$KNSA
Kiniksa Pharmaceuticals Ltd

2022 Q1 Form 10-Q Financial Statement

#000155837022007381 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $32.19M $0.00
YoY Change
Cost Of Revenue $4.219M
YoY Change
Gross Profit $27.97M
YoY Change
Gross Profit Margin 86.89%
Selling, General & Admin $22.22M $20.60M
YoY Change 7.85% 121.74%
% of Gross Profit 79.44%
Research & Development $20.82M $28.68M
YoY Change -27.42% 37.23%
% of Gross Profit 74.43%
Depreciation & Amortization $359.0K $290.0K
YoY Change 23.79% -51.18%
% of Gross Profit 1.28%
Operating Expenses $43.04M $49.28M
YoY Change -12.68% 67.7%
Operating Profit -$23.32M -$49.28M
YoY Change -52.68% 67.7%
Interest Expense $34.00K $10.00K
YoY Change 240.0% -98.73%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$23.29M -$49.27M
YoY Change -52.74% 72.3%
Income Tax $1.925M $210.0K
% Of Pretax Income
Net Earnings -$25.21M -$49.48M
YoY Change -49.05% 87.3%
Net Earnings / Revenue -78.32%
Basic Earnings Per Share -$0.36 -$0.72
Diluted Earnings Per Share -$0.36 -$0.72
COMMON SHARES
Basic Shares Outstanding 69.14M 68.27M
Diluted Shares Outstanding 69.14M 68.27M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.6M $264.0M
YoY Change -44.86% 29.29%
Cash & Equivalents $63.32M $119.9M
Short-Term Investments $82.25M $144.2M
Other Short-Term Assets $10.52M $9.300M
YoY Change 13.09% 5.68%
Inventory $13.22M $2.189M
Prepaid Expenses
Receivables $29.44M
Other Receivables $0.00
Total Short-Term Assets $198.8M $275.6M
YoY Change -27.87% 29.31%
LONG-TERM ASSETS
Property, Plant & Equipment $2.475M $3.815M
YoY Change -35.12% -48.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.918M $5.797M
YoY Change 2.09% 3.52%
Total Long-Term Assets $32.21M $35.59M
YoY Change -9.51% 173.8%
TOTAL ASSETS
Total Short-Term Assets $198.8M $275.6M
Total Long-Term Assets $32.21M $35.59M
Total Assets $231.0M $311.2M
YoY Change -25.77% 37.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.383M $2.763M
YoY Change 22.44% -35.74%
Accrued Expenses $38.89M $30.32M
YoY Change 28.27% 100.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $50.35M $35.45M
YoY Change 42.03% 83.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $271.0K $809.0K
YoY Change -66.5% -10.11%
Total Long-Term Liabilities $271.0K $809.0K
YoY Change -66.5% -10.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.35M $35.45M
Total Long-Term Liabilities $271.0K $809.0K
Total Liabilities $64.72M $40.46M
YoY Change 59.96% 99.32%
SHAREHOLDERS EQUITY
Retained Earnings -$700.6M -$567.0M
YoY Change 23.57%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $166.2M $270.7M
YoY Change
Total Liabilities & Shareholders Equity $231.0M $311.2M
YoY Change -25.77% 37.62%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$25.21M -$49.48M
YoY Change -49.05% 87.3%
Depreciation, Depletion And Amortization $359.0K $290.0K
YoY Change 23.79% -51.18%
Cash From Operating Activities -$36.85M -$40.12M
YoY Change -8.17% 26.19%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $54.00K
YoY Change -100.0% -75.78%
Acquisitions
YoY Change
Other Investing Activities -$22.72M $64.89M
YoY Change -135.02% -27.1%
Cash From Investing Activities -$22.72M $44.83M
YoY Change -150.68% -49.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 423.0K 1.106M
YoY Change -61.75% -54.18%
NET CHANGE
Cash From Operating Activities -36.85M -40.12M
Cash From Investing Activities -22.72M 44.83M
Cash From Financing Activities 423.0K 1.106M
Net Change In Cash -59.15M 5.818M
YoY Change -1116.6% -90.21%
FREE CASH FLOW
Cash From Operating Activities -$36.85M -$40.12M
Capital Expenditures $0.00 $54.00K
Free Cash Flow -$36.85M -$40.18M
YoY Change -8.29% 25.48%

Facts In Submission

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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 36pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the recognition of revenue, the capitalization of inventory, the accrual for research and development expenses and the valuation of share-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.</p>
CY2022Q1 knsa Product Revenue Provision For Government Rebates
ProductRevenueProvisionForGovernmentRebates
718000
CY2022Q1 knsa Product Revenue Provision For Product Returns
ProductRevenueProvisionForProductReturns
62000
CY2022Q1 knsa Product Revenue Provision For Reserves And Allowances
ProductRevenueProvisionForReservesAndAllowances
2451000
CY2022Q1 knsa Product Revenue Refunds On Contractual Adjustments
ProductRevenueRefundsOnContractualAdjustments
553000
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-700607000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-25210000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-36846000
CY2022Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
145577000
CY2022Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q1 knsa Number Of Securities Unrealized Loss Position
NumberOfSecuritiesUnrealizedLossPosition
18
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
82253000
CY2021 knsa Number Of Securities Unrealized Loss Position
NumberOfSecuritiesUnrealizedLossPosition
11
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
49739000
CY2021Q4 knsa Product Revenue Reserve For Contractual Adjustments
ProductRevenueReserveForContractualAdjustments
515000
CY2021Q4 knsa Product Revenue Reserve For Government Rebates
ProductRevenueReserveForGovernmentRebates
719000
CY2021Q4 knsa Product Revenue Reserve For Sales Returns
ProductRevenueReserveForSalesReturns
101000
CY2021Q4 knsa Product Revenue Reserves And Allowances
ProductRevenueReservesAndAllowances
1335000
CY2022Q1 knsa Product Revenue Provision For Contractual Adjustments
ProductRevenueProvisionForContractualAdjustments
1671000
CY2022Q1 knsa Product Revenue Government Rebates Payments And Sales Returns Prior Year Sales
ProductRevenueGovernmentRebatesPaymentsAndSalesReturnsPriorYearSales
180000
CY2022Q1 knsa Product Revenue Refunds And Payments On Government Rebates
ProductRevenueRefundsAndPaymentsOnGovernmentRebates
89000
CY2022Q1 knsa Product Revenue Refunds And Credits For Reserves And Allowances
ProductRevenueRefundsAndCreditsForReservesAndAllowances
642000
CY2022Q1 knsa Product Revenue Contractual Adjustments Payments And Sales Returns Prior Year Sales
ProductRevenueContractualAdjustmentsPaymentsAndSalesReturnsPriorYearSales
301000
CY2022Q1 knsa Product Revenue Refunds And Credits For Reserves And Allowances Prior Year Sales
ProductRevenueRefundsAndCreditsForReservesAndAllowancesPriorYearSales
481000
CY2022Q1 knsa Product Revenue Reserve For Contractual Adjustments
ProductRevenueReserveForContractualAdjustments
1332000
CY2022Q1 knsa Product Revenue Reserve For Government Rebates
ProductRevenueReserveForGovernmentRebates
1168000
CY2022Q1 knsa Product Revenue Reserve For Sales Returns
ProductRevenueReserveForSalesReturns
163000
CY2022Q1 knsa Product Revenue Reserves And Allowances
ProductRevenueReservesAndAllowances
2663000
CY2022Q1 knsa Product Revenue Reserves And Allowances
ProductRevenueReservesAndAllowances
2663000
CY2021Q4 knsa Product Revenue Reserves And Allowances
ProductRevenueReservesAndAllowances
1335000
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
148000
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
13075000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3675000
CY2022Q1 us-gaap Inventory Net
InventoryNet
13223000
CY2021Q4 us-gaap Inventory Net
InventoryNet
3675000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8749000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8749000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6274000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5915000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2475000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2834000
CY2022Q1 us-gaap Depreciation
Depreciation
359000
CY2021Q1 us-gaap Depreciation
Depreciation
290000
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
20000000
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1000000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19000000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
20000000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
750000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19250000
CY2022Q1 knsa Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
22212000
CY2021Q4 knsa Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
24977000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4934000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8916000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
11412000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3768000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
329000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
370000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
38887000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
38031000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6031000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7126000
CY2022Q1 knsa Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
12000000
CY2022Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
12000000
CY2017Q3 knsa Time Period To Terminate Agreement By Both Parties Under Uncured Material Breaches
TimePeriodToTerminateAgreementByBothPartiesUnderUncuredMaterialBreaches
P90D
CY2017Q3 knsa Time Period To Terminate Agreement Under Payment Related Breaches
TimePeriodToTerminateAgreementUnderPaymentRelatedBreaches
P30D
CY2017Q3 knsa Consecutive Suspension Of Activities Period To Terminate Agreement
ConsecutiveSuspensionOfActivitiesPeriodToTerminateAgreement
P12M
CY2017Q3 knsa Time Period To Terminate Agreement After Eighteen Months Of Agreement
TimePeriodToTerminateAgreementAfterEighteenMonthsOfAgreement
P1Y
CY2017Q3 knsa Time Period To Terminate Agreement If Products Are Determined To Have Certain Safety Concerns
TimePeriodToTerminateAgreementIfProductsAreDeterminedToHaveCertainSafetyConcerns
P3M
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-25210000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-49484000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69136901
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68269486
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.72
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1925000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9455127
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10939018
CY2021Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2022Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
CY2022Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
36613000
CY2022Q1 knsa Purchase Commitment Obligation Due In Next Rolling Twelve Months
PurchaseCommitmentObligationDueInNextRollingTwelveMonths
30089000

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