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KALV

KalVista Pharmaceuticals, Inc.

KALV

KalVista Pharmaceuticals, Inc. • NASDAQ
$14.47 ▲ 2.62% (+0.37)
Market Cap $731.40 M
52w High $17.28
52w Low $7.30
Dividend Yield 0%
P/E -3.67
Volume 579.61K
Outstanding Shares 50.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $13.692M ▲ $58.51M ▼ $-49.482M ▲ -361.394% ▲ $-0.92 ▲ $-42.199M ▲
Q1-2026 $1.426M ▲ $59.845M ▲ $-60.096M ▼ -4.214K% ▼ $-1.12 ▼ $-54.165M ▲
Q4-2025 $0 $39.139M ▼ $-52.226M ▼ 0% $-1.05 ▼ $-54.769M ▼
Q3-2025 $0 $42.94M ▼ $-48.509M ▼ 0% $-0.92 ▼ $-41.191M ▲
Q2-2025 $0 $45.811M $-42.268M 0% $-0.91 $-45.584M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $309.158M ▲ $339.931M ▲ $322.932M ▲ $16.999M ▼
Q1-2026 $191.465M ▲ $215.505M ▼ $174.715M ▲ $40.79M ▼
Q4-2025 $187.646M ▼ $250.77M ▼ $155.379M ▲ $95.391M ▼
Q3-2025 $253.203M ▲ $275.993M ▲ $130.867M ▲ $145.126M ▲
Q2-2025 $135.776M $160.831M $26.839M $133.992M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $-49.482M ▲ $-32.681M ▲ $8.517M ▼ $151.773M ▲ $126.36M ▲ $-32.705M ▲
Q1-2026 $-60.096M ▼ $-54.502M ▼ $21.261M ▲ $23.21M ▲ $-7.311M ▲ $-54.792M ▼
Q4-2025 $-52.226M ▼ $-40.364M ▼ $-3.328M ▼ $4.659M ▼ $-35.669M ▼ $-40.014M ▼
Q3-2025 $-48.508M ▼ $-32.681M ▲ $8.517M ▼ $151.773M ▲ $126.36M ▲ $-32.808M ▲
Q2-2025 $-42.268M $-39.642M $48.673M $295K $9.733M $-39.75M

Five-Year Company Overview

Income Statement

Income Statement KalVista has essentially no product revenue yet in the historical period, so its income statement is driven almost entirely by research, development, and overhead costs. Operating losses have steadily grown over the last several years as the company invested more heavily in clinical trials and commercialization preparation. Net losses per share have also become larger, which is typical for a clinical‑stage biotech transitioning toward commercialization but still means the business is far from profitability. The key question going forward is whether new product sales from EKTERLY can eventually offset this high spending base.

Balance Sheet

Balance Sheet The balance sheet shows a small company with a modest asset base and a meaningful, though not huge, cash cushion that has moved up and down over time. Debt levels are very low, which reduces financial risk but also means the company relies heavily on equity funding and, ultimately, successful product commercialization. Shareholders’ equity has come down from earlier years, reflecting accumulated losses, but it remains positive, indicating that assets still exceed liabilities. In simple terms, the balance sheet looks typical for a development‑stage biotech: lean, equity‑funded, and dependent on future cash inflows from its new drug.

Cash Flow

Cash Flow KalVista consistently spends more cash than it brings in, with operating cash outflows every year and free cash flow matching those outflows because capital spending is minimal. This pattern reflects ongoing clinical trials, regulatory work, and launch preparation without offsetting product revenue. The cash burn has grown compared with earlier years, aligned with advancing its lead program to approval and commercialization. The company’s future cash position will hinge on how quickly EKTERLY sales build and whether additional financing is needed before the business can fund itself.

Competitive Edge

Competitive Edge KalVista’s competitive strength rests on being the first to deliver an oral, on‑demand treatment for hereditary angioedema, a market previously dominated by injectable therapies. The convenience of a pill, combined with strong clinical data, gives it a compelling story with patients and physicians and could support meaningful adoption if payers and treatment guidelines align. At the same time, KalVista is much smaller than some existing players in rare‑disease and immunology, which may have more resources for marketing, patient support, and pipeline competition. So the company has a differentiated product and scientific niche, but must execute well on commercialization in a landscape that includes larger, well‑funded rivals.

Innovation and R&D

Innovation and R&D Innovation is a clear bright spot: KalVista has built deep expertise in oral small‑molecule protease inhibitors and the kallikrein‑kinin system, which underpins its EKTERLY product and its pipeline. The success of the pivotal trial for sebetralstat validates this scientific platform and shows the team can bring a complex oral therapy through late‑stage development and approval. The Factor XIIa inhibitor program aims to extend this know‑how into preventive therapy for HAE and potentially several other serious conditions, offering long‑term upside if the science translates in humans. However, the earlier setback with a prior prophylactic candidate underscores that safety and development risk remain high, and future programs are far from guaranteed.

Summary

KalVista is at an important transition point: its historical financials look like a typical loss‑making, R&D‑heavy biotech, but it now has an FDA‑approved, highly differentiated product in a rare‑disease niche. The income statement and cash flow show growing losses and steady cash burn, funded mainly through equity rather than debt, which is common but puts pressure on the company to ramp revenue. Strategically, the first‑in‑class oral on‑demand HAE therapy, backed by strong clinical evidence, provides a real competitive edge, while the broader R&D platform offers additional long‑term possibilities. The main uncertainties are the pace and scale of EKTERLY adoption, the company’s ability to control spending during launch, and the scientific and regulatory risks tied to the rest of the pipeline.

NEWS

November 10, 2025 · 4:30 PM UTC

KalVista Pharmaceuticals Provides Operational Update and Reports Third Quarter Financial Results

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November 6, 2025 · 8:01 AM UTC

KalVista Pharmaceuticals Presents New Data Highlighting Patient Satisfaction with EKTERLY® (sebetralstat) and its Potential in Children Ages 2-11 at the ACAAI 2025 Annual Scientific Meeting

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November 5, 2025 · 7:00 AM UTC

KalVista Pharmaceuticals to Present at Upcoming Investor Conferences

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November 3, 2025 · 7:00 AM UTC

KalVista Pharmaceuticals to Host Third Quarter Financial Results Conference Call and Webcast on November 11, 2025

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October 6, 2025 · 4:00 PM UTC

KalVista Pharmaceuticals Presents New Data Highlighting the Potential of EKTERLY® (sebetralstat) to Transform On-Demand Hereditary Angioedema Treatment in Europe

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