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KalVista Pharmaceuticals (KALV)
NASDAQ:KALV
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KalVista Pharmaceuticals
(NASDAQ:KALV)
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Rating:45Neutral
Price Target:―
KalVista Pharmaceuticals exhibits substantial financial challenges with weak revenue generation and profitability. While technical indicators show mixed momentum, the company's strategic agreement with Kaken Pharmaceutical provides a potential growth avenue. However, the negative P/E ratio and lack of dividend yield negatively impact valuation. Overall, the stock's score reflects financial struggles counterbalanced by strategic opportunities.
Positive Factors
Strategic Partnership
The partnership with Kaken Pharmaceutical provides a significant growth opportunity in Japan, with upfront and milestone payments enhancing financial stability and offering a potential revenue stream upon product approval.
Low Leverage
The low leverage provides financial flexibility and reduces the risk of financial distress, allowing KalVista to focus on strategic growth initiatives without the burden of high debt.
Product Pipeline Potential
The development of sebetralstat as a novel treatment for HAE represents a significant market opportunity, potentially establishing KalVista as a leader in this niche therapeutic area.
Negative Factors
Cash Burn
High cash burn indicates that operational expenses exceed revenue, posing liquidity risks and necessitating efficient cash management to sustain operations until revenue generation improves.
Negative Profitability
Persistent negative profitability highlights challenges in achieving operational efficiency and financial sustainability, impacting long-term growth prospects unless addressed.
Weak Revenue Generation
Limited revenue generation underscores the reliance on strategic partnerships and highlights the need for successful product commercialization to drive future growth.
KalVista Pharmaceuticals (KALV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$616.89M
Dividend YieldN/A
Average Volume (3M)1.16M
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue GrowthN/A
EPS Growth-13.14%
CountryUS
Employees150
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.12
Shares Outstanding50,523,273
10 Day Avg. Volume1,463,932
30 Day Avg. Volume1,160,574
Financial Highlights & Ratios
PEG Ratio-0.51
Price to Book (P/B)7.17
Price to Sales (P/S)0.00
P/FCF Ratio-4.47
Enterprise Value/Market Cap1.10
Enterprise Value/Revenue474.17
Enterprise Value/Gross Profit637.89
Enterprise Value/Ebitda-3.59
Forecast
1Y Price Target
$31.67Price Target Upside162.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
KalVista Pharmaceuticals Business Overview & Revenue Model
Company DescriptionKalVista Pharmaceuticals (KALV) is a clinical-stage pharmaceutical company focused on the discovery, development, and commercialization of small molecule protease inhibitors for diseases with significant unmet needs. Operating primarily in the biotechnology sector, KalVista is dedicated to developing treatments for hereditary angioedema (HAE) and other plasma kallikrein-related diseases. The company's lead product candidate, sebetralstat, is being developed as a potential oral on-demand treatment for HAE attacks.
How the Company Makes MoneyKalVista Pharmaceuticals generates revenue through strategic partnerships, collaborations, and licensing agreements with larger pharmaceutical companies, which provide funding and resources to support its research and development activities. As a clinical-stage company, KalVista does not yet generate revenue from product sales but aims to do so upon successful development and commercialization of its product candidates. The company's financial performance is significantly influenced by milestone payments and royalties from successful partnerships, as well as potential future sales of approved therapies.
KalVista Pharmaceuticals Earnings Call Summary
Earnings Call Date:Sep 11, 2025
(Q1-2026)
| % Change Since: |
Next Earnings Date:Dec 04, 2025
Earnings Call Sentiment Positive
The earnings call reflected a generally positive sentiment, highlighting significant achievements such as the FDA approval and successful early launch of EKTERLY, strong patient and prescriber engagement, and positive regulatory progress in Europe. However, challenges remain with high operating expenses and potential reimbursement hurdles with certain insurers.Q1-2026 Updates
Positive Updates
FDA Approval of EKTERLY
EKTERLY was approved by the FDA as the first and only oral on-demand therapy for acute HAE attacks in adults and pediatric patients aged 12 and older, marking a significant advancement in treatment options for HAE.
Strong Early U.S. Launch Metrics
EKTERLY's U.S. launch saw almost 5% of the entire U.S. HAE population submitting a prescription, indicating strong early demand and rapid uptake among patients and healthcare providers.
Positive European Regulatory Progress
Sebetralstat received a positive CHMP opinion in Europe, with a final decision expected in October, and was granted 10 years of market exclusivity, indicating strong potential for international market entry.
Revenue Generation
KalVista reported $1.4 million in net revenue from EKTERLY sales during the launch period, indicating initial financial success from the product launch.
Broad Patient and Prescriber Engagement
Over 460 patient start forms were received, and 253 unique prescribers were activated, showcasing broad interest and engagement from both patients and healthcare providers.
Negative Updates
High Operating Expenses
Total operating expenses for the period were $60.4 million, with approximately $45 million in SG&A expenses driven by the EKTERLY launch, indicating significant cost pressures.
Step-Through Requirements for Reimbursement
Some insurers may require a step-through of generic icatibant before approving EKTERLY, which could pose challenges for patient access and reimbursement.
Company Guidance
In the recent call, KalVista Pharmaceuticals provided guidance on their financial and operational status for the first fiscal quarter of 2026. They reported the FDA approval of EKTERLY, the first oral on-demand therapy for acute HAE attacks, leading to an immediate U.S. launch. Early metrics showed nearly 5% of the U.S. HAE population submitting prescriptions for EKTERLY. The company recorded $1.4 million in net revenue from initial stocking orders. Operating expenses for the quarter were $60.4 million, with $15 million in R&D and $45 million in SG&A, attributed to the EKTERLY launch. KalVista anticipates regulatory progress in Europe, the UK, Japan, and Canada, with a European Commission decision expected in October, aiming for a U.K. launch in early 2026 and a Japanese launch through Kaken Pharmaceutical. With $191 million in cash and investments, KalVista expects to fund operations into 2027, projecting meaningful commercial growth and long-term shareholder value.KalVista Pharmaceuticals Financial Statement Overview
Summary
KalVista Pharmaceuticals faces significant financial challenges with low revenue generation and profitability. The company has a modest gross profit margin but struggles with negative EBIT and net income. The balance sheet shows low leverage but is affected by continuous losses. Cash flow analysis indicates high cash burn and liquidity risks, highlighting the need for improved revenue streams and expense management.Income Statement
KalVista Pharmaceuticals has faced significant challenges in generating revenue, with total revenue at $1.2 million in the TTM. Gross profit margin is modest at 63.26%, but the company is struggling with high negative EBIT and net income, leading to negative EBIT and net profit margins. The revenue growth is inconsistent, and the overall financial health from an income perspective is weak.20
Very Negative
Balance Sheet
The balance sheet reveals a moderate debt-to-equity ratio of 0.04, indicating low leverage. However, the company has a negative return on equity due to continuous losses. The equity ratio stands at 52.58%, showing that over half of the assets are financed by equity, which is positive, but the company's financial stability is affected by ongoing losses.40
Negative
Cash Flow
Cash flow analysis shows a negative operating cash flow of $127.6 million in the TTM, indicating cash outflows exceed inflows from operations, which is concerning. The company has a negative free cash flow and a weak cash flow to net income ratio, highlighting significant cash burn and potential liquidity risks.25
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.43M | 0.00 | 0.00 | 0.00 | 0.00 | 12.69M |
| Gross Profit | 1.06M | -941.00K | -86.17M | -802.00K | -743.00K | 12.04M |
| EBITDA | -188.34M | -173.33M | -134.28M | -92.11M | -81.60M | -45.59M |
| Net Income | -203.10M | -183.44M | -126.64M | -74.85M | -68.51M | -44.49M |
Balance Sheet | ||||||
| Total Assets | 215.50M | 250.77M | 235.40M | 183.20M | 203.88M | 272.01M |
| Cash, Cash Equivalents and Short-Term Investments | 191.47M | 187.65M | 210.40M | 149.38M | 166.20M | 248.93M |
| Total Debt | 6.14M | 6.31M | 7.32M | 8.23M | 8.19M | 5.91M |
| Total Liabilities | 136.34M | 155.38M | 28.82M | 22.18M | 18.79M | 14.82M |
| Stockholders Equity | 40.79M | 95.39M | 206.58M | 161.03M | 185.09M | 257.19M |
Cash Flow | ||||||
| Free Cash Flow | -167.17M | -152.91M | -89.67M | -76.46M | -79.06M | -30.25M |
| Operating Cash Flow | -167.19M | -152.91M | -89.23M | -75.26M | -78.13M | -30.17M |
| Investing Cash Flow | 75.12M | 91.02M | -84.72M | 41.41M | 57.86M | -147.65M |
| Financing Cash Flow | 179.94M | 159.73M | 150.71M | 58.12M | 1.58M | 212.12M |
KalVista Pharmaceuticals Technical Analysis
Negative
12.05
Price Trends
13.52
Negative
13.28
Negative
11.89
Positive
Market Momentum
-0.47
Positive
35.01
Neutral
23.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KALV, the sentiment is Negative. The current price of 12.05 is below the 20-day moving average (MA) of 13.72, below the 50-day MA of 13.52, and above the 200-day MA of 11.89, indicating a neutral trend. The MACD of -0.47 indicates Positive momentum. The RSI at 35.01 is Neutral, neither overbought nor oversold. The STOCH value of 23.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KALV.
KalVista Pharmaceuticals Risk Analysis
KalVista Pharmaceuticals disclosed 49 risk factors in its most recent earnings report. KalVista Pharmaceuticals reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
KalVista Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
48 Neutral | $1.55B | -11.96 | -37.86% | ― | 17.87% | 41.27% | |
46 Neutral | $1.40B | -25.84 | ― | ― | ― | 79.90% | |
45 Neutral | $616.89M | ― | -190.18% | ― | ― | -13.14% | |
45 Neutral | $841.72M | -18.39 | ― | ― | ― | -9.82% | |
42 Neutral | $328.62M | -1.25 | ― | ― | ― | -1.07% | |
40 Underperform | $340.98M | -1.26 | ― | ― | ― | 10.36% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
KALV
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1.77%
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KalVista Pharmaceuticals Corporate Events
Product-Related AnnouncementsBusiness Operations and Strategy
KalVista Pharmaceuticals Signs Agreement with Kaken Pharmaceutical
Positive
Apr 8, 2025
On April 8, 2025, KalVista Pharmaceuticals entered into a License, Supply, and Distribution Agreement with Kaken Pharmaceutical for the commercialization of sebetralstat in Japan. This agreement includes an upfront payment of $11 million and potential milestone payments up to $24 million, plus royalties. Sebetralstat, if approved, would be the first oral on-demand treatment for HAE in Japan, marking a significant commercial opportunity for both companies.
Spark’s Take on KALV Stock
According to Spark, TipRanks’ AI Analyst, KALV is a Neutral.
KalVista Pharmaceuticals scores a 52.2, reflecting a blend of financial challenges and positive strategic moves. Significant weaknesses in financial performance and valuation are counterbalanced by strong technical momentum and promising corporate developments. Key risks include the company’s ongoing financial struggles, while the strategic appointment and technical indicators offer potential upside.
To see Spark’s full report on KALV stock, click here.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.