KalVista Pharmaceuticals Inc. reported a disappointing financial performance in Q3 2025, posting a net loss of $48.5 million, which marked a 67.11% decrease year-over-year. Management attributed this decline to the continued high expenditure on research and development (R&D), totaling approximately $12.6 million, as the company advances its promising candidates in the pipeline. Despite this loss, KalVista maintains a strong balance sheet with over $167 million in cash and cash equivalents, enabling it to further invest in its innovative research initiatives.
The company's operational focus on developing small molecule protease inhibitors, particularly in the treatment of hereditary angioedema and diabetic macular edema, remains a key area of potential growth. Management expressed optimism regarding the initiation of pivotal trials, particularly for sebetralstat, which could significantly enhance the company’s market positioning pending successful outcomes.