# KalVista Pharmaceuticals (KALV) Q1 2025 Financial Results Summary
KalVista Pharmaceuticals, Inc. (Nasdaq: KALV) released its financial results for the fiscal quarter ended July 31, 2025, on September 11, 2025.
### Key Highlights
– **FDA Approval and Launch of EKTERLY**:
– On July 7, 2025, the FDA approved EKTERLY (sebetralstat), the first and only oral treatment for acute attacks of hereditary angioedema (HAE) in patients 12 years and older.
– The US commercial launch began immediately, with 460 patient start forms received by August 29, 2025. This represents approximately **5%** of the reported HAE population in the US.
– **International Approvals**:
– The UK’s Medicines and Healthcare products Regulatory Agency (MHRA) granted marketing authorization for EKTERLY.
– The European Medicines Agency (EMA) adopted a positive opinion for sebetralstat, with a final decision expected in October 2025.
– **Financial Performance**:
– **Net Product Revenue**: $1.4 million reported for the quarter; this is a new revenue stream compared to **$0** reported in the same quarter last year.
– **Cost of Revenue**: $0.6 million incurred, a new expense as no product sales were recorded in the same quarter last year.
### Expenses Overview
– **Research and Development (R&D)**:
– Total R&D expenses decreased to $15.2 million from $26.6 million year-over-year, reflecting a **43%** decrease, primarily due to reduced clinical trial costs and expenses related to EKTERLY’s pre-commercial awareness.
– **Selling, General and Administrative (SG&A)**:
– Total SG&A expenses increased significantly to $44.7 million compared to $17.6 million in the same quarter last year, marking a **154%** increase. This rise was driven by commercialization expenses for EKTERLY.
### Total Operating Expenses
– The total operating expenses amounted to $60.4 million for Q1 2025, compared to $44.2 million in Q1 2024, representing an **increase of 37%**.
### Net Loss Overview
– **Operating Loss**: The company reported an operating loss of $59.0 million, an increase from the loss of $44.2 million incurred a year ago, showing a **33%** increase in losses year-over-year.
– **Net Loss**: The net loss for the quarter came in at $60.1 million, compared to a net loss of $40.4 million in the same period last year, reflecting a **48%** increase.
– **Net Loss per Share**: $1.12 compared to $0.87 in the previous year, indicating a worsening of the loss per share.
### Balance Sheet Highlights
– **Cash and Cash Equivalents**: Approximately $191.5 million as of July 31, 2025, down from $220.6 million at the end of April 2025.
– **Total Assets**: $215.5 million, declining from $250.8 million over the same period.
– **Total Liabilities**: Increased from $155.4 million to $174.7 million, marking a **12%** rise.
– **Stockholders’ Equity**: Decreased significantly from $95.4 million to $40.8 million.
### Future Outlook
– KalVista is optimistic about maintaining its strong market position for EKTERLY and is actively working on additional regulatory approvals.
– The company emphasizes its substantial runway into 2027, given its current cash position.
### Additional Information
– No quarterly dividend was declared during this period, and there is no information regarding share repurchase activities.
### Conference Call
– Management hosted a conference call on September 11, 2025, at 8:30 a.m. ET, providing further insights into the financials and strategic direction going forward.
For more details, the full U.S. Prescribing Information is available at [EKTERLY.com](https://EKTERLY.com) and additional company information can be found at [KalVista.com](https://www.kalvista.com).
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This summary encapsulates the key financial and operational highlights for KalVista Pharmaceuticals for Q1 2025, showcasing crucial metrics and performance indicators relevant for stakeholders.
Here are the extracted tables from the press release:
### KALVISTA PHARMACEUTICALS, INC. Consolidated Balance Sheets (in thousands except share and per share amounts) (Unaudited)
| July 31, 2025 | April 30, 2025 | |
|---|---|---|
| Cash, cash equivalents & Marketable securities | 191,465 | 220,617 |
| Other current assets | 14,431 | 21,073 |
| Total current assets | 205,896 | 241,690 |
| Other assets | 9,609 | 9,080 |
| Total assets | 215,505 | 250,770 |
| Current liabilities | 38,375 | 45,167 |
| Long-term liabilities | 136,340 | 110,212 |
| Total Liabilities | 174,715 | 155,379 |
| Stockholders’ equity | 40,790 | 95,391 |
| Total liabilities and stockholders’ equity | 215,505 | 250,770 |
### KALVISTA PHARMACEUTICALS, INC. Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited)
| For the Three Months Ended July 31, 2025 | July 31, 2024 | |
|---|---|---|
| Product revenue, net | 1,426 | — |
| Cost of revenue | 590 | — |
| Research and development | 15,162 | 26,614 |
| Selling, general and administrative | 44,683 | 17,601 |
| Total operating expenses | 60,435 | 44,215 |
| Operating loss | (59,009) | (44,215) |
| Interest income | 1,849 | 1,692 |
| Interest expense | (3,522) | — |
| Foreign currency exchange gain | 1,925 | 514 |
| Other income, net | 818 | 1,566 |
| Total other income | 1,070 | 3,772 |
| Loss before income taxes | (57,939) | (40,443) |
| Income tax expense | 2,157 | — |
| Net loss | (60,096) | (40,443) |
| Net loss per share, basic and diluted | (1.12) | (0.87) |
| Weighted average common shares outstanding, basic and diluted | 53,497,128 | 46,232,977 |
