KalVista reported its QQ1 2026 results (three months ended July 31, 2025) with US commercial launch of EKTERLY (oral on-demand therapy for acute HAE attacks) generating first net revenue of $1.4 million. Revenue was modest relative to operating costs as the company advances its EKTERLY launch and global expansion plans. Key takeaways include: (1) EKTERLY achieved early commercial traction post-approval, with 460 patient start forms in the 8 weeks ended Aug 29 and >4,000 patient community members in KalVista’s database, suggesting meaningful demand and payer/physician interest; (2) operating expenses remained elevated at $60.4 million for the quarter, driven by launch-related SG&A (~$44.7 million) and R&D (~$15.2 million), resulting in a quarterly EBITDA of approximately -$59.0 million and a net income of -$60.1 million; (3) the company ended the period with substantial liquidity (~$191 million in cash and investments) and signaled funding through 2027 on the basis of EKTERLY revenue and operating plan, with a calendar-year reporting shift planned later in 2025; (4) management emphasized EKTERLY’s potential to redefine HAE care, ongoing regulatory progress overseas, and the need to manage payer access and rapid uptake efficiently. The combined effect is a high-burn but strategically oriented launch with meaningful near-term revenue visibility and a clear runway to 2027, contingent on continued adoption and international expansion.