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Fourth Quarter and Full Year 2025 Financial Results and Recent Portfolio Execution F E B R UA RY 24, 2026
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Agenda Introduction | Sanj K. Patel, Chief Executive Officer Fourth Quarter and Full Year 2025 Financial Results | Mark Ragosa, Chief Financial Officer Closing Remarks | Sanj K. Patel, Chief Executive Officer Q&A Session 2 IL-1α & IL-1β Inhibition Franchise | Ross Moat, Chief Operating Officer
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Forward Looking Statements 3 This presentation (together with any other statements or information that we may make in connection herewith) contains forward-looking statements with respect to Kiniksa Pharmaceuticals International, plc (and its consolidated subsidiaries, collectively, unless context otherwise requires, “Kiniksa,” “we,” “us” or “our”). In some cases, you can identify forward looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “goal,” “design,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “strategy,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these identifying words. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding our strategy; potential value drivers; potential indications; potential market opportunities and competitive position; ongoing, planned and potential clinical trials and other studies; timing and potential impact of clinical data; regulatory and other submissions, applications and approvals; commercial strategy and commercial activities; expected run rate for our cash, cash equivalents and short-term investments; expected funding of our operating plan; financial guidance; and capital allocation. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements, including, without limitation, the following: delays or difficulty in enrollment of patients in, and activation or continuation of sites for, our clinical trials; delays or difficulty in completing our clinical trials as originally designed; potential for changes between final data and any preliminary, interim, top-line or other data from clinical trials; our inability to replicate results from our earlier clinical trials or studies; impact of additional data from us or other companies, including the potential for our data to produce negative, inconclusive or commercially uncompetitive results; potential undesirable side effects caused by our products and product candidates; our inability to demonstrate safety and efficacy to the satisfaction of applicable regulatory authorities; potential for applicable regulatory authorities to not accept our filings, delay or deny approval of any of our product candidates or require additional data or trials to support approval; our reliance on third parties as the sole source of supply of the drug substance and drug product used in our products and product candidates; raw material, important ancillary product and drug substance and/or drug product shortages; our reliance on third parties to conduct research, clinical trials, and/or certain regulatory activities for our product candidates; complications in coordinating requirements, regulations and guidelines of regulatory authorities across jurisdictions for our clinical trials; business development activities and their impact on our financial performance and strategy; changes in our operating plan, business development strategy or funding requirements; existing or new competition; current and future healthcare reforms, including those affecting the delivery of or payment for healthcare products and services; and the impact of global economic policy, including any uncertainty in national and international markets. These and the important factors discussed in our filings with the U.S. Securities and Exchange Commission, including under the caption “Risk Factors” contained therein could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. These forward-looking statements reflect various assumptions of Kiniksa's management that may or may not prove to be correct. No forward-looking statement is a guarantee of future results, performance, or achievements, and one should avoid placing undue reliance on such statements. Except as otherwise indicated, this presentation speaks as of the date of this presentation. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. This presentation also contains estimates, projections, and/or other information regarding our industry, our business and the markets for certain of our product candidates, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions. Unless otherwise expressly stated, we obtained this industry, business, market and other data from reports, research surveys, clinical trials, studies and similar data prepared by market research firms and other third parties, from industry, medical and general publications, and from government data and similar sources. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. ARCALYST is a registered trademark of Regeneron Pharmaceuticals, Inc. Kiniksa OneConnect is a trademark of Kiniksa Pharmaceuticals. All other trademarks are the property of their respective owners.
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Introduction Sanj K. Patel Chief Executive Officer
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Q4 and Full Year 2025 Business Highlights Q4 2025 ARCALYST revenue of $202.1M Full year 2025 ARCALYST revenue of $677.6M, representing ~62% year- over-year growth Expected 2026 ARCALYST revenue of $900-920M KPL-387 granted Orphan Drug Designation for pericarditis Conducting KPL-387 Phase 2/3 trial in recurrent pericarditis; Phase 2 data expected in 2H 2026 KPL-1161 Phase 1 first-in- human trial to initiate by the end of 2026 Strong financial position with ~$414M in cash Current operating plan expected to remain cash flow positive on an annual basis Financial strength provides capacity to continue investing in value creating opportunities Driving ARCALYST Revenue Advancing Clinical Portfolio Maintaining Financial Strength 5
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• Utilizing a validated approach of dual IL-1α & IL-1β inhibition to treat recurrent pericarditis • Continuing to expand market penetration • Leveraging proven disease area expertise and commercial capabilities Building on Established Leadership in Recurrent Pericarditis 6 • First-and-only FDA-approved therapy • Enabled paradigm shift in US recurrent pericarditis treatment as a steroid-sparing therapy • Growing adoption across recurrent pericarditis population Expanding Franchise with Compelling Value Proposition ARCALYST KPL-387 • Could offer an important advancement and addition to the treatment options available to patients • Potentially expanding penetration into the addressable market by enabling monthly dosing with a liquid formulation in an autoinjector
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IL-1α & IL-1β Inhibition Franchise Ross Moat Chief Operating Officer
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$38.5M1 $122.5M $233.2M $417.0M $677.6M2 ~62% YoY Growth 2021 2022 2023 2024 2025 2026 Launch → 2025 Establishing the Recurrent Pericarditis Market 1) 2021 = 9 months of availability (Q2-Q4); 2) Full year 2025 gross-to-net of 8.4%, compared to 9.8% for the full year 2024, due to the impact of the Inflation Reduction Act throughout 2025, as well as prior period reserve adjustments in the fourth quarter of 2025. ACC = American College of Cardiology 2026 → Unlocking the Next Phase of Growth Expanding Adoption of IL-1α & IL-1β Inhibition Driving ARCALYST Sales Kiniksa has established the Recurrent Pericarditis market with line of sight to future blockbuster status 8 $900-920M Expected Net Product Sales Drive awareness of 2025 ACC Concise Clinical Guidance on IL-1 inhibition Advance digital marketing to empower patients to request ARCALYST Utilize AI capabilities to target RP prescribers more efficiently Support Pericardial Disease Centers in improving diagnosis and care
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Strong Commercial Fundamentals Support Continued ARCALYST Growth 9 1) Data since launch through 12/31/2025. Strong Payer Approval and Patient Compliance ~3 Years1 Average Total Duration of Therapy Growing and Approaching Median Disease Duration ⅓ of Multiple Recurrence Patients Continue Suffering at 5 Years and ¼ at 8 Years $677.6M Full Year 2025 Net Revenue Representing ~62% YoY Growth >4,1501 Total Prescribers ~1,200 Repeat Prescribers ~18%1 Penetration into Multiple Recurrence Population Increasing Utilization in 1st Recurrence Population
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ARCALYST Label Covers Recurrent Pericarditis (Annual Epidemiology of Approximately 40,000) Initial Target Population ~80% of patients on ARCALYST were prescribed when they had 2+ recurrences1 ~20% of patients on ARCALYST were prescribed when they were on their 1st recurrence1 Additional Opportunity …growing adoption of IL-1α & IL-1β inhibition has expanded focus to additional patients earlier in the disease course While the initial target population focused on patients with multiple recurrences... 10 2022 2023 2024 2025 18% 13%9% 5% End of Year Percentage Driving Penetration in Initial Target Population with Upside Opportunity Sources: Klein A, Cremer P, Kontzias A, Furqan M, Tubman R, Roy M, Magestro M. Annals of Epidemiology. 2019;36:71; Lin D, Majeski C, DerSarkissian M, Magestro M, Cavanaugh C, Laliberte F, Lejune D, Mahendran M, Duh M, Klein A, Cremer P, Kontzias A, Furqan M, Tubman R, Roy M, Mage. (Nov, 2019). Real-World Clinical Characteristics and Recurrence Burden of Patients Diagnosed with Recurrent Pericarditis in the United States. Poster session presented at the American Heart Association, Philadelphia, PA. 1) HCP market research 2025; Kiniksa data on file. A sizable portion could be appropriate for biologic treatment >2nd Recurrence ~14,000 1st Recurrence ~26,000 Increasing Penetration into Multiple Recurrence Population
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Fourth Quarter and Full Year 2025 Financials Mark Ragosa Chief Financial Officer
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Fourth Quarter and Full Year 2025 Financial Results 12 Operating Plan Expected to Remain Cash Flow Positive on an Annual Basis Income Statement Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Product Revenue $202.1M $122.5M $677.6M $417.0M License and Collaboration Revenue $0.0M $0.0M $0.0M $6.2M Total Revenue $202.1M $122.5M $677.6M $423.2M Cost of Goods Sold $20.9M $17.9M $77.7M $60.9M Collaboration Expenses1,2 $70.0M $48.2M $229.5M $128.3M Research and Development $34.6M $35.2M $96.9M $111.6M Selling, General and Administrative $56.8M $40.5M $196.3M $168.0M Total Operating Expenses $182.4M $141.8M $600.3M $468.9M Operating Income (Loss) $19.8M ($19.3M) $77.2M ($45.6M) Other Income, Net $3.5M $2.3M $11.6M $9.5M Income Tax Benefit (Provision) ($9.1M) $8.1M ($29.9M) ($7.0M) Net Income (Loss) $14.2M ($8.9M) $59.0M ($43.2M) 1) Subject to the terms of the definitive agreements between Kiniksa and Regeneron; 50% of ARCALYST Collaboration Operating Prof it plus 50% of ARCALYST Licensing Proceeds; 2) Q4 2024 and 2024 collaboration expenses included a $10.0 million charge for Regeneron’s share of a $20.0 million milestone received from Huadong Medicine fo r approval of ARCALYST in China; 3) Profit split -eligible Cost of Goods Sold = total cost of good sold – amortization of Regeneron milestone payment; 4) Revenue associated with ARCALYST Out -Licensing is included in Lic ensing and Collaboration Revenue. Collaboration Expenses1,2 Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 ARCALYST Net Sales $202.1M $122.5M $677.6M $417.0M Profit Split-Eligible Cost of Goods Sold3 ($20.6M) ($17.6M) ($76.5M) ($59.9M) Commercial, Marketing, Regulatory and Other Expenses ($41.5M) ($28.6M) ($142.1M) ($122.4M) ARCALYST Collaboration Operating Profit $140.0M $76.3M $459.0M $234.7M ARCALYST Collaboration Expense $70.0M $38.2M $229.5M $117.4M ARCALYST Out-Licensing4 $0.0M $10.0M $0.0M $10.0M Other Collaboration Expenses $0.0M $0.0M $0.0M $0.9M Total Collaboration Expenses $70.0M $48.2M $229.5M $128.3M Balance Sheet December 31, 2025 December 31, 2024 Cash, Cash Equivalents and Short-term Investments $414.1M $243.6M
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Closing Remarks Sanj K. Patel Chief Executive Officer
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Fourth Quarter and Full Year 2025 Financial Results and Recent Portfolio Execution F E B R UA RY 24, 2026