10-K · April 30, 2026
KalVista Pharmaceuticals, Inc. reported strong revenue growth in its Q2 2026 results, achieving $14 million in revenue, a significant increase from $1 million in the previous quarter. Despite ongoing financial losses…
Earnings analysis · 10-Q
KALV earnings analysis
Filed May 14, 2026 · Our reading of the company's report
The latest report
KalVista Pharmaceuticals, Inc. reported a substantial increase in revenue to $40.9 million in Q1 2026, a dramatic contrast to zero revenue in the prior year due to the successful launch of EKTERLY, their first oral…
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KalVista Pharmaceuticals, Inc. reported a substantial increase in revenue to $40.9 million in Q1 2026, a dramatic contrast to zero revenue in the prior year due to the successful launch of EKTERLY, their first oral therapy for hereditary angioedema. Despite this revenue growth, the company still posted a significant operating loss and EPS of -0.53, reflecting ongoing high expenditures, particularly in administrative costs related to commercialization.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Earnings per share
- $-0.53
What stood out
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Revenue Surge
Total revenue increased to $40.9 million in Q1 2026, up from $0 million in Q1 2025.
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Product Launch Success
Product revenue from EKTERLY contributed $39.2 million, marking a successful U.S. and German market entry.
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Reduced Operating Loss
Operating loss decreased to $23.4 million from $49.7 million year-over-year, an improvement of 53%.
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Decreased R&D Expenses
R&D expenses fell by 12% to $12.4 million, down from $14.2 million in Q1 2025.
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Increased Stable Cash Reserves
As of March 31, 2026, cash reserves stood at $285 million, providing sufficient liquidity for upcoming operations.
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Partnership Revenue Growth
Partnership and other revenue reached $1.7 million, up from $0 million in the same quarter last year.
What to watch
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High Cash Burn Rate
KalVista reported cash used in operating activities of $14.5 million, although it improved from $47.6 million year-over-year.
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Pending Merger Uncertainty
The merger with Chiesi, valued at roughly $1.9 billion, could face regulatory challenges or delay completion, potentially impacting stock value.
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Increased SG&A Costs
Selling, general, and administrative expenses rose by 37% to $48.8 million, raising concerns about long-term profitability.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.