our license agreement with Genentech. Full year 2022 total revenue was $220.2 million. It consisted of ARCALYST net product revenue of $122.5 million, as well as collaboration revenue of $97.7 million from our license agreements with Huadong Medicine and Genentech. Second, ARCALYST collaboration profit grew to $15 million in the fourth quarter, and collaboration expense was $7.5 million. Full year 2022 ARCALYST collaboration profit was $36.2 million, and collaboration expense inclusive of a $6 million payment related to our license agreement with Huadong Medicine was $24.1 million. Third, over the course of the year, net income benefited from collaboration revenue as well as the release of a valuation allowance on non-cash deferred tax assets. For the fourth quarter and full year 2022, net income was $4.5 million and $183.4 million, respectively. Lastly, turning to our financial guidance, as Ross just mentioned, we expect total 2023 ARCALYST net revenue of between $190 million and $205 million, we ended 2022 with cash reserves of $190.6 million. We expect these reserves as well as continued ARCALYST commercial execution to fund our current operating plan into at least 2025. With that, I'll turn the call back to Sanj for closing remarks. Thanks, Mark. We believe there's a lot to be excited about as we move into the rest of the year. As a corporation, we're revenue producing and continue to have a profitable ARCALYST collaboration. As both Ross and Mark mentioned, we expect a full year 2023 net product revenue of $190 million-$205 million, which represents greater than 60% growth year-over-year at the midpoint of that range. As I mentioned previously, in addition to our successful collaboration and commercialization of ARCALYST in recurrent pericarditis, we also have a pipeline of mid-stage clinical programs aimed at making a big impact on patient lives. As a reminder, we're enrolling patients in the phase II study in rheumatoid arthritis, and we expect data in the first half of next year. Importantly, we are well capitalized. We have growing ARCALYST revenues, non-diluted capital from strategic out-licensing transactions, and continued financial discipline, which all support providing us cash runway into at least 2025. Ultimately, our mission is to continue to help patients in need, create massive value, and make a generational impact. With that, I want to thank all of you for your time today, and I'll hand it back to the operator for questions. Thank you. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. One moment for our first question. Our first question comes from Anupam Rama from JP Morgan. Your line is now open. Hey, guys. Thanks so much for taking the question. Just a quick question on the guidance. What's that delta between the bottom end and the top end of the guidance range of $190 million-$205 million? Is it just straight market penetration, any seasonal factors we should be considering? Is it compliance, the reinitiation post-dosing? What metrics should we be considering there? Then a quick second question. What types of pull-through are you seeing from the expanded sales force? Thanks so much. Yeah. Hi, Anupam. This is Ross. Maybe I can take that question. Thanks very much for the two parts. I'll take the guidance one first. We've provided guidance, which is a $15 million delta, which is the same as what we provided last year as well, knowing that, you know, there are some uncertainties, of course. The things that you mentioned, you know, the prescriber continued growth, the growth in repeat prescribers, compliance and adherence rates as well. Also the total duration of therapy, which we announced, you know, today that is we're expecting 18 months worth of duration, which is higher than what we have announced in previous calls. I think there's multiple facets there that are important going into going into the guidance, which is why we provided the range. Look forward to executing against that. The feedback we get from the field is incredibly positive. You know, the thing that we realize is that patients are dispersed around the U.S. We're delighted to have a 5% penetration into the 14,000 target population so far. We've got a lot more work to do to get the message out there, create awareness, create familiarity and comfortable and for physicians to be comfortable in prescribing ARCALYST when they see appropriate patients. We've got to keep driving that penetration throughout the year. On the sales force, we haven't really provided many more metrics around that yet. This is really our, you know, full year 2022 and Q4 earnings call. We built the field team, the expanded field team throughout Q4, with an aim to have everyone in place by the end of that year. It's a bit too early to kind of judge what that impact is yet. Although we're really happy with the people that we've been able to recruit, we had a very high number of applications into Kiniksa to come and join our exceptional current team, and are pleased with who came in. Obviously, we completed some onboarding and training, which we're very rigorous at doing as well, so that takes up some time. For the field to kind of be out there in the field making a difference. We've seen, you know, an uptick in activity rates associated with that in Q4. We wait to see what the throughputs of that is in the results in terms of enrollments and new patients coming onto therapy as we move throughout the year. Thanks so much for taking our questions. Thank you. One moment for our next question. Our next question comes from Paul Choi from Goldman Sachs. Your line is now open. Thank you. Good morning, team, thank you for taking our questions. I also want to ask a question on the guidance, particularly with regard to any sort of patient behaviors, and if you had seen anything exiting the fourth quarter that might have indicated some patient economic sensitivity in the RP market. Just, you know, maybe if you could articulate how much conservatism, you know, because of this is built into your guidance. Then I have a couple follow questions. Hi, Paul. We haven't really seen anything of note in Q4 around the kind of economic sensitivity of patients. Of course, this is not our first time now in the commercial setting getting to the end of a year and of course starting off, you know, Q1 as well. We know that there's some seasonal implications in all specialty medicine around that, around changes of insurance plans, resetting of co-pays and all those types of dynamics. We have, you know, an experienced, robust patient services team under Kiniksa OneConnect, which we set up prior to launch and have been amazing at supporting patients all throughout their journey on ARCALYST. They have very high contact rates with the patients to understand their situations and changes to insurances and so on moving forward. We work very closely with the patients to make sure that, you know, kind of economic circumstances like that are dealt with in as appropriate way as we can, and to try to support patients going on to going back to commercial therapy if they're provided bridge therapy and so on throughout, you know, insurance plan changes as well. We have all those programs in place for eligible patients, and look forward to continuing to support those patients to ensure that they can remain on commercial therapy. Okay. Thanks for that, Ross. I want to maybe just ask, you know, with the growing patient base, you know, what your potential relative exposure in the early part of the year to the Medicare donut hole might be. One pipeline question is, you know, maybe can you provide us just an enrollment update on KPL-404, where you are and when you know, potentially expect to complete enrollment here in the dose escalation? Thank you very much for taking our questions. Thanks, Paul. Maybe I'll take the first part of the question and pass on to a colleague to talk about the next part. In terms of the donut hole and patients that face that in the start of the year, as I say, we've been there before and supported, you know, patients in every way that we can through that, through to catastrophic coverage, which happens, you know, reasonably quickly with our type of drug as well. We just remain very close to the patients. We have, you know, a wealth of services to support them through each eventuality. We're quite confident in having all the programs in place that we can to support patients throughout the year. Hey, Paul, it's Eben. I'll take the other part of the question on the enrollment. Yeah, what we've obviously said is that, you know, we'll have results in the first half of next year, and we're certainly on track to meet that objective and no updates. Thank you. Thank you. One moment for our next question. Our next question comes from David Nierengarten from Wedbush. Your line is now open. Thanks for taking the question. I had a question on the patients who discontinue. Do they, you know, after treatment, of course, initial treatment, do you know, or are they tending to be patients who are earlier line or, you know, less severe? I'm just trying to, you know, get a handle for the duration of therapy in patients who might be, you know, a little bit earlier line than the initial group of patients that you have treated over the past year and a half. Thanks. Yeah. Hi, David. This is Ross. Thanks. It's a great question. Really we need to wait for data to build on that, to try to understand some of the deeper dynamics on, you know, the types of patients that may be, you know, stopping and restarting, and if there's any particular trends there to be aware of. At the moment, it's relatively early days with fairly small end size that we can't really draw, you know, very clear conclusions to at the moment. Really our focus is on educating around the duration of the disease with physicians to make sure that they know that, you know, 60% of patients do have disease for two years. You know, the median is three years in that particular dataset that we use. Some patients have it for many years beyond that as well. It's a very long tail. You know, we know the importance of treating throughout the disease and to try to help physicians to understand that and play that into their thinking. You know, what we have seen is that the approximate end of the initial treatment duration is around 12 months on average, which is probably driven by the fact that the majority of prescribers are prescribing for 12 months of refills. Also that the payers are also approving for 12 months before, in general, before requiring a simple reauthorization for the patients to continue longer. Of course, that does create, you know, a bit of a junction at that 12 months-ish time period, where physicians and patients will consider whether to stay on therapy or trial a stop or not. Obviously we've seen some patients do trial a stop. Out of all those patients that do stop, regardless whether it's at the 12-month time period or much shorter or even longer than that, we see a restart in total of 45%, which I think really alludes and speaks to what we know about the duration of the disease and, you know, how persistent this disease can be. I think people are maybe learning along the way as well, and wanting to make sure that patients do get treated for the adequate amount of time, so they don't have to suffer future flares. Thank you. Thank you. One moment for our next question. Our next question comes from Geoff Meacham from Bank of America. Your line is now open. Hey, guys. Morning. Thanks for the question. I just have a couple. ARCALYST, you know, another question on persistence rates. You know, where do you think it could ultimately go? I guess is the question. When you look at new starts, have you guys shortened the time to onboarding? You know, I guess the question would be like whether you guys have shortened the diagnostic path, you know, to try to get, you know, patients on drug at an accelerated rate. The second one for Sanj. The question is how important is profitability as a strategic objective? You know, it is very differentiated among, you know, mid-cap peers. What I wasn't sure though, where this ranks as a priority for you guys in the near term? Thank you. Thanks, Geoff. Maybe I'll have Ross answer the first part, and I'll come back for the second one. Yeah. Thanks, Sanj. So maybe if I take your question around persistence rates and duration first. Yeah, this is the first time we've announced that we expect the total average duration to be around 18 months. We know that that may well have a long tail with it due to what we know about the disease. But yeah, that's a, you know, a longer time period than we had previously anticipated and mentioned. Is there the ability for that to be even longer? I mean, the answer is quite possibly yes, but we just need to wait for the data to build on that. You know, we know what the initial treatment duration looks like. We know what the restart percentage looks like so far. Knowing that when you get that far out, the number of patients that we are tracking are reasonably limited. You know, we've only been on the market for 21 months or so now. We track that with a very keen eye and look forward to sharing more information on that as time goes on. For now, we've said that the approximate average duration will be 18 months worth of therapy from what we've seen through to the end of 2022. The second part of your question around the diagnostic path or time through to diagnosis and then initiation on ARCALYST. Again, it's difficult to tell knowing that the patients are very widely spread throughout the U.S., and we're making very keen efforts on educating physicians, promoting ARCALYST, creating the awareness. We're seeing that in the you know, that success in the prescriber rates, the number of patients on therapy, and how the revenues are building. Remembering what we're doing here is ultimately building a market where we are the first and only approved therapy, and we're going in and educating physicians and actually changing the treatment paradigm, which I think takes some time to do if you, if you look at other analogs in a similar type of market space as well. This is a rare flaring disease, so it takes some time. We've always said we see this as a good, steady, sequential launch with 5% into the penetration of the target population so far. That's why we are exceedingly excited by the opportunity that we have ahead. Geoff, to the latter part of your question in terms of profitability and how important that is to us. Look, you know, obviously it is important to us and, you know, that's not gonna miss. I think in addition to that, and perhaps even more so, growth and, you know, increasing opportunities to increase the value are even more important. I think we've shown that we can be very, you know, disciplined as far as financial discipline's concerned, and we've shown that quarter-on-quarter. While obviously profitability is important, we are very much focused on increasing the value. That's why we've made some of the changes we've made in our portfolio, vixarelimab, about licensing that for a significant amount of non-dilutive capital. We'll continue to be disciplined and strategic moving forward. Okay. Great. Thank you, guys. Appreciate it. Thank you. One moment for our next question. Our next question comes from Liisa Bayko from Evercore ISI. Your line is now open. Hi, there. Thanks for taking the question. Just curious on how you're thinking about gross to net for 2023. You had guided to around 10% for 2022. I know it came in more at 9%. What are you thinking for this year? That sounds like a fantastic question for Mark Ragosa, Chief Financial Officer. Thanks, Liisa. I mean, as Ross mentioned, gross to net was, you know, 9% for the year- to- date. While there's always some quarterly fluctuations, we do not expect, you know, big swings at this point in gross net going forward. Certainly have not provided, you know, formal guidance. Okay. wait, so 9% was for year-to-date, or was for? Yeah. 2022. Yes, exactly. Oh. Sure. Year- to- date 2022. Okay. Just back to the patients who restarted, I wanna clarify to make sure I understand. What percentage of patients, I guess, discontinued therapy? Are you saying 45% of those who discontinued, restarted? Or 45%? Like, what is the 45%? I'm trying to understand. Does that represent the patients who discontinued, or those are the restarts of the patients who discontinued? If so, what was the discontinuation? Maybe I can clarify that, Liisa. The 45% is 45% of all of those patients who discontinued ARCALYST treatments for recurrent pericarditis throughout 2022. Regardless of when they stopped, even if they stopped therapy after, you know, one month worth or the 12 months or been on therapy for longer. Out of all of those who started aggregated, when we look at those, all those have stopped aggregated. When we look at those that restart therapy, that number is 45%. A stop means that they've gone more than 28 days beyond when their prescription ran out or their latest refill ran out, they're kind of two months on from having their last script. Class in that as having stopped therapy. yeah, 45% restart. Okay. What is the discontinuation rate then that you see? We haven't provided an actual number of the discontinuation rate, aside from saying that the average approximate discontinuation time was 12 months across all of the patients that started. In our investors slide deck as well, we do have a graph which shows that kind of discontinuation distribution in broad terms without specifics on it, so that gives you a little bit of a flavor there. Yeah, the average is 12 months. Okay. Can you discuss this valuation release a little bit more? I know you quantitated it, I just missed it. Yeah, sure. I'm happy to take that. You know, it happened in the third quarter of this year, so if you go back a little bit, in the second quarter, we had a full valuation allowance against our deferred tax assets as we were in a three-year cumulative tax loss position in both the U.S. and the U.K. With the proceeds from the vixarelimab license agreement, plus sort of actual and forecasted ARCALYST sales, you know, we reached the three-year cumulative tax gain position in the U.K. As such, we were required to release the valuation allowance on our U.K. deferred non-tax non-cash deferred tax assets. That was the main driver of the reported $172 million net income tax benefit in 2022. Okay. You've had 85% compliance so far. Is that pretty stable, do you think, or do you think that's gonna shift around from here? The 85% compliance rates on ARCALYST. we just said in totality across 2022, it was greater than 85% as a compliance rate. We put a lot of efforts into our touch points with patients to make sure that they're kind of helped all the way along the journey and that they also understand the high importance of compliance and adherence to therapy, driven from our data showing that continuous treatment duration results in continuous response. we, you know, we have adherence calls and various other touch points with patients that are on therapy as appropriate. That was greater than 85% across the totality of 2022. Okay, great. Thank you. Thanks, Liisa. Thank you. One moment, please. I am showing no further questions. I would now like to turn the call back over to Sanj Patel, Chief Executive Officer, for closing remarks. Thanks, operator. Thank you, everybody, for the questions and joining the call today. We've clearly got a very exciting year ahead of us, and we look forward to providing additional updates in the future. Thanks, everyone. This concludes today's conference call. Thank you for participating. You may now disconnect.