Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2025

11. Net Income (Loss) per Share

The rights, including the liquidation and dividend rights, of the holders of Class A, Class B, Class A1 and Class B1 ordinary shares are identical, except with respect to voting, transferability and conversion (see Exhibit 4.2 to the Company’s Current Report on Form 8-K12B, filed on June 28, 2024). As the liquidation and dividend rights are identical, losses are allocated on a proportionate basis and the resulting net income (loss) per share attributed to ordinary shareholders will, therefore, be the same for both Class A and Class B ordinary shares on an individual or combined basis.

Basic and diluted net income (loss) attributable to ordinary shareholders was calculated as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss) attributable to ordinary shareholders	$	18,435	$	(12,693)	$	44,806	$	(34,305)
Denominator:
Weighted-average shares outstanding		74,714,846		71,726,685		73,605,690		71,123,658
Effect of dilutive securities
Options to purchase ordinary shares		4,135,876		—		3,489,094		—
Performance options to purchase ordinary shares		—		—		—		—
Unvested RSUs		1,080,414		—		857,156		—
Unvested PSUs		104,264		—		75,430		—
Weighted-average shares outstanding		80,035,400		71,726,685		78,027,370		71,123,658

Basic net income (loss) per share	$	0.25	$	(0.18)	$	0.61	$	(0.48)
Diluted net income (loss) per share	$	0.23	$	(0.18)	$	0.57	$	(0.48)

The Company’s unvested RSUs and PSUs have been excluded from the computation of basic net loss per share attributable to ordinary shareholders.

For the three and nine months ended September 30, 2025 diluted earnings per share includes the assumed exercise of dilutive options and the assumed issuance of ordinary shares for unvested RSUs and PSUs for which the market or performance condition has been met as of the date of determination, using the treasury stock method unless the effect is anti-dilutive. The treasury stock method assumes that proceeds, including cash received from the exercise of employee share options and the average unrecognized compensation expense for unvested share-based compensation awards, would be used to purchase the Company’s ordinary shares at the average market price during the period.

For the three and nine months ended September 30, 2024 the Company’s potentially dilutive securities, which include options, unvested RSUs and unvested PSUs, have been excluded from the computation of diluted net loss per share attributable to ordinary shareholders as the effect would be to reduce the earnings per share (“EPS”) attributable to ordinary shareholders. Therefore, the weighted average number of ordinary shares outstanding used to calculate both basic and diluted EPS attributable to ordinary shareholders is the same. The Company excluded the following potential ordinary shares, presented based on amounts outstanding at each period end, from the computation of diluted EPS attributable to ordinary shareholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Share options to purchase ordinary shares		2,333,366		11,628,675		3,327,181		11,628,675
Performance share options to purchase ordinary shares		—		—		—		—
Unvested RSUs		462,422		2,385,277		935,314		2,385,277
Unvested PSUs		—		42,030		—		42,030
Total anti-dilutive shares		2,795,788		14,055,982		4,262,495		14,055,982

PSUs and PSOs that are outstanding and contain performance-based or market-based vesting criteria for which the performance or market conditions have not been met are excluded from the presentation of common stock equivalents outstanding in the table above.

Kiniksa Pharmaceuticals International, plc 10-Q