Kiniksa Pharmaceuticals, Ltd. (KNSA): Business Model Canvas [Dec-2025 Updated]

You're digging into a rare disease biotech, trying to see if the story is solid or just hype, and for Kiniksa Pharmaceuticals, Ltd., the numbers from late 2025 tell a clear story: ARCALYST is firing on all cylinders, driving net sales guidance between $\mathbf{\$670 \text{ million and } \$675 \text{ million}}$ this year. Honestly, seeing a $\mathbf{\$307.8 \text{ million}}$ cash pile as of June 30, 2025, with no debt, gives them serious runway to push KPL-387 through its Phase 2/3 trial. I've mapped out the nine building blocks of their Business Model Canvas below so you can see exactly how they are executing this high-touch, specialty commercial model and what that means for the next few quarters.

Kiniksa Pharmaceuticals, Ltd. (KNSA) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Kiniksa Pharmaceuticals, Ltd. relies on to bring ARCALYST to market and advance its pipeline, like KPL-387. These aren't just names on a contract; they are critical to hitting the raised 2025 ARCALYST net product revenue guidance, which was between $670 million and $675 million as of the third quarter of 2025.

Manufacturing Agreement with Regeneron Pharmaceuticals for ARCALYST Supply

The supply chain for ARCALYST is anchored by a foundational agreement with Regeneron Pharmaceuticals, the originator of the drug. Kiniksa Pharmaceuticals, Ltd. manages the commercial sales in the United States, but the manufacturing relationship is complex and evolving.

Kiniksa Pharmaceuticals, Ltd. is actively managing a technology transfer for the drug substance manufacturing of ARCALYST from Regeneron Pharmaceuticals, Inc. to Samsung Biologics Co., Ltd. in South Korea. Currently, ARCALYST is still manufactured in the United States by Regeneron Pharmaceuticals. Kiniksa Pharmaceuticals, Ltd. believes this transfer will have an immaterial impact on ARCALYST gross margin, limited only to the cost of drug substance imported into the United States.

The financial structure of this partnership dictates how Kiniksa Pharmaceuticals, Ltd. recognizes revenue and profit from the product:

This profit split means that for every dollar of ARCALYST collaboration operating profit recognized, Kiniksa Pharmaceuticals, Ltd. retains half after accounting for specified costs, regulatory expenses, and field force expenses.

Clinical Research Organizations (CROs) for KPL-387 Phase 2/3 Trial Execution

For the development of KPL-387, Kiniksa Pharmaceuticals, Ltd. is executing a comprehensive Phase 2/3 clinical study for recurrent pericarditis, which was planned to start in mid-2025. While the sponsor is Kiniksa Pharmaceuticals International, plc, the execution relies on external clinical infrastructure. The SEC filing confirms that Kiniksa Pharmaceuticals, Ltd. contracts with third parties, including independent investigators and contract development and manufacturing organizations (CDMOs) for clinical supply and R&D activities.

Key trial parameters and timelines related to this partnership structure include:

• Trial Initiation Date (Actual): July 25, 2025.
• Phase 2 Data Anticipated: Second half of 2026.
• Total Enrollment Target: Up to 165 participants across dose-focusing and pivotal portions.
• Dosing Schedule (Phase 2): Subcutaneous (SC) injection every 2 weeks (q2wk) through Week 22, or alternating every 2 weeks with placebo.
• Internal Collaborator: Kiniksa Pharmaceuticals, GmbH.

The goal is to confirm a potential monthly subcutaneous dosing profile for KPL-387.

Specialty Pharmacies and Distributors for Drug Logistics and Patient Access

Kiniksa Pharmaceuticals, Ltd. handles 100% of the sales and distribution for ARCALYST within the United States. This commercial function requires a robust network of specialty pharmacies and distributors to ensure patient access. The commercial success is evident in the growing prescriber base.

Metrics showing the reach of this distribution network include:

• Total ARCALYST Prescriptions for Recurrent Pericarditis (Since Launch as of Q2 2025): More than 3,475 prescribers.
• Average Total Duration of ARCALYST Therapy in Recurrent Pericarditis (As of Q4 2024): Approximately 27 months.
• Q3 2025 Net Income: $18.4 million, marking a shift to profitability.

The company expects its current operating plan to remain cash flow positive on an annual basis.

Potential In-licensing/Out-licensing Partners to Expand the Pipeline

Beyond ARCALYST, Kiniksa Pharmaceuticals, Ltd. actively manages its pipeline through strategic agreements, including both in-licensing and out-licensing activities to focus on its core cardiovascular indications. A key recent action involved terminating one agreement while maintaining another significant one.

Partnership activity relevant to pipeline expansion includes:

• Terminated Agreement: Exclusive license agreement for mavrilimumab with MedImmune was exercised for termination.
• Active License: Global License Agreement with Genentech for Vixarelimab.
• Pipeline Focus: Prioritizing development on novel therapies for diseases with unmet need, focusing on cardiovascular indications.

The company is committed to developing an array of innovative therapies, which inherently requires strategic alliances for asset acquisition and divestiture.

Kiniksa Pharmaceuticals, Ltd. (KNSA) - Canvas Business Model: Key Activities

You're looking at the core engine driving Kiniksa Pharmaceuticals, Ltd. right now, which is heavily weighted toward maximizing the success of its one marketed product while aggressively advancing its next-generation pipeline. Here's the quick math on what they are actively doing as of late 2025.

Commercialization and sales of ARCALYST for recurrent pericarditis

The primary activity is pushing ARCALYST (rilonacept) sales, and the numbers show this is working well. For the third quarter of 2025, ARCALYST pulled in net product revenue of $180.9 million, which is a 61% year-over-year jump. So, the commercial team is definitely expanding reach and durability.

Because of this performance, Kiniksa Pharmaceuticals raised its full-year 2025 net sales guidance for ARCALYST to between $670 million and $675 million, up from the prior range of $625 million to $640 million. This focus on the IL-1α & IL-1β inhibition franchise is clearly paying off financially, as the company reported a net income of $18.4 million in Q3 2025, a swing from a net loss of $12.7 million in Q3 2024. Honestly, the durability of use is a key metric here.

Here are the commercial KPIs as of the end of Q3 2025:

• Total prescribers who have written ARCALYST prescriptions: more than 3,825
• New prescribers added in Q3 2025: over 350
• Average total duration of ARCALYST therapy: approximately 32 months

The company's cash position reflects this success, standing at $352.1 million as of September 30, 2025, with management reiterating that the current operating plan is expected to remain cash flow positive on an annual basis.

Clinical development of KPL-387, including the Phase 2/3 trial initiated mid-2025

A major activity is advancing KPL-387, a monoclonal antibody targeting IL-1R1, as the next potential therapy for recurrent pericarditis. Kiniksa Pharmaceuticals successfully initiated the planned Phase 2/3 clinical trial in mid-2025. This trial is designed to evaluate efficacy and safety with a target profile of monthly subcutaneous (SC) dosing in a liquid formulation.

The trial design is comprehensive, combining a dose-focusing portion (Phase 2) and a pivotal portion (Phase 3). The dose-focusing part will enroll up to approximately 80 participants, while the pivotal portion will include about 85 participants, for a total enrollment of up to 165 participants across the combined study. Investors are waiting for data, which is currently expected from the Phase 2 portion in the second half of 2026.

This key activity is supported by a recent regulatory win:

Research and development (R&D) to identify new immunosciene and cardiovascular targets

While commercialization and KPL-387 dominate, Kiniksa Pharmaceuticals is still investing in R&D to build out its franchise, focusing on cardiovascular indications. For the first half of 2025, Research & Development expenses totaled $99.35 million, up from $87.50 million for the same period in 2024. This spending supports pipeline assets beyond KPL-387.

The company is also advancing KPL-1161, another monoclonal antibody targeting IL-1R1, with a target profile of quarterly subcutaneous dosing. Strategically, Kiniksa Pharmaceuticals has made clear decisions to streamline R&D focus, discontinuing abiprubart development in Sjögren's Disease and terminating its mavrilimumab license agreement with MedImmune.

Regulatory compliance and pharmacovigilance for marketed and pipeline products

Maintaining compliance for the marketed ARCALYST is an ongoing, critical activity, especially given its revenue scale. For Q3 2025, total operating expenses were $156.8 million, which includes the necessary costs for pharmacovigilance and maintaining compliance for the already approved product. Furthermore, the company manages the regulatory pathway for KPL-387, which has received Orphan Drug Designation, a key regulatory milestone that provides certain incentives.

The financial structure of the commercialization also impacts regulatory oversight, as ARCALYST collaboration profit grew to $126.6 million in Q3 2025, requiring careful management of collaboration agreements alongside product sales compliance.

You should track the operating expense breakdown as it relates to compliance and SG&A.

• Total Operating Expenses (Q3 2025): $156.8 million
• Non-cash, share-based compensation expense (Q2 2025): $8.9 million
• Collaboration expenses (Q3 2025): $126.6 million

Finance: draft 13-week cash view by Friday.

Kiniksa Pharmaceuticals, Ltd. (KNSA) - Canvas Business Model: Key Resources

You're looking at the core assets Kiniksa Pharmaceuticals, Ltd. (KNSA) relies on to run the business as of late 2025. These aren't just things they own; they are the critical components that make the value proposition possible.

ARCALYST (rilonacept) is definitely the cornerstone, being the only FDA-approved treatment for recurrent pericarditis. This product drove significant revenue in the second quarter of 2025, hitting $156.8 million in net product revenue. The market traction is clear, with more than 3,475 prescribers having written ARCALYST prescriptions for recurrent pericarditis since its launch. Kiniksa Pharmaceuticals, Ltd. has raised its full-year 2025 net product revenue guidance for ARCALYST to a range between $625 million and $640 million.

The financial foundation supporting operations and pipeline development is quite strong. Kiniksa Pharmaceuticals, Ltd. reported a very clean balance sheet as of June 30, 2025. Here's a quick look at that snapshot:

This liquidity position is key, as the company expects its current operating plan to remain cash flow positive on an annual basis.

Intellectual property (IP) is crucial for protecting the IL-1 inhibition franchise. For ARCALYST, the U.S. Patent No. 11,026,997, which covers methods of use for recurrent pericarditis, is set to expire on March 11, 2039. Furthermore, the company is building future IP around its pipeline assets, such as KPL-387, which also targets IL-1$\alpha$ and IL-1$\beta$ signaling and received Orphan Drug Designation from the FDA in October 2025.

Kiniksa Pharmaceuticals, Ltd. deploys a specialized commercial team focused on the orphan disease market. This focus is evident in the regulatory status of its key assets:

• ARCALYST received Orphan Drug exclusivity from the FDA in March 2021 for recurrent pericarditis.
• KPL-387, a potential future therapy for pericarditis, received Orphan Drug Designation in October 2025.
• The company's strategy involves targeting diseases with unmet need, which often aligns with orphan indications.

The team's success is directly tied to expanding ARCALYST penetration across the recurrent pericarditis patient population.

Kiniksa Pharmaceuticals, Ltd. (KNSA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a physician or patient would choose Kiniksa Pharmaceuticals, Ltd. (KNSA) offerings for recurrent pericarditis. It's about delivering targeted biology and making the treatment journey easier, especially since this is a debilitating, chronic condition.

The fundamental value proposition rests on providing targeted inhibition of the inflammatory drivers, specifically IL-1 alpha and IL-1 beta, for recurrent pericarditis. This is where their commercial product, ARCALYST, fits in, as it acts as a soluble decoy receptor blocking this signaling pathway. The market need is significant; about 40,000 people in the United States experience recurrent pericarditis, and up to 30% of individuals with an initial pericarditis episode develop recurrences within one year.

While ARCALYST is already on the market, Kiniksa Pharmaceuticals, Ltd. is actively building the next generation of value with KPL-387. The company is focused on extending leadership in this franchise. Here's a snapshot of the current commercial reality and pipeline progress:

Regarding the reduction in recurrence rates, while specific Phase 2/3 data for KPL-387 isn't available yet-that's expected in the second half of 2026-the value proposition for the pipeline asset is built on patient preference for a better mechanism and convenience. The disease itself is characterized by flares that limit physical activities and lead to frequent emergency department visits and hospitalizations, so any effective therapy is highly valued.

KPL-387 is designed to offer a significant convenience upgrade. The value here is a potential shift from the current treatment regimen to something much simpler. Phase 1 data support the target profile of a once-monthly subcutaneous (SC) liquid formulation. This is a big deal for adherence, honestly. Furthermore, the FDA granted KPL-387 Orphan Drug Designation in October 2025, which provides development incentives.

The market reception for the potential of KPL-387 is already strong, which is a key part of the value proposition today. Surveyed data showed that 75% of recurrent pericarditis patients stated they would prefer the KPL-387 target profile over currently available options. Plus, more than 90% of health care professionals indicated a high likelihood of prescribing KPL-387 to new patients upon approval.

Kiniksa Pharmaceuticals, Ltd. also backs its therapies with dedicated patient support to ensure access and adherence. You see this through the Kiniksa OneConnect™ program. This offers personalized, one-on-one support covering the entire treatment journey, including exploring financial assistance options. Also, Kiniksa is actively working to improve the standard of care through external partnerships, such as sponsoring the American Heart Association's Addressing Recurrent Pericarditis initiative, a three-year effort that started in June 2024.

• Kiniksa OneConnect™ provides support from exploring financial assistance to starting treatment.
• Support is available Monday through Friday, 8:00 am - 8:00 pm ET, via call center.
• The company may offer Managed Access Programs for investigational products when no satisfactory alternative treatment exists.

Kiniksa Pharmaceuticals, Ltd. (KNSA) - Canvas Business Model: Customer Relationships

You're managing relationships in a rare disease space; it demands a level of personalized attention far beyond standard pharma outreach. Kiniksa Pharmaceuticals, Ltd. (KNSA) leans heavily into this high-touch model to support both the specialists prescribing ARCALYST and the patients relying on it for recurrent pericarditis.

For patients, the relationship is managed through Kiniksa OneConnect, which is their dedicated patient services program. The focus here is ensuring that despite the complexity of a rare condition, patients get on therapy quickly and receive excellent ongoing support, which is critical for adherence and positive outcomes. This support structure is designed to build confidence among healthcare professionals by demonstrating that their patients will be well-supported post-prescription. The company continues to be focused on delivering this excellent support.

Clinical education for specialists is a core function, often driven by the Medical Science Liaisons (MSLs). While we don't have a headcount for the MSL team as of late 2025, their work is clearly tied to the clinical data supporting ARCALYST, such as data from RHAPSODY and RESONANCE. The presence of a Chief Medical Officer, Dr. John F. Paolini, underscores the importance of this clinical engagement and education to specialists. This team helps ensure that the use of IL-1 alpha and beta inhibition with ARCALYST is understood as the preferred treatment approach for recurrent pericarditis.

Building community and awareness through patient advocacy groups is another pillar. Kiniksa Pharmaceuticals, Ltd. (KNSA) actively collaborates with these groups to champion the patient perspective, increase disease awareness, and accelerate time to diagnosis. A concrete example of this engagement is the creation of RESONANCE, a voluntary, patient-powered registry and network of physicians and researchers specifically dedicated to advancing research in recurrent pericarditis. Furthermore, they develop educational resources, like the 'What is Pericarditis?' information, directly with input from people living with the condition. This commitment is guided by principles of respect, listening to unmet needs, and transparency in communications.

The direct commercial relationship with prescribers is scaling rapidly, directly reflecting the success of ARCALYST. You need to track this penetration as it validates the commercial strategy. As of the second quarter of 2025, the number of prescribers who had written ARCALYST prescriptions reached over 3,475. This growth in the prescriber base, both in breadth and depth, was a key driver behind the net revenue of $156.8 million reported in Q2 2025. The company's confidence in this commercial execution led them to raise their full-year 2025 net sales guidance to between $670 million and $675 million by the Q3 2025 report.

Here's a quick snapshot of the key quantitative relationship metrics we can confirm as of late 2025:

The relationship strategy is clearly focused on deep engagement in a niche market, using patient support and clinical education to drive adoption among a defined, though growing, set of specialists. If onboarding takes 14+ days, churn risk rises, which is why OneConnect is so important. Finance: draft 13-week cash view by Friday.

Kiniksa Pharmaceuticals, Ltd. (KNSA) - Canvas Business Model: Channels

You're looking at how Kiniksa Pharmaceuticals, Ltd. gets its therapies, primarily ARCALYST, from manufacturing to the patient and how it communicates with the capital markets. The channels reflect a high-touch, specialty focus, which makes sense given the indications they target.

Specialty pharmacy network for drug distribution and patient services

Kiniksa Pharmaceuticals, Ltd. relies on a specialized distribution framework to ensure their product reaches patients needing treatment for recurrent pericarditis. This involves working with established specialty pharmacy networks, which are increasingly seeing smaller, independent pharmacies carve out niches within exclusive manufacturer arrangements as of 2025. The actual manufacturing of ARCALYST is handled by Regeneron Pharmaceuticals in the United States, which is a key upstream channel partner. The company emphasizes its commitment to patient support through programs like Kiniksa OneConnect, which is designed to facilitate access and provide comprehensive support services to patients and their healthcare teams. The commercial success driving this channel is clear:

The focus on patient support is critical because the average total duration of ARCALYST therapy was approximately 30 months as of the end of the first quarter of 2025. That's a long-term commitment that requires robust channel support.

Direct sales force targeting rheumatologists and cardiologists

The commercial execution relies heavily on a dedicated field force. This team's primary channel activity is direct education of healthcare providers (HCPs) regarding the approved treatment options for recurrent pericarditis. The sales force, which includes roles like the Regional Clinical Sales Specialist, is specifically tasked with educating decision makers, including cardiologists and rheumatologists, to initiate Kiniksa Pharmaceuticals, Ltd.'s approved product. This direct engagement is paired with efforts to increase the prescriber base; as of the end of the first quarter of 2025, more than 3,150 prescribers had written ARCALYST prescriptions. Management is actively assessing the 'rightsizing' of this sales force while looking at other educational avenues.

Digital marketing and AI-driven targeting strategies for prescriber identification

To complement the field force, Kiniksa Pharmaceuticals, Ltd. engages through digital channels, which in 2025 are heavily influenced by technology for precision. The industry trend involves an integrated omnichannel approach, where digital platforms support the traditional sales efforts. Key digital channel strategies for HCP targeting in 2025 include:

• AI-Driven Personalization: Using Artificial Intelligence to analyze data for personalized content delivery to HCPs.
• Privacy-Safe Targeting: Employing methods like List Match Targeting (matching hashed HCP lists) and NPI Buying (targeting by National Provider Identifier) to reach verified professionals compliantly.
• Data Utilization: Leveraging massive datasets from electronic health records and prescribing trends for precision marketing, while maintaining HIPAA and GDPR compliance.
• Omnichannel Execution: Ensuring consistent messaging across digital platforms like targeted emails and webinars, complementing in-person interactions.

This digital layer helps in identifying and engaging the right specialists efficiently, which is vital as the company looks to grow its prescriber base beyond the 3,150+ mark achieved in Q1 2025. The goal is to enhance customer engagement using business insights.

Investor Relations (IR) website and financial reporting for capital markets

For the capital markets channel, Kiniksa Pharmaceuticals, Ltd. maintains a dedicated Investors & Media section on its website, www.kiniksa.com. This is the primary conduit for sharing business updates and financial performance with stockholders and analysts. The reporting cadence is regular and transparent, providing concrete financial data points that influence investor perception. For instance, the company reported its third quarter 2025 financial results and recent portfolio execution via a conference call on October 28, 2025. The second quarter 2025 results were reported on July 29, 2025. The company's financial health, evidenced by a cash balance of $307.8 million as of June 30, 2025, and a net income of $17.8 million in Q2 2025, is communicated through these channels to support the narrative of remaining cash flow positive on an annual basis and avoiding the need to access capital markets. Finance: draft 13-week cash view by Friday.

Kiniksa Pharmaceuticals, Ltd. (KNSA) - Canvas Business Model: Customer Segments

You're looking at the core groups Kiniksa Pharmaceuticals, Ltd. (KNSA) targets to get ARCALYST to patients with recurrent pericarditis. This is a specialized, high-need group, and the numbers show how deep KNSA is digging into this market.

The primary target market is patients diagnosed with recurrent pericarditis. KNSA is focused on the subset of these patients who have experienced multiple recurrences. As of the end of the second quarter of 2025, penetration into this target population of 14,000 multiple-recurrence patients increased to approximately 15%. This is a solid jump from the ~13% penetration seen at the end of 2024. Honestly, getting to 15% penetration while maintaining high compliance shows real commercial traction.

Healthcare professionals (HCPs) are the gatekeepers, specifically cardiologists and rheumatologists who manage this condition. KNSA has built a substantial prescriber base. Since the launch, more than 3,475 prescribers have written ARCALYST prescriptions. By the third quarter of 2025, the total prescriber count launched to date surpassed 3,825. It's worth noting that around 28%, or more than 1,000 of these prescribers, have written ARCALYST for 2 or more patients, indicating repeat usage and confidence.

Payers, including insurance companies and government programs like Medicare Part D, control access to this high-cost therapy. KNSA has managed this well; payer approval rates remained very high, greater than 90% as of Q2 2025. The dynamics around Medicare Part D were a factor in Q1 2025, with a one-time bolus of patients moving from free goods to paid therapy.

To give you a clearer picture of the adoption metrics tied to these segments as of mid-2025, here's a quick math summary:

The utilization pattern within the patient segment shows a broad label use. For instance, in Q1 2025, approximately 15% of patients were treated at their first recurrence, while about 85% were treated at 2 or more recurrences. This shows KNSA is capturing both earlier and later-stage patients in the recurrent pericarditis continuum.

Kiniksa Pharmaceuticals, Ltd. (KNSA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Kiniksa Pharmaceuticals, Ltd.'s business as of late 2025. It's a story dominated by scaling up the commercial success of ARCALYST and funding the pipeline, especially KPL-387. The costs are clearly moving up, but so is the revenue.

The Cost of Goods Sold (COGS) and collaboration expenses are directly tied to ARCALYST revenue growth. For instance, in the third quarter of 2025, ARCALYST net product revenue hit $180.9 million. This success drove collaboration expenses up significantly; they were $63.3 million in Q3 2025, a big jump from $29.3 million in the third quarter of 2024. This reflects the profitability sharing built into the ARCALYST arrangement as sales volume increases.

Research and Development (R&D) remains a major cost area, even without a specific R&D line item in the provided summaries. The focus here is on advancing the pipeline. Kiniksa Pharmaceuticals initiated the pivotal Phase 2/3 clinical trial for KPL-387 in recurrent pericarditis in mid-2025. You should expect R&D costs to remain substantial as they work toward Phase 2 dose-focusing data, which is anticipated in the second half of 2026.

Sales, General, and Administrative (SG&A) costs are also a key driver of the overall expense base. These costs support the ongoing commercialization and market penetration efforts for ARCALYST. The growth in total operating expenses in Q2 2025, which was 26% year-over-year, was explicitly attributed to COGS, collaboration expenses, and SG&A. It's how Kiniksa Pharmaceuticals supports its growing prescriber base, which surpassed 3,825 by the end of Q3 2025.

To be fair, you always have to watch the non-cash items, too. The non-cash, share-based compensation expense was $8.9 million in the second quarter of 2025. This figure is part of the total operating expenses that Kiniksa Pharmaceuticals manages while aiming to remain cash flow positive annually.

Here's a quick look at how some of the major expense components trended across the first three quarters of 2025:

The cost structure is clearly scaling with revenue, but the underlying drivers are distinct:

• Cost of Goods Sold and collaboration expenses are directly proportional to ARCALYST sales volume.
• SG&A supports the commercial engine, evidenced by the growing prescriber base.
• R&D spending is heavily weighted toward advancing KPL-387 through its Phase 2/3 trial.
• Share-based compensation is a consistent, non-cash overhead component.

Finance: draft 13-week cash view by Friday.

Kiniksa Pharmaceuticals, Ltd. (KNSA) - Canvas Business Model: Revenue Streams

You're looking at the core of Kiniksa Pharmaceuticals, Ltd.'s (KNSA) current financial engine, which is heavily concentrated on one key asset right now. Honestly, for a company at this stage, that singular focus on ARCALYST (rilonacept) net product revenue is the defining feature of their revenue block.

The primary stream is the net product revenue from the commercial sales of ARCALYST, which is showing some serious momentum. For the full year 2025, Kiniksa Pharmaceuticals, Ltd. has guided investors that ARCALYST net sales will land between $670 million and $675 million. This guidance was actually raised, reflecting strong execution throughout the year.

To give you a concrete look at that performance, the third quarter of 2025 saw ARCALYST net product revenue hit $180.9 million. That's a substantial quarterly number, showing the expanding adoption for recurrent pericarditis. The growth in duration of therapy-which reached approximately 32 months by the end of Q3 2025-is definitely helping to drive that top-line number up quarter over quarter.

Here's a quick snapshot of the most recent, hard numbers we have for the revenue generation:

Beyond the drug sales, you have to consider the other potential, albeit currently minor, streams. These are the ones that could provide a nice upside later if their pipeline assets progress through partners. Right now, though, they are minimal.

The structure of these revenue streams can be broken down like this:

• Net product revenue from the commercial sales of ARCALYST.
• Full-year 2025 ARCALYST net sales guidance is between $670 million and $675 million.
• Q3 2025 ARCALYST net product revenue was $180.9 million.
• Potential future milestone payments or royalties from out-licensed assets (currently minimal).

To be fair, the lack of significant license and collaboration revenue in Q2 2025, which was $0 million compared to $5.2 million in Q2 2024, reinforces that the business is running almost entirely on the ARCALYST commercial engine for now. Finance: draft 13-week cash view by Friday.