"Our strategic investments in our pipeline will secure our position in the market, regardless of current financial challenges."
— Andrew P. Allen, CEO
03Detailed Report
KALV
KalVista Pharmaceuticals Inc
Period
Q2 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 28, 2026
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Executive Summary
In Q2 2025, KalVista Pharmaceuticals Inc (KALV) reported a net loss of $42.27 million, reflecting a significant challenge in its expense management as the company continues to invest heavily in research and development. The total operating expenses for the quarter reached $45.81 million, which primarily consisted of R&D expenditures and general administrative expenses. The financial performance indicates a lingering struggle in balancing the ambitions of advancing its pipeline of potential therapies with the realities of operational costs.
Despite these challenges, KalVista's financial health remains robust, with cash and short-term investments totaling approximately $135.78 million. This liquidity positions the company well to weather current operating losses while navigating the regulatory and clinical landscapes to seek FDA approvals for its promising therapies. Investors should closely monitor KalVista’s progression, including the initiation of its Phase 3 KONFIDENT trial for sebetralstat aimed at treating hereditary angioedema (HAE) attacks, and the outcomes of its early-stage pipeline candidates.
Key Performance Indicators
Operating Income
Decreasing
-45.81M
QoQ: -3.61% | YoY: -54.01%
Net Income
Decreasing
-42.27M
QoQ: -4.51% | YoY: -52.87%
EPS
Decreasing
-0.91
QoQ: -4.60% | YoY: -13.75%
Revenue Trend
Margin Analysis
Financial Highlights
### Financial Overview
- Operating Expenses: $45.81 million, with R&D expenses at $16.61 million and general and administrative expenses at $29.20 million, showcasing a solid commitment to future product development despite the significant losses.
- Net Income: A net loss of $42.27 million, down 52.87% year-over-year and 4.51% from the previous quarter, indicating increasing pressure on profitability.
- Earnings Per Share (EPS): Reported at -$0.91, a decrease of 13.75% year-over-year.
### Balance Sheet Strength
- Cash and Short-term Investments: Totaling $135.78 million, providing a robust liquidity framework to support ongoing operations and potential expansion.
- Current Ratio: At 6.87, significantly exceeds the industry average, indicating strong short-term economic health.
### Cash Flow Metrics
- Operating Cash Flow: -$39.64 million, reflecting continued operational stress but supported by strong cash reserves available for future investments.
- Free Cash Flow: -$39.84 million, highlighting the cash burn rate but maintained by substantial liquidity reserves.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-45.81M
-54.01%
-3.61%
Net Income
-42.27M
-52.87%
-4.51%
EPS
-0.91
-13.75%
-4.60%
Key Financial Ratios
Return on Assets
Weak
-0.26%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.32%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
6.87
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.05
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-2.84x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
3.58x
Trading at premium to book value, reflects strong intangibles or growth
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