KNSAKiniksa Pharmaceuticals International, plc

Pharmaceutical Preparations

Revenue: $678M; 60% YoY
Operating margin: 11.4%; 206% YoY
EBITDA: $79M; 279% YoY
Market cap: $7.7B
Employees: 366; $2M revenue each
Net debt / EBITDA: —
AI in 10-K: 0.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
234% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 89th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 12th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$45M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$39M	$220M	$270M	$423M	$678M	60%
Operating income	−$157M	$10M	−$25M	−$46M	$77M	269%
Net income	−$158M	$183M	$14M	−$43M	$59M	237%
Operating cash flow	−$126M	$6M	$13M	$26M	$138M	437%
Capex	$415K	$105K	$130K	$277K	$2M	466%
Stock-based comp	$25M	$25M	$27M	$31M	$37M	21%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 26, 2026	BAKER BROS. ADVISORS LP	SCHEDULE 13D/A	14.0%	Passive
Oct 8, 2024	BAKER BROS. ADVISORS LP	SC 13D/A	7.6%	Passive
Jul 28, 2020	BAKER BROS. ADVISORS LP	SC 13D/A	9.2%	Passive
May 18, 2020	BAKER BROS. ADVISORS LP	SC 13D/A	11.4%	Passive
Jun 7, 2019	BAKER BROS. ADVISORS LP	SC 13D/A	14.9%	Passive
Feb 6, 2019	BAKER BROS. ADVISORS LP	SC 13D/A	16.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $45M · 37
Net: −$45M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$11M	$28M	233	125
FY2024	$7M	$9M	112	91
FY2023	$5M	$7M	99	92
FY2022	$6M	$9M	85	89
FY2021	$7M	$579K	67	99