Kiniksa Pharmaceuticals International, plc

Good day, and thank you for standing by. Welcome to CanXX Pharmaceutical's second quarter 2024 earnings conference call. At this time, all participants are on listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1, 1 on your telephone. You will then hear an automatic message advising your hand is raised. Please note that this conference is being recorded. I will now hand the conference over to your speaker house for today, Rachel Frank, Head of Investillations. Please go ahead.

Thank you, Operator. Good morning, everyone, and thank you for joining Connexus Call to discuss our second quarter 2024 financial results in recent portfolio execution. A press release highlighting these results can be found on our website under the Investors section. As for the agenda, our Chief Executive Officer, Sanj K. Patel, will start with an introduction. Next, Ross Moat, our Chief Commercial Officer, will provide an update on the ARCLOS commercial execution. From there, Mark Ragosa, our Chief Financial Officer, will review our second quarter 2024 financial results. And finally, Sanjul will return for closing remarks and to kick off a Q&A session for which Eben Tesari, our Chief Operating Officer, and John Paolini, our Chief Medical Officer, will also be on the line. Before getting started, please know that we will be making forward-looking statements today that are subject to risks and uncertainties that may cause actual results to differ materially from these statements. A review of such statements and risk factors can be found on this slide as well as under the caption risk factors contained in our SEC filings. These statements speak only as of the date of this presentation, and we undertake no obligation to update such statements except as required by law. With that, I will turn it over to Sanj.

Thanks, Rachel, and hello to everyone listening in. In the second quarter of the year, we've continued to execute and make significant progress across our portfolio. We've driven strong commercial performance and advanced our clinical stage asset, Abiprubat, into a Phase IIb study in Sjogren's disease. The full clinical development plan for this program is fully funded within our current operating plan. We've also maintained a strong financial position, and we expect to be cash flow positive on an annual basis. All of this positions us for continued success in the second half of the year and beyond. Starting on the commercial side, since launching Arclist in recurrent pericarditis just over three years ago, Connexa has built an effective commercial operation allowing us to reach an increasing number of recurrent pericarditis patients. We've introduced and advanced a fundamental shift in the treatment paradigm for this disease. And this has been pivotal in establishing Arclist as the standard of care for recurrent pericarditis. We've also consistently driven Arclist collaboration profitability. This allows us to invest in further commercialization. It also includes our recent Salesforce expansion, the American Heart Association initiative, and the Henrik Lundqvist partnership that we announced last month. In the second quarter, ArcoList net product revenue grew to $103.4 million, which is 90% year-over-year growth. This growth was supported by continued strength across several key commercial drivers, including increasing prescriber adoption, high physician and patient satisfaction, and over 90% payer approval of completed cases. The second quarter also benefited from higher compliance and lower grossness. both of which we do not expect to improve at the same rate going forward. With regard to prescribers, the total number since launch has increased from approximately 2,000 in Q1 to approximately 2,300 in Q2. Importantly, these prescribers are demonstrating a growing appreciation of the need to treat to the duration of underlying disease. And that's reflected by the total average duration of therapy increasing from 23 months at the end of 2023 to approximately 26 months at the end of Q2. Additionally, at the end of the second quarter, approximately 11% of the 14,000 target population were actively on ARC-List treatment. As we look to grow this penetration number and ultimately help more patients, we continue to evolve our commercial efforts and initiatives. And we now expect 2024 full year Arculus net sales to be between $405 and $415 million. And Ross will cover in more detail this in a moment. Ultimately, it's our commercial execution that's helping to drive our strong financial position and our ability to drive further growth across the Connexer business. With that in mind and looking to our pipeline, we're really excited about the potential of Abbey Proubarth to provide another growth opportunity for the company. We recently announced that we started enrollment in the Phase 2b study of Abbey Proubarth in Sjogren's disease This is a debilitating chronic autoimmune disease that has no FDA-approved therapies. Based on the clear biological activity demonstrated by ABI-Provost, potential for convenient subcutaneous administration, and the external proof of concept of the inhibition of the CD40 and CD154 interaction, we believe that ABI has the potential to provide meaningful benefit to patients. I do want to mention that today is World Sjogren's Day. This is a day that's dedicated to raising awareness of this life-altering disease. We're very excited to be working closely with both the Sjogren's Foundation and Sjogren's Europe to help raise awareness. With that, I'll turn it over to Ross, who'll provide an update on how we plan to continue driving patient and physician adoption. Ross? Thank you, Saj.