Kiniksa Pharmaceuticals Ltd, the commercial-stage biopharmaceutical company that proposes to change its place of incorporation from Bermuda to Britain, has reported a net loss for the 2024 first quarter of $17.7 million.

That compares with a net loss of $12.3 million for the first quarter of 2023.

Total revenue for the quarter was $79.9 million, which compares with $48.3 million in the prior year’s quarter.

First quarter total revenue included $1 million in licence and collaboration revenue, compared with $5.7 million in the prior year quarter.

Total operating expenses were $96.4 million, up from $59.5 million for the same period in the prior year.

As of March 31, Kiniksa had $213.6 million of cash, cash equivalents, and short-term investments and no debt, the company said.

Kiniksa has cited Bermuda’s decision to introduce a corporate income tax as among its reasons for seeking the move.

It has proposed a scheme of arrangement under which the company would redomicile to Britain.

Under Bermuda law, a scheme of arrangement must be approved by a company’s shareholders, and also requires the approval of the Supreme Court.

Shareholders of the company are to vote on the matter at a virtual meeting scheduled for June 5.