Operational efficiency is improving, as evidenced by a 23.4% free cash flow margin and an operating cash flow to net income conversion ratio of 2.22 in 2026Q1.
| Cash from Operations | 165.86M | 25.69M | 25.69M | 13.3M | 5.81M | -126.3M | -136.53M | -158.37M | -81.01M | -50.22M | -21.87M |
| Operating CF Margin % | - | 3.79% | 6.07% | 4.92% | 2.64% | -327.67% | - | - | - | - | - |
| Operating CF Growth % | 2361.66% | 0% | 93.14% | 129.05% | 104.6% | 7.5% | 13.79% | -95.49% | -61.32% | -129.66% | - |
| Net Income | 73.06M | -43.19M | -43.19M | 14.08M | 183.36M | -157.92M | -161.38M | -161.87M | -103.23M | -64.87M | -23.97M |
| Depreciation & Amortization | 2.85M | 1.7M | 1.7M | 2.34M | 2.4M | 2.35M | 2.4M | 2.07M | 286K | 28K | 22K |
| Stock-Based Compensation | 33M | 30.69M | 30.69M | 27.15M | 25.12M | 25.17M | 20.88M | 15.08M | 5.7M | 897K | 368K |
| Deferred Taxes | 9.66M | 8.13M | 8.13M | -33.79M | -185.5M | 11K | 4.36M | -3.16M | -978K | -197K | -46K |
| Other Non-Cash Items | 132.74M | -23.27M | 3.55M | 2.17M | 2.99M | 3.4M | 1.52M | 6.53M | -1.12M | -53K | 293K |
| Working Capital Changes | 16.74M | 51.63M | 24.81M | 1.35M | -22.57M | 689K | -4.32M | -17.02M | 18.33M | 13.93M | 1.76M |
| Change in Receivables | 16.84M | 26.13M | -20.46M | -950K | -16.33M | -3.91M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -51.07M | 4.76M | 4.76M | -9.52M | -17.92M | -3.67M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 15.9M | -6.31M | -6.31M | 347K | 6.03M | 1.37M | -4.97M | -4.71M | 8.82M | 1.01M | 119K |
| Cash from Investing | -169.37M | 37.67M | 37.67M | -29.56M | -8.08M | 128.63M | -23.44M | 49.21M | -239.2M | -69K | -3K |
| Capital Expenditures | -339K | -277K | -277K | -130K | -105K | -415K | -283K | -3.2M | -5.29M | -69K | -3K |
| CapEx % of Revenue | 0.04% | 0.04% | 0.07% | 0.05% | 0.05% | 1.08% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 25K | 0 | 0 | 0 | 23.16M | -52.42M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -226.64M | 25K | 0 | 0 | 91K | -20M | -23.16M | 52.42M | -233.91M | 0 | 0 |
| Cash from Financing | 36.33M | 12.27M | 12.27M | 1.5M | 2.52M | 5.88M | 227.09M | 84.11M | 346.74M | 39.87M | 42.51M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -7.32M | -7.73M | -4.98M | -2.21M | 3.42M | 0 | 228.22M | 83.11M | 350.02M | 39.87M | 42.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -7.32M | -7.73M | -4.98M | -2.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 43.65M | 20M | 17.25M | 3.7M | -901K | 5.88M | -1.14M | 1M | -3.28M | 0 | 10K |
| Net Change in Cash | 32.82M | 75.63M | 75.63M | -14.76M | 245K | 8.22M | 67.11M | -25.05M | 26.53M | -10.41M | 20.64M |
| Free Cash Flow | 164.23M | 25.41M | 25.41M | 13.17M | 5.7M | -146.71M | -136.81M | -161.57M | -86.3M | -50.29M | -21.87M |
| FCF Margin % | 21.78% | 3.75% | 6% | 4.87% | 2.59% | -380.64% | - | - | - | - | - |
| FCF Growth % | 275.52% | 0% | 92.94% | 130.99% | 103.89% | -7.23% | 15.32% | -87.22% | -71.62% | -129.94% | - |
| FCF per Share | 1.99 | 0.32 | 0.36 | 0.18 | 0.08 | -2.14 | -2.21 | -2.99 | -2.92 | -1.55 | -0.67 |
| FCF Conversion (FCF/Net Income) | 2.25x | 0.44x | -0.59x | 0.94x | 0.03x | 0.80x | 0.85x | 0.98x | 0.78x | 0.77x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1K | 0 | 2M | 5.61M | 10.69M | 1.28M | 482K | 1.72M | 383K | 290K | 115K |
Single-Asset Revenue Dependency
As reported in recent financial filings, Kiniksa's operating cash flow to net income ratio reached 2.22 in 2026Q1, indicating that the company is successfully converting accounting profits into tangible cash, a significant improvement from the volatile conversion ratios observed during the 2024 fiscal year.
The consistent divergence where operating cash flow exceeds net income suggests that non-cash charges and working capital adjustments are currently providing a tailwind to liquidity. Investors should monitor whether this conversion efficiency remains elevated as the company scales its commercial operations and potentially increases its inventory requirements.
Based on the latest quarterly data, Kiniksa's free cash flow margin has expanded to 23.4% in 2026Q1, reflecting a robust trajectory that suggests the company is effectively managing its operational costs while scaling the ARCALYST revenue base to generate sustainable internal funding.
The transition from negative free cash flow in 2024 to consistent positive generation in recent quarters implies that the business model is reaching a critical inflection point of self-sustainability. This trend warrants further investigation into whether future R&D investments for the KPL-404 program will compress these margins in the coming periods.
According to the provided cash flow statements, working capital changes contributed a significant $19.4 million to cash flow in 2025Q4, highlighting that the company's ability to manage receivables and payables is currently a primary driver of its short-term liquidity position.
The volatility in working capital shifts suggests that Kiniksa's cash position is sensitive to the timing of milestone payments and the collection cycles inherent in the specialty pharmacy distribution model. Analysts should interpret these fluctuations as temporary timing differences rather than structural changes in the underlying cash-generating capacity of the business.
As indicated by the financial statements, stock-based compensation remains a consistent cash-neutral expense, with $10.1 million recorded in 2026Q1, which effectively masks the true economic cost of talent acquisition when evaluating the company's overall cash flow generation and shareholder dilution profile.
While the company reports strong operating cash flow, the persistent reliance on equity-based incentives suggests that the reported cash figures may overstate the company's ability to fund operations without ongoing dilution. Investors should adjust their valuation models to account for the recurring nature of these non-cash expenses.
Quick answers to the most common questions about buying KNSA stock.
Kiniksa Pharmaceuticals, Ltd. (KNSA) generated $25.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kiniksa Pharmaceuticals, Ltd. (KNSA) generated $25.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Kiniksa Pharmaceuticals, Ltd. (KNSA) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Kiniksa Pharmaceuticals, Ltd. (KNSA) spent $7.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.