10-Q · April 28, 2026
Kiniksa reported strong Q1 results driven by ARCALYST: total revenue was $214,266,000 (up $76,481,000 vs. Q1 2025) and net income was $22,592,000 (vs. $8,539,000). Operating income increased to $29,267,000 and operating…
Earnings analysis · 10-Q
KNSA earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Kiniksa delivered Q2 2026 revenue of $243.6 million, up 13.7% sequentially and 55.4% year over year, with diluted EPS of $0.30 versus $0.27 in Q1 and $0.23 a year ago. Gross margin improved to approximately 90.3%,…
Read full summary
Kiniksa delivered Q2 2026 revenue of $243.6 million, up 13.7% sequentially and 55.4% year over year, with diluted EPS of $0.30 versus $0.27 in Q1 and $0.23 a year ago. Gross margin improved to approximately 90.3%, although operating margin declined to approximately 11.2% as KPL-387 clinical spending and ARCALYST commercialization investment increased. The company generated $97.4 million of six-month operating cash flow and ended June with $525.9 million of cash, cash equivalents, and short-term investments, supporting its stated operating plan.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.3
- Segment
- ARCALYST product revenue: $243.6 million (100% of total revenue); no license or collaboration revenue in Q2 2026.
What stood out
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ARCALYST revenue accelerated 55% year over year
Q2 revenue was $243.6 million, up $29.3 million, or 13.7%, from $214.3 million in Q1 2026 and up $86.8 million, or 55.4%, from $156.8 million in Q2 2025. The increase was primarily driven by more patients on ARCALYST therapy.
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Gross margin expanded by about 2.2 points YoY
Gross margin was approximately 90.3% in Q2 2026, calculated from $243.6 million of revenue and $23.6 million of cost of goods sold, versus 88.1% in Q2 2025. Favorable production variances partially offset sales-related cost growth.
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EPS and net income grew sequentially and YoY
Net income increased to $25.4 million from $17.8 million in Q2 2025, while diluted EPS was $0.30 versus $0.27 in Q1 2026 and $0.23 in Q2 2025. EPS rose $0.03 sequentially and $0.07 year over year.
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KPL-387 pipeline advanced into pivotal execution
KPL-387 direct R&D rose to $21.4 million from $8.5 million in Q2 2025 as the Phase 2/3 trial enrolled and continued and the supplemental monotherapy-transition study began. The pivotal PASTORALE Phase 3 trial began enrolling and dosing patients in July 2026.
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Liquidity remains strong and operating cash flow doubled
Cash, cash equivalents and short-term investments totaled $525.9 million at June 30, 2026. Six-month operating cash flow rose to $97.4 million from $50.4 million a year earlier, supported by higher ARCALYST net contribution.
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Single commercial segment delivered all growth
The company reported $457.9 million of first-half 2026 ARCALYST revenue, up $163.3 million from $294.6 million in the prior-year period. No other revenue segment contributed during either period.
What to watch
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All quarterly revenue is concentrated in ARCALYST
Revenue concentration remains high: ARCALYST generated all $243.6 million of Q2 2026 total revenue, while license and collaboration revenue was $0. Any disruption in ARCALYST demand, reimbursement, supply, or competition would directly affect results.
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Pipeline and commercialization spending pressures margin
Operating-expense growth outpaced the 55.4% revenue increase in key investment areas: R&D rose $22.1 million to $40.9 million and SG&A rose $17.0 million to $63.9 million. Operating margin was approximately 11.2%, down from 13.7% in Q1 2026 and 12.9% in Q2 2025.
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Manufacturing and development commitments are sizable
The company has substantial near-term contractual obligations, including $51.0 million due to Regeneron, $53.1 million due within one year under Samsung manufacturing arrangements, and $14.5 million due within one year to other CDMOs. These $118.6 million of stated near-term commitments increase execution and working-capital demands.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance. Management expects KPL-387 commercialization to begin in 2028 or 2029, expects to initiate a KPL-1161 Phase 1 trial by the end of 2026, and expects current cash plus operating cash inflows to support its operating plan.
Earlier filings 4
10-K · February 24, 2026
Kiniksa (KNSA) materially inflected in 2025: total revenue reached $678.0M (Q1 $138M, Q2 $157M, Q3 $181M, Q4 $202M) alongside a return to operating profitability and materially higher cash generation. Gross margin…
10-Q · October 28, 2025
Kiniksa reported Q3 2025 product revenue of $180.9M (three months ended Sept 30, 2025) and swung to operating income of $24.0M (13.3% operating margin), producing diluted EPS of $0.23. Revenue grew strongly…
10-Q · July 29, 2025
Kiniksa reported a strong Q2 with product revenue of $156,797,000 (three months ended June 30, 2025) driving total revenue of $156,797,000, a large YoY increase from $108,631,000 in Q2 2024. Gross margin remained high…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.