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what it is
It sells and develops immune-disease drugs, with one product already doing the heavy lifting.
how it gets paid
Last year Kiniksa reported about $423M in total revenue (company release, FY 2024).
why it's growing
Revenue grew about 57% vs. prior year in 2024 ($423M vs $270M prior year, company release). ARCALYST product sales were $417M of that total.
what just happened
Q4 2024 revenue was about $123M; the full year was about $423M, with a net loss for the year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
10/100 earnings predictability — expect surprises
trailing p/e n/a — FY 2024 was a net loss
3.2% return on capital — nothing to write home about
-$0.60 fy2024 eps est
xvary composite: 54/100 — below average
What they do
It sells and develops immune-disease drugs, with one product already doing the heavy lifting.
commercial-stage → already selling medicine → so what: you are not funding a science fair. ARCALYST drove $417M in 2024 product revenue, essentially all of the company’s ~$423M total revenue. Kiniksa has 315 employees, so a small team is carrying a multi-billion-dollar equity value.
How they make money
$423M
annual revenue (FY 2024) · revenue grew about +57% vs prior year
total revenue
$423M
+57%
The products that matter
commercial immunology drug
ARCALYST (rilonacept)
$417M product revenue · ~98% of total
ARCALYST net product revenue was $417.0M in 2024 (company release) on $423.2M total revenue — essentially one drug. that kind of concentration can look efficient right up until something goes wrong.
the business today
pre-revenue pipeline asset
KPL-387
monthly injection concept
it is still pre-revenue. why it matters is simple: almost all of today's revenue is still ARCALYST, so any credible second asset matters more here than it would at a diversified pharma company.
optional diversification
broader development portfolio
clinical pipeline
$0 current revenue
the pipeline exists to reduce single-product dependence. until it contributes something commercial, you are still underwriting one marketed drug and a set of future promises.
future, not cash flow
Key numbers
$423M
annual revenue
That is FY 2024 total revenue (company release). It confirms commercial scale, not just pipeline promise.
$123M
Q4 2024 revenue
Q4 2024 total revenue was $122.5M (rounded), up from $83.4M in Q4 2023 per the company release.
$(0.60)
FY 2024 EPS (diluted)
Full-year 2024 was a net loss; diluted EPS was $(0.60) per the earnings materials — so headline margins and trailing P/E are not clean valuation shorthand.
n/m
trailing p/e
With a FY 2024 net loss, a positive trailing multiple is not meaningful — focus on revenue growth, expenses, and path to sustained profit.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
- long-term debt $7M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for KNSA right now.
source: institutional data · return history unavailable
What just happened
loss quarter
Q4 2024 revenue was ~$123M; FY 2024 revenue was ~$423M, with a net loss for the year.
Company release (Feb 25, 2025): total revenue $122.5M in Q4 2024 vs $83.4M in Q4 2023 (~47% vs. prior year); FY 2024 total revenue $423.2M vs $270.3M prior year. Q4 2024 diluted EPS was $(0.12); FY 2024 diluted EPS was $(0.60).
$123M
Q4 revenue
$(0.12)
Q4 EPS (diluted)
n/a
n/a
the number that mattered
FY revenue ~$423M with ARCALYST at $417M shows the story is still one drug scaling fast; use those filing figures as the baseline.
source: company earnings report, 2026
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What could go wrong
the top risk here is ARCALYST concentration. when one drug produces almost all of your ~$423M revenue base, you do not need a broad failure for the stock to get hurt. you need one important thing to wobble.
med
one-drug revenue base
ARCALYST generated essentially all of the company’s ~$423M FY 2024 revenue. That is operational simplicity and concentration risk rolled into the same fact.
Any clinical, regulatory, reimbursement, or competitive pressure on ARCALYST hits essentially the entire current revenue stream.
med
the pipeline still has to earn the multiple
KPL-387 and the broader pipeline are still pre-revenue. The equity valuation already embeds growth beyond today’s reported losses.
If future assets fail to diversify the business, investors are left paying a premium multiple for what is still a one-product company.
med
estimate quality is messy
Third-party screens can lag the filing; use the company’s $423.2M FY 2024 total revenue and $417.0M ARCALYST product line as the baseline.
When the data stack is uneven, valuation arguments get looser. Loose valuation work is where expensive stocks get people in trouble.
A setback for ARCALYST would expose almost all of the current revenue base, while a slower pipeline keeps the business concentrated for longer. That is the whole risk map in one sentence.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings update
You want the next report to show ARCALYST net product revenue staying on track toward company guidance ($560M–$580M for 2025 at last disclosure). That is still the main scoreboard.
trend
ARCALYST growth versus concentration
Fast growth is good. Fast growth with 100% revenue concentration is more complicated. The stock needs both continued demand and a believable path to less dependence.
risk
pipeline de-risking
KPL-387 matters because it is the most visible route away from a one-drug revenue base. Until something else contributes, the diversification thesis is still mostly a future-tense sentence.
metric
earnings predictability
The 10/100 predictability score tells you this is not a clean, boring earnings story. If that number improves, the market will likely trust the business more. If it stays low, expect volatility to remain part of the package.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak: there is no clean consensus doing the thinking for you.
risk profile
volatile
a 15 / 100 price stability score is the translation. this stock moves like a catalyst name, because it is one.
chart momentum
stock-specific
the shares have traded between $18 and $49 over the last 52 weeks. that is not smooth trend-following. that is investors repricing the same story at very different confidence levels.
earnings predictability
10/100
the business is still changing shape. in human-speak, expect the market to overreact to updates because the baseline is not settled.
source: institutional data
Institutional activity
institutional ownership data for KNSA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$41
current price
n/a
target midpoint · n/a from current
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